By contrast the majority of other firms, 98%, believe that a recovery will take more than six months.
The impact of new regulation does remain a concern amongst those surveyed, however, with 63% stating that recent changes will result in a loss of competitiveness in the UK.
Business volumes showed their strongest rise since December 2010, and 89% of participants reported growth in the first three months of the year. Over three quarters, 78%, expect business volumes to increase solidly again over the next three months.
Positive sentiment towards the outlook for the market in general increased for the fifth consecutive quarter.
Profitability has also increased for five consecutive quarters, and firms reported growth in average commissions, fees and premiums while income values increased sharply. Around 66% of firms expect further increases in the coming three months.
Paula Smith, PwC partner and UK asset management leader, said: “Investment managers remain remarkably confident, thanks to good equity market performance and particularly strong retail business. Profitability continues to improve despite rising investment, marketing costs and headcount.
“The wave of new regulation is the only cloud on the horizon where although concern about the impact has fallen slightly, a large number of investment managers plan to spend more on compliance during the coming year.”
