Vanguard to Challenge BlackRock in European ETF Market
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Vanguard Group Inc., the world’s biggest mutual-fund company, plans to start selling exchange-traded funds in Europe this year, betting that the passive, low-cost style of investing that has changed asset management in the U.S. will do the same abroad.
The decision by Vanguard, based in Valley Forge, Pennsylvania, is a challenge to its New York rival BlackRock Inc., which dominates the $332 billion ETF market in Europe. BlackRock, the world’s largest money manager, is forecasting European sales of the funds may grow as much as 30 percent a year. Vanguard last year took the No. 1 spot for U.S. ETF sales.