Europe’s wealth management firms must implement fundamental changes to survive in what is set to be a period of business consolidation even as half of all existing European wealth is expected to change hands between generations.
That is the key finding of The future of European wealth management: Imperatives for Success, which has been coauthored by JP Morgan Asset Management and Oliver Wyman.
The findings build on the responses from CEOs and senior executives of 23 wealth managers across Europe, as well as an online survey of an additional 136 industry professionals, who collectively expressed concerns for the sector as the impact of consolidation and changes in wealth ownership occur.
At stake is some €18trn in financial assets, and which is growing faster than nominal GDP – averaging 4.3% annually since 2010.
Views on the current health of the Chinese economy differ widely, but it’s hard not to be impressed by the progress the country has made in the last 20 years. Gross domestic product (GDP) per capita has risen more than ten-fold to around US$8,000 over this period, with much of this growth occurring in the […]