US - John Casey, chairman of US consultant Barra Strategic Consulting Group, warned fund managers that he expects to see massive job losses in the industry within the next three to five years.
Casey, speaking at the Pension Funds Consultants’ Circle conference in San Francisco, claimed that too many asset management firms had over extended themselves and had lost their focus on core competencies.
As a result, Casey believes that many firms are up to 50% overstaffed, especially regarding their investment staff. Most fund managers have inadequate staffing levels in areas such as sales, technology / infrastructure, operations and business management because of the heavy bias towards investment staff, he said.
The imbalance in staffing levels is most prevalent in areas such as research and analysis, policy, and stock selection.
There's a big clean up coming, Casey said. He also criticised firms for not embracing technology that could lead to greater efficiencies and cost savings.
It's the damnedest thing - this industry loves to invest in new technology, but hates to use it.
By Geoffrey Ho
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.