Hedge Funds

Third Point predicts huge ETF growth at BlackRock

Daniel Loeb says 'misunderstood' BlackRock is far more than a traditional fund manager

Daniel Loeb, chief executive officer of Third Point
Daniel Loeb, chief executive officer of Third Point Photo: Getty Images

The prominent US hedge fund manager Daniel Loeb is betting on the "asset gathering machine" that is BlackRock.

Loeb's $16.5bn firm Third Point Management revealed a new equity investment in the world's largest fund manager in a letter to investors. Loeb focused on the strength of iShares, BlackRock's exchange traded funds business, which took in a net $1bn on every working day in the second quarter.

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