Why insist on the notion that the system is broken when the managers themselves are the ones at fault?
I believe the real problem out there is the severe lack of talent.
In my experience, imposed restrictions are generally more flexible than the way you view them. Managers may communicate their ideas to their clients and obtain consent to make some exceptions, relax some rules, etc. But only the best managers actually do that. It takes talent, confidence and loyalty. Sadly, around 80% of active managers generate negative alpha like they don't care.
RIP Ab Nicholas thank you for your never-ending determination.