(Bloomberg) -- Investment managers unprepared for five more years of slow deposits won’t be protected by an improving economy and a resurgent stock market, according to a new study on the industry.

Firms globally will see annual growth from new client money of 0.6 percent through at least 2017, consulting firm Casey Quirk & Associates LLC said in a paper published today. Many managers will struggle with shrinking revenue as much of the growth will be concentrated in companies that specialize in niches such as alternative-investment strategies, or that sell to customers in emerging economies.

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