Investors are swapping stock-picking firms for exchange-traded funds, pulling $119.3B out of...

|By:, SA News Editor

Investors are swapping stock-picking firms for exchange-traded funds, pulling $119.3B out of actively managed vehicles in January-November and pouring $154B into stock and bond ETFs, with both figures the largest since 2008. The trends reflect the under-performance and higher fees of the stock pickers. Companies benefiting include Vanguard, BlackRock (BLK) and Pimco, while those losing out include Artio (ART).