InstitutionClaim Cited
Vanguard
Vanguard's funds own their management company, removing an outside management-company equity claimant without giving dispersed fund shareholders direct operational control. The historical structure used SEC-authorized at-cost service arrangements; Vanguard's current ownership page expressly says the company does not operate at cost.
Can ownership by the funds being served keep an investment manager aligned with clients as scale makes those owners increasingly diffuse and gives the manager consequential authority over other companies?