For some time now, I have been contemplating the distribution path for asset managers in a shrinking (too many players in a changing demographic and low return world) marketplace under significant (and not ending) fee compression path. If you are a large and undistinguished asset manager, you are just going to slowly bleed to death. If you are a small, niche player, you need scale, and if you have the scale and offer a mix bag (spaghetti at wall phenomenon) of active, factor and passive solutions without true distinction and differentiation, then lowering fees is the natural response in hopes of starving out your opponents.
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