Tough times ahead for fund managers

Fund management companies will face tough times in coming years, leading to changes in the way they do business, according to Mark Campbell, head of UK retail at JP Morgan Fleming Asset Management. In a speech to delegates at the the Investment Week conference in Portugal, Campbell outlined his view that the three-year bear market and regulatory reform, such as that proposed by Ron Sandler, means fund managers will have to adapt to a changed environment. Figures from Oliver, Wyman & Company and UBS Warburg show a fund management company will have to produce an operating margin of around...