Brexit, macroeconomy and cyber threats top challenges for asset management in 2017 - CBI/PwC Financial Services Survey

Published at 00:01 AM on 23 January 2017

Brexit preparations, macroeconomic uncertainty and cyber-security threats are 2017’s top-three concerns for UK asset managers, according to the latest CBI/PwC Financial Services Survey.

Despite these challenges, optimism has increased dramatically in the sector since September and expectations for growth are the strongest they’ve been in 18 months.

Employment numbers have improved since last quarter, with asset managers spending more on training and developing their people in response to ongoing regulatory scrutiny, including the FCA’s recent Market Study.

Engaging in strategic alliances continues to be a business priority for asset managers facing continued competition from new entrants and old players in the market. Looking to 2020, respondents say improvements in process automation and  data analytics are the biggest potential Fintech offerings - suggesting a continued focus on back office operations and improved customer interaction.

Commenting on the survey findings, Mark Pugh, asset and wealth management leader at PwC, said:

“It’s been quite a year for the UK’s asset management industry but our survey shows future optimism remaining strong, with business volumes expected to grow. Between the opportunities  analytics will offer for improved customer engagement and ongoing regulatory scrutiny, the industry is sure to have a busy year ahead.

“As the UK begins its negotiations to leave the European Union, asset managers are aware their interaction with regulators will increase. It is vital the industry continues to work closely with both the government and the regulator to ensure all parties are aware of each other's needs and expectations.”

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Notes for editors.

Mark Pugh is available for interview. Please contact Ellie Raven on [email protected] or +44 (0) 207 804 3663.

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

©2017 PwC. All rights reserved.

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About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2016 PwC. All rights reserved

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