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Fuelled by inflows from Syria and politically unstable countries in North Africa, large Middle Eastern wealth management centres, such as Dubai, are experiencing a particularly robust growth in assets under management, analysts at Booz & Company said.
The Middle East was once again the standout region for wealth creation, posting its third consecutive year of impressive gains – 19 per cent in 2012 after a growth of 15 per cent in both 2010 and 2011, results of an extensive global survey show. The year 2012 also saw assets under management (AuM) growth accelerate in other regions. Asia?s growth rate jumped to 20 per cent, up from two per cent in 2011, thanks to strong economic growth and increasing wealth concentration. This made Asia? the ?hottest? region for wealth managers, the research report said.
North America and Latin America both posted healthy 12 per cent AuM gains, up from one per cent and five per cent, respectively. While assets under management have seen a significant upswing around the world, these gains have not translated into the top-and-bottom-line growth that wealth managers would expect based on past recoveries, said the report based on interviews with over 150 wealth management executives, senior financial advisors, and regulators from more than 15 international markets.
Key findings highlight that new global regulations, reduced revenue pools, new competition and changing customer behavior represent major challenges for wealth firms. The survey reveals that not all wealth managers are equipped to benefit from the expected upturn.