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For an industry that is facing downward pressure on fees, rising costs and clients reducing the number of asset managers they want to deal with, increasing scale is crucial. Mostly active managers are fighting to fend off the threat to their business models from the low-cost, index-tracking approach dominated by BlackRock and Vanguard.
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“The industry is going through dramatic changes right now,” Marty Flanagan, Invesco’s chief executive, said in an interview last year, predicting that as many as a third of all asset managers could disappear over the next five years. “Winners and losers are being created today like never before. The strong are getting stronger and the big are going to get bigger.”
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