McKinsey survey finds 28% of asset managers are “depressed and in denial”
|Aug 20th, 2009 | Filed under: Institutional Investing, Today's Post | By: Alpha Male||
A paper released by McKinsey & Co. this week concludes that 28% of asset managers are not responding adequately to the recent storm hitting their industry. McKinsey chalks this behavior up to “depression and denial”.
But wait. There is hope for the future of the asset management industry. The consultancy also concludes that 13% of asset management firms are “decisive operators” who have paired back costs and preserved profits (or at least, mitigated a fall in profits).
These conclusions and accompanying prescriptive remedies are contained in a report called “Recovering from the storm: The new economic reality for U.S. asset managers” (soon to be available on the firm’s website, but currently available for free by emailing here).
The chart below taken from the report sums up the state of the world today (click to enlarge): More…
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