‘Zombie’ future threatens asset managers, warns industry CEO
The asset-management industry is changing so rapidly that as many as 80 percent of its players will become “zombie firms” unable to achieve the performance or scale needed to attract new money, according to PGIM Chief Executive Officer David Hunt.
BY Erik Schatzker / BLOOMBERG
“We have never seen such a disparity between winners and losers,” Hunt said in an interview with Bloomberg Television on Monday. “The vast majority of firms, if you’re just doing public equities, you’re just doing fixed income, you’re struggling. You’re in outflows, and we don’t see that changing anytime soon.”
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