Plenty of investors are still willing to pay extra to have humans look after their wealth.
He believes he has found a refuge from anti-establishment politics in the developed world.
As more baby boomers get closer to drawing their pensions, global demand for bonds and cash will rise.
Over 30 percent of high-grade bond holders said political populism was their biggest concern for the next year.
Amundi Asset Management, Schroder Investment Management Ltd. and Morgan Stanley are among those predicting a rebound.
They are lured by bargains created by automated selling to meet withdrawals.
Emerging-market funds find it hard to compete with passive funds able to generate similar returns at a fraction of the cost.