BlackRock's assets hit record high at $11.5 trillion amid volatility

The world's largest money manager BlackRock's assets increased to a record high in the first quarter but the firm posted a 4% decline in profit amid volatility in financial markets fueled by U.S. President Donald Trump's tariff proposals.

Assets managed by the New York-based firm increased to $11.58 trillion from $10.47 trillion at the end of the same three-month period a year earlier and from $11.55 trillion at the end of last year, it said on Friday.

Net income declined to $1.51 billion, or $9.64 per share, in the three months ended March 31, from $1.57 billion, or $10.48 per share, a year earlier.