Paul Smith to buy side: do you add value?

Paul Smith this week began work as president and CEO at Charlottesville, Virginia-based CFA Institute, administrator of the financial analyst qualification. Smith says the industry has lost confidence and is at risk of losing customers’ trust, as evidenced in the shift away from active fund management to passive portfolios, from retail investors’ embrace of index funds and exchange-traded funds to institutions’ growing preference for ‘smart beta’ and other low-cost, quantitative p…