A shift away from traditional asset classes and into alternative products is resulting in billions of dollars in outflows from the industry’s largest mutual funds.

Seven of largest asset managers reported a record $50 billion in combined redemptions during the third quarter of 2016, most of which were from active funds, according to Bloomberg News. As a result, Brad Morrow, the head of research for the Americas at Willis Towers Watson, suggests that the industry is on the heels of massive consolidation. 

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