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Fri 10 Oct 2007Warning on costs of asset managementEurope's asset management industry chalked up record operating profits of €16 billion last year, finally overhauling the previous record of €15.4 billion set in 2000 at the height of the dotcom boom.Costs are rising sharply though, as star portfolio managers grab a larger share of the pot for themselves, and the industry may need to prepare itself for a downturn, warns McKinsey & Co in its annual survey of the European asset management industry.