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Twelve months on from the first edition of The Asset Management Review, it is clear that these are still challenging times for the asset management industry. While the past year has witnessed signs of recovery from the damage wrought by the global financial crisis, the crisis continues to make its mark on the industry.
A backdrop of continuing economic uncertainty and volatile markets constrains new investment and limits returns. Meanwhile, responses to the crisis by regulators and investors present their own challenges.
The financial crisis has drawn attention ever more acutely to the activities of the financial services industry, and the consequences of this focus are manifest in regulatory responses around the globe. Driven by a desire to avoid a further financial crisis, regulators have sought to address perceived systemic risks and preserve market stability through a wave of new regulation, including the Alternative Investment Fund Managers Directive, which has recently been implemented in Europe.
There is some limited cause for optimism. While fundamental issues persist in the eurozone, the prospect of collapse seems less likely than in the recent past, and more positive assessments of the global economic outlook, albeit cautious, raise the prospect of increased investment and returns.