ETFs are drivers behind shifting revenue streams

Three years ago, revenue from subadvisory separate accounts made up roughly one quarter of total asset manager revenue in managed accounts, which was more than 11 times the amount represented by model-driven separate accounts and ETFs combined. Today, the revenue from subadvisory separate accounts versus the combined total of model-driven separate accounts and ETFs is virtually the same, according to the report.   The changes in vehicle use across managed account platforms have also shifted asset managers' revenue streams. "There is more diversification today, compared to three years ago...