Asset managers have been relatively unscathed by the media circus following the financial crisis but the bear market has significantly impacted asset values and therefore income.
The industry is dynamic and relatively 'fleet of foot' in terms of change but still inefficiencies exist in front, middle and back offices despite significant outsourcing of certain aspects especially in the middle and back offices. Investors are demanding cheaper, more transparent products and achieving this will either be through efficiencies, smarter products and/or accepting different pricing models and margins.
We believe there is room for further consolidation in the sector and this will be driven by a need for economies of scale e.g. how many Global investors are we now seeing in the market? Those that emerge stronger from the crisis will be those that aggressively adapt their business models to the environment in which they find themselves and pursue a need for rapid consolidation.
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