Aktionärsstruktur und Wettbewerb

Do large asset managers like BlackRock threaten competition? The author shows that a competitive theory of harm lacks plausibility when the legal and factual framework conditions are taken into account. In the theoretical review, neither sufficient possibilities of exerting influence nor a uniform industry-wide interest of asset managers can be substantiated. The empirical-quantitative evaluation using the example of BlackRock's ETF portfolios confirms the theoretical preliminary considerations regarding the lack of a uniform industry-wide interest due to conflicts of interest between funds. Stricter antitrust law or regulation to limit common ownership is therefore not advisable.