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The banks also benefited from some unlikely allies, including large asset managers that buy derivatives contracts.
Money managers who care about value have done badly and lost customers to managers that buy the Broadcoms and Brocades of the world, whatever their price.
Another 40% is spread among managers that buy (and sell short) currencies, commodities, bonds and just about everything else.
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Investidor Profissional, an asset manager that buys under-valued shares, has no big investments in the recent wave of IPOs.
Luminent Suspends Dividend Luminent Mortgage Capital, an asset manager that buys mortgage-backed securities, said yesterday that it had suspended its quarterly dividend of 32 cents a share and was exploring options to increase liquidity.
That grip, regulators and advocacy groups say, empowers those banks to overcharge some asset managers and companies that buy derivatives.
"Fund managers that are hot to buy one day, turn around and sell the next".
It would also have required drug manufacturers to give notice of future price hikes to insurance companies, pharmacy managers and the state agencies that buy prescription drugs.
Mr. Mathoda's new company, the Ocyle Group, is among a handful of investment managers that have popped up to buy shares in privately held start-ups like Glam Media, LinkedIn and Twitter.
For those seeking bond funds, Henderson's Mr McQuaker recommends buying fund managers that have the flexibility to invest across the market as opportunities arise.
The attorney general, Richard E. Doran, said on Friday that a yearlong investigation of Alliance Capital Management, the contract money manager that bought the stock on the state's behalf, found no evidence that the firm had engaged in racketeering.
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