Traditional active asset managers are facing five years of attrition as a result of product outflows, falling fees and the cost of retaining talent, according to US consultant Casey Quirk by Deloitte.

Following the August 1 publication of its 2016 sector performance survey, which reviews returns from more than 100 managers across the world, with a total of $20 trillion, CQD principal Jeffrey Levi said managers needed to come to terms with automation, rationalisation and changing growth priorities, as well as regulation.