The European asset management industry is set to shrink under the pressure of mutual fundsâ worst recorded outflows, institutional investorsâ lack of interest in mainstream products and the first net redemptions from hedge funds in more than a decade.
Top industry figures including Michael Dobson of Schroders, Huw van Steenis of Morgan Stanley, Andrew Kirton of Mercer and David Smith of GAM anticipate continued pain as falling assets cut into managersâ profits and force them into cost-cutting and consolidation.
