Clients deserting pricey investment products in favor of cheaper alternatives have pushed not just the asset management industry but also retirement advisors to change their ways.
A Financial Times report says that the rise of exchange-traded funds, to the tune of some $1.3 trillion, has accounted for much of the $1.6 trillion drop in active equity fund investments.
Figures from fund manager Bernstein indicate that the lower-cost alternatives have pushed investment managers to look at other ways to do business as income falls for active fund managers.
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