PwC’s annual tax conference, held in London in May, discussed the future for asset and wealth management as the pace of change continues to accelerate – how will the tax function remain relevant?
The tax conference saw delegates discuss the increasing pressures on asset managers in response to tax and regulatory requirements and the consequent evolution of the tax function in a modern asset management firm. Their conclusion? The tax function of the future will look very different.
With asset managers operating in uncertain times, the pressures on their tax functions are set to increase. Moreover, this squeeze will be felt in different contexts: not only are investors looking for more bespoke and tax-efficient services, particularly given the detailed information they are now providing through know-your-customer processes, but also regulators and tax authorities are becoming more demanding.