Investment management companies saw out 2009 on a high with sustained profitability and increased confidence, a survey suggests.
Profitability rose rapidly in Q4 for 67% of investment businesses on balance - the percentage swing between firms reporting an increase and those reporting a decrease - according to figures from the Confederation of British Industry (CBI) and PricewaterhouseCooper (PwC). The rise, the second consecutive quarter on quarter increase, was supported by strong growth in business volumes as well as fee, commission and premium income. This income rose for the first time in over a year, while average spreads were flat. Pars Purewal, UK asset management leader at PwC LLP, says: "Investment...
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