Asset manager BlackRock's senior executive Mark Wiedman, who was touted to be a potential successor to CEO Larry Fink, is departing the firm, said two sources familiar with the matter.

Mark Wiedman was most recently head of BlackRock’s global client business

BlackRock Inc. is elevating several senior executives to expand its business in the Americas and with key institutional clients, following the announced departure of Mark Wiedman, once seen as a potential successor to Chief Executive Officer Larry Fink.

BlackRock reported fourth-quarter earnings per share of $10.63. On an adjusted basis, per-share earnings of $11.93 topped analysts’ forecasts of $11.24. The world’s largest asset manager reported net income of $1.

Key Takeaways BlackRock's assets under management surged 15% year-over-year to $11.55 trillion.The asset manager beat estimates for earnings and revenue in the period.CEO Larry Fink noted that this was the second straight quarter of record inflows for BlackRock.

BlackRock said in its fourth-quarter earnings report Wednesday that assets under management jumped to a record $11.55 trillion, up from $10 trillion a year ago. Analysts surveyed by FactSet had expected BlackRock to report a record $11.

With impressive growth in assets under management (AUM), which reached a record $11.6 trillion, BlackRock ended the quarter and fiscal 2024 on a high note.