FYI: BlackRock Inc's (BLK.N) second-quarter results failed to impress Wall Street on Monday as the world's biggest asset manager cut fees to lure a wave of investor cash into its exchange-traded funds, sending shares down 3 percent.
Investors of all types have been piling into ETFs and dumping more expensive alternatives, and BlackRock's fees have raced toward zero on some products while competitors like Vanguard Group and Charles Schwab Corp (SCHW.N) offer ETFs at or near the cost of managing them.
The New York-based company's largely index-tracking iShares ETFs pulled in a record $74 billion during the most recent quarter, up from $16 billion a year earlier. Overall flows totaled $104 billion, compared to just $7 billion a year ago.
Regards,
Ted
http://www.reuters.com/article/us-blackrock-results-idUSKBN1A20ZA
