PwC: 2020's mega-managers will control $102tn

Retirees will help increase European assets under management to $28tn (£17tn) and, combined with the rise of a new global rich, will push global AUM up from $64tn to $102tn. This will pave the way for a new breed of “mega-managers”, the consultancy said. The growth reflects an expected decline of banks and insurance companies due to regulatory costs. Instead, PwC expects large, globalised asset managers to take centre stage. PwC Asset Management 2020 leader Rob Mellor said the industry stands on the precipice of fundamental change: “The coming years will bring the industry higher v...