Looking ahead, Mr Farlow predicts even multi-asset funds will not be safe from the split between passive and active products. 

“I think what the market is starting to do is focus more on those that are charging higher fees saying they’re active, but are actually quasi-trackers. 

“It won’t be like this across the board, but I think the market is going to be passive or very active, and that middle band is probably going to be carved out because it’s not really adding that much value”, he adds.