McKinsey & Company called a recent survey of the Asset Management industry to describe the Smart beta strategy. (a) Explain what Smart beta strategy refers to in detail

(b) Comment on three other trends in the fund management industry.

(c) The fund management industry is usually regarded as being competitive. Explain why this is the case with reference to Porters Five Forces

(d) Comment on how the Big data, machine learning and Robo-advisers influence investment management.