Global Consolidation of the Financial Services Industry

Abstract

It is my belief that the new distribution of functions between banks, insurances and in-house financial services is currently driving and will continue to drive the global consolidation of the financial services industry. International banking and finance are living and breathing the worldwide trend of convergence between the activities of banks and insurance companies. However the so-called new distribution of functions within the financial landscape is not just confined to the twin peaks of banking and insurance. There is another large and growing peak which is the investment management industry. It is simply not possible to be the best in the financial services business unless you have the investment management skills to underpin the quality of your product offerings.