The global wealth management industry is facing a period of consolidation as many firms look for ways to cut costs and increase business, according to a survey by PricewaterhouseCoopers. Most wealth management executives expect "significant" or "moderate" merger activity over the next two years. The causes for the shift range from higher regulatory costs to greater expectations from clients. "The DNA of the wealthy investor has changed fundamentally as a consequence of the global financial crisis," said Steven Crosby, head of PwC's wealth management for the Americas division.

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