Legacy active management is under pressure. Inconsistent performance and high fees have resulted in a flood of money to passive indices and private market assets. As some investors turn away from active management, a renaissance of modernisation is quietly underway. With clearer goals of how to contribute meaningfully to client portfolios, a breaking down of industry silos and the embrace of new technology, next generation active managers are able to exploit inefficient markets like small caps to deliver real alpha at lower fees – in other words, a portfolio that r...