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1、THEFUTUREOFASSETMANAGEMENTAfewkeytrendsmaybesignsofthingstocomeByMahaKhanPhillipsAlotcanchangeinadecade.In2002,assetmanagersbecomecompressed,”saysKevinQuirk,foundingwerestillsmartingfromthefactthatYahoo!didnot,inpartnerofCaseyQuirk.TheÀrmhaspartneredwithInstitutionalInves
2、tor’sU.S.Instituteandfact,takeovertheworld.InstitutionalinvestorswereÀringMcLagan(providerofcompensationconsultingbalancedmanagersandreplacingthemwithspecializedservicesfortheinvestmentmanagementindus-ones.Liability-driveninvestingwasjustabuzzword,andtry)toconductasurveyo
3、f96fundmanagersexchange-tradedfunds(ETFs)wereanew,nicheproductworldwideoverseeingUS$21trillioninassets.ItfoundthatproÀtmarginssincetheÀnancialareawithlittlepotential.Privateequityandhedgefundscrisishavebeenmanagedbycontrollingcom-werehot,andconsultantsinsistedthatfundsofh
4、edgepensationandbeneÀtsexpense.fundswerethebestmodelforinvestors.SpreadingriskGlobalconsultancyCerulliAssociatespointsthroughtheuseofstructuredvehicleslikecollateralizedoutthat,althoughassetmanagementrevenuesweresettoexceedUS$200billionby2015,thisdebtobligationswasconside
5、redtolowerrisk,notincreaseachievementnowlooksunlikely.“Thereisadra-it.AnditwasgenerallyagreedthatAlanGreenspanwasmaticshiftoutofhigher-marginproductsintothewisestmanintheworld.lower-marginproducts,”saysShivTaneja,man-agingdirectorofCerulliAssociates.“TheshareOfcourse,thin
6、gslookdifferentnow.Itissafeofequityonaglobalbasisisfalling.ThishastosaythatveryfewpeoplesawthisdecadetwosigniÀcantimpacts.Ifclientsaregettingcoming.Butwheredoesthatleaveassetman-outofhigher-marginproductsandintolower-agerswhowanttoensurethattheyarepre-marginproducts,thatw
7、illhaveanimpactonparedforthenext10years?Afewkeytrendsfundmanagers·proÀtability.Inthepast,we·vemaybesignalsofthingstocome.alsosaidthatowningstocksandstockinvest-mentswillgetyoutoyourretirementquicker.MARGINCOMPRESSIONThatisnotthecaseanymore.”AccordingtoCaseyQuirk,aU.S.-bas
8、edconsul-So,whatdoincreasedcompetitionandlowertancyÀrmforinvestmentmanagementÀrmsmarginsmeanforp
