Removal of DOL Rule Will Not Eliminate Longer-Term Trends Affecting U.S. Asset Managers
While news of Donald Trump's election has sparked a rally in the shares of the U.S.-based asset managers, we think an overturning of the Department of Labor fiduciary rule, although more likely, does not alter the long-term secular trends affecting the industry. If anything, a reversal of the DOL rule will decelerate what we had expected to be an acceleration of the fee and margin compression we envision for the industry--driven by poor relative active investment performance and the growth and a...BlackRock is an investment management firm. The company provides a range of investment and technology services to institutional and retail clients worldwide. Products are provided directly and through intermediaries in a variety of vehicles, including open-end and closed-end mutual funds, iShares? exchange-traded funds, separate accounts, collective investment trusts and other pooled investment vehicles. The company also provides technology services, including the investment and risk management technology platform, Aladdin?, Aladdin Wealth, eFront, Cachematrix and FutureAdvisor, as well as advisory services and solutions to a base of institutional and wealth management clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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