BlackRock, the US fund manager in which Merrill Lynch holds a 49% stake, continued showing its resilience to economic uncertainty amid the credit meltdown by reporting a 90% increase in fourth quarter earnings over the previous year and 21% growth in assets under management.

The asset manager reported net profits of $322m, or $2.43 per share, and total assets under management of $1.36 trillion. For the full year, net profits more than tripled to $995m and assets under management were up $232bn.