How Explosive ETF, SMA Growth is Changing the Buy-Side

The tremendous growth of separately managed accounts and exchange traded funds in the municipal market has been spurred on by lower fees, the desire for deeper customization along with improvements in technology.  What impacts does it have on mutual funds? How do deal teams look at deal structures amid these shifts? What does this mean for issuers, underwriters and investors alike? What do these shifts mean for the buy-side broadly?