“The whole world of financial services is going retail and, if people fail to realize that, their business will be dead.” In saying this Chase Manhattan’s Mark Tennant, who runs its European global fund services division, neatly sums up the biggest challenge facing the investment world today.
The rush of money into retirement savings, coupled with the rapid spread of the internet is creating a huge source of new funds. Meanwhile at the wealthier end of the market, the number of millionaires with large of amounts of money free to invest is increasing dramatically.
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