FYI: The success of exchange-traded funds is incorrectly being interpreted as a victory for passive investing, according to executives at BlackRock Inc.'s iShares, which won a third of the U.S. ETF industry's record $242 billion haul last year.
Instead, the lion's share of iShares flows — which totaled a record, estimated $82 billion last year — are coming from institutional investors, money managers that sell through broker-dealers and financial advisers enrolled in “rep-as-PM” programs who are using the funds tactically, according to Daniel Gamba, head of the iShares institutional sales business in the Americas.
Regards,
Ted
http://www.investmentnews.com/article/20150113/FREE/150119978?template=printart
