(Bloomberg) -- Laurence D. Fink used at least half a dozen acquisitions to expand BlackRock Inc. from a boutique bond shop to the world’s biggest money manager. Now the firm, which invests $3.7 trillion for clients around the world, faces a new challenge: Growing on its own.

Susan L. Wagner, who led BlackRock’s growth by overseeing purchases including the fund units of Merrill Lynch & Co. and Barclays Plc, retired last month, signaling an end to the acquisition spree and underscoring that future expansion will have to come from attracting investor deposits. With performance at actively managed stock and bond funds trailing peers, BlackRock has restructured its fixed-income unit and replaced equity chief investment strategist Robert Doll, 57, who said last month he was leaving.

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