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It's both irrelevant and extremely relevant though.
It's irrelevant if you only consider who gets to make management decisions. It's relevant if you consider who the beneficiaries are. Yes the fund manager gets a significant management fee regardless of performance, etc, but when stock go up, it's the people whose money is in the funds that see their number go up. I'm saying there's still a lot of European money that's growing through these American funds buying European companies. So it's not like all the value is going away to the US suddenly. Just most of it, which is still just as bad.
Obviously it would be even better if Europeans' retirement money was invested through European-managed funds. But I'm saying American funds probably have a larger share of European investors than European funds have American investors, as the American ones are more famous globally. It's not a 1:1 comparison between European funds investing in the US vs American funds investing in the EU.