LGIM chief: Some fund groups are 'trying to hold on to the past'

Legal & General Investment Management chief executive Mark Zinkula has said some asset managers have been left behind the curve in the face of the numerous pressures being exerted the funds industry.

Speaking at the Morningstar UK Investment Conference as part of a debate on the future of active fund management, Zinkula (pictured) suggested the notion of the "star fund manager" will ultimately die out as the industry tackles coming challenges. Zinkula, whose business includes both active and passive products, added "pressures" on the fund industry - including the rise of passive investments squeezing active costs - are justified. He said: "There are a lot of pressures on the industry from a variety of angles, and they are valid. You have a group of fund managers who are just tryin...