Investment Week featured Michael Johnson's briefing note '80% of fund management industry redundant' on 28 November 2016
"In response to the Financial Conduct Authority's (FCA's) Asset Management Market Study, Michael Johnson at the thinktank Centre for Policy Studies has said some 80% of the active investment industry is unnecessary, calling for pension schemes to embrace passive investing.
Commenting on the report, Johnson (pictured) said the consequences of the study for the asset management industry are "potentially devastating, but radical surgery is long overdue".
He pointed to the Melbourne Mercer Global Pension Index, which reveals a fall of the UK's pension funds in the global rankings.
He also noted British pension funds have the weakest funding in Europe, as well as the highest proportion of company schemes (38%) which are flagged as the weakest 20% of the industry peer group."
To read the full article visit the Investment Week website.