Asset managers

The fund will track the performance of companies that issue shares directed to either the investing public or the company’s founders and executives.

The firm commission-free platform already included all Vanguard mutual funds and ETFs as well as thousands of third-party funds.

Although passive has steadily lured cash from active, this year assets in indexed equity funds topped those in active stock funds for the first time ever.

Some 225 funds traded for the first time over the past 12 months, down for a second-straight year.

Investors are pulling money at an accelerated pace as high fees and mediocre returns send them searching for yield elsewhere.

Other firms have trod a similar expansion path — and stumbled. Will Laidlaw find its footing?

Average management fees will be cut 8% on an asset-weighted basis.

The 82-year-old company’s strategy has helped secure net inflows in all but one of the five years through 2018.

Already, the fund has agreed to transactions involving German wind energy project developer PNE and Altice Europe’s Portuguese fiber assets.

In a business increasingly dominated by inexpensive index funds, the young juggernaut succeeded by actually picking good investments.