In 2008, economic uncertainty brought on by the collapse of the US subprime mortgage market will be a top business driver for securities and investments firms. Despite the relative lack of bad news about asset managers compared with the abundance for their sell-side peers, the credit crunch will most certainly leave an indelible mark on investment managers. This TowerGroup ViewPoint describes the nature and extent of impact of the subprime crisis on the asset management industry, which will be more subtle and indirect than the highly publicized hits taken by big brokerage firms like Merrill Lynch and Bear Stearns.