Business volumes in the investment management sector were broadly flat in the three months to September, with growth expectations for the next quarter the weakest since 2011, according to PwC.
The Confederation of British Industry (CBI)/PwC Financial Services Survey found the three months to September marked the end of a strong run of growth with has lasted four quarters. It said declines in business volumes had been reported in all four customer categories in investment management. Incomes stalled and profits fell as a result of pricing power squeezes which saw average fees and commissions fall. However, respondents from the sector said they were hopeful of a recovery in volumes, incomes and profits over the next quarter. The asset management sector's headcount continue...
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