The Asset Manager’s Dilemma: How Smart Beta Is Disrupting the Investment Management Industry
研究了智能贝塔产品作为颠覆性金融创新如何影响传统主动管理业务，帮助资产经理理解产品中智能贝塔与纯阿尔法的组合及竞争优势。
Smart beta products are a disruptive financial innovation with the potential to significantly affect the business of traditional active management. They provide an important component of active management via simple, transparent, rules-based portfolios delivered at lower fees. They clarify that what investors need from their active managers is pure alpha—returns beyond those from static exposures to smart beta factors. To effectively position themselves for this evolution in active management, asset managers need to understand the mix of smart beta and pure alpha in their products, as well as their comparative advantages relative to competitors in delivering these important components.