Is 2009 set to be the worst ever year for working in Australian funds management? The sector has already lost hundreds of jobs and more cuts might be coming as funds reveal double-digit profit slumps.
Perpetual is the latest to announce a fall in profits and to reduce its dividend payment. More worryingly, its chief executive reckons the debt and equity markets are in for a further rough ride.
David Deverall told the Australian Financial Review. "Our industry has taken a massive shock in the form of a large and sudden deterioration in the equity markets. Rolling out of that has been an extremely rapid decline in investor confidence that has also caught the mindset of financial planners."
Is asset management in Australia in crisis? Are management teams still safe in their jobs? Frighten the funds below.