A slow growth economy has negative impact on most of the asset management industry and is forcing accountability on money managers. Many of the leading macro investors, including George Soros, Ray Dalio and Vanguard’s Chief Economist, Joe Davis, are pessimistic about global growth outlook. One of the biggest implications for asset management is that underfunded pension funds will have a difficult time meeting their return expectations. Another implication is that the large money managers that collected hefty fees from riding the long term “beta” growth wave in the 80s and 90s will have a difficult time justifying “2 and 20” fees in a lackluster economy.