Oil Prices Could Undo Gains

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    The recent turmoil in financial markets resulting from plunging oil prices could undo some of the gains that wealth management businesses have made in the past year, says Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC). And, as a result, he sees more industry consolidation and forced adaptation to these, and other forces in the year ahead. In a letter to the industry, he says that much of the Canadian investment industry has recovered on the back of strong equity markets over the past couple of years. At the same time, while dealers with significant wealth management operations have benefited from strong market conditions, the institutional boutiques are continuing to suffer from weak conditions in their primary business lines.