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  "documentTitle": "AI and Next Wave Transformation GAM",
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      "text": "Tight monetary policies and general market uncertainty, resulted in investors moving into products with lower fees.",
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      "text": "Fewer new products are surviving despite attempts at innovation. Despite asset managers' continuing efforts to develop new offerings, many have not been successful. In fact, only 37% of all mutual funds launched in 2013 still existed by 2023.",
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      "text": "Costs are rising. Costs continued on an upward trajectory, increasing by about 80% since 2010 at a compound annual growth rate of 5%.",
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      "text": "Revenue pressure continues. Asset managers cannot rely on market performance to drive revenue growth in the future to the same extent that they have in the past. Since 2006, almost 90% of the industry's revenue growth has come from market appreciation.",
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      "text": "Fee compression is accelerating. Similarly, the pressure on fees showed no signs of reversing in 2023. The average fee in 2023 was 22 basis points (bps), down from 25 bps in 2015 and 26 bps in 2010.",
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      "text": "Passive funds are increasingly popular. Passive products continue to capture the lion's share of net flows. In 2023, passive products attracted 70% of total global mutual funds and exchange-traded funds (ETFs) net flows (about $920 billion).",
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      "text": "net inflows: $1.3 trillion",
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      "text": "In addition, the asset management industry continued to face structural challenges from the five fundamental pressures that we identified in last year's report. These pressures did not subside in 2023. (See Exhibit 3.)",
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