BlackRock had been reluctant in addressing the loss of market share as a direct result of lower fees offered by competitors. However, in early July, BlackRock Chief Executive Officer Laurence Fink acknowledged that Vanguard‘s lower fees were drawing greater investor interest. [In the ETF Price War, Investors Win]
Vanguard “has taken market share from BlackRock in the U.S. core type of equity products,” Fink said during BlackRock’s second-quarter earnings call.
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Max Chen contributed to this article.