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25 years, 25 CEOs: John Fraser, CEO, UBS Global Asset Management
30 January 2012
To celebrate its 25th anniversary, Global Investor/ISF interviewed 25 CEOs. If asset managers were happy to take pay parity with investment banks in the good times they cannot complain about it in the bad times, says John Fraser
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John Fraser
UBS Global Asset Management
The industry hasn’t yet adjusted fully to a new set of circumstances; it still needs to reform further. We came out of the crisis of 2007/ 2008 too quickly; people thought that they could return to same levels of remuneration and fees.
I think this is bad for the long-term interests of clients; the industry must recognise that it must adjust to a lower fee environment as part of restoring investors’ trust. The 1990s saw cost-income ratios go from 50% or so to figures that were in the 70% or so range and this became the norm.
I’ve been in this job for ten years and I’ve been consistently wrong that performance fees would become more widespread and that fees generally would go down. But I...
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