BlackRock's ETF business just keeps growing, but the search for revenue goes on

The BlackRock logo is pictured outside the company's headquarters in the Manhattan borough of New York City on May 25, 2021.At the time, $13 billion seemed like an awful lot of money to spend on a tiny business. ETFs were still in their infancy: there was roughly $700 million in total assets under management, a paltry sum compared to the trillions then in mutual funds.When BlackRock CEO Larry Fink bought the iShares ETF business from Barclays for roughly $13 billion in 2009, the economy was still reeling fr ...