Vanguard deposes BlackRock as provider of world’s 2nd-largest ETF

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Financial Times 2w ago

Vanguard deposes BlackRock as provider of world’s 2nd-largest ETF - Financial Times

Quick Summary:

Under this structure, an ETF and a mutual fund can operate as separate classes of an overall fund and Vanguard “allows mutual fund share class owners to convert into VOO”, a trade incentivised by the mutual fund arm being slightly more expensive, at 4bp.

A spokesperson for BlackRock said: “Since 1 July, clients have turned to iShares ETFs to get additional exposure of $42bn to the S&P500. The breadth and capabilities across BlackRock’s investment platform enables us to provide the right products and solutions in the right way to meet our client’s needs, wherever they are.

As of the end of September, its $3.15tn of ETF assets were a record 74.7 per cent of BlackRock’s $4.22tn, according to Morningstar, a figure that has climbed steadily from 51.9 per cent at the start of 2018.“Vanguard’s ownership structure is unique in the industry — we’re owned by our funds, which are in turn owned by the funds’ shareholders, so we have no divided loyalties.