2 & 20 is exclusively the preserve of hedge funds, an entirely different animal to large-scale institutional asset managers who make up the bulk of the buy side.
There's no arguing with the sophistication of the portfolio management side of institutional AM's - these are smart, well-compensated people with excellent tools and first-class support from their own companies and the street's research. Once you get to the buy side trading desk - the people responsible for implementing the decisions of the PMs, and the people who are dealing with this rapidly-changing, fragmented market - things become different.
There's no arguing with the sophistication of the portfolio management side of institutional AM's - these are smart, well-compensated people with excellent tools and first-class support from their own companies and the street's research. Once you get to the buy side trading desk - the people responsible for implementing the decisions of the PMs, and the people who are dealing with this rapidly-changing, fragmented market - things become different.