Carl Court/Getty Images Investment managers are in for a wave of consolidation the likes of which the industry has never seen before. Several factors are driving this “the largest competitive realignment in asset-management history," according to a new report from consulting firm Casey Quirk, which is part of Deloitte. Among them: The rise of passive, or index, investing — which is much cheaper than actively managed investing — is pushing down fees that asset managers have historically charged their clients. Asset managers have already tapped most potential clients, like the baby boomers.