The investing world is changing. The proportion of investable capital allocated to active strategies has declined from 60% of assets under management to less than 40% today. Meanwhile, the remarkable rise of the exchange-traded fund (ETF) market and “alternative indexing” strategies suggest that, for a large number of investors, the search for alpha is not worth the price, at least in the current market environment.
In a world of easy indexing and “robo” asset allocators, what is the value proposition of investment professionals? What impact will the increasing consumption of retirement assets have on an already fast-changing industry?
Join us in a lively presentation by Prof. Russ Wermers of the Smith School of Business as he shares with us his latest research into the critical questions:
- Does active management add value?
- Can we identify superior active managers (SAMs) on an ex ante basis?
- What are the best quantitative tools for assessing active managers?