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...
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