Large U.S. asset managers such as BlackRock, Vanguard and Goldman Sachs are expanding aggressively into the United Kingdom and continental Europe. The U.S.-based firms are profiting as European investors shift money into low-cost tracking funds and exchange-traded funds and unlisted alternatives, including private equity, private credit and infrastructure, write Harriet Agnew and Brooke Masters in a Financial Times article.
The dominance of U.S. asset managers is reshaping the European asset management industry, with seven of the 10 fastest-growing fund groups in Europe being American. While some European players are finding niches or consolidating, the scale and pace of U.S. expansion make it difficult to compete on equal footing.
Experts warn that mergers driven by scale alone, without clear client-centric benefits, may not succeed in reversing the trend.
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