Asset management firms recorded average profitability of 28% through 2010 and the first half of 2011, according to a new McKinsey report.

But firms need to make a few adjustments to attain above-average, sustainable growth. Before firms can achieve that, they need convictions, based on solid foundations, to make the necessary investments in their firms. McKinsey developed seven predictions, based on its research, to assist firms deciding how to commit resources toward profitable expansion.

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