Regulatory changes that could impose restrictions on asset management fees or investment strategies
Technological disruption in the asset management industry, including the rise of robo-advisors
Increased competition from low-cost index funds and ETFs that may attract investors away from actively managed funds
Market share loss to larger asset managers with greater resources and lower fees
Potential liquidity risks if significant redemptions occur during market downturns
Limited financial leverage, which could constrain growth opportunities
StructuralCompetitiveBalance Sheet