Asia's asset management industry grows at slower pace of 5%

Net profits for Asia's asset management industry in 2018 grew 3%, down sharply from an annualised pace of 14% over the previous six years, management consultant McKinsey & Co. says. Pic by McKinsey

KUALA LUMPUR: Asia's asset management industry last year grew at a fraction of the torrid pace of previous years and this could set the pace for the next five years, a report by management consultant McKinsey & Co. says.

The region's 5% growth in assets under management (AUM) for 2018, which was off from an annualised 15% clip for the prior six years.