A lack of growth and an increase in competition may force a mass consolidation in Canada’s fund industry, the Globe & Mail reports. Most affected will probably be middle-of-the-road shops – in other words the middle class will shrink – and small fund boutiques and the industry’s premier players will remain standing.

"There has to be fewer fund companies," said CI Fund Management President and CEO Bill Holland. "I don’t think there is any doubt about it."

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