Revenues were 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 US, 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.
“There has been a lot of complacency. A lot of players now really need to get their act together,” said Markus Habbel, a partner atWhile 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.“The temptation is to take a little bit off everything.
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. “This is a mixed blessing for asset managers because you’re going to see flows come out of other higher-margin asset classes to lower-margin fixed income,” said Tom Mills, who analyses the sector for Jefferies, the boutique bank.
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