(Bloomberg) -- BlackRock Inc. clients jumped into its long-term funds in the fourth quarter, adding $63 billion to ETFs and other products in a sign investors put cash to work as stock and bond markets surged.

The inflows and rise in markets in the past three months of the year pushed BlackRock’s total assets under management just over $10 trillion, the world’s largest asset manager said in a statement Friday. That topped the $9.8 trillion estimate of analysts surveyed by Bloomberg but just missed its record AUM from two years ago.

“BlackRock delivered differentiated organic growth and operating margin through historically challenging market and industry conditions in 2022 and 2023,” Chief Executive Officer Larry Fink said in the statement. “When investors were ready to put money back to work, they did it with BlackRock.”

The firm reported fourth-quarter results the same day it said it’s buying Adebayo Ogunlesi’s Global Infrastructure Partners for about $12.5 billion.

Shares of BlackRock were up 0.81% at 9:38 a.m. in New York.

Clients also added $33 billion to the firm’s separate cash-management business and money-market funds, showing how the firm is increasingly positioning itself as a one-stop shop for investing. They put $88 billion into the firm’s ETFs and $32 billion into BlackRock’s fixed-income funds.

BlackRock’s adjusted net income rose 7% from a year earlier to $1.5 billion, or $9.66 a share, beating Wall Street’s average estimate of $8.88 a share. Revenue rose 7% to $4.6 billion.

The results come after BlackRock clients pulled $13 billion from long-term funds in the third quarter. In the last three months of 2023, stock and bond markets rallied as investors began to conclude the Federal Reserve would stop raising interest rates and instead pivot to cuts this year. 

(Updates with share price in fifth paragraph.)

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