Assets under management in Ireland have the potential to grow from €4 trillion last year to €7 trillion by 2025, according to new research from PwC.
In its ‘Asset & Wealth Management Revolution: Embracing Exponential Change’ report, PwC anticipates global assets under management will almost double in size by 2025, from $84.9 trillion in 2016 to $111.2 trillion by 2020, and then again to $145.4 trillion by 2025.
While the report predicts rapid growth for the asset & wealth management industry, it also warns that firms needs to take action now, if they are to survive an exponential level of change.
Commenting on the Irish market, PwC’s Global Asset & Wealth Management Leader Olwyn Alexander said: "With an economy that continues to grow at above EU average GDP levels, we remain very confident about the future growth capacity for Ireland’s funds industry.
"Shifts in global investment patterns to passive and alternatives, where Ireland punches well above its weight, will further fuel growth in Ireland.
"However, with the uncertainties caused by Brexit and other geopolitical challenges, we cannot be complacent.
"Technology, and particularly the rise of AI and robotics, provides great opportunities to further manage the cost base and deliver even better products to consumers."