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BlackRock (NYSE:BLK), the money managing firm behind the iShares name, is cutting its global market outlook on ETFs as the prolonged Eurozone debt saga has kept equity markets suppressed.

“We now expect the global ETF market to grow by 10 to 15% in 2011,” Kevin Feldman, ETF market analyst at BlackRock, said, reducing their projected asset growth in ETFs from 20% to 30%, according to a Financial Post article.

“Our previous forecast from January was based on the average growth rate of the past five years,” Feldman said. “At the beginning of this year, it wasn’t clear for example, how big the euro zone crisis would be and how that would affect equity markets.”

The MSCI Global Equity Index shows a 7% drop year-to-date.

Total assets under management in the global ETF market was $1.39 trillion as of the end of October, up 6% for the year so far, with most of the ETF inflows piling in during October when investors wanted greater ETF positions to participate in broad market rally, Feldman added.

Max Chen contributed to this article.

Source: BlackRock Lowers ETF Industry Growth Outlook On Eurozone Woes