If Manhattan in New York City conveys the image of bustle and bustle, then the tranquil, diverse mansions nestled amidst the trees of Long Island constitute a secluded haven for the super-rich, offering a sense of seclusion.
On the morning highway, a convoy of vehicles slowly and smoothly passed.
Even without the background music, the scene was reminiscent of the travels of the super-rich in the television series "Succession," which received multiple Emmy nominations and won numerous major awards in September.
After all, the stretched Cadillac sedan, protected by Chevrolet SUVs, exuded a certain "old money" air.
However, at the gate of a manor, the convoy was stopped by several heavily armed security personnel. After questioning their identities and conducting a vehicle-by-vehicle inspection, the lead security officer picked up a walkie-talkie and allowed them to pass.
This wasn't the beginning. Later, after passing the road outside the estate, the convoy was stopped again. This time, the situation was less severe. Several black-clad bodyguards, after conducting routine inquiries, drove behind the convoy and headed towards the main residence.
Meanwhile, numerous vehicles were parked in the small plaza outside the residence, mostly consisting of the bodyguards' SUVs and luxury sedans...
"My apologies, Your Highness, I've been delayed. I hope I didn't keep you waiting too long..."
The middle-aged man with gold-rimmed glasses and a slightly receding hairline, who had just gotten out of his car and adjusted his suit, apologetically said, seeing the handsome young man exit the main residence.
"No, Mr. Fink, we were just chatting."
This was the first time the two had met. Baron, the British Duke who managed a vast fortune, was undoubtedly well-known on Wall Street. His numerous large-scale investments and acquisitions had made him a highly sought-after figure in the financial capital world, especially after the subprime mortgage crisis.
The "Mr. Fink" Barron was referring to was Larry Fink, the founder of BlackRock. While BlackRock was a well-known name on Wall Street, Barron had never directly dealt with them before. However, he knew that after this crisis, BlackRock's assets under management would begin to expand dramatically, thanks to its exceptional capabilities and daring. The
cars parked at the entrance indicated that Larry Fink wasn't the only guest at Barron's estate today. He was joined by several prominent figures from asset management companies, including Vanguard and State Street, who were either founders or current managers.
Vanguard founder John Bogle was also present. This wasn't Barron's first meeting; the two were old acquaintances.
These powerful individuals, who could influence the American and even global economies, gathered together to discuss the subprime mortgage crisis and to build a deeper friendship.
Bogle had proposed this "friendship" to Barron's earlier. However, at the time, DS Group was barely a smaller competitor, not only to Vanguard, but even to the relatively "weak" BlackRock.
Now, however, things were completely different. In just two years, DS Group's assets under management had expanded exponentially. While still far behind Vanguard, it was now on a relatively equal footing.
More importantly, during this period, Barron had completed the restructuring of DS Group.
DS Holdings, which previously controlled shares in companies like SEM Group, O2 Telecom, United Energy Group, Woaw Technologies, and Argos Retail Group, had been transferred to the Cavendish Trust, with DS Holdings merely assisting the trust in asset management. In other words, DS Group had now completely transformed into an "asset management group," similar to Vanguard and BlackRock. Besides various investment funds, this group also operated equity management companies. Its primary profit came from investment commissions, and it no longer directly controlled its own assets.
However, due to the scale of assets under management and its profitability, DS Group's revenue was actually comparable to that of Vanguard and, at this point, BlackRock.
After all, the scale of funds under management is one factor, while profitability is another.
Vanguard currently manages hundreds of billions of dollars largely due to its lower "fees," making it competitive. Its profitability, in fact, was no higher than that of DS Group. The
same was true for BlackRock. Previously, BlackRock's scale wasn't that impressive, and similarly, its profitability was lower than that of Vanguard. Consequently,
under these circumstances, and especially after Barron's series of adjustments to DS Group, the foundation for a further strengthening of the "friendship" between DS Group and its various partners, primarily Vanguard, BlackRock, and others, was established.
Realistically speaking, Baron understood that as his investments in America deepened and expanded, he was bound to establish "friendships" with these Jewish and Anglo-Saxon investors.
Of course, to welcome DS Group, and given that its managed funds were significantly larger than those of the other three firms—Vanguard and State Street, besides BlackRock—Vanguard had made certain concessions.
DS Group would contribute a total of 15% of its shares, forming cross-shareholdings with Vanguard, BlackRock, and State Street.
After each of these three firms held a 5% stake in DS Group, DS Group would in turn own 4.5% to 5% of each of the other three firms, and so on.
"Welcome to us, Your Highness! This will be the foundation of our continued strength..."
Bogle said with a smile, raising his glass.
"This is indeed worth celebrating, gentlemen..."
Barron smiled faintly.
"As for the Costco matter, I think today's the time to celebrate. I don't want to think too much about it right now."
He walked over to Larry Fink and said,
"By the way, Mr. Fink, congratulations on your excellent work on clearing those bonds. It's no easy task..."
"Yes, Your Highness, that was indeed a headache. Fortunately, we did a good job."