It's well known that beating the market is difficult, and most actively managed funds aren't really doing all that much better, especially after accounting for fees.
So if that's the case, why the hell do banks invest so much money in active asset management, why do portfolio managers even exist, and why do these people get any customers? Who is it out there that says "yup, I'm going to take all of this money, and NOT invest it in a index-linked mutual fund, but instead give it to some guy in a suit pretending to be an expert and demanding expensive fees just so he can offer me the exact same return I'd get from the S&P 500"?
And now I bet somebody will say "SOME managed funds do beat the market, just look at A, B, and C", yeah buddy that's called survivorship bias. Come back in 5 years and we'll be talking about fund x, Y, and Z.