The rise of asset managers as key nodes of financial intermediation has been one of the most fundamental changes in the global economy over recent years. An emerging literature on asset manager capitalism (AMC) discusses these changes and its implications, though largely in the context of corporate governance in advanced capitalist economies.

This ie.talk expands the remit of the Asset Manager Capitalism (AMC) literature to spaces outside the global capitalist core, and assesses its implications, based on quantitative data on asset manager allocations and flows, and qualitative data from semi-structured interviews. It finds that despite the growth of asset managers' investments into emerging markets, their presence remains limited and heavily concentrated in "non-productive" sector. The threat of exit remains present but increasingly tied with global conditions and the composition of benchmark indices. There is also limited evidence that asset managers use their voice to influence corporate governance and macroeconomic policy. Overall, asset managers do not seem to fundamentally reshape the characteristics of financial subordination.