While the growth of passive ETFs has forced active fund managers to work harder for business, they are still expecting to reach 9% annualized growth over the next five years, according to Ernst & Young’s 2014 Global Regulated Funds Survey. “Many managers also see ‘solutions-based’ products (absolute return strategies, lifestyle products and guaranteed capital products), with a clear focus on client expectations and desired outcomes, as additional sources of growth,” says the survey. Active fund managers are exploring new strategies instead of new product categories Even though we’ve heard a lot about smart beta funds and other low cost products,…