Asset management firms such as BlackRock, Vanguard, and State Street have significantly grown in influence, now controlling over $55 trillion combined and impacting various aspects of the global economy. The growth of these companies is tied to the rise of low-cost index investing and exchange-traded funds (ETFs), with the firms now involved in shaping markets, influencing shareholder votes, funding infrastructure, and affecting the financial stability of entire economies.
A few decades ago, asset managers were mostly background players on Wall Street. Today, they’re financial giants controlling tens of trillions of dollars and influencing nearly every corner of the global economy. The top firms now oversee more than...
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