FYI: Not every money manager is sounding the alarm on the passive-fund industry, which this year has absorbed a record half-trillion dollars.
Cliff Asness, co-founder of AQR Capital Management, says the steady flow of assets into cheaper, passive funds has been a positive development for the industry. Active managers have historically overcharged for scant returns and the shift toward questioning whether high fees are deserved is a healthy change, he said.
Regards,
Ted
https://www.bloomberg.com//news/articles/2017-11-20/aqr-s-asness-says-active-management-not-passive-is-too-big
