6  This estimate of assets under management, taken from IMF (2015), is based on the world’s top 500 asset managers at the end of 2013. It includes some double-counting due to cross-investment among asset managers. 7  See Cheshire (2015). 8  See FSB & IOSCO (2015), FSOC (2013) and IMF (2015).
As a corollary, I would also say that there is not a “special” public purpose in constraining banks from competing in many other markets traditionally dominated by nonbank financial institutions.