The outlook for the asset management industry in 2013 is strikingly more positive than it has been in years.

The industry is emerging from a five-year lull precipitated by the 2008 global financial crisis. In recent years, advisors and firms have pursued sweeping market and regulatory reforms in response to unabated pressures from elevated dry powder; a mixed fundraising environment; a low-yield environment; compressed earnings; and heightened regulation. The deep structural shifts taking place are leading to new operating structures capable of potentially restoring investor confidence and expanding market share of retail and institutional assets.

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