Larry Fink has been losing market share in the ETF business to Vanguard, reported Alexis Leondis from Bloomberg. According to a State Street Global Advisors report, market share for BlackRock went down by 1.4 percent this year to around 41 percent at the end of June. Vanguard, on the other hand, had a market share increase of 1.7 percent to 18 percent.

"We are not happy with our market share in the second quarter in U.S. equity ETFs," Fink said in a phone interview with Bloomberg. "You saw risk off, even in ETFs, you had many flows into what I would call the commoditized ETFs, the large, index products, and Vanguard has taken a lot of the share of those flows in those products.”

The company also reported an 11 percent decline in the profit for second quarter, making the net income decrease to $554 million, or $3.08 a share, compared with $619 million, or $3.21 per share, last year.

The assets of the firm have decreased by 3 percent and are now at $3.56 trillion. 

Edited by: HFD


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