the

Please read:

The ownership of UK plc has changed dramatically in the past four decades. In 1963, individuals owned more than 50 per cent of the market and overseas investors held just 7 per cent. By 2004, just over 14 per cent was owned directly by small shareholders, despite the privatisation programme of the Thatcher years and the demutualisation of building societies and insurers. Foreign holdings soared to nearly a third of the whole market, but the biggest chunk is controlled by City money managers.

What people do not realise, according to the authors of a new book, is that these institutions are simply holding the assets on behalf of ordinary savers - so millions of people hold tiny stakes in companies through their pension funds and endowment plans.

My only question is:

These institutions =building societies + insurers
or =city money managers or = pension funds and endowment plans?

Q