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Tuesday, June 4, 2019

Kass Versus Fundsters

News summary by MFWire's editors

A hedge fundster is calling active asset management commoditized and critiquing the industry accordingly.

Doug Kass
Seabreeze Partners Management
Doug Kass, president of Seabreeze Partners Management, is shorting multiple publicly traded mutual fund firms, Reuters reports. In a note to his clients, Kass reportedly writes of his worries about the "toxic cocktail" that asset managers face, a cocktail that includes falling fees, a stock market that he sees dropping, passive's continued growth, and more.

"I expect the competitive challenges to active managers like T. Rowe [Price] and Franklin [Templeton] to intensify in the coming years," Kass writes, adding that he worries about brokerages' vulnerabilities, too.

Fundsters may recognize Kass as one of several investors recognized six years ago as one of the few to accurately call the March 2009 market bottom. 

Edited by: Neil Anderson, Managing Editor

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