Julius Baer Deepens Cost Cuts After Market Rout Hits Assets

The video discusses the market performance in 2018, highlighting a strong first half and a challenging second half. Asset managers faced difficulties due to weak equity markets and shifting industry trends towards lower-cost products and passive management. The discussion also covers potential consolidations as a cost-cutting measure and the importance of relationships in wealth management. Despite challenges, the company plans to maintain hiring levels in 2019.

What shift in demand from clients is mentioned in the text?

What does the text suggest about the future of wealth management firms in terms of consolidation?