Industry dynamics are altering the traditional roles played by industry participants in the capital markets and investment ecosystems. Active investment firms are faced with immediate business challenges that are born from the waves of regulation, passive investing, fee compression trends, and broader capital demands that have emerged since the last financial crisis.
US and European stocks posted modest gains in September, helping the STOXX® Global 1800 Index wrap up its best calendar quarter this year. Japanese shares recorded their strongest month in 11, reportedly amid foreign investors’ inflows.
As with previous crises, 2008 was a catalyst for many changes across the investment industry. Some of these were knee-jerk reactions, others more fundamental changes to business, regulation, investor protection and transparency.