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With stock markets struggling to match the
stellar gains of 2013, bond markets looking overpriced and
emerging markets offering only patchy value, many investors are
looking for flexibility in their investments.
That means more money going into funds that can invest across
the range of asset classes instead of just one, the study by
State Street and research group FT Remark found.
It surveyed 300 senior executives at asset management firms
across Europe, the Asia Pacific, and North America in April and
May, and found more than two-thirds aimed to focus on expanding
their multi-asset offerings over the next three years.
At the same time, 64 percent acknowledged that a "capability
gap" was causing them to struggle to adapt and compete in the
new investment landscape.
"There is recognition that clients are driving the needs of
asset managers to move in a certain direction but the industry
itself needs to evolve to be able to deliver that kind of
product set," said Andrew Wilson, Head of Asset Manager
Solutions UK at State Street.
An overhaul of both the products on offer and the way they are
distributed, an improvement in the technology underpinning the
funds and the hiring of specialists to try and plug the gap were
all steps to take, said Joerg Ambrosius, State Street's Head of
Asset Manager Solutions in Europe.
As well as fixing their operations, some may opt to buy a
competitor to try to improve their market reach, the report
said, with a quarter of those surveyed saying they saw
significant deal opportunities in the next 12 months.
Ambrosius said there would be winners and losers in the evolving
asset management sector and that some players would even
disappear.
(Editing by Simon Jessop and John Stonestreet)
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