12.18.22

BlackRock Weathers Political Storms To Pull in More Funds Than Its Rivals

by: Brooke Masters

BlackRock has raised more money from U.S. retail investors than its competitors so far this year, even as its approach to sustainable investing faces headwinds on both the left and the right. Morningstar found the asset manager's mutual funds and exchange-traded funds collectively saw positive retail flows in nine of 11 months and had $144 billion in net new money at the end of November. Vanguard reported that its personal investor clients added $22 billion in new cash over the same period; the broader industry had $138 billion in net outflows while Fidelity witnessed small outflows. BlackRock's positive numbers are thanks to its iShares index funds, which drew $152 billion, offsetting $8 billion in outflows from its BlackRock branded funds. Martin Small, head of BlackRock’s U.S. wealth advisory business, said the company had benefited from the fact that its funds are exclusively marketed via financial advisors rather than directly to retail clients.

Read the full article on Financial Times