Humans Down Under Face Final Showdown With Passive-Fund Invaders
- Australia active managers so far been shielded from onslaught
- Vanguard, BlackRock ramp up as investors seek low-cost funds
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One of the world’s last havens for fund managers is coming under siege.
In Australia’s A$2.8 trillion ($2.1 trillion) fund industry, managers who rely on human judgment to pick investments have so far withstood the global onslaught of passive offerings. They’ve done so in part by cutting fees below those in other large markets. The billions flowing in from the nation’s pension system have helped, too.