Asset management chiefs have emerged as the most optimistic for business outlook in a survey of CEOs of financial services groups.
Much of this confidence stems from the huge potential created by an ageing global population and the increasing uncertainty over retirement income, which is forcing a greater readiness for people to put money aside, found PwC in its 14th annual PwC Global CEO survey.
This potential is prompting asset managers to invest in new product development and customer relationship management, with over 50% of asset management CEOs saying they are stepping up product innovation.
Barry Benjamin, global asset management leader at PwC, said: “Asset management CEOs are feeling confident about the future, but the outlook is not all rosy. Customers are becoming savvier and more price-conscious, and regulation is an increasingly expensive burden which is exposing managers to greater investor and market scrutiny. To succeed in this market, firms will need to invest in new technology to control costs, improve efficiency and respond to evolving investor demands.”
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