Managing director Alan Johnson said employees on the support and operations side of the business, like those involved in processing and lower-level technology functions, will likely be most vulnerable.
The dim projections underscore how asset managers are under pressure as they navigate falling fees for products and thinning profit margins in a highly uncertain economic environment the coronavirus pandemic has brought on.
“This is going to be a very difficult end of the year,” Alan Johnson, the firm’s managing director, said in a phone interview.
Investors shifting out of stocks and flocking to lower-risk, lower-fee products like bonds during the volatility this year has had another negative impact on revenue, he said.
Business Insider / August 10, 2020