Fund companies have been so busy focusing on the Baby Boomers that they have been overlooking Generation Y, those in their 20’s, the Financial Times reports, citing a report from KPMG. And that is going to have a profound effect on their bottom lines, particularly as the population of those between the ages of 40 and 59 is set to decline sharply in the next decade.

“Half of the surveyed fund managers are not interested in Generation Y as customers,” said Bernard Salt, a partner with KPMG and author of the report. “If there is no strategic shift, these businesses will wake up in 2015 and find themselves simply wrong-footed with a customer base that is slowly subsiding.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.