Performance issue 6 - September 2011 | Magazine


Performance issue 6Over the last months, we have been confronted by a crisis never observed before in the globalised financial economy. Governments and markets had to come up with dedicated answers of a never experienced extent. We are keen on sharing economist's optimistic end scenarios of a full recovery, although, our industry is aware that the road is still long and steep.

The investment related risk/reward ratio has known better times, however there are encouraging signs towards a considerable improvement for providers of uncorrelated returns at a reasonable price.

Regarding conventional asset classes, flows are reasonable into established brands and inexpensive beta products, however asset gathering is facing strong headwinds.

Fund performance is the key driver of our industry's growth and considering the rather flat yields and equity volatility, asset managers will need to enhance creative product design and liquidity to be distinctive in the marketplace.

Regulation is strongly driving an increase in investment transparency and investor protection, unfortunately often at the expense of fund performance and choice. While the industry will embrace the notion of a level playing field and jurisdictional neutrality, the operational impact and cost of change is significant and should not be underestimated to regain investor and regulatory favour.

As professionals, we are also very concerned about the ability for asset managers to propose appropriate investment solutions at a competitive price. Deloitte is actively participating in the thought leadership to define the shape the future of the investment management industry and is significantly involved in the regulatory debate to ensure the future is comprised of days to look forward to..

In this issue

Market buzz

  • The impacts of regulatory changes on asset management operating models
  • Added value brought to the asset management industry by cross sub-funds investment techniques
  • Asset management in a post-crisis environment

Tax perspective

  • Operational taxes and FATCA: The fly in the ointment for the global funds industry
  • International distribution of units in UCITS
  • UCITS IV: the impact of VAT on the economies of scale expected by the professionals

External perspective

  • Asset management vs. wealth care

Regulatory angle

  • IFRS 13 Fair Value Measurement
  • The Volcker Rule: banking and investment management M&A catalyst?
  • AIFMD…when the dust has settled…
  • Why service organisation control reports matter in a Solvency II context
  • Reforming the Spanish criminal code: where corporate accountability matters

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Performance issue 6

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