The Investment Management Association has said it is open to the prospect of 'radical change' as it sets out recommendations for the use of dealing commission to purchase investment research.
AXA Framlington UK Mid Cap manager Chris St John has said now is a "good time to be cynical" as signs emerge of increasingly bullish activity in markets.
A large proportion of funds in the IMA UK Smaller Companies sector have failed to produce alpha over the long term, amid a strong rally in small-cap stocks.
The latter half of 2013 saw some of the most bearish market participants capitulate and confess they were turning more bullish, unable to resist the pull of soaring equity markets.