An aging population and expanding middle class will drive the country’s investment industry, according to a new Casey Quirk study, the Financial Times reported.  Around half ($8.5tn) of the net new inflows attracted by investment managers globally by 2030 will go to Chinese companies, helping the country to become the world’s second-largest asset management market behind the U.S.

The new president and CEO of State Street Global Advisors Cyrus Taraporevala is tasked with stemming outflows and making the firm’s exchange-traded funds business competitive, according to Pensions & Investments reports.

Despite House Republicans’ agreement to not touch 401(k) contributions, Sen. Orrin Hatch will introduce amendments to the upper chamber’s version of the Tax Cuts and Job Act that include like eliminating the current pre-tax 401(k) catch up contribution, FOX Business reported.

Thematic and industry-specific exchange-traded funds are hot now, but their lasting potential could prove disappointing, Investor’s Business Daily writes.