A key is the word “controls.” Nearly all of BlackRock’s assets are in index funds or widely diversified funds that don’t make strong economic bets or use leverage. Their investment decisions are mainly determined by their customers choices of funds, rather than BlackRock’s choices of what assets to buy.
Private equity and hedge funds, by contrast, often use a lot of leverage, so $1 of fund assets can control $10 or more of economic assets. Their managers choose the investments. Moreover these institutions often trade aggressively or try to influence companies.
Berkshire Hathaway is another entity often among the top holders of an asset, particularly large capitalization stocks. It often owns more than BlackRock, and has considerably more impact on companies.
So BlackRock, Vanguard and similar large asset managers have the most money to manage, but that doesn’t necessarily translate to the most control over investments.
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