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The number of firms in the global asset management industry will be cut in half over the next 15 years due to a shift in client demographics, new technology and changing social behaviors, according to a report from KPMG International.

“We are on the verge of the biggest shake-up the industry has experienced and the message to asset managers is clear – adapt to change or your business won’t survive. The two biggest issues that need to be addressed are the changing client base and technology, and asset managers need to get to work on these areas now,” said Tom Brown, global head of investment management at KPMG International.

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