Fund managers join investment banks in hurt locker

Money managers
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Asset management firms are starting to share in their sellside counterparts' pain. The funds industry could face additional costs of up to $7 billion - or 3 percent - a year, new research by consultancy Oliver Wyman and lender Morgan Stanley estimates. The new regulatory framework engendered by the 2008 financial crisis was always intended to shift risk from banks to asset gatherers. Now it looks to be doing so.