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Robert Amodeo is Head of Municipals Western Asset Management

The firm is “looking to aggressively compete” by lowering and simplifying the fees on its advisory platforms, a top executive says.

The firm expects shareholders will save an estimated $3.2 million, annually.

The firm plans to focus on raising money for products that lock up capital for several years, according to people with knowledge of the matter.

David Jordan is vice president and global head of consulting and services integration at Tata Consultancy Services.

“The amount of capital available to this industry is small relative to the size of the need,” says one new lender.

Mainstays of the sector like Commonwealth, Cambridge and Northwestern Mutual are contributing to it, but smaller firms are also driving change.

While income growth and declining mortgage rates have boosted affordability nationwide, not all markets are experiencing the shift.