NEW YORK (Reuters) - The combined wealth of households around the world rose 12 percent last year and nearly surpassed the 2007 high-water mark, yet money managers faced lower revenue and shrinking profit margins, according to an industry study released on Thursday.
Global assets under management rose to $11.5 trillion, just short of the 2007 year-end peak, Boston Consulting Group said in its annual study of the wealth management business. But while client assets have almost recovered from the 2008 financial crisis, client trust in their advisers has not.