Networks of interest defence: divisions in US asset management

The rise of US asset management and the expansion of assetisation into essential sectors such as healthcare or housing have intensified political scrutiny and public backlash. Amid counter-mobilisations and calls for social values in capitalism, this study examines asset managers’ networks that serve as an infrastructure of interest defence. Empirically, we map executive and board members’ affiliations with policy organisations and philanthropic institutions, highlighting divisions within the industry. Our findings reveal that alternative asset managers rely less on traditional policy groups and think tanks than conventional asset managers, instead cultivating ties with more conservative organisations. Additionally, we explore the role of gender in leveraging interest defence networks. Our findings suggest that conventional asset managers may rely on women’s engagement with philanthropic causes to enhance their public legitimacy. By integrating perspectives on instrumental and symbolic power, this study contributes to debates on struggles within asset management, interest defence and the role of gender in political economy.