Undoubtedly the major change in funds management over the last two decades has been the swing to passive investment management. By 2022, passive investing represented 55% of US equity markets and 30% of US fixed income markets. A similar trend towards passive is being experienced around the world, although other countries lag the US in terms of the relative size of passive investing. As 2023 came to a close, passive investment products achieved a milestone in the US, holding more assets than their actively manag...