We explain the respective roles of asset owners, asset managers, and intermediaries—distinctions that are critical to understanding any discussion of actual dynamics of asset flows. In addition, we highlight the market impacts of post-financial crisis monetary policies and various financial regulatory reforms. In many cases, these policies and reforms have altered the investment and asset allocation behavior of asset owners. We also explore the current regulatory paradigm for funds to establish a framework for potential solutions to the concerns raised specific to asset flows from particular types of funds. Finally, we identify a number of recommendations for improving the financial ecosystem for all market participants.