Why as an active manager, I welcome the FCA's asset management study

As the manager of an actively-managed fund in the absolute return sector, you might be forgiven for expecting me to be very concerned about the Financial Conduct Authority's (FCA) review of the asset management market. According to some of the commentary from the usual suspects that has accompanied its interim report, the FCA has "slammed" active managers (particularly absolute return) and much of the industry is about to be "redundant" in favour of passive solutions. All pretty alarmist stuff. However, reading the report itself soon confirms that many of the commentaries are some way...