, Columnist
A New Generation of Masters of the Universe
A handful of companies that create indexes control the flows of trillions.
Index providers have emerged as market gatekeepers.
Photographer: Spencer Platt/Getty Images North AmericaThis article is for subscribers only.
For years, hedge fund managers were the undisputed masters of the universe. They influenced the fortunes not just of companies and markets but countries too.
No more. They have been usurped at the top of the financial food chain by a new breed of market savant. Nowhere is the power shift more apparent than in South Korea.