BlackRock will be increasing its reliance on technology to make investment decisions, slicing customer fees and overhauling senior management.

“Traditional methods of equity investing are being reshaped by massive advances in technology and data sciences. At the same time, client preferences are shifting, focusing not just on outcomes but on how both performance and fees impact value,” BlackRock Global Head of Active Equities Mark Wiseman said in an announcement on the company’s website.

“The active equity industry needs to change. Asset managers who simply use the same techniques and tools from the past will limit their ability to generate alpha and deliver on client expectations. The steps we are taking are an extension of the strategy we announced in 2016 to combine our quantitative and fundamental investment teams into a cohesive active equity investment platform that leverages the full scale and resources of BlackRock. We are revitalizing our active equity capabilities by harnessing the power of ‘human and machine’ to efficiently and consistently deliver investment performance to our clients.”

According to a related story in the Wall Street Journal, BlackRock has become the world’s largest asset manager with $5.1 trillion in total assets. The Journal reported that BlackRock will be laying off managers as a result of these changes.