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By Paras Anand, CIO Equities Europe, Fidelity International
The active fund management industry has stood passively by as the passive investment industry has established a greater share of the market. Active managers need to move past the denial stage and demonstrate their value proposition to customers. The introduction of Fidelity's Variable Management Fee (VMF) is a step in that direction. Active portfolio management has been going through a process of soul-searching. In a period where customers have been clearly favouring low-cost index funds and other machine-driven strategies, the recent bull market has arguably been one which the active industry has not relished. In these circumstances, it is quite common for those of us in the industry to feel hard...
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