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The Man Who Could Eat Half the Profit in Fund Management

(Bloomberg) In June 2016, he laid bare the asset management industry’s dirty little secrets: actively managed products haven’t performed better than their benchmarks; firms have grown too big as they focus on gathering assets; and fees have been structured to benefit shareholders rather than clients. That message proved unpalatable. Within a year, Peter Kraus was out as CEO of AllianceBernstein Holding LP.

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