With a prognosis for subdued growth for some time and, irrespective of whether they rise in the coming months, (relatively) low interest rates Niels Jensen of Absolute Return Partners expects returns from taking beta risk to be quite modest when compared to the last 30-35 years.

"If that turns out to be correct, fees will likely be affected in a major way. The investment management industry is much more efficient than it was when I first joined it some 30 years ago, yet fees are broadly the same (i.e. profit margins are much higher). Expect a lot of fee pressure in the years to come," he says. And he's not just talking about ETFs.

The show has only just begun.