CGWM CEO Esfandi: 2019 will 'sort the strong from the weak' in wealth management

Bearish outlook will push some players out of the market

Canaccord Genuity Wealth Management (CGWM) CEO David Esfandi has said a bearish outlook brought about by rising US interest rates, trade tensions and other macro issues has left investors facing a period of lower returns and higher volatility, which will "sort the strong from the weak" in wealth management and push some players out of the market.

Esfandi, who joined CGWM in 2014 from his role as managing director of Ashcourt Rowan Asset Management, said smaller firms in particular are set to "fall by the wayside" as we approach 2019 with markets "mired in pessimism". Funds to flip: Which funds should you be switching out of? The subsidiary of Canaccord Genuity Group, which has £26.9bn under management, offers a range of multi-asset and multi-manager funds in addition to an actively managed global equity product. It expanded its offering in July 2017 via the acquisition of investment and wealth management business Hargreave Hal...