Novel reactive core/shell-type hyperbranched blockcopolyethers were tailored as new class of liquid rubbers useful as flexibilizers and toughening agents of anhydride-cured epoxy resins. Anionic ring-opening polymerization of glycidol onto a six-arm star poly(propylene oxide-block-ethylene oxide) afforded hyperbranched polyether cores as macroinitiators for propylene oxide graft copolymerization. The hydroxy end groups of the resulting polyether-polyols have been modified in order to prepare stearate, hydroxy benzoate and epoxy derivatives. The modification afforded reactivity and polarity design which has been the key to improved blend performance with epoxy resins. In comparison to conventional hyperbranched epoxy-terminated polyesters, the influence of molecular architectures on thermal, mechanical and morphological properties of hexahydrophthalic acid anhydride-cured bisphenol-A diglycidylether was examined. As a function of polarity and reactivity design, it was possible to control phase separation and to vary mechanical properties from highly flexible to stiff and tough. (C) 2004 Elsevier Ltd. All rights reserved.