Half of the firms in the global asset management industry will be gone by 2030 as new technology, demographic shifts and changing social habits transform the industry, consultants KPMG said in a report.

KPMG, which advises fund firms on a range of issues from technology to staffing, taxes and regulation, said many firms were outdated and at danger of being swallowed up by peers and new entrants including tech companies and retailers.

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"We are on the verge of the biggest shake-up the industry has experienced; and the message to asset managers is clear—Adapt to change or your business won't survive," said Tom Brown, global head of investment management at KPMG.