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A golden age for wealth & fund management as regulatory fog clears

by Dylan Lobo on Jun 23, 2014 at 08:16

A golden age for wealth & fund management as regulatory fog clears

A report from KPMG has outlined the huge potential for the investment industry as regulatory confusion clears.

The Evolving Investment Management Regulation report points out regulatory uncertainty over the last few years has settled down.

KPMG suggests the shrinking of the banking sector is core to this opportunity, as it puts the investment industry at the heart of global capital flows.

Tom Brown, global head of investment management at KPMG described this as the ‘age of asset management’.

He added: ‘The industry has come through the financial crisis well and is now operating in a much more stable regulatory environment with greater clarity and certainty.

‘The next five to ten years hold enormous potential for asset managers and I expect to see players introduce innovative products and adopt new strategies as the industry plays its role in the broader savings debate.’

‘Regulators have followed through on their promise to restrict trading and private funds within banks, which has led to trillions of assets being spun off.  As talented traders have less access to bank balance sheets, we will increasingly see them migrate toward the asset management continuum, which is another positive for the industry.’

Over the last 18 months the Financial Conduct Authority (FCA) has put outcomes for consumers at the top of its agenda.

In a series of conduct-focused thematic reviews across a cross-section of the industry, the financial watchdog has examined the management of conflicts of industry, product governance and design and market abuse controls in asset managers.

It is also conducting a three-part thematic review on the implementation of the retail distribution review and probing suitability at wealth management firms, which includes an investigation on the use of in-house funds.

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3 comments so far. Why not have your say?


Jun 23, 2014 at 08:58

Mr Muller is no doubt delighted as to where things stand, depending on matters regulatory for his (presumably) substantial income. As one of the indirect and involuntary contributors to his lifestyle (and that of the tens of thousands involved in the industry of regulation) I must confess to a degree of scepticism.

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Jun 23, 2014 at 09:58

Totally agree PCIAM. This KPMG report appears to be as disconnected from reality as the FSA (FCA) Retail Distribution Review although I confess I haven't read the KPMG one. The clue is in the heading. To describe the wealth industry as being in a "golden age" is simply absurd. Regulators, accountants & legal practices have consistently presided over swathes of market destruction in favour of asset aggregation. The vast array of capital pools are today managed by a relative few. How can the current malaise be described as "golden"? Anyone with a copy of a pre-Big Bang members book may reflect on the diversity that the old market once possessed. The correlation between economic stability, real growth and the market constituents which the market once prided itself on is today pickled by a bigoted large is better approach against an economic landscape that is highly leveraged and job destructive. If that is a definition of "golden age" then someone is living on a different planet to me. The second clue is in the notion that the "regulatory fog" has cleared. Who writes this tosh?

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Jun 23, 2014 at 10:14

I'm not sure he's a heavyweight - Muller-lite perhaps?

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