(Bloomberg) -- Many of the world’s asset managers may need to work harder for their money.

Their profits revisited peak levels in 2014, and AUM rose to a third consecutive record, at $74 trillion. But that growth came largely from rising global asset values. At the same time, a continued shift into lower-cost products, such ETFs, pinched net revenue growth, and the amount of net new assets flowing into the firms barely budged, according to Boston Consulting Group’s global asset management report. 

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