1. Merrill Lynch Investment Management
The company bought Merrill Lynch Investment Management in 2006 to expand its retail and international investment management capabilities. It paid $9.7 billion for the business, creating one of the largest investment management firms with almost $1.5 trillion in assets under management (AUM) at the time.
2. Barclays Global Investor
BlackRock bought the investment management arm of British bank Barclays (BCS +0.09%), Barclays Global Investor (BGI), in 2009 for $13.5 billion. The transformational transaction created the world's biggest asset manager, doubling BlackRock's AUM to $2.7 trillion.
As part of the deal, BlackRock acquired the popular exchange-traded fund (ETF) platform iShares. The platform now manages more than $3.3 trillion in AUM across 1,400 ETFs. Its largest ETF is the iShares Core S&P 500 ETF (IVV +0.27%), with almost $590 billion in AUM in 2025. It was the third-largest ETF in the world by AUM at the time.
3. First Reserve Infrastructure Funds
The company bought the equity energy infrastructure franchise of First Reserve for an undisclosed sum in 2017. The acquisition of First Reserve Infrastructure Funds expanded the BlackRock Real Assets platform to $36.5 billion in client assets.
4. Kreos Capital
BlackRock bought private debt manager Kreos Capital for a reported $400 million in 2023. The company is a leading provider of growth and venture debt funding for companies in the healthcare and technology sectors. The acquisition bolstered BlackRock's leading global credit asset management capabilities while enhancing its ability to provide clients with private market investment products and solutions.
5. eFront
The investment management firm bought eFront in 2019 for $1.3 billion. The acquisition helped strengthen BlackRock's technology platform.
6. Aperio Group
The company bought Aperio in 2021 for about $1.1 billion. Aperio is a pioneer in customizing tax-optimized index equity separately managed accounts (SMAs). It builds and manages personalized public equity portfolios for clients.
7. Global Infrastructure Partners (GIP)
BlackRock closed its acquisition of Global Infrastructure Partners in October 2024. The $12.5 billion deal created a world-leading infrastructure investment platform for private markets. The market-leading multi-asset-class platform had more than $170 billion in AUM when the deal closed.
8. SpiderRock Advisors
The investment management firm bought the remaining equity interest in SpiderRock Advisors in early 2024 after initially making a minority investment in 2021. SpiderRock enhances the company's ability to offer personalized SMAs, one of the fastest-growing product segments in the U.S. wealth industry.
