(Bloomberg) -- The asset management business will further consolidate through mergers and acquisitions and by the biggest companies taking ever-greater shares of the market, according to Shundrawn Thomas, president of Northern Trust Asset Management.
“Much of the consolidation I actually expect to see is happening organically,” said Thomas, who spoke Wednesday at the Bloomberg Invest Global virtual event. “The proverbial winners have gotten larger.”
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Northern Trust is one of the largest factor-based investors in the world, with about $914 billion in assets. The portfolio is almost evenly divided between equities and fixed income, with more than half invested passively, and a majority of its clients are institutional investors.
Thomas joined Chicago-based Northern Trust Corp. in 2004 from Goldman Sachs Group Inc., where he worked in the equities division overseeing a sales team. Savoy magazine named him one of the most influential Black executives in corporate America this year.
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Thomas also said there's better criteria for meeting sustainable investment goals in portfolios.
He also believes this moment for racial equality is a movement, and that meeting diversity goals starts at the top of companies. Nine members of his firm's executive team are either women or people of color, he said.
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