In 2018, from an asset management firm or long-only institutional investor perspective, the time to await change in the fixed income market has passed; not only has significant change occurred, but it continues to change at a rapid pace.
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Retail investment is undergoing a shift away from managed equity funds and towards index tracking passive funds and exchange-traded funds. Passive funds charge their clients lower fees than managed funds, mainly due to the simplicity of their operations, the buying power they can exert on their brokers and the lack of the requirement for brokers to provide research offerings. By focusing on following their indices and reducing commissions for re-balancing trades, passive funds are becoming increasingly attractive investments.