NEW YORK—“In the next five years, the asset management industry will face the first fundamental change it has seen since the 1970s when ERISA was enacted,” said Don Putnam, chairman of financial services investment banking firm Grail Partners. Market instability, pressure on margins and consolidation will continue to roil the asset management industry, and in a desperate search for returns, investors will flock to actively managed ETFs.

Putnam was addressing Money Management Institute’s Fall Solutions Conference Friday here, titled “Tactics for Growth Opportunities in Changing Risk Environments.

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