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Dubai – Oliver Wyman and Deutsche Bank today released their fourth annual Wealth Management report titled “Out of the pit stop – into the fast lane.” In 2018, Wealth Managers faced growing headwinds.
The report finds that global high-net worth (HNW) wealth growth slowed to 4 percent in 2018. Lower assets under management (AuM) growth, more challenging markets and continued fee compression led to declining Wealth Management business valuations. The revenue pressure felt by Wealth Managers in late 2018 highlights the continued vulnerability of operating models to market stress. The rebound in early 2019 brought short-term relief for some, but further pressure is inevitable as the end of the cycle approaches.
Mathieu Vasseux, Partner and Head of Financial Services (MEA) at Oliver Wyman, said: “To realize above average growth, serving developed markets will not be sufficient. Emerging Markets including the Middle East and Africa, are the engine for growth going forward as the industry continues to face fee margin and cost pressures in developed markets.”
The report highlights the following priorities for the C-suite: