Darryl: I think the two reasons you point out (a) poor performing funds being merged away and (b) better performing funds attracting lots of new money is the reason for these numbers (assuming it is correct, of course). (canadiancapitalist.com)
Indie publishing has generated lots of new money - wasters and scams. (annerallen.com)
But in an era when the performance of low - fee funds is luring growing numbers of price - conscious investors, they could attract a lot of new money in a downturn. (fortune.com)