- WSJ, How Much New Investor Cash Did BlackRock Attract in 2017? $1 Billion a Day, Jan. 13–14, 2018
The world’s largest asset manager reached a new milestone during 2017: the equivalent of $1 billion of new client cash every day.
The annual net inflow of $367.3 billion helped BlackRock Inc. BLK 3.27% pass $6 trillion in assets for the first time, up more than $1 trillion from the end of 2016. The record haul during 2017 amounted to more than $698,000 a minute.
The pace of new investor cash into BlackRock puts it in the same league as rival Vanguard Group, which attracted a net $369.3 billion in new money last year. The two managers now oversee a combined $11.2 trillion, higher than the gross domestic product of China in 2016.
- 日本経済新聞「株指数運用、市場を席巻—低コスト強み、投信の８割 企業選別機能衰えも」（2017年4月16日）
via Barry Ritholtz
- 効率的市場仮説（efficient market hypothesis）という名称について
FAMA: A kind of bad choice though.
LO: Why do you say that?
F: Because it gets mixed with efficient portfolios. …. I don’t know what is the alternative.
- Landon Thomas, Jr., At BlackRock, Machines Are Rising Over Managers to Pick Stocks, New York Times, March 28, 2017
On Tuesday, BlackRock laid out an ambitious plan to consolidate a large number of actively managed mutual funds with peers that rely more on algorithms and models to pick stocks. …
Some $30 billion in assets (about 11 percent of active equity funds) will be targeted, with $6 billion rebranded BlackRock Advantage funds. These funds focus on quantitative and other strategies that adopt a more rules-based approach to investing.
“The democratization of information has made it much harder for active management,” Mr. Fink said in an interview. “We have to change the ecosystem — that means relying more on big data, artificial intelligence, factors and models within quant and traditional investment strategies.”