Put together by KPMG and UK think tank Create, the report examined the views of 185 senior executives controlling $19,0000bn (£11,4200bn) worth of assets.
‘This is a business which quite simply was not run like a business and was only sustainable because the markets were powering ahead with seemingly unstoppable momentum,’ said David Lester, KPMG’s global head of investment management and funds.
Among the problems highlighted were a race to acquire assets to the detriment of profits, a leadership vaccum and an industry populated with inflated egos, the FT reported.
The report will be unveiled this week at Funds Forum in Venice.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.