The country’s largest brokerages will likely lose their market share to middle-market firms in the near future, a new report by Cochran, Caronia & Co. predicted.

Adam Klauber, the author of the report and Cochran, Caronia & Co.’s managing director of equity research, said that rapid growth through acquisition over the past decade has saddled large brokers such as Aon and Marsh with legacy expenses==including pension liabilities, debt and goodwill.

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