In the aftermath of the credit crisis, regulators may have their rule books aimed at the big banks, but asset managers are hardly immune. Proposed regulations on transparency, capital and liquidity are likely to squeeze 5 percentage points off asset managers' operating margins, a new survey by IBM Corp.'s business consulting unit suggests-on top of an estimated 4-percentage-point hit to margins as investors flock to more-conservative options.rn"Investors want simple products they can understand, which have lower fees, and they wantrnhigh-quality, unbiased advice," says Suzanne Duncan, financial markets industry leader at Cambridge, Massachusetts-based IBM Institute for Business Value. The survey of 2,750 industry executives, including those at endowments, foundations and sovereignrnwealth funds, predicts that passive investments will eventually overtake actively managed funds.
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