(Bloomberg) — BlackRock Inc., the world's largest money manager, attracted a record amount of new money in the fourth quarter, helped by demand for exchange traded funds and turmoil at a rival bond manager Pacific Investment Management Co.
Clients added a net $87.8 billion in investor money, more than triple what it gathered in the prior three months and the highest amount ever raised in a quarter, the New York-based company said. The amount includes $44 billion that went into BlackRock's iShares ETFs.
"The most important thing I can tell you about our year was obviously that the magnitude of flows was huge," Chief Executive Officer Laurence D. Fink, 62, said in a telephone interview today.
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