Asset management is noexception to the rule that competition in a mature industry puts prices under pressure. Worldwide, average asset-weighted fees shrank from 46 basis points in 2006 to 39 in 2012, according to Casey, Quirk & Associates, an investment management consulting firm based in Darien, Connecticut. The mass-market end of the business is seeing a spate of new low-cost alternative offerings, including so-called robo-advisers that charge very little.
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