Vanguard has retained the position of the world's fastest growing asset manager for a sixth year in a row, after attracting over $1bn in new business each day of 2017, the Financial Times reports.
A preliminary estimate released by Vanguard showed the fund manager took $368bn in net inflows last year, which is a 13.9% rise on $323bn in 2016, the paper reports. Around 90% of new money in 2017 flowed into its tracker funds.
These latest inflows have pushed Vanguard's assets under management (AUM) beyond the $5trn mark. The FT reports this has narrowed the gap with BlackRock, which is the world's largest fund manager on around $6trn AUM.
According to the FT, BlackRock is expected this month to announce a company record for annual new business growth.
BlackRock witnessed record flows into its iShares business in 2017 following investor interest from an array of markets in both its core fund range and more targeted innovative products.
iShares' inflows for the year totalled $246bn, up from $140bn in 2016, in a year that saw the global ETF industry pass $4.5trn in AUM for the first time.
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