That especially applies to Steincke’s biggest potential market, Europe, where he see signs of mutual fund distribution channels opening.
The former CEO of Credit Suisse Asset Management’s non-Swiss European business does not intend to follow Fidelity Investments’ model and market directly to individual savers. Instead, he believes that European financial planning services will become an important outlet, as financial companies begin to expand their product offerings. “Sales by banks and insurance companies of their proprietary products currently account for more than 80 percent of the market,” says Steincke. “My view is, that will drop to 60 percent within the next five years. That represents trillions of dollars for other firms.” His among them.
