LIVE: BlackRock 4Q Earnings Call

BlackRock Inc.'s (BLK) profit more than tripled in the fourth quarter, its first earnings report that includes the integration of Barclays Global Investors, which it purchased at the end of last year.

The money management firm's $13.5 billion purchase of BGI helped grow assets under management to $3.3 trillion, more than double the $1.3 trillion of the year-earlier period.

BlackRock reported $278 million in base fees associated with the BGI purchase. Fees are a key driver of public asset managers' earnings.

10:14 a.m.: There are very large flows into hedge funds, Fink says, but it's still unknown if that will translate to higher securities lending revenues in the near future.

10:12 a.m.: Exchange-traded fund momentum is much better in early 2010 compared to prior years, Fink says.

10:04 a.m.: Answering a question about President Barack Obama's bearish take on proprietary trading desks, Fink says it will take some time for Congress to address what the president spoke about. He then jokes, "I can't be committed on anything."

9:49 a.m.: Fink says investors continue to move their money from cash to other risk-based assets and he thinks that will continue. Also, clients are moving money from active strategies to index strategies both in the U.S. and internationally, as "investors are looking for some form of beta."

9:44 a.m.: Fink admits the overlap of BGI and BlackRock products "is an issue" in terms of how to combine them in the best way. He adds that he thinks the company has done a "great job to date," but the company will know more in upcoming quarters.

9:38 a.m.: "We are not alone" regarding real estate problems, Fink says, although the firm has "been highlighted the past few weeks." (BlackRock and Tishman Speyer earlier this week said they wouldn't make a debt payment to senior lenders of two New York apartment complexes, triggering default.)

9:32 a.m.: About 40% ($1.3 trillion) of BlackRock's business is now international. "This is where we are going to invest in the future," Fink says, "especially in Latin America and in Asia."

9:23 a.m.: Full integration of all things BGI won't be completed for two years, Fink says. It's something he's stated before. By the end of the first quarter, all legacy BGI products will be on the company's risk platform.

9:21 a.m.: The "merger closing went very well," Fink says, despite some "mistakes" and miscommunication along the way.

9:18 a.m.: Chairman and Chief Executive Laurence D. Fink says happy New Year, and notes this is the first public call since the BGI transaction was closed Dec. 1.

9:10 a.m.: While much of the company's long-dated asset growth can be attributed to the BGI transaction, Chief Financial Officer Ann Marie Petach said $221 billion of the $2.8 trillion in long-dated assets comes from assets BlackRock itself gained in 2009.

-By Joseph Checkler, Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com

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