(Bloomberg) -- Has the music stopped for thefinancial industry?
Just as record companies in the early 2000s had todeal painfully with the digitization of music courtesy of Napsterand Apple Inc.'s iTunes, many asset managers are now facing asimilar situation as more investors make the switch fromhigh-priced, actively managed mutual funds to passive, low-cost,exchange-traded funds (ETFs) and index funds.
When the dust settles in this sea change, the financial industry maybe half of what it once was, simply because its revenues willbe half of what they once were.
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