Great articles from Tria at:

About a number of questions concerning the future of active management in investment funds, and how products and marketing of such need to converge.

Ulitmately, I see this as being a real challenge to the concept of the unit trust as a single vehicle for investor portfolios: Not only due to structural imperfections and costs associated with their operations, but also because the drivers for them as sustainable business models are starting to come under considerable pressure.