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BlackRock plans to operate Aperio as a separately branded team within its wealth advisory business.
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BlackRock Inc. is acquiring Aperio Group LLC, a firm that helps build custom portfolios for wealthy individuals, for $1.05 billion, in a push by the world’s largest money manager to add more personalization to its offerings.
In buying Aperio, BlackRock BLK, +1.51% is betting on growing interest by individuals for portfolios tailored to their values. Aperio is part of the so-called direct indexing industry, a small-but-expanding part of the financial space.
