The investment management business has been shifting for some time, and I'm sure that doesn't come as a surprise to much of anyone. Ever since the advent of index funds, it has been a battle for the active management companies to justify the fees that they charge when performance doesn't match up to the index. Passively managed funds, ETFs, and robo-advisors are the next big thing, and the only winner is the company with the lowest cost. This has caused expense ratios to continue to come down over time, which has been great for investors. However, active management companies have felt the pain.
