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A screen displays the trading price of BlackRock stock on the floor of the New York Stock Exchange.
A screen displays the trading price of BlackRock stock on the floor of the New York Stock Exchange.
(BRENDAN McDERMID/REUTERS)

BlackRock dips into mutual fund business

Exchange-traded funds are loved for their low fees and hands-off investing style. But the popularity of mutual funds persists – more than 60 per cent of Canadians buy them – and ETF heavyweight BlackRock Inc. wants a piece of the market.

BlackRock, the largest seller of these products in Canada, is well-known for its iShares ETFs. It has nearly $40-billion in assets under management and accounts for nearly 60 per cent of the market. The company’s new strategy revolves around using those iShares to create a suite of seven mutual funds to expand even further into the Canadian investment marketplace.