THE world’s biggest money manager, BlackRock, yesterday said global profits rose eight per cent year on year as investors funnelled billions more into its exchange traded fund range.
The firm, led by combative chief executive Larry Fink, said investors poured $25.2bn (£15.6bn) into its iShares ETF range – the highest level since it took over the business in 2009. The surge accounted for more than 80 per cent of net inflows over the quarter, helping take BlackRock’s assets under management up ten per cent year on year to $3.67 trillion.
Fink, who founded the New York based firm in 1988, said it was a “myth” a price war had broken out with its ETF rivals VanGuard. BlackRock, which recently embarked on an ambitious branding exercise, has a client base split equally between institutional, retail and ETF money.
“We were told we needed more branding. Great brands have a great brand message over time,” Fink said. “This is my number one priority, connection with the retail client.”