(CNBC) When BlackRock CEO Larry Fink bought the iShares ETF business from Barclays for roughly $13 billion in 2009, the economy was still reeling from the great financial crisis. At the time, $13 billion seemed like an awful lot of money to spend on a tiny business. ETFs were still in their infancy: there was roughly $700 million in total assets under management, a paltry sum compared to the trillions then in mutual funds.
BlackRock’s ETF business just keeps growing, but the search for revenue goes on
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