American passive investing juggernauts shed $2.8trn of assets

Market chaos has caused BlackRock, Vanguard and State Street Global Advisors to see their assets drop by an estimated $2.5trn, according to the FT. The world's three biggest fund managers are feeling the effects of a global sell-off in financial markets as US stocks fell into bear market territory after more than a decade of gains and the FTSE 100 suffered its worst one-day drop since 1987. BlackRock, the world's largest asset manager, has seen assets under management drop nearly $1.4tr...