Managers crimping profits by not diversifying: BCG

Asian asset managers are not doing enough to diversify from traditional assets into alternatives and so are crimping profitability, even as the region's industry grew 11% year-on-year in 2012, finds Boston Consulting Group (BCG). Asia-Pacific assets rose to $10.1 trillion last year, from $9.1 trillion in 2011. But exclude Japan and Australia, and assets rose a faster 18.7% to $3.8 trillion, from $3.2 trillion, outpacing North American growth of 9% and Europe's 8% rise, the US cons…