BlackRock ( BLK) shares rose 4% Wednesday morning as the asset manager posted better-than-expected quarterly results on record assets under management (AUM).

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's quarterly results complete a banner year for the asset manager, which has sought to strengthen its position in rapidly growing private markets. It spent about $25 billion last year on infrastructure investment fund Global Infrastructure Partners and private credit business HPS Investment Partners.

BlackRock made $25 billion of investments to strengthen its position in private markets, acquiring investment fund Global Infrastructure Partners and private credit-focused HPS In

BlackRock CEO Larry Fink joins 'Squawk Box' to discuss the latest market trends, state of the economy, the company's decision to leave a net-zero group, investing on behalf of clients, and more.

Red State treasurers still look at BlackRock’s CEO Larry Fink with skepticism, but these days less so, and they’ve largely stopped castigating him as a woke monster.