The banks tend to offer expensive closet index funds in their discretionary programs in many cases, where you're pretty much guaranteed to lag the indices by 2 %. (moneysense.ca)
In other words, the vast majority of professional investors are just closet index funds charging high fees. (pragcap.com)
As the indexing revolution has swept over these firms the high fee closet indexing mutual funds have been increasingly swapped out for the low fee index funds. (pragcap.com)