Portfolio Supervision takes a whooping as long as the rich look alternate ventures
The rich investors lack faith prompted a quarter of those with invested financial assets above the one million dollar mark to pull funds from their designated portfolio manager ,or in a few cases fire their wealth management partners all together. Needless to say this is affecting the whole industry and leading to wealth management job losses in portfolio and asset management teams.
This brand new report was created by Merrill Lynch Wealth Management and the business / corporate consultants Cap Gemini. To compile it they interviewed over 1, 350 financial advisers and more than sixty of the most senior and respected Portfolio Managers. The survey, which also polled slightly more than two hundred international super rich investors, also found that over three quarters of managers had lost confidence in financial regulators and watch digs over the last two years. More than 90 percent of those surveyed reported they had lost wealthy clients during this period. The report highlighted the fact that in many cases, the wealthy investor community had rethought their investment decision making strategies. Take Great Britain for example. There wealthy investors were among the hardest hit in the global downturn. The number of people with financial assets of over $1 million was reduced by 131, 000 down to a potential investment audience of only 362, 000. This factor is the primary cause of the loss of offshore banking jobs we have seen in the offshore wealth management industry during 2009 & 2010.
Merrill Lynch's head of wealth management for the UK stated his belief that 2009 was the worse year on record for retraction of offshore investment funds and one of the best for the funds who had pursued an alternative investment strategy. He said the ultra rich in the UK were particularly badly hit, as they generally tend to commit heavily in equities alongside serious investments in real estate, both of which suffered dramatic crumbles and plummeted in value.
As an alternative to traditional portfolio based investments, the super rich have already been investing their capital into jewelry, rare commodities and fine art. So the well-heeled with cash to burn have been buying things that are interesting to own and use - with the added bonus that there's little chance of losing money in the long run. Those who have lost their well paid banking jobs from wealth management teams might beg to differ.
As yet the dust has not settled. It can be argued there are far more repercussions for the offshore fund, wealth management industry and the jobs in portfolio management and asset management jobs those sectors provide. Whether the change in investment habits of the super rich remains a long term consequence of the downturn is also unknown at the minute. All to play for.
Questions and Answers
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