April 2014

EXECUTIVE Q&A: Margins and demands

Executives talk to us about how they fight competition, clients' demand and major challenges their companies are facing in 2014.

ALCEDA
MICHAEL SANDERS, CEO AND CHAIRMAN

What are the main characteristics of competition in the business right now?
We face a distinct globalisation of the asset management industry in the coming years. These challenges are causing considerable headaches for market participants and will lead to a fundamental structural shift in the global industry. Regulated products will increasingly become the investment of choice for investors.

What are your clients’ most common demands?
With the ongoing regulatory changes impacting the financial industry, we are seeing increasing demand for individual structuring solutions. Investments have to fulfil the three Rs: return, risk management and regulation. More and more investment managers want to broaden their investor base more easily and for greater value and look for distribution network.

How is your business responding to pressure on profit margins?
We see ourselves as well positioned for the regulatory challenges. Due to our independence, flexibility and expertise we at Alceda have the ability to manage the increasing complexity in the markets.

In your view, what are the major challenges facing the business in 2014 going forward?
After years of stalled growth the global asset management industry has returned to a growth path. But the wide variation in performance amongst managers, products and regions is challenging investors. We are confident that funds under the AIFMD will have the same ‘gold standard’ as the Ucits brand. Nevertheless these changes also provide new opportunities: Investors from Latin America are looking for real estate investments in Australia; Asian managers want to take their strategy to Europe; and established US managers seek investors in Europe and Asia. New alliances and co-operations are more than necessary in such an environment.

ALTER DOMUS
ROBERT BRIMEYER, HEAD OF FUND SERVICES

What are your clients’ most common demands?
Our clients are looking for assistance in navigating an increasingly complex regulatory and tax environment. The implementation of AIFMD on a cross-border scale is a real challenge for many of our clients today. Many clients are looking for specialised service providers who are able to support them in multiple jurisdictions and a broad range of topics.

How is your business responding to the pressure on profit margins?
We are focusing on the high quality of service that we deliver to our clients whilst working on operational efficiencies to minimise the impact of pricing pressure. We are also investing heavily in our fund administration technology platform as well as our processes with the objective to deliver first-time-right services to our clients.

In your view, what are the major challenges facing the business in 2014 going forward?
A main challenge is the implementation of the AIFMD. Regulations are generating an additional administrative burden for many fund managers and service providers are challenged to provide efficient support to their clients. We also see a continuous push towards globalisation and concentration of the fund administration industry. Many industry players are looking for service providers who can provide a vertically and horizontally integrated service to increase efficiency and ensure compliance. This trend is driving consolidation with the emergence of larger service providers who can deliver specialised and customised services over many jurisdictions.

APEX
PETER HUGHES, CEO AND FOUNDER

What are the main characteristics of competition in the business right now?
Bundling from the largest banks with an unwillingness to take on clients that won’t take all services. Low cost providers which compete on price but leave their clientele vulnerable to service provider risk as they are not SSAE 16 audited, have poor internal infrastructure and lax operational controls.

What are your clients’ most common demands?
Ancillary services in and around core fund administration (regulatory reporting, middle office, fund platforms, technology, improved investor reporting) to meet the global regulatory tsunami washing over their businesses, and increasing investor reporting demands.

How is your business responding to the pressure on profit margins?
We are conscious of service-level creep. Services must be offered on a commercial basis. We have a transparent pricing model for all of our clients. The market is ill-served by service providers that price below cost in order to maintain or buy market share and this can only end in despair. On the flip side, as a smaller focused player we are a viable alternative for small to medium sized funds with large, high cost providers that see their fund expenses rise, but suffer low levels of service and reporting.

In your view, what are the major challenges facing the business in 2014 going forward?
The main challenge facing new mangers is the inability to raise significant capital. Funds that would previously launch with $100 million now see only perhaps $20 million on day one. Apex has introduced platforms to help lower start-up costs and a capital introduction service to match funds with the scarce fund capital that we can map through our investor portal service. Regulation and uncertainty around it continues to cloud the horizon for managers who don’t wish to spend time complying when they know the goal-posts may move again.

BNP PARIBAS SECURITIES SERVICES
CHARLES COCK, HEAD OF CLIENT DEVELOPMENT

What are the main characteristics of competition in the business right now?
The key challenge is to properly address expectations and constraints resulting from regulatory evolutions. Service providers have to keep demonstrating their capacity for innovation while responding to demand for decreasing fees.

What are your clients’ most common demands?
Clients are demanding support about regulation in terms of their business, what they need to do to be ready and how to support it. Clients are also looking to access collateral more quickly and more efficiently. They want 24/7 service, increased efficiency and decreased cost. We are also noticing increasing requests to service alternatives.

How is your business responding to the pressure on profit margins?
We have invested in and extended our geographic presence to boost economies of scale in global infrastructure and technology. We are increasingly utilising and developing regional centres of excellence for data processing alongside a focus on operating costs.

In your view, what are the major challenges facing the business in 2014 going forward?
Adapting to regulatory requirements and supporting clients’ business ambitions. Regulation is impacting clients’ infrastructure, administration and legal requirements.  In matters like collateral and depositary bank requirements, clients work more closely with providers than ever before and this will lead to stronger partnerships with clients. At the same time clients’ are looking to expand their business growth into new regions and new asset classes. Custodians will need to comprehensively support geographic expansion on the ground and via cross border distribution. Clients are increasingly utilising alternative asset classes and intelligent outsourcing options. Administrators will need to expand their servicing capabilities in these areas.

BNY MELLON
HANI KABLAWI, HEAD OF EMEA ASSET SERVICING

What are the main characteristics of competition in the business right now?
Demonstrating close alignment to client’s needs and the issues they face, plus investing in new solutions are key to meeting the challenges and the potential opportunities. Providing subject-matter experts to collaborate with clients is a critical requirement in helping them to innovate and continuously improve their business proposition.      

What are your clients’ most common demands?
Clients want a provider that is fully focused on their business and has the breadth and depth in terms of solutions and industry expertise to support their growth plans and to meet the ever growing and challenging regulatory demands.

How is your business responding to the pressure on profit margins?
Opportunities must meet certain criteria including satisfactory levels of profitability that ensure a continuing ability to support the growing risk, compliance and regulatory demands facing our industry.  The preference though is to improve overall profitability by delivering a broader range of solutions to clients.      

In your view, what are the major challenges facing the business in 2014 going forward?
The multitude of regulatory demands continues to place an increasing demand on third-party administrators (TPAs) and that is a theme that will prevail for the next few years.  TPAs must continue to have adequate resources dedicated to assessing the various consultation papers and reforms that are impacting multiple jurisdictions, and then be prepared to have resources committed to delivering solutions to meet those requirements.  TPAs must collaborate with the many interested parties to keep abreast of the evolving regulatory environment and ensure they remain close to events to be able to best serve the interests of their clients.

CACEIS INVESTOR SERVICES
PIERRE CIMINO, MANAGING DIRECTOR, CACEIS LUXEMBOURG AND MEMBER OF CACEIS EXECUTIVE COMMITTEE

What are the main characteristics of competition in the business right now?
Price is among the competition factors for the asset servicing industry; however, quality and the range of additional services ¬- such as added-value services concerning risk management, and the ability to service clients across all markets where they operate - are clients’ key selection criteria.

What are your clients’ most common demands?
Driven by regulation and investor security needs, services linked to risk management, collateral management, OTC derivatives clearing and investment reporting are in demand. And driven by cost control and investment optimisation initiatives, services such as middle-office outsourcing, securities lending and foreign exchange hedging are often requested.  As regards assets, we are seeing a greater focus on alternative assets including private equity and increasing interest in loans, especially corporate loans.

How is your business responding to the pressure on profit margins?
We aim to use fee renegotiations as another opportunity to generate sales of new, value-added products to existing clients, which serves to maintain our profitability.  Tightly controlled costs are also central to our corporate philosophy but we do not seek out low-cost outsourcing solutions to achieve this.

In your view, what are the major challenges facing the business in 2014 going forward?
Regulation and fee pressure remain the major challenges. Fee pressure is driven by clients, but the very competitive environment in Europe’s asset servicing industry drives this further. There is room for more consolidation, which would enable companies to exploit economies of scale. 

CITI
CATHERINE BRADY, HEAD OF EMEA FUND SERVICES

What are the main characteristics of competition in the business right now?
Third-party administrators are focused on securing the right client names that will be strategic to their growth and operating model going forward.

What are your clients’ most common demands?
Consolidation of TPAs by global asset managers to gain consistency of service and efficiency gains, a focus on middle office services including collateral management and keeping current with regulatory demand.

How is your business responding to the pressure on profit margins?
We are moving clients into standard operating models. And we continue to invest in automation/straight-through processing and data-driven solutions in OTC and listed trade processing, client reporting, etc.

In your view, what are the major challenges facing the business in 2014 going forward?
There are three major challenges. Geopolitical forces could impact markets and asset management results. The cost of regulation could cause certain products to be unsustainable. Regulatory provisions that are anti-competitive could shift flows outside of Europe.

CREDIT SUISSE
JEAN-DANIEL ZANDONA, DIRECTOR, SALES MANAGEMENT & FUND SOLUTIONS

What are the main characteristics of competition in the business right now?
Beyond core fund services, clients are increasingly demanding value-added services such as risk management or distribution support. Competing service providers are adapting and rethinking the way they conduct business to cope with this change of client-buying criteria and the surrounding regulatory evolutions.

What are your clients’ most common demands?
Helping fund managers reach compliance with their obligations is key. Many of them still find it difficult to navigate through the ever changing regulatory environment, and heavily rely on their service provider to support them in designing robust and compliant fund solutions, and provide comprehensive monitoring tools and reporting.

How is your business responding to the pressure on profit margins?
The cost of providing fund services is obviously up, as service providers had to invest to enhance their operations in light of their new obligations under Ucits or AIFMD, Fatca, etc. To seize new opportunities, offering new services up and down the value chain is the key to moving away from the traditional commoditised fund services model and repositioning as fund solutions providers where margins are higher.

In your view, what are the major challenges facing the business in 2014 going forward?
Reading and anticipating macro-economic and societal trends is critical to position the right services to the right target segment. Over 2014, service providers will have to cope with increasing demand for alternative asset classes on top of the classic listed assets. AIFMD, Emir and Fatca will keep providers busy. Regulatory deadlines in 2014 will also modify the competitive landscape, with continued custodian consolidation and new entrants in the space of alternative investment fund managers for rent and professional depositaries. Global economic recovery will also create new opportunities for fund managers and, by extension, for service providers.

CUSTOM HOUSE
MARK HEDDERMAN, CEO

What are the main characteristics of competition in the business right now?
Increasing costs of providing the infrastructure necessary to meet the changing demands of clients in an environment that is more competitive and price sensitive than ever.  The increase in regulatory compliance is impacting the segregation of responsibility dynamics in the service provider landscape which has a knock-on effect for independent administrators.

What are your clients’ most common demands?
In a nutshell, it is enhanced reporting and regulatory compliance support.  The spread of affordable technology has bridged the gap between front and back office reporting capabilities and therefore the end product of an administrator has evolved.  The avalanche of new regulation means real value to managers can be offered by assisting them in this area.

How is your business responding to the pressure on profit margins?
Investing in technology to increase automation and expanding in locations where labour costs are favourable but not just cheap.  We choose Sofia, where TMF were already present, as our global processing centre. We get a better balance between cost and expertise and therefore deliver solid margins with high quality service.

In your view, what are the major challenges facing the business in 2014 going forward?
The main challenges each year centre on the evolving nature of the business.  It is never simply about how to make your existing business more profitable.  Rapid advancements in technology means that the complexity of the product has evolved to levels where administrators are offering front office style reporting that is independently priced and reconciled.  Also, the changes in regulatory compliance have created a whole new battleground.  Administrators who therefore offer real value in reporting and compliance support will be the ones who prosper.

DEUTSCHE BANK
MIKE HUGHES, GLOBAL HEAD OF FUND SERVICES

What are the main characteristics of competition in the business right now?
Offering comprehensive regulatory solutions.

What are your clients’ most common demands?
Customised reporting.

How is your business responding to the pressure on profit margins?
Investing in operational efficiencies.

In your view, what are the major challenges facing the business in 2014 going forward?
Offering a comprehensive suite of services to assist our clients in their regulatory obligations.

HSBC SECURITIES SERVICES
CARL ANDREWS, HEAD OF HSBC SECURITIES SERVICES, SCOTLAND

What are the main characteristics of competition in the business right now?
We continue to see a focus on full outsourcing opportunities both from the remaining in-house operations and second generation opportunities where initial mandates are up for renewal. The regulatory market continues to drive and influence decisions, with a focus on oversight and control of external relationships being evident.

What are your clients’ most common demands?
An increased focus on oversight and control of TPAs and outsource providers is resulting in increased demand to evidence and demonstrate a strong operational risk framework and control environment. The need and demand for greater data attributes across the business continues as front offices strive for increased flexibility and timeliness, driven from a ‘golden source’.

How is your business responding to the pressure on profit margins?
Our business continues to drive its growth agenda, whilst focusing on cost efficiency through increased automation and consistency of processes. This is supported by transitioning new business on to our strategic platforms and building scale into the model.

In your view, what are the major challenges facing the business in 2014 going forward?
We continue to focus on our growth strategy, enhancing our product offering, whilst driving efficiency across our processes and operation. The speed of change across the market due to innovation and regulation will present a number of challenges. We have reacted to this through additional investment in our change management capability and resources to work with our clients to support their business growth and regulatory obligations.

MAITLAND
ANDRE LE ROUX, HEAD OF BUSINESS DEVELOPMENT

What are the main characteristics of competition in the business right now?
Competition from service providers – custodians and administrators - offering bundled services. We believe in providing independent third-party administration and are constantly building on our services to add value to our clients and provide independent oversight.

What are your clients’ most common demands?
We see demands mainly in the area of reporting: transparency reporting; value-add reporting; and regulatory reporting arising from Fatca, AIFMD and Emir. Our clients continue to require more comprehensive risk, performance and attribution reporting as well as pre- and post-trade regulatory and mandate compliance. They also require an end-to-end service model covering fund set-up and on-going administration and oversight functions.

How is your business responding to the pressure on profit margins?
The days of the one dimensional fund administrator are over. Fund managers are looking to service providers to provide an extended range of services. The ability for fund administrators to move up the value chain will allow them to protect margin. In addition, we have been able to establish centres of excellence in lower cost jurisdictions as well as client centred workgroups and flexible service teams which have allowed us to service clients in the most efficient manner and maintain profit margins.

In your view, what are the major challenges facing the business in 2014 going forward?
Increased demands due to regulatory changes, continuous pressure on fees and the ability of the administrator to adapt and maintain and/or increase service levels. Merely providing third party administration services is no longer sufficient.

NORTHERN TRUST
TOBY GLAYSHER, HEAD OF GLOBAL FUND SERVICES, EMEA

What are the main characteristics of competition in the business right now?
There is an acute focus on being able to demonstrate a holistic approach to supporting the implementation challenges of European and global regulatory requirements. Balancing this increased complexity with the industry-wide focus on cost containment is a key commercial challenge for asset servicers.

What are your clients’ most common demands?
Clients continue to look for regulatory expertise and solutions to help them meet new requirements and maximise any opportunities presented by changing regulation. For example, we have introduced comprehensive solutions to facilitate compliance with AIFMD with services spanning AIFMD-ready depositary services and reporting solutions.

How is your business responding to the pressure on profit margins?
We have responded by focusing above all on service, and on providing solutions that enable our fund manager clients to realise investment opportunities and grow their business. For example, we continue to build on our substantial European presence – including a new office in Germany – and new capabilities such as supporting the first launches of the UK authorised contractual scheme.

In your view, what are the major challenges facing the business in 2014 going forward?
Dealing with the growth and complexity of regulation will continue to be the biggest challenge as we work closely with our clients not only to support their compliance with the raft of global regulations, but also to enable them to maximise the opportunities which lie post-implementation such as increasing distribution through passports and access to new markets. Significant investment in technology, systems and expertise is required to support the various new regulatory requirements – and the ensuing focus on risk management, transparency and governance - with some of the costs anticipated to be borne by the end investor at some stage.

RBC INVESTOR & TREASURY SERVICES
JOANNA MEAGER, GLOBAL HEAD OF CLIENT OPERATIONS AND HEAD, UK, I&TS

What are the main characteristics of competition in the business right now?
Given ongoing challenges in the financial services industry, custody and asset servicing clients are focused on maintaining their own costs to improve returns for their investors, and as such are exerting pricing pressure on their service providers. In response, global custodians are competing aggressively on price, while also increasingly seeking to improve their service offering beyond traditional products in an effort to improve their value proposition to clients.

What are your clients’ most common demands?
Alongside their focus on cost management, clients remain focused on minimising risk and asset safety, which is guided by the financial strength and stability of their custodian. Clients are also seeking increased fee transparency and clarity around asset segregation and accessibility, which requires custodians to demonstrate a comprehensive system of controls and policies.

How is your business responding to the pressure on profit margins?
Definition of a clear focus on client segments and geographies, with a disciplined approach to pricing, is supportive of a sustainable and profitable business model. As a specialist provider, we are focused closely on maintaining excellent client service in our areas of expertise, which enables us to compete effectively against larger providers.    

In your view, what are the major challenges facing the business in 2014 going forward?
The shift in client needs from core capabilities to a wider range of non-traditional functions requires custodians to improve operational efficiency and prudently manage pricing strategies to deliver sustainable business performance. Further, continued regulatory change requires upgrades to systems and processes to support clients and ensure compliance.

SEB FUND SERVICES
ANNE-CHARLOTTE LAWYER, MANAGING DIRECTOR

What are the main characteristics of competition in the business right now?
Clients are faced with challenges on all fronts due to AIFMD, Emir and Fatca to mention just a few. The successful provider can deliver solutions on a maximum of these aspects to make it possible for the manager to continue to focus on investments and asset raising. The ability to handle all these aspects will define the winners.

What are your clients’ most common demands?
Our clients look for a robust long-term asset servicing partner that can service a maximum of the fund’s needs throughout the fund life cycle. This includes advisory and management company services, robust administration and depositary services. In addition middle office capacity and risk management services are in demand. Regulatory reporting has come to the forefront in light of AIFMD. Also the ability to deliver value added services built on and/or bundled with the administration package via a common portal is an increasing demand.  

In your view, what are the major challenges facing the business in 2014 going forward?
Continuing to deliver a robust and cost efficient product in a highly regulated industry impacted by virtually daily regulatory changes and developments.

SEI INVESTOR SERVICES
PHIL MASTERSON, SENIOR VICE PRESIDENT AND MANAGING DIRECTOR

What are the main characteristics of competition in the business right now?
Success remains dependent on helping clients achieve success, which means helping managers maintain and enhance their focus on investing and investor relations. As investor and regulatory requirements continue to rise, providing a scalable reporting platform is critical. Reporting requirements include AIFMD, Form PF & OPERA reporting. In a multi-domicile world, data aggregation across fund structures and strategies is critical to providing managers, investors and regulators with comprehensive reporting.

What are your clients’ most common demands?
We have continued to proactively evolve and enhance our reporting platform. It is accessible by managers and investors on multiple mobile devices. We have seen significant uptake in our reporting solution for investors as well as recent demand for administrator transparency reporting. We are in discussions with several top European managers regarding ’40 Act products.

How is your business responding to the pressure on profit margins?
Our ongoing focus on STP and automation has paid significant dividends for us. Manager’s margins are being squeezed by a combination of management fee pressure and increasing costs due to new regulatory requirements and increased investor expectations, causing pricing pressure. Having a reputation for quality client service and robust technology, including our reporting platform, helps us demonstrate value.

In your view, what are the major challenges facing the business in 2014 going forward?
Asset raising remains a challenge as do the increasing barriers to entry due to increased investor and regulatory requirements. While passive management will continue to take market share from underperforming active managers, we remain bullish for alternative managers. Nonetheless, managers’ success will increasingly be driven by operational capabilities and exceptional investor servicing rather than performance. Successful managers will need to satisfy investor and regulatory expectations, not just provide competitive risk-adjusted returns.

SOCIETE GENERALE SECURITIES SERVICES
PASCAL BERICHEL, GLOBAL HEAD OF FUND OPERATIONS

What are the main characteristics of competition in the business right now?
The pressure on prices remains high, with a recurrent requirement to extend the service level at the same level of fees. The ability to leverage the large amount of data that is part of the fund administration business is becoming a key differentiator by providing real time access to fully controlled information, reports and analytics.

What are your clients’ most common demands?
Transparency might be the key word of the last couple of years, both from a regulatory perspective and clients’ perspectives. Reporting requirements are more and more challenging, with detailed information made available in real time on a global scale to support fund distribution as well as risk management.

How is your business responding to the pressure on profit margins?
Improving operational efficiency and automation will for a long time be part of the paradigm. On top of this, fund administration services can no longer be considered on a stand-alone basis, and need to be looked at from a global perspective together with all services provided to a customer – this is a major change that SGSS strengthened in 2013.

In your view, what are the major challenges facing the business in 2014 going forward?
Regulations will stay on top of the list, with ‘business as usual’ challenges to address. Creating synergies between regulatory linked products and services might be an interesting opportunity to both lower costs and offer an integrated approach to meet our customers’ requirements. Managing the relationship with data vendors will also be a significant topic, encompassing fee renegotiations and legal agreements for data dissemination purposes, from asset servicers to their clients.

SS&C GLOBEOP
BILL STONE, CEO AND CHAIRMAN

What are the main characteristics of competition in the business right now?
The market continues to be highly competitive. We have seen greater activity from the custodian banks in the administration space. Cost of compliance and servicing continues to be a challenge for smaller start-ups.

What are your clients’ most common demands?
Clients continue to raise the bar across all services, both as a result of regulatory and investor demands and in terms of daily reporting to the managers themselves. Ongoing investment in technology (such as mobility apps) and skills are critical to ensure these requirements are met.

How is your business responding to the pressure on profit margins?
SS&C GlobeOp has always taken a disciplined approach to provide excellent service while meeting operating margin targets. Our investment in technology over many years allows us to meet our clients’ needs effectively and efficiently.

In your view, what are the major challenges facing the business in 2014 going forward?
The effects of extensive regulation and investor requirements for transparency will continue to be felt with clients looking for their business partners to provide world class solutions. Administrators who can provide operating scale and independence will continue to grow. In addition we expect ongoing consolidation in the industry.

STATE STREET
WILLIE SLATTERY, EXECUTIVE VICE PRESIDENT AND HEAD OF GLOBAL SERVICES, EMEA

What are the main characteristics of competition in the business right now?
What we’re seeing in the industry is a shift away from a “product sell” approach toward a more consultative, solutions-based approach with clients. Investors need their service providers to understand their goals and challenges, and respond with integrated solutions to meet their needs, combining a range of services and expertise.

What are your clients’ most common demands?
They’re looking for support in navigating new regulations as big post-crisis initiatives, such as the AIFMD, become day-to-day reality. Comprehensive depositary services across asset classes and geographies are just one example. They’re also focused on growth, and are looking for support in developing products and distribution strategies to drive assets under management in new global markets.

How is your business responding to the pressure on profit margins?
It’s imperative that we demonstrate our value-add to clients. All of our solutions and conversations with clients are focused on one thing: how we can help their businesses be even more successful. And, through our transformation efforts, we’re streamlining our operating model and driving technology innovation with important client benefits.

In your view, what are the major challenges facing the business in 2014 going forward?
The industry as a whole must respond to an environment that’s more complex overall. In many cases, this complexity stems from new opportunities, such as new growth markets and alternative asset types. There’s also the uncertainty triggered by regulatory change, and the disruptive potential of new, specialist players entering the market. The key is to stay focused on your clients. Overall, the successful organisations will be those that can navigate the regulatory and other trends that are reshaping the environment, while being able to deliver on their clients’ increasing need for specialist solutions.

UBS
ANDRÉ VALENTE, HEAD OF FUND SERVICES, SWITZERLAND

What are the main characteristics of competition in the business right now?
Service providers able to attract new business are those capable of supporting their clients under current challenging regulatory requirements and supporting their business with in-sourcing of larger components, including middle and front-end solutions. Maintaining exceptional client service through the deployment of leading-edge technology; new services to complement client demands and support the client’s expansion, innovation and diversification efforts; demonstrating long-term commitment to the partnership with clients; providing the financial strength and substance to give clients comfort around counterparty resilience in a volatile financial market.

What are your clients’ most common demands?
Client are requiring more support in the wake of the numerous regulatory and tax changes, particularly with regard to increased transparency, substance, risk management and investment restriction control. This requires more sophisticated reporting functionality, connectivity and advisory support.

How is your business responding to the pressure on profit margins?
We continue to increase productivity and efficiency through process and technology engineering, leading to higher automation and more efficient synergies. Further we diversify our business remit, by offering new services and leveraging our scale.

In your view, what are the major challenges facing the business in 2014 going forward?
Regulatory and tax changes and decreasing margins in parallel to a strong competition and increasing complexity are the main challenges for our industry. Thus, firms with a global scale and multi-jurisdiction capabilities like UBS, are well fitted to answer to this challenge.

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