(Bloomberg) -- A decade ago, running an emerging-market fund meant traveling to faraway lands, taking big risks on high-yielding assets — and being rewarded with some of the highest fees in the industry.

These days the risks, and rewards, have shrunk. Competition is rising from passive funds able to generate similar returns at a fraction of the cost, and money managers are finding it increasingly difficult to justify charges 50% higher than those of their developed-world peers.

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