Margins of asset management firms have declined significantly in the past 10 years, according to a report from kasina. In 2000, operating margins stood at 39%. Today, they are 29%. And net margins, 27% 10 years ago, are now 20%.

Fund company executives can expect the competitive landscape to become even more challenging, since the industry is maturing, said Eric Daugherty, director of research at kasina and a principal of the research and management consulting firm.

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