Due to low investor demand, iShares, BlackRock’s exchange-traded fund business is set to close 15 equity and commodity ETF’s. The closure will be effective from October 24th.
Seven of the funds being closed are legacy funds bought from a deal earlier this year when BlackRock bought Credit Suisse’s ETF business, the remaining eight are their own iShare funds.
These closures come from a strategic review of business that will result in lower costs for many investors. Other measures coming from this strategic review include: harmonising the price between funds with identical exposures; and repositioning the accumulating version of 3 ETFs, as a total expense ratio of 15 basis points.
SOURCE: Funds Europe 23/09/13