Market Views: Will asset owners drive performance-only fees?
Japan’s GPIF recently began paying active managers based on excess returns and cut the fees of underperformers. We asked four experts whether other asset owners will follow suit.

There has long been a debate in the asset management industry over the merits of active versus passive portfolio management. Buoyant equity markets over the last year have been a boon for passive investors, while active managers face pressure to both beat already-high benchmarks and lower their fees.
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