(Bloomberg) — The world's largest asset managers have changed their tune after years spent slamming global regulators for trying to treat them like too-big-to-fail banks.

BlackRock, Vanguard and Fidelity Investments sent letters last week praising the Financial Stability Board, whose members include the U.S. Federal Reserve and the Bank of England, for shifting its scrutiny of the industry to specific trading activities rather than the size or systemic importance of firms that manage trillions of dollars in assets.

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