What we have seen is a disengagement on the part of the individual investor with investing in general. After the 2008-09 downturn in the stock market, there was a downturn across the board in terms of traffic to investment sites. Investors shunned risk, migrated to cash and fixed income, and avoided equity markets. It's not a shunning of mutual funds as an investment vehicle.

As it has gotten bigger, it has gotten more specialized and more complex, which has a downside…The industry was dominated by personalities when I entered, and now it's dominated by large complexes, and is less personality-driven. The changes have been dramatic, but overall investors are well-served. You get access to great managers, broad exposure to many types of securities, and it's easier to access your funds.