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A shift away from traditional asset classes and into alternative products is resulting in billions of dollars in outflows from the industry's largest mutual funds.

Seven of the largest asset managers reported a record $50 billion in combined redemptions during the third quarter, mostly from active funds, according to Bloomberg News. As a result, Brad Morrow, the head of research for the Americas at Willis Towers Watson, suggests the industry is on the heels of massive consolidation.

"You're going to see niche players with competitive advantages … implement interesting strategies for portfolios, but I think who will be hit hardest are the more traditional managers that don't have the size, scale or operational efficiencies to maintain lower costs," Morrow explained. "It is going to be a tougher world for those."

Scroll through to see the 20 largest open-end funds ranked by their net share class flows over the last five years, as of Oct. 28. All data is from Morningstar.