Winning Strategies in Uncertain Times

Winning Strategies in Uncertain Times

          
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Winning Strategies in Uncertain Times

Global Asset Management 2008
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    Winning Strategies in Uncertain Times: Global Asset Management 2008 is The Boston Consulting Group’s sixth annual study of the worldwide asset-management industry. As in our previous studies, the report contains a comprehensive market-sizing effort—this year taking in more than 30 markets—and a thorough analysis of the trends and dynamics that are shaping the industry for various types of players in diverse regions. As in the past, we have focused exclusively on assets that are professionally managed in exchange for a fee.

    This year, we also pay particular attention to the events surrounding the subprime crisis. The crisis—which began to unfold in the summer of 2007 and whose effects are still having a tremendous impact on the global financial-services industry, including the asset management sector—is clearly one of the most serious financial market events in history. We explore in detail how the crisis has affected asset managers so far and examine the steps they must take both to weather the storm and to emerge as stronger, more robust players in the future. These steps include—first and foremost—rebuilding client trust, which encompasses better addressing client needs and enhancing risk management. Other critical steps are containing costs and finding ways to explore new growth, especially in Asia-Pacific.

    We hope that this report—together with its sister publication, A Wealth of Opportunities in Turbulent Times: Global Wealth 2008 (BCG report, September 2008)—will engage readers and prompt asset managers to reflect on the implications of current industry dynamics for their businesses. Indeed, times have rarely been more uncertain for the asset management industry—all the more reason why each player must strive to find a winning strategy given its particular market, its unique strengths and weaknesses, and its aspirations.

    A report based on the study has been published annually since 2003, with the exception of 2005.
    The markets included in our study are as follows. Americas: Brazil, Canada, and the United States. Europe: Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, and the United Kingdom. Asia-Pacific: Australia, China, Hong Kong, India, Japan, Singapore, South Korea, and Taiwan. “Other” represents South Africa, sovereign wealth funds of the Middle East, and offshore money (not included in any country statistics) that cannot accurately be allocated to a specific country and segment. For more details, see the Methodology.
    Market totals in the two reports vary considerably because of different methodologies used in the market sizing. The Global Wealth report uses a broader definition of assets that includes asset classes and revenue sources (including net interest income) that are relevant to wealth managers.
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