Ten Largest Mutual Fund Companies Manage $36 Trillion in Assets, 69% More than US GDP, reports Pension &Invest. Larry Fink is the most important partner for the stately owned Norwegian Banks Investment Fund(NBIM), writes Nordic News.
Data presented by Buy Shares indicates that the top ten largest mutual fund companies cumulatively have $36.26 trillion assets under management. The assets are as of September 2020. The worlds largest stately mutual fund the Norwegian Oil Revenue Fund was previously one of the largest minority owners in Black Rock Inc. Today Norges Bank have invested 10,5 billion kroner in Black Rock, 18 billion kroner in Wells Fargo and 18,3 billion kroner in Bank of America. We can find these funds as owners in important companies all over the worlds writes Nordic News.
Mutual fund companies reverse effects of pandemic
Black Rock Funds ranks top with $7.08 trillion in assets under management followed by Vanguard at $5.7 trillion while Charles Schwab ranks third with $4.28 trillion assets.
Fidelity Investment has the fourth-highest assets under management at $3.31 trillion followed by State Street Global Advisors at $3.15 trillion.
JP Morgan ranks sixth at $2.6 trillion followed by Capital Group’s $2.1 trillion while Amundi Asset Management ranks eighth at $2.02 trillion the same amount as PIMCO. BNY Mellon (Dreyfus) is tenth with $ 2 trillion.
The research highlights some of the major trends in the mutual funds’ industry in 2020. According to the research report:
«Notably, the highlighted companies were impacted to some extent by the pandemic. The coronavirus pandemic hit the mutual funds industry with declining market outflows. However, most companies in the space have reversed the losing trend over the second quarter as central banks and governments around the globe started rolling out stimulus programs and economic relief packages to cushion the economic drawdowns.»
The data also compared the asset held by the top ten mutual funds companies to the United States Gross Domestic Product (GDP). As of December 2020, the US GDP is at $21.25 trillion. Therefore, the funds’ cumulative assets under management are about 69.83% more than the US GDP.
The Buy Shares research also commented on the US economy amid the coronavirus pandemic. According to the report:
«Despite the US economy shrinking in the first and second quarter, it made significant gains in the third quarter. The growth was fueled by the pandemic relief package. The economic growth was threatened by the raging new coronavirus cases and dwindling fiscal stimulus.»
Larry Finks Compensation
Total compensation awarded to Laurence D. Fink, chairman and CEO of BlackRock, rose 5.2% to $25.25 million in 2019 compared with $24 million the prior year, according to the company’s proxy statement filed with the SEC on Thursday.
The largest portion of Mr. Fink’s 2019 compensation — $11.75 million — was from a long-term incentive award, followed by cash at $7.75 million; deferred equity, $4.25 million; and base salary, $1.5 million. Mr. Fink is Nicolai Tangens most important global partner for The Norwegian Oil Revenue Funbd.
The full story, statistics, and information can be found here:https://buyshares.co.nz/10-largest-mutual-fund-companies-manage-36-trillion-in-assets-69-more-than-us-gdp/
