BlackRock reports a massive influx of cash into its low-cost funds
Original story at Business Insider• 8 mentions • 2 months ago
Business Insider 2 months ago
(Reuters) - BlackRock Inc, the world's biggest asset manager, reported a massive influx of cash into its low-cost funds but nonetheless fell short of Wall Street's forecasts as price cuts and lower performance fees dented revenue. The New York-based company's largely index-tracking iShares exchange-traded funds have been growing at a record pace, pulling in a record $74 billion during the most recent quarter, up from $16 billion a year earlier. Investors of all types have been scooping up the funds and fleeing more expensive products as a way to access the market. Fees have raced toward zero on some products ...