I think the global economy is going to continue
to be volatile. When I say that, I don’t so much mean in what happens within the particular
markets, it’s – there have been a number of surprises, who knows what else is coming round
the corner. I think we’ll continue to see some of those things happening and therefore
we’re probably facing a period of greater uncertainty, just a more volatile environment
where it’s difficult to plan with any great certainty for how the global economy is going
to perform over any time scale. So businesses are going to need to be very agile.
I think rolling forward a year from last year’s survey, the concerns around geo-political
risk, the disenfranchised of a large number of the populations from the elite for example
hold as true today if not more so. Interestingly I think, if you look back over the last 12
months, and the US election was a great example, where that came to the fore. The referendum
in the UK about the EU brought that to the fore. So where I think 12 months ago the survey
by PwC highlighted this as a risk, I think 2016 will be remembered where that risk became
a reality. I couldn’t be more optimistic about the
future of the asset management industry. I think it’s going through a rapid change.
There’ll be competitive threats and pressures, but where there is disruption there is opportunity,
and I think those that are successful through this period will be the ones that embrace
the challenges and look to the future as opposed to looking at the past.