The Worst-Kept Secret Catches Up to Fund Managers

The industry's high fees and indifferent returns have been criticized for 100 years without much effect -- until now.

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Photographer: Denis Charlet/AFP/Getty Images

A seismic shift is upending the trillion-dollar business of managing money for both institutional and individual investors. From the accelerating movement of cash into passive index funds to the recent drop in fees in actively traded funds, there is mounting pressure on asset managers in all corners of Wall Street.

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