BlackRock's assets hit a record high $11.6 trillion in the fourth quarter of last year as the world's largest money manager posted a 21% profit jump, with fee income buoyed by stronger equity markets.

Rising stock prices tend to bode well for BlackRock, the world’s largest money manager, as inflows boost the hundreds of funds it offers. The past quarter was likely no exception. Analysts tracked by FactSet expect the New York-based firm to report a record $11.

BlackRock reported fourth-quarter earnings per share of $10.63. The world’s largest asset manager reported net income of $1.67 billion, up 21% from a year earlier. BlackRock’s stock rose 3% in premarket trading on Wednesday.