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Report Eyes 2001 Asset Manager Woes

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NU Online News Service, July 8, 2:59 p.m. – The Boston Consulting Group, Boston, estimates the profits of U.S. asset managers fell 69% in 2001.

Asset manager profits fell 34% in Europe but increased 15% in Asia, the firm says in a new report.

The firm based its figures on an informal survey of 60 large asset management companies.

The report emphasizes the stability of profits for U.S. fee-based managers. Although U.S. asset managers’ commission profits declined sharply, fee-based managers reported their profits were down only 6%, the firm says.