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Asset management set for booming growth

The asset management industry is set for booming growth in the next decade, according to a new report by PricewaterhouseCoopers (PwC), but firms must be innovative and embrace technology in order to prosper during this period of "transformational change."

In the report, Asset & Wealth Management Revolution: Embracing Exponential Change, PwC predicts AuM growth of 6.2% per year, rising from $84.9 trillion in 2016 to $112.2 trillion by 2020 and $145.4 trillion by 2025.

Huge growth will be driven by "the burgeoning wealth of high-net-worth individuals and the mass affluent," the report says. In a separate report released last week, PwC said the world's billionaires had a combined wealth of $6 trillion in 2016, up 17% from the previous year.