High-yield savings and caution over market volatility and economic sentiment have left up to $1.5tn out of the market
Top asset managers are struggling with investor reluctance to embrace risk and put money into the markets, as interest rates and yields on cash savings remain at their highest level in more than a decade. Investors have been stubbornly sitting in cash, hurting bottom lines for asset managers and forgoing gains on more than $1.5tn during a record bull run that until recently pushed markets to all time highs. Several factors are driving the caution.
The fees managers charge for money market funds are also much lower than their other investment products. “If the only thing that is inflowing is your lowest fee product suite then that’s suboptimal,” said Brennan Hawken, an analyst at UBS. The reticence has confounded managers, who thought the broad rebound in markets would bring investors back into their funds, helping improve what have been modest flows across the sector.
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