drew

Why is it better to give money to 100 pension funds than to 1.5 wholesalers? I don't know, let's call it my opinion

if we factor in the overhead costs of 100 pension funds, it is not really obvious to me why so many of them should exist while all they do is primarily indexing. And there are a few more types of "insitutional investors" whose societal value is arguably same as wholesaler

Well even if you believe that a random asset manager doesn't bring value to its clients of society in general, at least let them compete for this flow

thats what they do, not very successfully in a fair competition. I feel like what you propose is regulation so that they can be successful, while I think they should die or evolve

What do you mean "that's what they do"? they literally have no access to this flow

because the market evolved and they didnt

you have no idea what you are talking about, go read something about US equities market structure

I read Flash Boys, does that count? Maybe you are just bitter because you guys cant compete in new environement and thats it...