So what is BlackRock's secret, really? We've suggested over on FierceFinanceIT that the firm's acclaimed Aladdin analytics and data engine may be one big reason. But Morningstar suggests another: its ability to integrate acquisitions. 

State Street Research and Merrill Lynch Investment Management were both purchased and integrated with an efficiency that would make a cyborg proud. We can only hope that the Barclays Global Investors integration is going as well. Successful asset-management mergers have been rare, to be sure. But BlackRock has apparently pulled it off.

Merrill Lynch indeed was known for some ill-advised deals. Is the best yet to come? "The acquisition of BGI could prove to be one of the single most transformative events in the asset-management industry," says the analyst. It does make a lot of sense on paper--active and passive coming together. We'll see if Larry Fink's win streak continues.

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