Even if they don’t cut fees, active managers need to determine whether prices are still fair and that their funds offer something that can’t be replaced with passive.
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Richard Ennis argues that portfolio construction has become almost primitive. “Institutions own a jumble of equity things — nearly countless, largely illiquid, and beyond their control.”
“You get up every morning, you put on your armor and you come in and you do your job, and you try to do the best job ever,” says the Illinois Municipal Retirement Fund executive, one of the few African American women CIOs at U.S. public pensions.
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