Big money managers are squeezing smaller ones at the worst possible time

When it comes to winning new clients, the best are only getting better.
Market share of what Morgan Stanley calls "US active equities" for the top three asset management firms increased from 18% in 2010 to 35% in 2016, according to a note from the firm sent out to clients on Thursday.
This comes at the worst possible time for smaller firms as Morgan Stanley is projecting asset management fees will fall between 10-15% over the next three to five years, which would in