This extent of ownership concentration, centralization, and diversification is unprecedented in the history of capitalism. Yet this regime remains intensely competitive. Asset managers compete with each other, as well as with all other outlets for savings. To attract capital, they must offer the highest returns and the lowest risk, imposing strict limits on the fees rates they can charge. Therefore, asset managers must grow their profits by maximizing AUM, since their fees are typically calculated as a percentage of this. They do so by accumulating assets as well as by increasing the value of assets they already hold.
youth class culture: Steven Threadgold 