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25 years, 25 CEOs, Marc Briol, CEO, Pictet Asset Services
06 February 2012
To celebrate its 25th anniversary, Global Investor/ISF interviewed 25 CEOs. The Pictet Asset Services chief explains why synthetic ETFs pose a danger to the asset management industry
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Marc Briol
Pictet Asset Services
Currently there are three issues in the industry that worry me most. The first arises from the current illusion of a free lunch around pricing. The major providers are following an unsustainable pricing model comprising pure asset gathering, lower fees and fewer staff. Costs are increasing – notably around regulation and technology – while fees are going down. Our clients are second-guessing excessively competitive offers between providers such that the benefits of niche providers – flexibility, quality and personalised services – become less. The second issue is around the lack of transparency on the profitability of asset servicers’ business model. It would help if the regulator took a closer look to see whether there are cross-subsidies hidden behind the industry currently. When you have captive clients it is easier to drop...
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