Ethical, social and governance factors are increasingly being incorporated into investments, but this comes with a cost, and passive funds - which are winning flows at the expense of active funds - are not set up for this type of investing.

That was the view of investment chiefs at Financial News’s Asset Management Outlook for 2017 panel debate. The topic was just one area of discussion, alongside pay for top talent and how the industry is adapting to a blurring of the lines between active and passive investment.