Are asset managers becoming systemically dangerous?

摘要

Should we be worried about the latent power of the US$76.7trn held in the asset management sector - 40% of global financial system assets - to wreak havoc on the world and unleash an unforeseen buyside catastrophe? Are the dozen or so asset managers above, at, or nearing the trillion-dollar mark systemically dangerous? What risks does BlackRock, with more than US$5trn under management, pose where the likes of, say, Allianz Global Investors with an AUM haul smaller by a factor of 10, doesn't?