Technology and changing consumer tastes are revolutionising the way funds are bought and sold. A survey by Funds Europe and Clearstream gauged the sentiments of the asset management industry.

In this report, BNY Mellon looks at the challenges and opportunities for investors and managers, focusing in particular on the operational requirements that underpin successful business models.

How our multi-asset investment process seeks effective diversification by diversifying risk across several low correlated strategies.

■ Yield curve changes are being driven by unconventional policies and technical factors, which make the moves harder to interpret.
■ Curve flattening in 2016 has resulted from changes to money market rules at the short end and central bank purchases at the long end.
■ Banks, municipalities and other borrowers are beginning to feel the pinch from rising Libor rates.
■ Fundamentals remain the most important consideration for bond investors and the most valuable guide for pursuing medium- to longer-term goals.