This 'surprising' chart should terrify anyone in the traditional money management business

Exchange-traded funds are hoovering up assets at an impressive rate.
Yes, yes, I know you've heard that before. We've written about it plenty. The seemingly inexorable rise of these types of funds has everyone on Wall Street talking, with some even describing it as "investor socialism."
The rise of ETFs has changed stock trading, is having an impact on the number of people employed in fund management, and may also be changing the quality of research produced by investment banks.
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