Press

The U.K. Market Has the Greatest Potential for DC Growth and Profitability in Europe

European asset managers believe defined contribution (DC) pensions have high strategic importance and say the U.K. is the key market in the region
The Cerulli Report - European Defined Contribution: Navigating the Changing Landscape

U.S. CIT Assets Experience Double-Digit Growth for First Time Since 2012

The Cerulli Edge - U.S. Institutional Edition, 4Q 2017 Issue

Asian Insurers' Search for Yield is Creating Openings for Global Managers

Relaxing of overseas investment rules is leading to asset-raising opportunities
The Cerulli Edge - International Institutional Edition, 4Q 2017

Third-Party Funds Can Find a Place on Non-Independent Financial Advisors' Buy Lists in Germany

It takes effort to build relationships, but many German non-independent financial advisors have a say in which funds appear on their buy lists and are open to working with third parties
The Cerulli Report - Asset Management in Germany 2017: Positioning for Growth in Europe's Heartland

Focus on Financial Stability in China Sets Stage for Asset Growth

Foreign managers accelerate their expansion through WFOEs
The Cerulli Report - Asset Management in China 2017: Transitioning Under a New System

Potential for Growth in Asia's Consulting Use

While investment consulting is still nascent in the region, there are opportunities for such services to thrive
The Cerulli Edge - Asia-Pacific Edition, 4Q 2017 Issue

U.S. IBD Advisors Most Likely to Outsource Model Portfolios

The Cerulli Edge - U.S. Advisor Edition, 4Q 2017 Issue

Saving the Dinosaurs: Industry Trends Threaten U.S. Broker/Dealer Structure

The Cerulli Edge - U.S. Edition, October 2017 Issue

Australia's Super Funds Seek Overseas Exposure

Growing allocations overseas point to opportunities for global managers
The Cerulli Report - Asset Management in Australia 2017: Burgeoning Appetite for Foreign Investment Themes

Cost Cutting is Not European Asset Managers' Top Priority

Firms with squeezed margins are opting to focus more on lucrative clients
The Cerulli Edge - Global Edition, October 2017 Issue

CIT Use in U.S. DC Plans Ripe for Re-Evaluation

The Cerulli Report - U.S. Defined Contribution Distribution 2017: Re-Evaluating the Use of CITs in DC Plans

Women in the U.S. More Likely to Run Financial Planning Practices Than Men

The Cerulli Edge - U.S. Monthly Product Trends Edition, September 2017 Issue

U.S. Asset Managers Seek New Ways to Package and Distribute Actively Managed Products in Investment Models

The Cerulli Report - U.S. Product Development 2017: Advisor Product Demand in a Model-Driven Environment

Need for Innovation as Wealth Grows

Managers in India will need to meet demand for product customization
The Cerulli Edge - Asian Monthly Product Trends Edition, September 2017 Issue

Indian Mutual Fund Industry Scales New Heights, Holds Long-Term Potential

Thrust on investor education and digital modes bodes well as product trends and regulations evolve
The Cerulli Report - Asset Management in India 2017: Targeting the Next Growth Phase

U.S. Advisors Being Pushed Away from Portfolio Construction and Toward Relationship-Building

The Cerulli Edge - U.S. Managed Accounts Edition, 3Q 2017 Issue

In Advance of Potential Tax Reform, Two-Thirds of U.S. Retirement Savers Don't Understand Roth

The Cerulli Edge - U.S. Retirement Edition, 3Q 2017 Issue

Long-Term Net Returns and Diversification Benefits Help U.S. Investors Remain Committed to Hedge Funds

The Cerulli Edge - U.S. Edition, September 2017 Issue

Growing Pains for Smart Beta Fixed-Income ETFs

European fund managers seeking to grow marketshare face considerable challenges
The Cerulli Edge - Global Edition, September 2017

U.S. ETFs Surpassed the $3 Trillion Asset Mark for the First Time in July 2017

The Cerulli Edge - U.S. Monthly Product Trends Edition, August 2017 Issue

Regulatory Developments Drive Shifts in Japanese Investor Appetites

While funds with monthly payouts are losing their dominance, interest in overseas investments is increasing
The Cerulli Edge - Asian Monthly Product Trends Edition, August 2017 Issue

Armed with Data, U.S. Distribution Teams are Upping their Game

The Cerulli Report - U.S. Intermediary Distribution 2017: Operating in a Data-Driven World

Emerging Markets Active Funds Need to Justify Fees

European investors pile in, but insist on cheap access
The Cerulli Edge - European Monthly Product Trends Edition, August 2017 Issue

Changing Fortunes of Europe's Convertible Bonds Set to Continue

Rising-interest-rate environment feeding demand
The Cerulli Edge - Europe Edition, 3Q 2017

U.S. Advisor Reliance Peaks Among Those without College Degrees

The Cerulli Edge - U.S. Retail Investor Edition, 3Q 2017 Issue

Most U.S. Managed Accounts Executives Believe Home-Office Discretion Over Client Portfolios Will Increase

The Cerulli Edge - U.S. Edition, August 2017 Issue

Time's Running Out to Make Friends with the Digital Natives

Global asset managers need to start preparing now for the Millennial Generation
The Cerulli Edge - Global Edition, August 2017 Issue

Total U.S. ETF Assets Close in on $3 Trillion After a Strong First Half of 2017

The Cerulli Edge - U.S. Monthly Product Trends Edition, July 2017 Issue

Rent, Groceries, or Retirement? Common Factors Delaying Retirement Savings for U.S. Millennials

The Cerulli Report - U.S. Evolution of the Retirement Investor 2017: Rollovers and Post-Fiduciary Rule Retirement Advice

Versatility a Strong Attraction for European Investors

Tighter monetary policy set to feed demand for flexible bond funds
The Cerulli Edge - European Monthly Product Trends Edition, July 2017 Issue

U.S. ETF Issuers Need to Address Mixed Messages About Positioning Strategic Beta in Portfolios

The Cerulli Report - U.S. Exchange-Traded Fund Markets 2017: Differentiating Strategies for Sustained Growth

Regulations Cement Malaysia's Lead in Shariah Funds

Government schemes, followed by institutional plans, will be the main drivers of Shariah investments in Southeast Asia
The Cerulli Edge - Asian Monthly Product Trends Edition, July 2017 Issue

The Future is Bright for Asset Managers that Embrace Change

Global funds under management are increasing, although fee compression and the need for specialist advice are changing the complexion of the asset management sector
The Cerulli Report - Global Markets 2017: How to Succeed Internationally

Revenue Pressures Top Concern Among U.S. Health and Hospital Investment Survey Respondents

The Cerulli Edge - U.S. Institutional Edition, 3Q 2017 Issue

Political Renewal, Regional Amnesties Generate Opportunities for Cross-Border Managers in Latin American Retail Market

The Cerulli Report - Latin American Distribution Dynamics 2017: Re-Emerging Opportunities for Cross-Border Firms Amid Regional Recovery

The Retail Advisor-Sold Channel is a Key Focus for Alternative Asset Managers in the U.S.

The Cerulli Report - U.S. Alternative Products and Strategies 2017: The Evolving Search for Risk-Adjusted Returns

U.S. Advisors Move Upmarket by Tailoring Their Approach to Mass-Affluent Professionals

The Cerulli Edge - U.S. Advisor Edition, 3Q 2017 Issue

Cautious Optimism Prevails in Asia

Fund houses' and distributors' sentiments have improved over the past few months, but external headwinds continue to impact their plans
The Cerulli Edge - Asia-Pacific Edition, 3Q 2017 Issue

China's Fund Management Companies Maintain Stable Profits

However, greater regulatory scrutiny and fierce competition could increase costs in 2017
The Cerulli Report - Asset Management in China 2017

Complex Investments Heighten Need for Greater Transparency

Pension schemes require a clear breakdown of fees to judge managers' value
The Cerulli Edge - Global Edition, July 2017 Issue

Total U.S. Mutual Fund Flows Outpaced ETFs for the First Time Since February 2016

The Cerulli Edge - U.S. Monthly Product Trends Edition, June 2017 Issue

Southeast Asia More Attractive for Asset Gathering

Regulatory and distribution initiatives help level playing field between local and foreign fund houses
The Cerulli Report - Asset Management in Southeast Asia 2017: Strategizing for Success

U.S. Investors' Concerns: More than 70% Surveyed Prefer Risk Protection Over Aggressive Portfolio Growth

The Cerulli Report - U.S. Retail Investor Products and Platforms 2017: Retooling for the Modern Investor

Low-Hanging Fruit for European Multi-Asset Funds

Keeping it simple and transparent may work better
The Cerulli Edge - European Monthly Product Trends, June 2017 Issue

Fixed Income Tops Fund Selectors' Lists

Most distributors in Asia are looking to make changes to their fund lists in 2017, with fixed income foremost on their plans, a Cerulli survey shows
The Cerulli Edge - Asian Monthly Product Trends Edition, June 2017 Issue

More Than 60% of U.S. Asset Managers' Institutional Flows are Consultant-Intermediated

The Cerulli Report - U.S. Investment Consultants 2017: Strategies for Engaging Partners, Competitors, and Gatekeepers

U.K. Pension Schemes Seek to Cut Costs by Streamlining their Processes and Increasing their Allocations to Passives

U.K. schemes' costs are rising and, though they have a sense of where their money is going, they want greater transparency from asset managers and consultants
The Cerulli Report - European Institutional Dynamics 2017: Satisfying the Evolving Needs of Europe's Asset Owners

Use of Strategic Beta Most Likely Feature of Next-Generation U.S. Target-Date Products

The Cerulli Edge - U.S. Retirement Edition, 2Q 2017 Issue

Investor Conservatism Impacting Asian Managers' Strategies

Managers challenged to meet investor and distributor needs while growing revenues
The Cerulli Report - Asian Distribution Dynamics 2017: New Horizons Await - Venturing into Overseas Markets

To Survive, U.S. Digital Advisors Need to Expand Their Services

The Cerulli Edge - U.S. Managed Accounts Edition, 2Q 2017 Issue

DOL Rule Influencing Discretion: Many U.S. Sponsors Pushing Advisors to Use Home-Office Portfolios

The Cerulli Report - U.S. Managed Accounts 2017: Convergence and its Implications

Successful U.S. Distribution Teams Will Increasingly Make Use of Predictive Data

The Cerulli Edge - U.S. Edition, June 2017 Issue

Diversified Growth Funds Capable of Fighting Back in Europe

Reason for hope as DGFs lose ground to passive equities
The Cerulli Edge - Global Edition, June 2017 Issue

Financial Advisors to Drive Next Leg of Bond ETF Growth

Bond ETFs adoption driven by low cost, tax efficiency, and transparency 

Cerulli Whitepaper - Bond ETFs: Financial Advisors Drive Use with Specialized Applications

Investors Spoiled for Choice as More Products Enter Mutual Fund Space

Products that have competed against mutual funds in the past could now be seen as complementary, generating opportunities for fund managers

The Cerulli Edge - Asian Monthly Product Trends Edition, May 2017 Issue

Bleak Times Loom for Europe's Money Market Funds

Poor relation of the industry set to remain impoverished

The Cerulli Edge - European Monthly Product Trends Edition, May 2017 Issue

ETFs and Alternatives as Potential Areas for Subaccount Asset Growth within Variable Annuities

The Cerulli Edge - U.S. Monthly Product Trends Edition, May 2017 Issue

The Future of UCITS Outside Europe Remains Bright

Although the EU has seldom appeared so fragile, the region's most successful financial services export, UCITS, continues to thrive and evolve in markets worldwide
The Cerulli Report - European Distribution Dynamics 2017: Managing Complexity as Opportunities Evolve

Economic Optimism in the U.S. Strongest on Coasts

The Cerulli Edge - U.S. Retail Investor Edition, 2Q 2017 Issue

Distributors Tipped to Reduce Funds Under MiFID II

Southern Europe expected to be harder hit by new regulatory regimes
The Cerulli Edge - Europe Edition, 2Q 2017 Issue 

Asset Managers Need to Re-Evaluate Their Products and Prices to Win European Insurance Business

European insurers value experience, expertise, and pricing when selecting asset managers
The Cerulli Report - European Insurance Industry 2017: Charting a Successful Path in the New Landscape 

Hoping for the Best, Planning for the Worst

U.K. asset managers are opting for basement-level Brexit contingency plans
The Cerulli Edge - Global Edition, May 2017 Issue

Cerulli Finds Six Emerging Factors Shaping U.S. Financial Advisor Recruitment

The Cerulli Edge - U.S. Edition, May 2017 Issue

U.S. Subadvisory Sponsors Value Transparency into Investment Process and Firm Business Operations

The Cerulli Report - U.S. Subadvisory Markets 2017: Building and Maintaining Distribution Partnerships

ETF Assets in the U.S. Have Increased 10% to Nearly $2.8 Trillion

The Cerulli Edge - U.S. Monthly Product Trends Edition, April 2017 Issue

New Zealand's KiwiSaver Marks 10th Year with Strong Growth

KiwiSaver retirement funds continue to grow strongly, providing significant opportunities for international equity and fixed-income managers
The Cerulli Edge - Asian Monthly Product Trends Edition, April 2017 Issue 

European Small Caps Searching for Value and Growth

Set for a stronger year after being bypassed in post-Brexit and Trump rally
The Cerulli Edge - European Monthly Product Trends Edition, April 2017 Issue 

Managers Look to Profit From the Growing Popularity of Systematic Investments in Europe

Knowing local differences will give them a vital edge when developing distribution
and marketing strategies
The Cerulli Report - European Alternative Products and Strategies 2017: Innovation in the Fast-Evolving Alternatives Industry

Appetite for Private Equity Co-Investment Growing

Institutions' desire to be more involved at portfolio company level spurring the trend
The Cerulli Edge - International Institutional Edition, 2Q 2017 

U.S. Institutions Seek Private Capital to Enhance Returns

The Cerulli Edge - U.S. Institutional Edition, 2Q 2017 Issue

Push into Alternatives Gains Traction Among Asian Institutions

State pension funds are at the forefront of this trend
The Cerulli Edge - Asia-Pacific Edition, 2Q 2017 Issue 

A Third of Cross-Border Managers Believe MiFID II will Have a Negative Effect on Third-Party Fund Sales, while Majority Feels they will be Unaffected

Practically no one expects MiFID II to benefit third-party fund sales, despite the fact
that it promises to improve the industry in various ways
The Cerulli Report - European Distribution Dynamics 2017: Managing Complexity as Opportunities Evolve 

Practice Management Programs Enhance U.S. B/D Recruiting, Retention, and Productivity

The Cerulli Edge - U.S. Advisor Edition, 2Q 2017 Issue

U.S. Defined Benefit Plan Sponsors Looking to the Canadian Model For Insight

The Cerulli Edge - U.S. Edition, April 2017 Issue

Opportunities in a Neglected Market

As multi-asset products grow in popularity, Europe's ETF market will benefit
The Cerulli Edge - Global Edition, April 2017 Issue 

Banks Drive Growth in China's Institutional Business

But greater regulatory scrutiny may slow down outsourcing momentum in 2017
The Cerulli Report - Asset Management in China 2017

U.S. ETF Net Flows Totaled $49.1 Billion in February

The Cerulli Edge - U.S. Monthly Product Trends Edition, March 2017 Issue

When the Going Gets Tough, the Tough Gets Passive

Active shops are building passive capabilities amid fee pressures and underperformance
The Cerulli Edge - Asian Monthly Product Trends Edition, March 2017 Issue 

European Asset Managers Must Develop Solvency II-Friendly Products and Offer Capital-Optimization Solutions to Win Business from European Insurers

Outsourcing trends depend on the size of the insurer: some of the largest are managing most of their assets internally, but their need to diversify means they will still outsource business to managers with the skills and expertise to manage non-mainstream asset classes
The Cerulli Report - European Insurance Industry 2017: Charting a Successful Path in the New Landscape

Property Markets Open Doors for European Asset Managers

Post-Brexit performance and flows confirm robustness
The Cerulli Edge - European Monthly Product Trends Edition, March 2017 Issue 

U.S. Defined Contribution Trends for 2017: QDIA Product Development and the Evolution of Retirement Income Solutions

The Cerulli Edge - U.S. Retirement Edition, 1Q 2017 Issue

Liquid Alternatives in U.S. Managed Accounts: A Promise That Has Yet to Pay Off

The Cerulli Edge - U.S. Managed Accounts Edition, 1Q 2017

European Alternative Asset Managers Must Work Hard to Get on Consultants' Buy Lists

Alternatives managers are finding it difficult to displace traditional managers on European consultants' buy lists, but those that are persistent will be rewarded
The Cerulli Report - European Alternative Products and Strategies 2017: Innovation in the Fast- Evolving Alternatives Industry

Elevating Trust Builds U.S. Investor Satisfaction and Referrals

The Cerulli Edge - U.S. Retail Investor Edition, 1Q 2017 Issue

Consultants and Multi-Family Office Analysts Give Rise to Stricter Due Diligence Processes in the U.S.

The Cerulli Edge - U.S. Edition, March 2017 Issue

No Way Around Direct Costs for European Pensions

Schemes risk underestimating resources needed to invest directly in private equity
The Cerulli Edge - Global Edition, March 2017 Issue 

About Half of U.S. Advisors View RIA Business Model As More Appealing Post-DOL Conflict of Interest Rule

The Cerulli Edge - U.S. Monthly Product Trends Edition, February 2017 Issue

Fee Transparency Moves Gain Momentum in Asia

Regulators mull over enhanced disclosures, but long way ahead for fee-based advisory model
The Cerulli Edge - Asian Monthly Product Trends Edition, February 2017 Issue

Smart Beta Needs to be Viewed in Strategic Context

Europe's investors should not despair even after negative returns
The Cerulli Edge - European Monthly Product Trends Edition, February 2017 Issue 

U.K. Retail Investors Open to Closed-End Funds

Vehicles increasingly being used to exploit illiquid asset classes
The Cerulli Edge - Europe Edition, 1Q 2017 Issue 

Dedicated to Winning Insurance Business

Asset managers can help Europe's small to mid-sized insurers hampered by Solvency II 
The Cerulli Edge - International Institutional Edition, 1Q 2017 Issue 

Survival in a Low-Fee World

The Cerulli Edge - U.S. Edition, February 2017 Issue

Europe's Defined Benefit Schemes Set to Raise Illiquid Alternatives Allocation

Asset managers stand to gain from trustees' lack of familiarity with the sector
The Cerulli Edge - Global Edition, February 2017 Issue 

Looming Inflation Creates Opportunities for European Managers

Inflation-linked products soar in popularity
The Cerulli Edge - European Monthly Product Trends Edition, January 2017 Issue

Master-Feeder Structure to Remain a Key Entry Strategy for Foreign Managers in Southeast Asia

Promising outlook particularly in Malaysian and Thai markets
The Cerulli Edge - Asian Monthly Product Trends Edition, January 2017 Issue

Women: An Untapped Market for U.S. Advisor Talent

The Cerulli Edge - U.S. Advisor Edition, 1Q 2017 Issue

More Turbulence Expected in 2017

But more outsourcing by institutions in Asia will be a bright spot
The Cerulli Edge - Asia-Pacific Edition, January 2017 Issue 

U.S. Investors Willing to Pay for Advice, But Wary of Investment Expenses

The Cerulli Edge - U.S. Edition, January 2017 Issue

Inevitable Chain Reaction

Asset managers cannot afford to ignore robo-advice and digital ledger technology
The Cerulli Edge - Global Edition, January 2017 Issue 

Advisors in Motion Driving Growth of Dual-Contract Accounts

The Cerulli Edge - Managed Accounts Edition, 4Q 2016 Issue

Regulatory Pressures Changing U.S. Advisors' Plans for Investment Product Use

The Cerulli Edge - U.S. Monthly Product Trends Edition, December 2016 Issue

US Equity is Center Stage but European Managers Must Stay Focused on Fee Pressure in 2017

The Cerulli Edge - European Monthly Product Trends Edition, December 2016 Issue

High Growth Potential in Indonesia's Investment-Linked Product Market

Various reforms are likely to boost fund distribution through the insurance channel
The Cerulli Edge - Asian Monthly Product Trends Edition, December 2016 Issue

Nearly Half of Insurers Feel DOL Conflict of Interest Rule Would Positively Impact Sales of Fee-Based Annuities

The Cerulli Report - U.S. Annuities and Insurance 2016: Adapting to the Fiduciary Reality

In or Out? Advisors Assess Retirement Plan Business Amid Regulatory Changes

The Cerulli Edge - Retirement Edition, 4Q 2016 Issue

Small Broker/Dealers Under Heightened Consolidation Pressure

The Cerulli Report - U.S. Broker/Dealer Marketplace 2016: Retooling for a New Competitive Landscape

Overlooked Gem? The Underserved Generation X

The Cerulli Edge - U.S. Retail Investor Edition, 4Q 2016

Innovation Barrier: More than Half of 401(k) Plan Sponsors Express Concern Over Potential Litigation

The Cerulli Report - U.S. Retirement Markets 2016: Preparing for a New World Post-Conflict of Interest Rule

Product Innovation and Rationalization Struggles as Manager and Product Consolidation Continues

The Cerulli Edge - U.S. Edition, December 2016 Issue

Muscling In

Hard-pressed European insurers encroaching on territory of pension firms
The Cerulli Edge - Europe Edition, 4Q 2016 Issue

Target Multi-Asset Managers

A shift in focus could benefit Europe's asset managers given the rise in outsourcing
The Cerulli Edge - Global Edition, December 2016 Issue
 

Low-Cost Demand and Pending Regulation Amplify Pricing Pressure on U.S. Advisory Industry

The Cerulli Report - U.S. Advisor Metrics 2016: Combatting Fee and Margin Pressure

Insourcing, Outsourcing, or Passive: U.S. Institutional Investors Consider Best Options to Cut Costs and Meet Investment Goals

The Cerulli Report - U.S. Institutional Markets 2016: Reassessing Opportunities for Growth Across Multiple Institutional Asset Pools

DOL Dampens the Outlook for Variable Annuities

The Cerulli Edge - U.S. Monthly Product Trends Edition, November 2016 Issue

China's Wealthy Investors Remain Hungry for High Returns

This has led to a preference for higher-risk products
The Cerulli Edge - Asian Monthly Product Trends Edition, November 2016 Issue 

Chinese Insurers Outsource the Most Assets

Outsourced assets up 38.6% y-o-y in 2015 to US$228.1 billion
The Cerulli Report - Asian Insurance Industry 2016: Uncovering Outsourcing Opportunities

Active European Equity Funds Set to Continue Outperforming U.S. Counterparts

Funds focused on Europe more likely to outperform benchmark
The Cerulli Edge - European Monthly Product Trends Edition, November 2016 Issue 

Europe's Affluent Investors Are Confident that they can Construct their own Portfolios

As robo-advice becomes more popular, end investors throughout Europe believe they have the capacity to build and monitor their own investment portfolios
The Cerulli Report -  European Investor Segmentation 2016: Building Bridges with Clients

Marrying Analytics and CRM Systems Is Key for Targeted Marketing and Sales Initiatives

The Cerulli Report - U.S. Product Marketing and Sales Organizations 2016: Using Data and Technology for More Intelligent Marketing

OCIO Mandates Moving Upmarket: Providers Serving More Clients With Over $1 Billion AUM

The Cerulli Report - U.S. Outsourced CIO Function 2016: Opportunities for Providers to Support Institutions Across Client Segments

More Than Half of U.S. Insurance Asset Managers Surveyed Expect Growth in Third-Party, Outsourced Managed Assets

The Cerulli Report - U.S. Insurance Asset Pools 2016: Meeting the Investment Needs of the U.S. Insurance Industry

Advisors Must Deepen Relationships to Retain Marketshare in $7.8 Trillion U.S. High-Net-Worth Market

The Cerulli Report - U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2016: Understanding the Long-Term Impact of Weath Transfer

Digital Advice May Be Less Costly, But U.S. Investors Value Advisor Services that Cover Life's Complexities

The Cerulli Report - U.S. Retail Investor Advice Relationships 2016: Embracing the Robo

Asian Institutions Face Pressure to Lift Returns

Their response poses challenges to traditional asset managers
The Cerulli Report - Institutional Asset Management in Asia 2016: Identifying New and Emerging Opportunities

Expanding Walletshare: The Business Struggles that Banks, Active Managers, and Others Face

The Cerulli Edge - U.S. Edition, November 2016 Issue

Asia's Wealthy Trapped in Bad Investment Habits

Diversification and high returns are important to them, but there's little appetite for alternatives
The Cerulli Report - Asian Wealth Management 2016: Tailor-Made for the Wealthy

Low-Cost Portfolios and Digital Advisors: Does Simple Mean Better?

The Cerulli Report - U.S. Advisor Portfolio Construction 2016: Responding to Fee Pressure, Regulations, and Passive Investing

ETFs in Europe: A Tale of Too Many Markets

Fragmentation impairing growth, but MiFID II bodes well for exchange-traded funds
The Cerulli Edge - Global Edition, November 2016 Issue