In the perennial debate over active vs. passive management, Towers Watson has stepped in with the blunt notion that there are too many active managers — although the problem with that, it says, is “not the quantity, it’s the aggregate cost” to investors.

The firm, which this week announced the launch of its Thinking Ahead Institute, a not-for-profit think tank aimed at “influencing change in the investment world,” compares the world of investments to “a vast virtual warehouse filled with all the securities in the world.”

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