Concentration risk could well become the next big thing in fund governance, particularly for investors. 15 asset managers now hold 56.7% of all externally managed assets. And just a few recently merged and now debt laden entities, products of the PE boom, service their funds. That is also a worry as the PE bubble has burst.

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2023 could be a critical year for ESG risk oversight. There seems to have been a much greater focus on this topic in the last few months; a number
of papers have been published on it recently, for example. Much of this work has been on emissions, particularly on how companies in funds’ portfolios are or should be measured.

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