According to an article in Financial Planning online, active managers do not add significant value. The article sites a study by Sharath Sury, executive director of the Institute for Financial Innovation & Risk Management and an adjunct Professor of Economics at the University of California, Santa Cruz. Sury found that active managers have broad market exposures that cause their funds to look similar to indexes. Unfortunately, active managers charge more than index funds.
Interestingly, one of the reasons that active managers fail to deliver value is that they charge more.
Here's the link to the article: Active Managers Don't Add Value: Study