New York (Oct. 28, 2003) -- The investment management industry faces sweeping changes over the next three years, as its major players seek growth amid pressure to increase profitability, restore investor confidence and meet regulatory and compliance standards, according to a survey by PricewaterhouseCoopers' Investment Management Industry Group.
The vast majority of U.S. investment managers ranked legal and regulatory issues as their greatest business challenge (83 percent), ahead of market performance and evolving client needs (both at 67 percent). Half of respondents expect up to a 30 percent reduction among funds over the next five years, driven largely by consolidation to cut costs and operational inefficiencies. The report predicts a wave of fund consolidation and outsourcing to further reduce costs, coupled with a shift in focus from global expansion to niche market segmentation.
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