The expected impact of all change on the asset management industry

Over the course of the decade or so that preceded the onset of the credit crisis in 2007, Newton had grown increasingly concerned about the over-indebtedness of the Western consumer and financial system. These concerns were expressed in our theme of debt & credit about five years ago. The popping of the credit bubble validated our concerns and our thinking has now shifted to considering the implications in the aftermath of the credit crisis. We replaced debt & credit as a theme in the second half of 2008 with all change, which explores the implications of the very significant deleveraging which is already under way. These implications will reach all corners of the financial services industry, including asset management.