American fund manager BlackRock has reported attributable net income of $851m for the fourth quarter of 2016, down 1% compared to $861m a year ago.

For the quarter ended 31 December 2016, the firm’s revenue increased 1% to $2.89bn from $2.86bn in the previous year.

The firm’s quarterly operating income stood at $1.22bn, a rise of 8% from $1.13bn a year ago.

Assets under management (AuM) at the end of the fourth quarter of 2016 were $5.1 trillion, an 11% increase from $4.6 trillion in the prior year.

BlackRock chairman and CEO Laurence Fink said: “In a year of dramatic change and uncertainty around the world, clients continued to put their trust in BlackRock, allowing us to deliver the strongest annual net inflows in our firm’s history.

“2016 total net inflows of $202 billion were positive across product types and included $181 billion of long-term net inflows. Our full year results reflect our continued commitment to optimize the growth of our diverse investment, technology and risk management capabilities in the most efficient way possible.”