MetLife, the largest U.S. life insurer, posted first-quarter profit that missed analysts estimates as investment income declined on a slump in hedge fund holdings.
The shift to passive has caused much soul searching, not to mention cost cutting, at some of the world's biggest money managers.
Mutual and hedge fund managers dodged the toughest provisions of newly proposed U.S. pay rules designed to discourage excessive risk-taking on Wall Street.
The decision could put the spotlight on firms like Citadel, Millennium Management, D.E. Shaw and Bridgewater, which oversee a combined $654 billion in assets, according to SEC filings.
Blackstone will shutter a mutual fund that allocates money to hedge fund managers following a large redemption by the vehicles main backer, Fidelity.