Asset managers may be forced to hold back 10% of profits, says MOW

The average asset manager will have to hold back about 10% of profits over the next three years to meet minimum capital requirements if the present Basel II requirements were implemented unchanged, according to risk management firm Mercer Oliver Wyman (MOW).

The CAD3 Directive outlined in the Basel II banking proposal introduces a specific minimum capital requirement for operational risk covering asset managers in Europe.

Operational risk includes that of fraud, technology failure, legal risk

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