Competition forcing funds to scrabble for new territory -survey
LONDON, July 14
LONDON, July 14 (Reuters) - Intense competition among global fund managers is forcing them to invest in a broader range of instruments, products and geographical areas to squeeze out extra performance, a survey on Monday showed.
More than three-quarters of respondents said they planned to go global and ditch their country-specific approach over the next 12 to 18 months, according to the study, a survey of 37 asset managers and 21 asset servicers by financial services support firm Sungard and research and advisory firm AITE Group.
Increased regulation around the world was hampering that drive, however, so many firms were looking to outsource non-core services, automate operations where possible and make better use of technology, it said.
"Asset managers and service providers are facing unprecedented levels of pressure and complexity as they seek ways to grow their businesses," said Tony Warren, executive vice president product development, asset management at SunGard. (Reporting by Simon Jessop; Editing by Larry King)