From Quiver Quantitive:

BlackRock, the world’s largest asset manager, plans to lay off 600 employees in response to industry changes. The decision comes as people shift towards ETF investments and new technology transforms the industry. Despite the layoffs, BlackRock still expects to end the year with a larger staff as it expands in certain business areas. The move reflects broader restructuring in the asset management industry in response to investor preferences and technological advancements. Additionally, BlackRock aims to double its revenue from private markets over the next five years. Despite significant inflows into ETF and index mutual fund assets, quarterly outflows last year and clients withdrawing $13 billion from long-term investment funds led to a 1.8% decrease in BlackRock’s shares.



Read more: BlackRock Trims Workforce by 3% Amid Asset Management Shifts