Laurence D Fink, chairman and CEO, said: “When we hired Mark Wiseman last year, we announced we would similarly review active equities in anticipation of changes in the investment landscape and client preferences.
“We are acting now to leverage our unique business model to lay the foundation for what we believe will be the future of active equity management.”
BlackRock reported a 3% fall in revenue in the third quarter of 2016 as compared to the same time in 2015 as it struggled to stop cash flowing from active products into its iShares ETF business.
Net outflows for active equity was $3.9bn between July and September last year, while ETF equity saw net inflows of $25.5bn.
