Vanguard Ends BlackRock’s 20-Year Run Atop US ETF Market (1)

Vanguard Group has overtaken BlackRock Inc. as the largest exchange-traded fund issuer, a seismic shift at the top of the $15.2 trillion US industry.

The Valley Forge, Pennsylvania-based firm now manages roughly $4.39 trillion across its 116 US-listed ETFs, more than any other asset manager, according to data compiled by Bloomberg. Inflows of $13 billion in the latest session pushed Vanguard’s total assets past the $4.36 trillion managed by BlackRock, which had held the top spot since 2003.

It’s a realignment several decades in the making. Since Larry Fink’s BlackRock saw its share of the industry peak at about ...