Liquidnet CEO sceptical about robo-advisers, smart beta

Robo-advisers and smart beta may be fashionable products, but they are relatively untested on providing long-term investment performance, argues Seth Merrin, chief executive of electronic trading venue Liquidnet. Merrin and Lee Porter, Asia-Pacific head of Liquidnet, said the rapid expansion of passively managed products at the expense of active fund assets had led the trading businesses of active and passive fund managers to start intersecting. “When you [as a passive investor]…