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During the past few years, the global market slowdown has resulted in reduced fee growth and profitability. Under adverse market conditions the primary focus of management has quite properly been on short-term actions to protect profits, by appropriate reshaping of resource capacity, streamlining the organisation to enhance value and cut waste and delaying investments in all but the most critical areas. Too often, however, they are one-off initiatives, necessary moves but with limited impact on boosting firm position and performance over the longer term.

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