The Trump administration is accelerating a historic power shift from investors to boardrooms, leading some to predict the end of the US era of shareholder capitalism in favor of managerial capitalism. The administration is targeting the voting influence of large passive asset managers, including BlackRock, Vanguard, and State Street, and proxy advisers whose recommendations sway institutional votes. This clampdown is raising concerns that restricting oversight could ultimately reward underperforming CEOs.

The financial landscape of Wall Street is undergoing a transformation as private-market institutions and their principals, deemed the "new private-equity billionaires," increasingly assume influence traditionally held by old-line legacy banks. This ongoing shift highlights the growing dominance of private equity in the financial world and outlines both the key names and the potential risks associated with this change.

JPMorgan CEO Jamie Dimon has formed a high-profile advisory council, including Jeff Bezos, Condoleezza Rice and former NSA director Paul Nakasone, to guide the bank's $1.5 trillion "Security and Resiliency Initiative" aimed at strengthening US supply chains and critical technologies. Dimon also named Todd Combs to run a $10 billion investment fund within the effort, which focuses on national security priorities from rare earths to AI.

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Abu Dhabi is planning a $16 billion mixed-use development on Al Maryah Island to double the Grade A office space at the Abu Dhabi Global Market financial center and accommodate the rapid influx of global finance firms. The expansion is critical as the number of operational entities in ADGM rose 43% year-over-year to 3,227 in the third quarter, leading to a tight office market, with hedge fund billionaire Alan Howard noting his firm, Brevan Howard Asset Management, has run out of space.

Jane Street Group is on track for its best year ever, with third-quarter net trading revenue reaching $6.83 billion, boosted by investments in artificial intelligence, particularly Anthropic. Jane Street's investment in Anthropic's Series E and Series F funding rounds has contributed significantly to this success, with Anthropic's valuation soaring to $183 billion.

Private credit is increasingly mirroring the public bond market as rapid growth pushes the asset class into areas once dominated by high-yield bonds and leveraged loans. Assets under management are projected to reach $5 trillion by 2029, and lenders now offer private versions of nearly every major fixed-income segment. Experts say the convergence is driven by banks pulling back, borrowers seeking bespoke financing, and investors chasing yield. They warn that rising competition could pressure underwriting standards, increasing risks around leverage, liquidity, and potential market stress.

Trading of precious metals on electronic platforms has surged in 2025, with EBS Market and Euronext FX reporting significant increases in volumes, driven by higher prices for gold and silver. Deutsche Bank, HSBC, UBS and Commerzbank have all adapted their foreign exchange algorithms for precious metals trading, although the market's unique supply dynamics and volatility have presented challenges, participants say.