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‘… Watch now for the well-established boutiques, management-owned and operated, managing a fraction of the trillions of the behemoths. They are big enough to clear all regulatory and technology hurdles, immersed in their field of choice, differentiated by their willingness to constrain their capacity, focused on asset management and not asset gathering, and comfortable with aligned fee structures. The scales are tipping — some colossi will survive but the smarter money will flow elsewhere.’
