Three years ago, David Abner, director of institutional exchange-traded fund (ETF) sales and trading at WisdomTree Asset Management in New York, told journalists that a massive market downturn was exactly what the ETF industry needed.
“I said it would shake loose a lot of long-term actively managed fundholders. Typically, you put money in a mutual fund, you don’t touch it, you let it grow. That’s what the industry has led you to believe,” says Abner. “You can see it in the numbers: assets are hi