BlackRock Australia will this week unveil new rate cards for its Australian shares and core composite bond ETFs.
The world’s biggest asset manager, BlackRock, will aggressively cut fees on two of its Australian-listed exchange-traded funds in a bid for a greater share of a market it expects to grow threefold in the next five years.&
BlackRock Australia’s Jason Collins and Chantal Giles expect the Aussie ETF market to triple in size by 2027.“If you read between the lines on this [decision], iShares is coming back and making a strong statement,” Jason Collins, head of BlackRock’s iShares ETF business in Australia, told. “It is an area of focus, and we want to participate in this growth.”
But both companies came under competitive pressure from homegrown challengers and in January, BetaShares overtook BlackRock’s iShares business as the nation’s second-biggest ETF player, with $24.7 billion in assets, compared to iShares’ $24.5 billion. “We’ve now got scale in Australia, and we want to use that scale in Australia to the benefit of advisers and then investors. We’ll be able to do that now,” he said. “To be able to deliver a meaningful fee reduction, particularly in a time of heightened inflation and volatile markets, is very pleasing.
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