Top firms now control sums rivaling the economies of many large countries. They are pushing into new business areas, blurring the lines that define who does what on Wall Street and nudging once-dominant banks toward the sidelines. Today, traditional and alternative asset managers control twice as many assets as U.S. banks, giving them increasing control over the purse strings of the U.S. economy.
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Move aside, big banks: giant funds now rule Wall Street
“We’re moving into a gray area as asset-management businesses move into different silos of financial services,” said Tyler Cloherty, a managing director at consulting firm Deloitte who advises fund managers. “The big question I’m getting is ‘What do we do around getting alternatives to retail clients?’ There’s a lot of complexity there.”
