I've often thought that if you've decided to risk some of your funds with active management, it makes a lot of sense to split it across multiple managers (unless the fund is already huge and is internally split) to minimize individual manager risk.
If all the funds are in the same class, say, large cap value, then it hopefully shouldn't end up looking like an index. There will hopefully be overlap where the managers are all seeing the same values, etc.
I've often thought that if you've decided to risk some of your funds with active management, it makes a lot of sense to split it across multiple managers (unless the fund is already huge and is internally split) to minimize individual manager risk.
If all the funds are in the same class, say, large cap value, then it hopefully shouldn't end up looking like an index. There will hopefully be overlap where the managers are all seeing the same values, etc.