Boutique asset managers are smaller asset managers. While the trend in investment banking seems to be more specialization and breakaways, the trend in asset management has been consolidation. The larger asset managers have done their darndest to create barriers to entry and make things generally difficult for the boutiques. However the worm is starting to turn. Large asset managers have been to be turning their heads towards private markets where margins are higher, and their performance in general is often mediocre and quite beatable by startups, and allocators seem to be taking note. Don't say that at an interview with one though.

 
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