Asian Money Managers Have Less Control

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    Money managers at banks in Asia have control over four per cent of client funds, down from seven per cent in 2006, says the Boston Consulting Group. On the other hand, in Europe, money managers handle 23 per cent of client funds, up from 18 per cent in 2006. “Asia’s wealthy lost a lot of trust in their private banks and private bankers during the 2008 financial crisis,” says Peter Damisch, report co-author and Zurich-based BCG partner and managing director. That’s bad news for large wealth management firms that have expanded in Asia even as the wealthy are pulling away from them. Profits are down on a steadily falling pool of assets under management just as companies have spent considerable funds in an effort to attract larger clients and more assets under management (AUM).