Massachusetts can no longer claim the title as investment-management hub of the nation, as the Golden State of California now shines as the center of mutual fund activity.
Bloomberg News notes that five of the top 12 managers are located in California, including
American Funds, Franklin Resources and
Dodge & Cox, while Massachusetts is the home to just two, including
Fidelity Investments. Even New York has more (three), and will add a fourth when
BlackRock takes over
Merrill Lynch's money-management business. In another apparent snub to the old hub,
Harvard Endowment has tapped
Mohamed El-Erian of Southern California's
PIMCO to succeed
Jack Meyer as its head.