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) -- Investment management firm


(BLK) - Get BlackRock, Inc. Report

slumped today after investors abandoned exchange-traded funds that own investment-grade corporate bonds. The dip followed

Federal Reserve

Chairman Ben Bernake's comments Wednesday that tapering of stimulus efforts may begin later this year.

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BlackRock shares tumbled 6.13% to close at $252.01 on Thursday. Shares of the New York-based firm have risen 21.91% so far this year. The firm's iShares MSCI Emerging Markets Index Fund have fallen 4.48% to $36.88; the index has shrunk by 15.9% this year to date, as U.S. treasury bond yields become more attractive to investors.

Indices have fallen Thursday as investors react to the announcement that the central bank may "moderate" quantitative easing. The government has pumped more than $2.5 trillion dollars into the finance sector since 2008.

BlackRock, a major S&P 500 component, fell with the index. The S&P 500 closed 2.5% lower, dropping the index's growth this year to gains of 11.36%.

The world's largest asset manager held its first Investor's Day tuesday in New York City. Research analysts were impressed, optimistic of the company's future success. Analysts with Credit Suisse wrote in a report that BlackRock's long-term organic growth potential was "driven by (1) an assumption of faster secular growth for entire ETF industry, and (2) better understanding around BLK's opportunities in the retail channel (both the US and international)."

Early on Thursday the investment management firm launched the iShares MSCI Colombia Capped ETF to access South America. "Institutional and retail investors now have an efficient means to access one of the world's most exciting economies, whether implementing a short-term tactical strategy or building a long-term diversified global portfolio," said Patrick Dunne, head of iShares Global Markets and Investments, in a statement. The ETF has been created to track the MSCI All Colombia Capped Index.

Written by Robert Arenella in New York

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Robert Arenella