Ranking managers by assets hides the more interesting fact: they are not competing for the same customers. State Street serves 602 plans at $120M each; American Funds serves 8,172 at $18M each — thirteen times the reach for a fifth of the assets. One firm sells to jumbo plans through consultants; the other is distributed through advisers into small employers. A league table by AUM makes them look like rivals. They barely meet.

Originally posted on LinkedIn.