It seems we are headed toward a future where the larger, more successful players move closer to being full-service investment houses. Here is the FT story. What is the best way to think about which assets they are building upon as the scarce factors behind their successes? And what are the limits to exploiting those scarce factors? Which culture clashes need to be overcome for this to work?
This kind of number is not very reliable, but in broad terms it tells you something: