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The firm's chief executive is Blake Grossman . HISTORY Barclays Global Investors began as units of Wells Fargo and Barclays Bank which merged in 1996 . It invented the first passive index investing strategy for major Institutional Investor s under the leadership of Frederick L. A. Grauer . Later, it went on to help pioneer the Exchange-traded Fund business (through its IShares brand), which is a security that can be traded at any time, and whose value is based on the value of a basket of stocks, bonds or commodities. ETFs can give tax advantages and intraday trading mechanical benefits that other products such as Mutual Fund s do not. Since the economics of this activity are heavily influenced by Economies Of Scale , Barclays grew to be the largest asset managing company in the world. Since 2000, Barclays Global Investors' active fund management business has grown significantly, to the point where it accounted for approximately 50% of the firm's revenue in 2005. Because the company is the largest asset manager, it is also the largest privately-held Beneficial Owner of companies in the world. REFERENCES SEE ALSO EXTERNAL LINKS
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