Inflows Into Money Market Funds Have Been Driving Most of Federated's Improved Results
Poor relative active fund performance, the growth of low-cost index-based products, and the expanding power of the retail-advised channel have left firms like Federated more dependent on market gains to increase their assets under management, or AUM. We believe there will always be room for active management, but the advantage of getting and retaining placement on platforms will go to asset managers with greater scale, established brands, solid long-term performance, and reasonable fees.
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