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Asset managers waking up to FinTech opportunity, says survey

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Asset managers across the UK are cautiously optimistic following relatively strong results in December and expectations that volumes of business alongside income from fees, commissions and investments will rise.  

That’s according to new survey by the CBI and PwC which also reveals that they remain acutely aware that their future is very much dependant on global equity markets and global economic conditions.
 
Asset managers have spent a good deal of time and effort over the past few years in an attempt to streamline their business costs in anticipation of volatile and fragile equity markets.
 
Investments to enable growth are at the forefront of asset manager’s thinking, with respondents acknowledging the rise of FinTech (disruptive financial technology) firms as being an important factor influencing their growth in the next five years.
 
Mark Pugh, UK asset management leader at PwC, says: “It’s still early days for asset management firms and their interaction with start-up disruptive companies but we are seeing asset managers beginning to put aside money for investment in innovation and FinTech.
 
“However, they remain at the exploration stage and are still getting to grips with how this mountain of start-ups could add value to product offerings, distribution channels and customer engagement.
“FinTech companies have a huge variety of offerings to the wealth management industry but are still being hampered by regulatory constrictions. Asset managers need to work out how they can best utilise the opportunity these new companies offer and, importantly, begin to work out how to create a business culture in which innovation is incorporated without squashing the entrepreneurial spirit they are investing in.”

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