Revenue was down across the industry last year after a record 2021 as falling markets across almost all asset classes hit both management and performance fees
. In the U.S., total assets in mutual and exchange-traded funds dropped 17 per cent between the start of 2022 and the end of October, the most recent figures available from the Investment Company Institute showed.
While the initial reaction to this past year’s turmoil has largely been generic belt-tightening measures and small across-the-board cuts, industry analysts predict that the coming year will require more strategic decisions. In fact, the stronger asset managers are keen to press for gains while their weaker rivals are making cuts.
Many asset managers are hopeful that bond funds, which saw big price drops and massive outflows as interest rates rose, will start to recover in 2023. “Whenever there are super shocks in the market, people make big changes to their portfolios. This is when people do deferred maintenance,” says Martin Small, who heads BlackRock Inc.’s U.S. wealth advisory business and is the firm’s incoming chief financial officer.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
British manufacturers face tough 2023 after reporting sharp drop in activity in DecemberTuesday’s figures broadly chime with a gloomy outlook issued last month by trade association Make UK, who forecast output in the manufacturing sector would fall 3.2% in 2023
Read more »
Four fitness trends to watch in 2023Planetary health and mini-workouts are trends that might continue to gather steam this year
Read more »
Here are the healthy food trends - for you and the planet - to watch for in 2023Here’s a quick look at some of the food trends forecast for 2023
Read more »
Former Sault resident and butcher's daughter leads vegan push in 2023Veganuary is now a worldwide movement with participants from nearly every single country, and out of those, Canada has the 18th most participants
Read more »
The 7 best free fitness apps to transform your 2023 health routineStarting fresh with a new year is a great time to reinvigorate your fitness routine. Try these 7 apps for free, fun fitness routines that you can start today!
Read more »