An 'Amazon-type marketplace' could cut asset-management fees in half — and some of Wall Street's big

Morgan Stanley and Oliver Wyman just published their annual blue paper on wholesale banks and asset managers, and they laid out a stark worst-case scenario for the latter. They identify the types of asset managers that are in the worst possible shape heading into a crucial period for the industry, and which are poised to stay afloat. For asset managers these days, the biggest question is not how to boost fees but how to keep from cutting them. And that poses a huge problem for an...