That opportunity is to attract or retain the business of
public pension funds and union related funds (which
control approximately $ 3 trillion in assets), the institutional leaders in the shareholder empowerment movement, which are shifting their portfolios away from high
cost, actively managed mutual funds and hedge funds to low
cost indexed funds, the kind of funds that the top 10 largest mutual fund advisors dominate in terms of market share.
Those ideas are not popular with Republican lawmakers, who
control both chambers of the state legislature and want to cut
costs by overhauling
public pension plans before considering new taxes.