Stock-picking U.S. money managers are giving investors reason to question their existence, according to James Bianco, president and founder of Bianco Research LLC. He cited the S&P Composite 1500 Asset Management and Custody Banks Index’s relative performance in a Twitter post Wednesday. The industry gauge is poised to trail the S&P Composite 1500 for the 10th time in the past 13 years, according to data compiled by Bloomberg. The ratio has dropped as much as 15% this year and set a record low on Sept. 15, when it was down 56% from a peak in February 2008.
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