The 10 largest asset managers in the world, a list that includes BlackRock, Vanguard, State Street, Fidelity, Allianz, UBS and JP Morgan Asset Management have some $32 trillion assets under management (at the end of 2017). The entire space of asset managers have around $65 trillion of assets under management.
Everything by design is kind of complicated. And because it is complicated it is inefficient. But inefficiency keeps people in jobs. Let us explain.
Education is form of an inefficiency. Just 20% of people go on to a role that requires their knowledge from college or university education. But keeping more people in education keeps them out of the job market.
Government regulations change so often that it inherently creates several roles. The law is complicated and inefficient, but it keeps many people in a job and creates new jobs.