Investors pull £63bn from active funds following Mifid II

Dave Penny, managing director at Invest Southwest, also thought the performance of some high-profile active managers, such as Neil Woodford, had been poor since 2018 and provided the “perfect storm” for the active sector.

He said: "It is very likely that Mifid II focus on overall costs will have put pressure on advice-led investment, where the adviser needs to be able to justify costs — hence the shift in favour of the lower cost passives."

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