Active management

Factors including low interest rates may have contributed to success.

The deal is the latest consolidation in the industry, which is experiencing pressure on revenues as investors flock to low-fee, passive index and ETFs.

For younger investors, the current experience of "finding and investing in a mutual fund feels very broken," says co-founder of the investing app startup.

The net outflows are staggering, but recent studies show the relationship is far more nuanced.

The S&P index of 18 asset management firms and custody banks is down nearly 11% this year, compared with a gain of more than 8% for the broad S&P 500.

The active versus passive debate rages on — but one fund type wins when it comes to tax-loss harvesting.

Just 36% of actively managed stock funds topped indexes in the year through June, down from 43% in 2017, according to Morningstar.

These expense ratios were closer to the average fund fee in 1996.

There are five niches that will be its future.

Many sectors have rallied the past decade, but tech and health care outperformed.