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Larry Fink tells AB CEO to 'learn more' about ETFs
BlackRock CEO Larry Fink came out swinging against rival AllianceBernstein Tuesday, telling its CEO Peter Kraus to "learn more about ETFs," Reuters reports. Kraus told the New York Times that exchange traded funds are "not safe and your clients need to understand that," while discussing the market volatility of Aug. 24.
"He should learn more about ETFs," Fink responded on a panel at the New York Times' DealBook Conference, when asked about Kraus' comments in the upcoming article. "I would not be as hysterical." Fink, whose iShares division manages $1 trillion in ETFs, said the trading issues on Aug. 24 were temporary and limited, but "a good wake-up call" nonetheless.