Fundsters interested in the increasingly crowded ETF business may want to take a look at Reuters
. On Friday Aaron Pressman penned
a long special report covering the past, present and future of the ETF business. The short version is that BlackRock
unit, the number one ETF provider, is fighting off attacks from both established and new ETF players.
The article provides numerous interesting tidbits: when Vanguard
chief investment officer Gus Sauter
went to Jack Brennan
(then CEO) to make the case for launching ETFs, Brennan called it "the dumbest idea [Sauter] ever had." Sauter, current Vanguard CEO Bill McNabb
, Morningstar ETF research director Scott Burns
, Vanguard ETF product management group chief Rick Genoni
, iShares product chief Noel Archard
senior vice president Peter Crawford
and several advisors all weighed in for the article.
Neil Anderson, Managing Editor
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