The popularity of regulated mutual funds as a retirement savings investment vehicle has helped make asset management a $90 trillion industry. These funds now represent close to 50% of all global retirement assets.

Their popularity makes sense, given their relatively low risk profile, focus on long-term capital appreciation and highly regulated nature. The growth of the asset management industry, however, has drawn the attention of policymakers, who are now on the lookout for funds that may be "too big to fail" and pose a systemic risk to the global financial system.