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Wealth managers less optimistic PwC and CBI survey finds

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This quarter’s CBI/PwC financial services survey finds that asset and wealth managers saw a dramatic drop in optimism in August, with 72 per cent of respondents saying they are more worried about their overall business situation than they were three months ago. 

The survey found that over half (52 per cent) of asset and wealth managers see a risk of changes being made to UK financial regulation, post Brexit while 40 per cent see Brexit as an opportunity to accelerate transformational change, with 39 per cent stating they see it stimulating innovation and new entrants to the market.
 
Mark Pugh, UK asset and wealth management leader at PwC, says: “The referendum result undoubtedly shook the investment markets but there has been a turnaround since then and firms are beginning to return to normal and view the UK’s decision to leave the EU as another important consideration in a long list of challenges.
 
“As the industry-wide pressure to cut costs and streamline operations continues to build momentum, asset and wealth managers are looking to technology to help differentiate, speed-up and future-proof their business.”
 
Market volatility is not the only challenge facing the asset and wealth management sector and compliance with regulation remains a key consideration for all players in the market, the survey finds. It also shows that asset and wealth managers intend to slow the rate of their recent hiring spree, reflecting an ongoing pressure on margins. Heavy investment continues to be made in other areas, with new technology and outsourcing of non-core businesses being used to strategically streamline costs.

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