Laurence Fink, who heads up investment firm BlackRock, says the asset management industry will experience a wave of consolidation. So reports Bloomberg. Fink's comments come at as time when portfolio managers struggle to outperform benchmarks and the new Department of Labor fiduciary rule for retirement plan advisors favors passive investing.
Indeed, Morningstar data shows that less than 35% of actively managed equity mutual funds beat their benchmarks in the first four months of this year, while 47% did last year.
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