The article discusses the money management industry in the U.S. in 1990, focusing on the total financial assets in capital markets, which were mainly held by individuals and institutions. Institutions are firms that manage money for others. The amount of institutional assets has increased significantly over the past 30 years, with institutions holding a large portion of financial assets by 1990. This growth in institutional ownership of equities has also increased over time, showing a shift in who holds financial assets in the market.