DUBLIN, February 24, 2016 /PRNewswire/ --
The global wealth management market is expected to grow at a CAGR of 10% by 2019, according to an industry report available from Research and Markets. The report notes that the market is highly competitive and fragmented due to participation of many larger firms, resulting in an often volatile market. The competitive nature has proven tough for Man Group Plc, who today reported a lower profit than expected for 2015.
Man Group, the world's largest publicly traded hedge fund firm, announced an adjusted pre-tax profit of USD 400 million for 2015. This is down from USD 481 million in 2014 and the USD 455 million average estimated by analysts for last year. The London-based company accredited the drop to lower performance-fee revenues and margins, a result of a volatile market that has proved challenging to the risk appetite of their clients.
Robo-advice consolidation may provide the means to gain a foothold in the automated investment space , as noted in a recent report. Advances in the digital world and fintech disruption is forcing wealth managers to reconsider their approach when it comes to investment advice and planning.
The global IT spending by investment banks market is predicted to be worth USD 85 billion by 2019 , as stated in an industry report. The figure suggests heavy investment in IT not just by investment banks, but from the global finance industry as a whole.
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SOURCE Research and Markets