Business Models of Global Investment Management Companies: BlackRock, Vanguard Group, and Charles Schwab

The article examines the business models of three leading global investment management companies (BlackRock, Vanguard Group, and Charles Schwab) to identify the key factors of their sustainability, competitive advantages, and strategies for adapting to global financial changes. It is shown that BlackRock demonstrates a fiduciary asset management model focused on institutional investors, actively utilizing M&A strategies, developing the Aladdin technology platform, and dominating the ETF market through iShares. Vanguard implements a unique mutual ownership model that allows clients to be co-owners of the funds and ensures ultra-low cost levels, which strengthens long-term trust and leads to substantial growth in AUM. Charles Schwab’s business model is oriented towards a wide range of financial services for individual investors, combining brokerage, banking products, investment advice, and digital platforms. A detailed analysis has been conducted on the ownership structure, client base, product lines, revenues of companies, their technological solutions, and market positioning. It has been determined that the main sources of success are economies of scale, institutional trust, technological infrastructure, and adaptability to changes in investor behavior. The text provides specific examples of cooperation between companies and government entities as well as pension funds, including the FED, Shell, the government of Japan, and the sovereign funds of Norway and Australia. It is concluded that it is advisable to study and partially adapt elements of the mentioned models to the Ukrainian realities in order to strengthen the institutional capacity of the domestic investment environment. Prospects for further research in the direction of digital transformation of global investment management companies, development of passive investing, and long-term partnerships between the State and global financial institutions are outlined.