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1、Leaders focus on political and economic uncertainty,ESG,attracting and retaining talent and generative AI.KPMG 2023Asset ManagementCEO OutlookKPMG I management CEO priorities 04Economic value creation 05Trust and purpose07Strategic planning09Technology and digitization 11Generative AI 12Asset manage

2、ment CEO Outlook 20232 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Many asset management CEOs worldwide are facing significant uncertainties.Interest rates have risen sharply,resulting in a more

3、 challenging investment environment.The world is becoming more complex,and the nature of globalization is changing with conflicts,tensions and sanctions impacting investment.Notwithstanding this,there is no shortage of capital,liquidity and flows into asset management.At the same time,there is an in

4、creasing recognition of the power of capital to make a difference and improve both the environment and society.ESG has often involved filtering out investments but can also mean positive choices,such as financing energy transition projects.Asset management is in the vanguard of a shift towards incre

5、ased levels of corporate trust and purpose.Asset managers have to fight for talent and set strategies for growth,with our research finding an increasing appetite for mergers and acquisitions.Technology presents opportunities and risks including cyber attacks and data governance failures,opportunitie

6、s from digitization and upheaval from generative artificial intelligence,all of which are addressed in this research.I hope you find it useful in understanding the views of industry leaders.Technology and digitizationGenerative AIEconomic value creationTrust and purposeStrategic planningAsset manage

7、ment CEO priorities 2022 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.3Asset management CEO Outlook 2023Andrew WeirGlobal Chair,Asset Management,KPMG InternationalAsset management CEO priorities Econo

8、mic value creation Asset management CEOs are a little less confident about economic growth than they were a year ago,but most are optimistic about both the sector and the global economy.Over the next three years,89 percent of the CEOs surveyed anticipate growth in organizational earnings and 84 perc

9、ent think they will employ more people.Political uncertainty has risen to become the greatest perceived threat,followed by interest rate risks and emerging and disruptive technology.Trusted purpose ESGs greatest impacts on asset management affect capital allocations,partnerships,alliances and custom

10、er relationships.Most asset management CEOs expect to see ESG investments taking at least three years to provide returns.Net zero greenhouse gas emissions are their most mentioned specific priority.The majority of these CEOs say they are willing to take a political or social stand on a contentious i

11、ssue and divest a profitable but reputation-damaging part of the business.Strategic planning Attracting and retaining talent has risen to the top of asset management CEOs list of operational priorities,followed by inflation proofing and advancing digitization and connectivity measures.The proportion

12、 of CEOs saying they have a strong mergers and acquisitions appetite has increased sharply from 40 percent last year to 58 percent.Around three-quarters of the CEOs think they should use a collaborative leadership style and expect to take a public stand on behalf of their organizations,even if this

13、conflicts with their own beliefs.Technology and digitization Most asset management CEOs surveyed see cyber crime and cyber attacks as pressing issues,with 28 percent adding that their organization is under-prepared for an attack.Most of those surveyed believe employees are likely to be rewarded if t

14、hey work in the office rather than remotely.Just one-tenth expect all office work to be carried out remotely in future.Generative AI Generative artificial intelligence is seen by these CEOs as an important investment opportunity,particularly for product and market growth,fraud detection and cyber at

15、tack responses,efficiency and productivity.But CEOs are concerned about a lack of regulations and direction for generative AI,with three-quarters agreeing such regulation should mirror that for climate change.Asset management CEO prioritiesTechnology and digitizationGenerative AIEconomic value creat

16、ionTrust and purposeStrategic planningAsset management CEO prioritiesAsset management CEO Outlook 20234 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Asset management CEOs are somewhat less confid

17、ent about economic growth than they were a year ago,although most continue to take a positive view.The proportion of respondents expressing confidence in the global economy is 69 percent,down slightly from 71 percent in 2022,with 83 percent believing rising interest rates and tightening of monetary

18、policies could prolong a potential recession.They are more optimistic about asset management itself,with 76 percent confident of growth in the industry(80 percent last year)and 73 percent having confidence in their own companys growth prospects.The industry is increasing in scale in many parts of th

19、e world,including by providing alternatives to bank savings through money market funds and expanding in previously underserved markets in Asia-Pacific.Most of the CEOs in the research,89 percent,expect their organizations to report growth over the next three years,almost unchanged from 90 percent in

20、 2022,although there has been an increase in those expecting negative growth from 2 percent to 8 percent.The proportion expecting to employ more people in three years time has increased from 80 percent last year to 84 percent this year,although again the research has also seen more respondents expec

21、ting headcount to fall,from 4 percent in 2022 to 11 percent now.Economic value creation Source:KPMG 2023 CEO Outlook,KPMG International,October 2023.Asset management CEO prioritiesTechnology and digitizationGenerative AITrust and purposeStrategic planningEconomic value creationAsset management CEO O

22、utlook 20235 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Most CEOs think rising interest rates could prolong a recessionAgreeNeutralDisagreeIncreaseStays the sameDecrease83%11%7%but expect to se

23、e headcount increase over the next three years84%5%11%This years research found that political uncertainty has shot to the top of asset management CEOs list of perceived threats with 16 percent mentioning it,up from 4 percent last year.Concern over last years biggest issue,interest rate risks,remain

24、s unchanged at 15 percent,with asset managers having to cope with higher costs of financing while designing products with returns that exceed the greatly increased rates of risk-free assets such as government debt.Respondents showed increasing concern over emerging disruptive technological risks inc

25、luding generative AI,discussed later in this report.Last years worries over a return to territorialism have fallen away while those on internal unethical culture have reduced,although this is likely to be due to leaders developing ways to tackle both issues rather than either having gone away.The ch

26、anging political landscape and the nature of globalization present challenges and also opportunities.The key is to have different scenarios and stress testing of alternative models.These changes can affect the external market for products,hiring market and supply chain.This is all in the context of

27、massive business scrutiny and the expectations of employees and customers about an organizations stance on political and social matters.It is about the importance of resilience and agility in uncertain times.”Andrew Weir Global Chair,Asset Management,KPMG InternationalHow threats to asset management

28、 have changed from 2022 to 20230%2%4%6%8%10%12%14%16%18%20222023Political uncertaintyInterest rate riskEmerging/disruptivetechnoloy riskInternal unethicalculture riskReturn to territorialismAsset management CEO prioritiesTechnology and digitizationGenerative AITrust and purposeStrategic planningEcon

29、omic value creationAsset management CEO Outlook 20236 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Source:KPMG 2023 CEO Outlook,KPMG International,October 2023.The greatest impact of ESG(environm

30、ental,social and governance)considerations on asset management is on core functions including capital allocation,establishing partnerships and alliances,with customer relationships close behind.This shows how ESG has become a strategic issue which is fundamental to the brand and reputation of any as

31、set manager.For example,decisions over whether to engage with a sector or country are likely to be used by potential customers and partners to decide whether to offer business or engagement.This is an area where asset managers should expect high levels of scrutiny over their decisions.Asset manageme

32、nt CEOs see ESG investments as providing returns in the medium rather than the short term,with 49 percent expecting these in three to five years with 30 percent expecting them in less than three years and the rest longer than five years.Environmental challenges including net zero greenhouse gas emis

33、sions is the most mentioned ESG priority,cited by 41 percent.Respondents say the greatest barriers for global corporations in moving to net zero are a lack of internal governance and controls to put such work into action,mentioned by 28 percent,followed by issues with supply chains and a shortage of

34、 skills and expertise.Trust and purposeImpact of ESG strategyGeri McMahon Global Head of ESG for Asset Management,KPMG InternationalInvestment stewardship,such as through corporate engagement and voting,is increasingly recognized as a way that asset owners and managers can influence the energy trans

35、ition.Such stewardship combined with positive screening can allow asset owners and managers to make a more positive contribution than merely divesting from a sector.It is important to support a just transition on energy that considers the societal impacts of moves towards net zero.”Building customer

36、 relationships23%Shaping our capital allocation,partnerships,alliances andM&A strategy25%Attracting the next generationof talent15%Driving financial performance14%Driving total shareholder return13%10%Building our brand reputation1%Strengthening employeeengagement and employeevalue propositionAsset

37、management CEO prioritiesTechnology and digitizationGenerative AIEconomic value creationStrategic planningTrust and purposeAsset management CEO Outlook 20237 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights r

38、eserved.Source:KPMG 2023 CEO Outlook,KPMG International,October 2023.KPMG research shows that many asset management CEOs are willing to take specific action to demonstrate their values,with the proportion willing to take a stand on a contentious issue even if their boards were concerned rising to 62

39、 percent.Even more,68 percent say they are willing to sell a profitable business unit if it is damaging the companys reputation.Almost all respondents say they invest in social and community programs that align with their core values,with 43 percent supporting a number of programs globally,41 percen

40、t supporting one program globally and 11 percent investing in local programs.The majority,67 percent,agree that progress on diversity and inclusion has moved too slowly in the business world.It is worth noting that ESG initiatives may be challenged from more than one direction.Some investors may arg

41、ue that measures take the wrong approach,such as by blocking investment in activities that are unpopular but beneficial.Meanwhile,campaigners may feel that ESG initiatives are ineffectual,in some cases asserting that they are greenwashing designed to deflect attention from corporate transgressions.T

42、he pros and cons make this is a very complex area for asset managers to navigate.CEOs willing to divest a profitable but reputation-damaging part of the businessCEOs willing to take a stand on a politically or socially contentious issueCEOs willing to divest a profitable but reputation-damaging part

43、 of the business62%(2023)68%(2023)56%(2022)64%(2022)A big challenge is also how to get the right narrative on the social aspects.It is not just about employment,but about the benefit youre providing for society.The S of ESG needs more thought,more models and more measurement.”Andrew Weir Global Chai

44、r,Asset Management,KPMG InternationalAsset management CEO prioritiesTechnology and digitizationGenerative AIEconomic value creationStrategic planningTrust and purposeAsset management CEO Outlook 20238 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities

45、provide no services to clients.All rights reserved.Source:KPMG 2023 CEO Outlook,KPMG International,October 2023.Attracting and retaining talent has risen to the top of asset management leaders operational priorities,with 26 percent of respondents mentioning it in 2023 compared with 17 percent last y

46、ear.The sector still struggles with gender balance with women making up just 11 percent of the 80 CEOs in this research.Most respondents agree that they have responsibilities to drive greater social mobility(81 percent)and that gender equity among senior executives would help to meet growth ambition

47、s(79 percent).Inflation proofing capital and income costs was the second most-cited operational priority,chosen by 20 percent this year.Higher inflation can make some asset classes including real estate,infrastructure and private equity more attractive as a hedge,but has significant consequences for

48、 general economic health.Increasing measures to adapt to geopolitical issues dropped from the joint top answer from CEOs in 2022 to zero responses in 2023,possibly due to the timing of last years survey a few months after the start of conflict in Europe,while this years research took place shortly b

49、efore recent events in the Middle East.Strategic planningAttracting and retaining talent is a major issue.One approach is to clarify the positive role that asset management and capital can play in society.How do you get to net zero,how do you get transition of companies and economies without capital

50、 and asset management?That message doesnt always get amplified but it links to the importance of underlying purpose.”Andrew Weir Global Chair,Asset Management,KPMG InternationalHow operational priorities to achieve growth have changed from 2022 to 2023Trust and purpose0%5%10%15%20%25%20222023Employe

51、e value proposition to attract and retain talentInflation proofing capital and input costsAdvancing digitization and connectivityOrganic growthImplementing and understandingemerging technologyInorganic growthExecution of ESG initiativesImproving the customer experienceIncreasing measuresto adapt to

52、geopolitical issuesSource:KPMG 2023 CEO Outlook,KPMG International,October 2023.Asset management CEO prioritiesTechnology and digitizationGenerative AIEconomic value creationTrust and purposeStrategic planningAsset management CEO Outlook 20239 2023 Copyright owned by one or more of the KPMG Internat

53、ional entities.KPMG International entities provide no services to clients.All rights reserved.One of the biggest shifts between 2022s research and this year is seen in the increasing interest in mergers and acquisitions,with 58 percent now saying they have a high appetite and those with low appetite

54、 declining from 17 percent last year to 6 percent in 2023.The Asia-Pacific region is experiencing increased demand for asset management platforms and other emerging markets are relatively new to asset management,both driving appetite for acquisitions.In developed markets there are pressures for comp

55、anies to increase scale and mergers offer a way to achieve this,although they need to be undertaken with care so that they are successful in increasing value.KPMG research also found that asset management CEOs approve of other kinds of collaboration,with 74 percent agreeing that a collaborative lead

56、ership style with shared management and operational responsibilities enables greater success.Even more,78 percent expect to take public stands on issues for their organization that may conflict with their own beliefs.CEOs with a high appetite for mergers and acquisitions58%(2023)40%(2022)Source:KPMG

57、 2023 CEO Outlook,KPMG International,October 2023.Asset management CEO prioritiesTechnology and digitizationGenerative AIEconomic value creationTrust and purposeStrategic planningAsset management CEO Outlook 202310 2023 Copyright owned by one or more of the KPMG International entities.KPMG Internati

58、onal entities provide no services to clients.All rights reserved.Asset management CEOs put advancing digitization and connectivity at the top of their operational priorities list in 2022 but it has fallen to joint third in 2023.However,the research shows that 58 percent of CEOs are investing capital

59、 in new technology,the same as last year.Cyber crime and cyber insecurity moved to the top of the list of concerns that could negatively impact organizational prosperity over the next three years,with 81 percent of respondents seeing this as a pressing issue.More specifically,28 percent feel their o

60、rganizations are under-prepared for a cyber attack although 62 percent say they are well-prepared.The most common reason for under-preparedness,mentioned by 45 percent,is the increasing sophistication of new developments such as with generative artificial intelligence(see next section)as a contribut

61、ing factor with vulnerable Technology and digitization CEOs who say their organization is under-prepared for a cyber attackCEOs who say that employees are likely to be rewarded if they work in offices rather than remotely28%(2023)90%legacy systems or infrastructure mentioned by 27 percent and shorta

62、ges of skilled personnel by 14 percent.Although deliberate cyber attacks gather a lot of attention,many data breaches occur as a result of organizational mistakes or poor practice,making data governance and security vital.Technology has allowed many staff to work remotely,but the research shows that

63、 most CEOs in the sector believe that employees should come to the office and are likely to be rewarded if they do so,such as with promotions or salary increases.Only 10 percent expect the working environment for traditionally office-based roles to become fully remote over the next three years,with

64、49 percent expecting work to be carried out in offices and 39 percent predicting a hybrid approach.21%(2022)Source:KPMG 2023 CEO Outlook,KPMG International,October 2023.Asset management CEO prioritiesGenerative AIEconomic value creationTrust and purposeStrategic planningTechnology and digitizationAs

65、set management CEO Outlook 202311 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Generative AI(artificial intelligence)is seen as a top investment priority by 69 percent of asset management CEOs in

66、 the survey with just 21 percent disagreeing,following the high-profile launches of services that generate text and images based on user requests.Respondents have a wide range of hopes for the benefits it can bring,led by new product and market growth opportunities(see list).However,they also have c

67、oncerns about the challenges of implementing generative AI,with ethical issues seen as highly challenging by 61 percent and cost of implementation by 57 percent.Notably,of eight options offered CEOs see job redundancies as the least challenging impact of generative AI,with only 17 percent calling it

68、 highly challenging,74 percent somewhat challenging and 9 percent not at all challenging.Lack of regulation was mentioned by 51 percent of respondents as being highly challenging for generative AI,with 75 percent agreeing with the idea that regulations should mirror those for climate change commitme

69、nts.CEOs are also concerned about the technologys impact on cyber security,with 81 percent seeing it is a double-edged sword that may help detect cyber attacks but also provide adversaries with new ways to mount them.CEOs also see generative AI as a technology that will take time to provide a return

70、 on investment,with 69 percent saying this will take more than three years after implementation.While there is incredible potential for generative AI in asset management,the technology is at an early stage and as a result strong governance is very important.Organizations need to have a strategy and

71、a governance framework for its use and ensure it is discussed at board level.KPMGs research shows that asset management leaders are keen to explore the opportunities that generative AI offers but rightly have concerns about its implementation.This still-developing technology relies on the data it us

72、es for training,basing its output primarily on patterns in this material rather than rules,so the quality of both needs careful monitoring.This should be part of strong governance of generative AIs use that includes board level discussions.”James Suglia Global Head of Asset Management Advisory,KPMG

73、InternationalPersonalized services/customerengagement4%Faster data analysis11%Increased profitability14%Fraud detection and cyberattack response18%9%Job creationIncreased efficiency andproductivity through automatingroutine operations16%2023New product and marketgrowth opportunitiesTop benefits of i

74、mplementing generative AI in organizations23%Increased innovation6%Generative AIAsset management CEO prioritiesTechnology and digitizationEconomic value creationTrust and purposeStrategic planningGenerative AIAsset management CEO Outlook 202312 2023 Copyright owned by one or more of the KPMG Interna

75、tional entities.KPMG International entities provide no services to clients.All rights reserved.Source:KPMG 2023 CEO Outlook,KPMG International,October 2023.Asset management CEO prioritiesTechnology and digitizationGenerative AIEconomic value creationTrust and purposeStrategic planningAsset managemen

76、t CEO Outlook 202313 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Key recommendations Asset management CEOs need to be resilient and agile,for example by planning and stress testing based on diff

77、erent scenarios,to cope with risks including political uncertainty.ESG has become a strategic issue which is fundamental to asset management brands and reputations,and CEOs must expect high levels of scrutiny over their decisions.While many asset managers appreciate the importance of strong governan

78、ce and environmental issues including climate change,the S of ESG benefit to society needs more attention.Clarifying the positive role that asset management can play in society is one way to address challenges in attracting and retaining talent.Generative AI has incredible potential as a technology

79、but given its risks it will require strong governance and board level oversight.MethodologyThis report draws on interviews with 80 asset management leaders for KPMGs cross-sector 2023 CEO Outlook report,which included a total of 1,325 people.1 Its research was carried out in August and September wit

80、h CEOs leading organizations with revenues of at least US$500 million based in Australia,Canada,China,France,Germany,India,Italy,Japan,Spain,the United Kingdom and the United States.In the asset management research the two largest sub-sectors were wealth management,with 39 percent of respondents,and

81、 private equity(or similar direct investors)with 26 percent.The best-represented countries based on organizational headquarters were the US,the UK,China and India with these four countries making up two-thirds of responses.1 KPMG 2023 CEO Outlook:https:/ management CEO prioritiesTechnology and digit

82、izationGenerative AIEconomic value creationTrust and purposeStrategic planningAsset management CEO Outlook 202314 2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.The information contained herein is

83、of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavor to provide accurate and timely information,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurat

84、e in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.2023 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved

85、.KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited(“KPMG International”),each of which is a separate legal entity.KPMG International Limited is a private English company limited by guarantee and does not provide services to clients.For more de

86、tail about our structure please visit KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.Designed by Evalueserve.Publication name:Asset management CEO Outlook 2023 Publication number:139149-G Publication date:December 2023Some or all

87、of the services described herein may not be permissible for KPMG audit clients and their affiliates or related Andrew Weir Global Head of Asset Management KPMG International E:Greg Williams Head of Asset Management Americas region,and Partner,KPMG in the US E:Chrystelle Veeckmans Head of Asset Manag

88、ement EMA region and Partner,KPMG in Luxemborg E:chrystelle.veeckmanskpmg.luJames Suglia Global Head of Asset Management Advisory,KPMG International E:Troy Butts Global Head of Asset Management Audit,KPMG International E:Deidre Fortune Global Head of Asset Management Tax,KPMG International and Partner KPMG in the US E:Geri McMahon Global Head of ESG for Asset Management,KPMG International E:.auDean Brown Global Head of Asset Management Consulting,KPMG International E:dean.brownkpmg.co.ukKim Kan Director,Asset Management KPMG China E:Contacts