Active managers beat passives, UBS argues
The growth in passive asset management has been one of the biggest trends in equity markets over the past decade. Savers are constantly told passive funds are a much cheaper way to buy the market than active asset managers, who try to beat the market. The logic of that is questionable, but as Jon Hay reports, new research from UBS suggests active managers are outperforming — in Europe, at least.
The idea that active equity fund managers habitually underperform their benchmarks after costs has become a cliché of financial journalists, and has even begun to influence regulators. But a new study by UBS attacks the idea with data.
The research, led by Michael Werner, is based on analysis
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