Who BlackRock buys from and sells to
Largest asset manager: iShares ETFs, active and private-markets funds, plus Aladdin software sold to other managers.
Part of Government Net Interest Payments spending
Buys from 4
Sells to 3
- Morgan StanleyMSETFs and funds placed in advisor-managed wealth accounts
- Pension funds and sovereign wealth fundsinstitutional mandates, the bulk of fee-earning assets
- Asset managers and insurersAladdin and Preqin subscriptionstechnology services ~$2.0bn of ~$24bn revenue (FY2025)
Where the chain could break
- Fees are a share of assets, so revenue falls almost one-for-one with equity and bond prices
- Fee pressure from Vanguard and Schwab keeps index pricing near zero
- Political pressure on ESG and proxy voting in US states and Europe
Competes with
- Vanguardlow-cost index funds and ETFs
- State StreetSTTSPDR ETFs and institutional index mandates
- SchwabSCHWits own cheap ETFs sold on its own platform
- BlackstoneBXprivate credit and infrastructure capital
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.