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(InvestmentNews) Fixed-income markets are growing more efficient by the day, and with this, the old guard of bond fund managers is under pressure. Firms using systematic approaches to invest are now standing out thanks to how they make decisions based on data.

The harsh reality is that bond markets are changing due to an explosion of available market information. For asset managers who thrived in the opaque markets of the past, the takeaway is clear: Adapt or fade away.