He said: “All of this science that I'm referring to, one thing they all agree on is we are quite good at identifying when things are good.
“We're quite the magpies for good performing funds. We've got an eye for that. What we aren’t very good at is identifying the losers. Why this is important to us as a business is because good active funds that did brilliantly well in the environment in which they should be used are now being held for too long.
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“Active funds are condition specific. The issue is we can't let go of what was brilliant previously, because we're quite loyal."
alina.khan@ft.com
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