BlackRock is converting two mutual funds — managed by Rick Rieder — into ETFs to better fit the strategies into the firm’s booming model-portfolio ecosystem https://t.co/IoGTQ6VcRN ...

25 years ago, the notion that levered loans would trade was a fantasy. How could they trade. Every loan was different. Every company was private.There were no benchmarks. There was nothing. One bank stood up and said, "Levered loans are going to trade." 25 years later, levered loans trade because this one bank made a market in it. And then other banks came and made a market in it.And lo and behold, we take for granted that the broadly syndicated market trades. We have ETFs. We have an open-ended mutual fund ...