Results last week from BlackRock and Vanguard underscored the stranglehold the two US asset managers have over the $8tn exchange traded funds industry.
Investors ploughed $762.9bn into ETF investment products last year, a 34 per cent jump from 2019. Of this, more than half of the new business was mopped up by Vanguard ($210bn) and BlackRock ($185bn). State Street — the smallest of the Big Three index fund managers — attracted inflows of $40.2bn last year.
Together, the trio have an incredible $19tn in assets under management, roughly a tenth of the world’s quoted securities.
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