Wall Street's money managers are more upbeat about their growth prospects than they were when the bull market began three years ago, but they say new compliance rules and competition for talented workers remain concerns, according to a new survey.
More than half of global investment company chief executive officers expect revenue growth of 20 percent of more over the next three years, according PriceWaterhouseCoopers LLP's Global Investment Management Survey, released Monday.
In the United States, however, only one-third of CEOs expect such strong revenue growth, while two-thirds expect sales to climb between 5 percent and 19 percent.
However, investment managers both here and abroad say they need to improve distribution of existing financial products, as well as generating new products to attract investors. Twenty-nine percent of U.S. investment managers said retaining talented money managers was a top concern as well.
The survey also showed that more than nine out of 10 CEOs did not have risk management or internal controls in place, as required by the 4-year-old Sarbanes-Oxley Act. Nearly a quarter of investment managers worldwide said increased regulatory burdens were their greatest and most immediate challenge.
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PriceWaterhouseCoopers surveyed 81 investment management organizations around the world, representing $9 trillion in assets, in March and April of this year.
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