Barron's writes "Vanguard's Chief and 2 Other Fund CEOs on How Their Firms Will Change in the Future." The article says, "One thing is clear about the future of the fund industry: The big are likely to get bigger. So Barron's checked in with the heads of some of the largest asset managers to find out how they see the industry shaking out, where they are focusing their investments, and what worries them about the next downturn. Here are edited highlights from Reshma Kapadia's conversations with the CEOs of Vanguard Group, Capital Group, and T. Rowe Price Group." When asked, "What will the asset-management business look like in five to 10 years?" Vanguard's Tim Buckley tells Barron's, "The product revolution of the past 10 years was exchange-traded funds and target-date funds. The revolution of the next five to 10 years will be in advice. Advice will be higher quality. The ease of use will be far better and costs far lower. For the active industry to survive, costs have to come down -- not just in large-caps, but also small-caps, international, and even some alternatives.... We don't expect interest rates to be as high as they were in the 1980s or 1990s, but cash will also matter again. Companies will have to compete for the cash in investors' portfolios."

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