Asset managers are upbeat about revenue growth, according to a survey by accountancy giant PricewaterhouseCoopers. Its survey of 155 asset management chief executives found that almost nine in 10 are either “very” or “somewhat” confident about revenue growth in 2015, while 95 per cent were confident about the three-year outlook.

The responses echo the conclusions of PwC’s Asset Management 2020 paper, which predicts global assets under management will exceed $100 trillion by 2020, up from $63.9 trillion in 2012.

A fifth of asset management chief executives plan to grow through cross-border mergers in 2015 and more than a quarter through domestic mergers.

Future competitors to their businesses were identified as coming from technology, financial services or business services companies. “Robo adviser” business models are already threatening to disrupt wealth management by automating the process of asset allocation, PwC noted.