BlackRock's assets under management hit a record high for the third straight quarter as a U.S. stock market rally boosted inflows, while the world's largest asset manager continued a push to expand its footprint in private markets.

Stocks at record levels and robust bond markets should set up BlackRock to report a record amount of assets under management when it discloses its quarterly earnings on Friday, even as Wall Street analysts say profits will slip from a year ago and fees will remain under pressure.

BlackRock Inc. pulled in a record $221 billion of total client cash last quarter, pushing the world’s largest money manager to an all-time high of $11.5 trillion of assets as it seeks to become a one-stop shop for stocks,