'Tidal wave' of assets heading for fund management industry, says JPMorgan AM chief

A "tidal wave'' of assets is expected topour into the asset management industry over the next five years, driven by an intensifying focus on retirement savings, says JPMorgan Asset Management chief executive George Gatch.

Managers have so far benefited from a tailwind of ever-rising markets, but this will reverse at some point, he says. He was the keynote speaker at JPMAM's international media summit in London earlier this week.

"Market forces have been a huge tailwind for the industry and managers have not had to adjust their business models. This will be a major issue when the market turns, when eventually there is recession and tailwinds become headwinds, and there will be differentiation between winners and losers.''