My dear friend Tuna, that is their job, to outperform the markets and the benchmark they always claim to beat are the indices, sorry your arguement does not hold any water. They were just caught with their pants down. AUM has nothing to do with returns, why did they bite (take on funds) if they could not chew. Failure like success is very hard to hide. If they are not good enough then they can find a 100 excuses but you donot need an excuse if you are right. Boss think of this as a business man you do not hire people who cannot outperform the benchmark. Period.