(Bloomberg) -- The business of picking stocks and bonds for clients is getting smaller by the day.

Seven top asset managers this week reported a total of $50 billion in third-quarter net redemptions, most of it from active funds, company filings show. The biggest losers: Franklin Resources with $22.1 billion, AllianceBernstein with $15.3 billion and Waddell & Reed Financial at $4.9 billion.

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