| NEW YORK, June 10
NEW YORK, June 10 BlackRock Inc, the
largest U.S. provider of exchange-traded funds, is expanding its
lineup of low-cost ETFs with 10 equity and fixed-income funds
that focus on areas such as dividend growth and value, and add
exposures such as European and Pacific region stocks.
The new additions, which include four new funds and six
existing funds that BlackRock plans to cut prices on, build upon
a program the company started in October 2012 to offer low-cost
funds to investors as a way to compete with cheaper funds from
competitors like Vanguard Group and Charles Schwab.
Since the launch of the series, known as "iShares Core,"
BlackRock said investors have added more than $25 billion in
assets to the suite.
"It's really based on demand and what clients are looking
for," Patrick Dunne, head of global markets and investments for
iShares, said in an interview. He said the funds so far have
appealed to a range of buyers, from personal investors to
"The new 10 are important for long-term investors looking
for core strategies over time," Dunne said.
The company has dubbed this next slate of funds its "iShares
Core Select" series group. It includes exposures to U.S. growth
and value stocks, in addition to U.S. credit, mortgages and
Treasury bonds, as well as European and Pacific equities.
Those funds that are re-priced, and in some cases, re-named,
will be modified effective Thursday. The company said it also
expects to begin trading the four new funds on or around then.
Among those funds BlackRock is slashing prices on, the
biggest price cut will be its iSharesCore High Dividend ETF
, which BlackRock is reducing to 0.12 percent, or $12 for
every $10,000 invested, from 0.4 percent, or $40 for every
BlackRock earlier this year also launched iShares Core
products in its Canadian and European businesses.
(Reporting by Ashley Lau in New York; Editing by Tom Brown)