Welcome to our EY Outlook for Asset Management in 2020, where we examine some of the big themes and topics that are already shaping our conversations this year.
It’s an exciting time to be part of our industry, which currently stands at 4.8trn euro – a sizeable increase from 4.2trn in 2019. With wages and salaries of €1.5bn, direct tax intake of €846m, and 16,000 jobs across the island of Ireland – expected to increase to 33,000 in the next three to five years – there is no doubt that we make a significant positive contribution to the local economy.
We are not only an industry that is important to Ireland – we are also an industry that is important to Europe. In Ireland, we administer about 16% of all European assets, a number which continues to grow as we consistently outpace our competitors. For the last five years, we have been growing at a faster rate than anywhere else in Europe, which positions us nicely for further growth.
Yet as positive as all of this is, it is imperative that our success to date does not create complacency about our future. What’s worked in the past may not be what will work over the next 5, 10, 15 or 20 years. Our industry must respond to the rapidly changing world in which we operate, whether that be low or zero interest rates, worries about the liquidity of some funds or other key drivers that are already reshaping the funds industry. When it comes to these challenges and opportunities, we must ask ourselves: are we doing enough?
It’s time to be brave and to set ourselves the goal of creating a stronger, smarter, better industry that will allow Ireland to provide sustainable European and global leadership in the funds sector. That means we need to think critically not only about what we already do well, but about what we need to do better in the future. Most importantly, we need to develop the emerging advantages that we will need to secure our success.
Download the publication to explore these topics further and to read our views on the key issues shaping asset management in 2020 and beyond, from regulatory changes to innovation, product trends, Brexit and the Irish asset management footprint outside of Dublin. As ever, don’t hesitate to reach out if you have any questions or would like to discuss any of these topics in greater depth.