The pace of change in the asset and wealth management (AWM) industry is accelerating on a path of creative destruction. The environment and game changers that we described in Asset Management 2020 are evolving.
Ahead of publishing a full paper in the autumn, please download this edition of Asset & Wealth Management Insights to read more about how our earlier predictions are evolving.
The pressures on Asset Managers are changing and intensifying. This is happening at a time when firms must invest in building outcome-based solutions and applying transformational technologies, both internally and externally. Moreover, the drive to improve transparency continues unabated. Regulation, investor pressure and tax legislation are all driving more openness. In addition to creating a more fee competitive market, this is also leading to greater costs related to data and reporting.
Asset Management 2020 set out six likely game changers that would impact the competitive environment. In PwC's view, understanding, analysing and acting on these would prepare firms for the opportunities the changing landscape presented.
These game changers have or are coming to pass to varying degrees. Please download this edition of Asset & Wealth Management Insights to read more about to what extent these game changers have evolved in a period of accelerating change.
In summary, the landscape and game changers that we identified in 2014 are evolving. If anything, the forces of change are becoming more powerful. As a result, this is a critical time of creative destruction. There are great opportunities for those understanding and acting on the likely changes.
Global Asset and Wealth Management Leader, Partner, PwC Ireland (Republic of)
Tel: +353 (0) 1 792 8719