New client inflows entering the asset management industry will be a significantly smaller influence on the sector’s growth over the next five years as the retirement of the baby-boomer generation leads to a withdrawal of money, according to a report.

Casey Quirk, a management consultancy that specialises in asset management, said in a report called 'The Complete Firm 2013' that the overall money managed by the global industry - put at $65 trillion - will continue to grow until the end of 2017. But most of this will come from a recovery in markets.