According to a study released today by the Boston Consulting Group, many wealth management companies are fumbling in the dark. The study finds that firms have failed to keep overhead low amidst the bull market of the past decade as well as not understanding their target base thus not being able to capture the right client base. Other interesting tidbits include: many firms fail to target investors with less than 5 million in assets, the affluent are graying at an alarming rate, and European assets should outpace their American counterparts by two fold due to higher economic growth and a stronger Euro.
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Michael Nance, who left Putnam for the now defunct Kobrick Funds, has returned to Putnam to co-manage the 30.9 billion dollar strong Voyager Fund.
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Simon Wolf, portfolio manager of Fidelity's Select Business Services and Outsourcing Fund, is leaving Fidelity for Pequot Capital Management, reports Investor News Service.
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