Nine out of 10 asset management leaders are confident of revenue growth in 2016, but just 30 per cent expect the global economy to improve in the next 12 months, according to a new survey by PwC.

PwC surveyed 189 asset management chief executives in 39 countries and found the number expecting the economy to improve fell from 39 per cent last year to 30 per cent this year. However, the survey found their confidence in their own business was unshaken, at 90 per cent.

The survey found they had also turned to traditional markets for growth, with some seeming to shelve plans to expand in China.