Response to FCA competition study: Why asset managers must embrace change

Rosalyn Breedy, corporate and financial services partner at Wedlake Bell, says UK asset managers should tackle their operating models to develop financial firms fit for the 21st century.

The Financial Conduct Authority's (FCA) Asset Management Market Study, published last month, acknowledged the vital role the UK asset management industry plays in managing the savings and pensions of millions of people, allocating capital, performing corporate governance and contributing positively to the UK economy.  The report states that 'the UK asset management industry is the second largest in the world, managing around £6.9trn of assets. More than £1trn is managed for UK retail (individual) investors, and £3trn on behalf of UK Pension funds and other institutional investors. The UK...