Managers and the market

`There is no convincing evidence that fund managers can consistently outperform the market over the period of a pension plan although the industry does not like to face up to this.'

John Bridgeman, OFT

`This is another body blow to the financial services establishment.'

Tony Wood, Virgin Direct

`It's a sweeping generalisation. I'm surprised at the OFT.'

Steven Cameron, Scottish Equitable

`There is evidence that a proportion of active managers do consistently outperform indices.'

Julian Samways, Schroder Investment Management

`On aggregate, active managers don't really produce the sort of returns that are worth paying for.'

Alastair MacDougall, WM Company.

`I wouldn't like to count how many fund managers I've put out of business over the last 10 years.'

James Woodlock, Barclays Global Investors