Markets Magazine
The Passive War
BlackRock, Vanguard, and State Street control more than 80 percent of the ETF landscape. For the other players, the fight for survival is about to get more aggressive
After a prolonged Hawaiian vacation, Paul Yook was finally ready to make his comeback.
His sojourn in paradise was always going to be temporary, but he needed it. Yook had managed a health-care portfolio at the Galleon Group LLC for five years until 2009, when the New York-based hedge fund became the target of an insider-trading investigation. Eventually, the company’s founder, Raj Rajaratnam, was convicted. Yook was never charged. But he took a chunk of time off in New York after Galleon shuttered and then, in 2011, moved his family about as far away from the turmoil as possible. After two and a half years, however, he was ready to say goodbye to the Aloha State.