In their annual report on the wholesale and investment banking industry published this week, Morgan Stanley and Oliver Wyman highlighted the increased regulatory risk for asset managers and the need for more structural change in the banking industry.

Financial News spoke to Christian Edelmann, partner and head of corporate and institutional banking practice at Oliver Wyman, and Huw van Steenis, banks analyst at Morgan Stanley, about why asset managers are facing more scrutiny from regulators and about the outlook for banks in the current environment.