BlackRock is acquiring Aperio Group, a firm that helps build custom portfolios for wealthy individuals, for $1.05bn, in a push by the world’s largest money manager to add more personalisation to its offerings.

In buying Aperio, BlackRock is betting on growing interest by individuals for portfolios tailored to their values. Aperio is part of the so-called direct indexing industry, a small-but-expanding part of the financial space.