RETHINKING DISTRIBUTION

About this report

This report presents the findings of our research and analysis over the past six months, including in-depth interviews with several senior executives at asset management companies, banks and professional associations whom I would like to thank for their time commitment and in-depth insights of the industry. CACEIS and PwC Luxembourg jointly developed the hypotheses and analysis for this research and I would like to acknowledge all our colleagues and experts from CACEIS and PwC namely Arianna Arzeni, Xavier Balthazar, Olivier Carré, Mark Evans, Thierry Flamand, François Génaux, Claude Michaux, John Parkhouse, Christophe Pittie and Didier Prime for their contributions and support during this project. I would also like to thank GregoryWeber and Xavier Domalainwho provided essential research to this project.

Our goal is to provide leaders within the asset management industry with thoughtful insights and create a basis for discussion on the future of the industry. This research is independent and has not been sponsored or commissioned by any firm or institution.

Dariush Yazdani PwC Luxembourg, Director of Financial Services Research Unit

www.rethinkingdistrib

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