Asset managers prepare for staff reductions in challenging 2023

With another challenging year ahead experts are anticipating significant cost cutting, while firms themselves are looking to refine their product offering to ensure it its fit for purpose.  Bank of America heralded the beginning of the year by downgrading its outlook for UK asset managers, such as Schroders or Ninety One, due to their higher sensitivity to recessionary risks, near-term flow headwinds and premium valuations. In mid-January, BlackRock revealed the sheer impact of last year's markets, as it reported that $1.4trn of its assets had been wiped out and profits took a hit. ...