NU Online News Service, June 16, 2003, 4:55 p.m. EDT – Most of the world’s biggest money managers earned operating profits during the first half of 2002 despite the global economic slump, according to analysts in the New York office of Boston Consulting Group Inc.
The analysts conducted an informal survey of about 40 large money managers from around the world and found that 42% had pretax margins over 30% during the first half of 2002. Only 7% of the participating companies actually lost money.
The big money managers continued to generate profits even though the value of assets under private, professional management fell sharply in many countries.