Active assets are near record highs, but outflows have been persistent. Investors are less willing to pay higher fees for the same, and sometimes better, results they can get from cheaper passive investments. Still, investors allocating to active management are investing with a smaller set of larger managers whose scale allows for competitive fees.
Note: Data represent active, institutional mutual fund activity. *Among managers with at least $1 billion in assets. **Annual three-year alpha vs. prospectus benchmark. Source: Morningstar Inc.
Compiled and designed by Charles McGrath and Gregg A. Runburg