BlackRock’s iShares, Vanguard and State Street manage roughly $2.6 trillion of the $3.1 trillion invested in ETFs as of September, or 84 percent of ETF assets.
Interviews with more than a dozen current and former employees and people close to the firm paint a portrait of a once-thriving partnership now riven by personal and professional rivalries.
A JPMorgan Chase & Co. survey for the week through Oct. 2 found that clients as a whole soured on Treasuries, with 44 percent holding a short position relative to their benchmark.