Burns, who is now director of fund research for the firm, said he believes investors are looking for broader solutions in the ever-expanding ETF space.
By Staff Writer|June 22, 2012 at 05:40 AM
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Morningstar ETF strategist Scott Burns got a promotion Monday to director of fund research for the Chicago-based firm, and will lead teams in the United States and Canada. But that didn’t stop him from sounding off about his first love, exchange-traded funds, at the company’s annual investment conference in the Windy City, running through Friday.
When asked about the widely held prediction that mass consolidation would occur in the ETF space, and if it’s yet happened, Burns responded, “There’s a certain level of creative destruction that never happened all at once in the mutual fund space. Creative destruction happens in the mutual fund space, but it can be masked easier by rolling closed funds into other funds, for instance. The rapid maturation of the ETF space meant that the creative destruction would be just as rapid—and more high profile.”
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