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The number of employees at asset managers drops for the first time in a decade

Customers are more risk-averse and that leads to a drop in assets under management and lower fee revenue at global asset managers who are already reducing their headcount.

Photo: Colourbox/Kzenon

A brutal shake-out is under way in asset management, and the sector's assets under management and fee revenue are dropping, and the number of employees are shrinking for the first year since 2010, reports Financial Times.

According to Deloitte-owned consultancy Casey Quirk, savers want a lower risk and want to focus on trimming costs that have started a wave of redundancies among global asset managers including BlackRock, Axa Investment Managers, GAM and AQR. In total, the number of workers in the global asset management industry will drop 0.6 percent in 2019, which is the first year since 2010 with a negative development.

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