Themes in wealth management 2009: Part 6
To mark the start of 2009, Wealth-Bulletin is running a series of insights from leading wealth practitioners on their thoughts of the likely big trends in wealth management during the course of the year.
Today, Gerald Aquilina, vice chairman of Barclays Wealth gives his predictions for the year ahead.
Will we see the growing emergence of independent asset managers. This year will also see more emphasis on fiduciary responsibility. There will also be a greater emphasis on measuring clients' overall portfolio returns, although questions will be asked of how best to measure performance.
Hedge funds with wither. I believe many will and should fold as there were too many neophytes in this sector who made easy money when credit was available and markets less volatile. At the same time, I believe the best will come back with good returns in 2009.
There will be a question mark over the future of the US brokerage model as the major houses have been absorbed into banks. Will the industry finally see convergence of banking and investment management skills and get the best out of both? How will compensation models evolve?
The structured product market will come under pressure. With major client disappointment over structured products, there will probably a greater focus on fully capital guaranteed notes, greater emphasis on less complicated structures, and more regulatory scrutiny over client suitability, as well as how the product is sold.
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