(Bloomberg) -- BlackRock's fourth-quarter revenue missed estimates on declining fees, even as the firm had the strongest inflows in its history last year.

Revenue rose 1% to $2.89 billion, the New York-based firm said in a statement Friday. Analysts predicted $2.93 billion. Assets under management at the world's largest money manager increased 11% to $5.15 trillion from a year earlier. For all of 2016, the company had $202 billion in net inflows.

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