A decade ago, BlackRock Inc. managed nearly $1.5 trillion more in worldwide assets for institutional clients than its rival, Vanguard Group Inc.
Ten years of relentless asset gathering later, mostly in low-fee fund offerings, Vanguard has rapidly closed the gap, with $5.41 trillion in assets under management as of Dec. 31.
Vanguard’s pace to catch BlackRock has been blistering. Vanguard’s worldwide institutional AUM grew 13.6% in the year ended Dec. 31 and 126% for the five-year period, according to Pensions & Investments’ annual money manager survey.
In contrast, BlackRock saw its worldwide institutional AUM rise 10.6% for the year to $5.69 trillion, up 73% over the past five years. BlackRock also trailed Vanguard’s growth in several of the firms’ largest areas in U.S. institutional tax-exempt investing, but the firm has recorded huge growth in its retail channels.
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