NEW YORK (Reuters) – BlackRock’s assets hit an all-time high of $11.6 trillion in the fourth quarter of last year as the world’s biggest money manager posted a 21 percent rise in profit , helped by fee income boosted by stronger stock markets.

Assets under management at the New York-based firm rose to $11.55 trillion from $10.01 trillion a year earlier and $11.48 trillion in the third quarter.

Net income rose to $1.67 billion, or $10.63 a share, in the three months to Dec. 31, from $1.38 billion, or $9.15 a share, a year earlier.

Client assets were boosted by a rally in the US stock market following Donald Trump’s presidential election victory in November, with investors betting on corporate tax cuts and deregulation.

BlackRock’s quarterly results round off a stellar year for the asset manager, which has sought to strengthen its position in fast-growing private markets, spending about $25 billion last year on the Global Infrastructure investment fund Partners and the private credit business HPS Investment Partners.

(Reporting by Davide BarbusciaEditing by David Goodman)