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Laxman Pai, Opalesque Asia: Despite the buzz around GenAI, asset managers in the U.S. are proceeding cautiously - forty percent are in the conceptual phase, 25% are developing capabilities, and nearly a third haven't started, according to a study. Less than 5% have a clear strategy.
According to the latest "Asset Management Industry Pulse" survey from KPMG, while worries about inflation have subsided, asset managers are concerned about uncertainties surrounding interest rates, capital funding, and how generative artificial intelligence will play out across the industry over the long term.
Most respondents (63%) anticipate the Fed will start cutting rates in the second half of 2024, while 37% believe it will wait until 2025 or later. With the economy showing resilience but signs of a labor market slowdown in early August, a September rate cut seems increasingly likely.
Asset managers cite the availability of capital as their top risk, with 48% marking it as their main concern, up from 40% previously. Interest rate uncertainty is also significant, ranking second at 37%.
Meanwhile, respondents expect private debt (43%) and private equity (35%) to remain the top asset classes for ROI over the next three years, mirroring the previous survey results.
According to the report, the hybrid work model remains dominant in response to the pandemic, with 75% of organizations adopting this approach, an increase from 67% previously adopting the hybrid model.
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