Vincent Fernando
Business Insider
September 8, 2020

These are pretty strong words, given they are coming from ex-Morgan Stanley Andy Xie:

Caixin:

But institutional investors are intermediaries, too. Why should savers give them money to manage? Not for superior performance: More than 90 percent of institutional investors underperform market indexes. The main justification is that they bring down costs of information acquisition and processing, as well as transactions. This justification looks shakier by the day. Any individual can have access to as much information as a fund manager at virtually no cost. I’m afraid the financial services industry is likely to decline structurally.

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