(Reuters) - Money manager BlackRock Inc’s new “core” series of iShares exchange-traded funds have attracted $2 billion from customers so far, President Rob Kapito said on Wednesday.
BlackRock, the world’s largest money manager, announced the new line of lower-cost ETFs in iShares on October 15 as a way to better compete with cheaper funds from competitors like Vanguard Group and Charles Schwab. While the new line up carried lower prices, BlackRock maintained the same fee levels on the rest of its industry-leading ETF family.
“I would say, so far, very happy with the successes,” Kapito said, speaking at a Bank of America Merrill Lynch conference in New York. Flows into the rest of the iShares family also continue to be strong, he said.
The iShares family, which oversaw $706 billion worldwide at the end of the third quarter, had taken in $49.5 billion from customers through the end of September, according to BlackRock. (Reporting by Aaron Pressman; editing by John Wallace and Andrew Hay)