Institutional Investor reports: The fee compression also comes at a time when traditional asset managers aren’t gaining as much in active or passive mandates from institutional clients. According to the latest report from Investment Metrics, the total assets gained by both active and passive managers dropped from $106 billion in the first quarter of 2021 to only $31 billion in the first quarter of 2022. And passive strategies are having an even harder time meeting investors’ expectations amid heightened public market volatility.