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Restrictions should also be imposed on State Street and Vanguard, said the American Economic Liberties Project. Between them, the three investment companies, which are the world’s largest, control assets of almost $17t.
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“The outsized footprint of the big three asset managers poses new issues for the stability of financial markets, the governance of corporate America and the competitiveness of the US economy,” said Graham Steele, a senior fellow at the think-tank, which also supports the break-up of the largest US technology companies.
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