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Funds that track custom-built indexes often seek exposure to securities based on factors like ESG and strategies that would typically be actively managed.

A major driver of growth has been the “increased awareness” of advantages like tax efficiency, liquidity and transparency, according to Bank of America.

In a business increasingly dominated by inexpensive index funds, the young juggernaut succeeded by actually picking good investments.

As asset managers create younger wholesaling teams, they're also adapting models that leverage digitally savvy hybrid roles.

The four new types of funds use a so-called proxy basket and will publish some information about their portfolios every day.

The fund will track an index that divides the industry into five categories: pharmaceuticals, testing and analytics, cultivators, hemp and ancillary business.

The $1.8 billion deal is expected to close in mid-2020.

Jeff Smith's dismissal was first announced in a memo by CEO Larry Fink and President Rob Kapito, who only said the executive had violated corporate policy.

"It's going to become increasingly more important for financial professionals to understand the potential benefits of sustainable investing," an exec says.

At a meeting last year, the firm’s CEO discussed how behavior would be held to a higher standard than rank-and-file employees, people familiar with the matter said.