Active vs Passive is part of asset allocation

Our industry sets standards of due diligence, research, analysis, education, and other criteria to manage parts of a portfolio.  Do the people and organizations picking the parts add value to the whole?  Is it manager selection or asset allocation?

Every active or passive parts manager, product, or sleeve is measured against a standard.  This includes performance, process, philosophy, etc.  Without the basic standards of an independently audited track record and GIPS compliance, no one gets through the gate.  Our industry needs to hold the people and organizations managing the whole portfolio responsible to similar standards.