This is a one scarey graphic.
But consider this. It is projected that by 2030, 10 funds will manage $2.75 trillion, yes trillion of investor money.
Firstly, assuming a 2% management fee (before GST and before performance fees), that is a neat $55 million of annual revenue. Not bad work if you can get it.
Secondly, the biggest fund by a mile is an industry fund and 5 of the 10 are industry funds. Oh and the 2nd and 4th largest are funds that ostensibly manage the superannuation of public servants.
Forget about the impact on “capitalism” of proxy advisors. This is the greater threat.