U.S. Product Development 2023

Resource Reallocation Through Product Rationalization

Future-Proof Product Initiatives

  • Explore market sizing and pricing trends for various investment vehicles, including mutual funds, money market funds, exchange-traded funds, and closed-end funds
  • Discover best practices for the product organizational structure
  • Understand the priority placed by product organizations on incorporation of ESG/SRI principles into investment products
  • Make informed product development and management decisions using end-investor and advisor demographic and attribute data
  • Evaluate the expansion of product lines in new vehicle structures, with a focus on exchange-traded funds (ETFs) and the choice of active ETF structures


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Report US Products and Strategies 2020 Detail

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Examine the complex U.S. product landscape for institutional and retail client segments, with special focus on financial advisor product use. Understand how advisors are using active and passive, which investment vehicles they prefer, and how they allocate client assets across asset classes/strategies.

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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. For more on our research process, click here.

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A Note from the Author

Active vs. Passive: A Tale of Shifting Tides

Matt Apkarian, CFA

Matt Apkarian, CFA

Associate Director

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Matt Apkarian, CFA

Matt Apkarian, CFA

Associate Director

Matt is a member of Cerulli’s Product Development practice, which focuses on trends related to asset managers’ product development and management functions. This broadly includes assessing the opportunity for product development, evaluating emerging product trends, and understanding distribution and product positioning for investment products across retirement, retail, and institutional channels.

Prior to joining Cerulli, Matt held roles in several business units at Fidelity Investments, including Workplace Investing, Personal Investing, and Fund Operations. Most recently, he worked as an Investment Data Analyst for Strategic Advisers, LLC.

Full biography here.

Cerulli projections indicate that total passive mutual fund and ETF assets will surpass total active mutual fund and ETF assets by early 2024. However, the flight toward passive may be slowing, as active management seeks ground in vehicles other than the mutual fund.

Approximately 10 years ago, passive mutual funds and ETFs were neck and neck in the asset race against each other, while they collectively held one-quarter of the marketshare of total mutual fund and ETF assets. Since then, passive assets in the two vehicles have stolen one to three percentage points of marketshare from actively managed assets each year, reaching 49% of marketshare as of the end of 2Q 2023, according to Morningstar data.

However, the gains in passive marketshare may not represent the full story. Passive management primarily exists only within mutual funds, ETFs, and collective investment trusts (CITs). According to the research, looking across mutual funds, ETFs, CITs, money markets, retail separately managed accounts (SMAs), and alternative structures, active management still holds 70% of marketshare as of the end of 2022 and the pace of outflows has slowed in recent years.

As the industry looks into the future, how much marketshare will passively managed assets eventually control? Will the trend toward passively managed assets slow or revert based on changing economic conditions and investor preferences? Review Cerulli’s projections and more in our new report, U.S. Product Development 2023: Resource Reallocation Through Product Rationalization.

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