BlackRock is already the world’s largest asset manager, but it is in touching distance of another crown: becoming Britain’s biggest.
One of the strongest bastions of stockpicking, the UK is now following the US by embracing the low-cost, index-tracking approach pioneered by BlackRock and its American rivals Vanguard and State Street Global Advisors.
The likely milestone for BlackRock also reveals the urgent threat facing the UK’s personality-led investment culture, which has long prized the idea of the stockpicker and defined the DNA of the City’s best-known domestic asset managers.
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