Managing Director & Senior Partner
Global Asset Management 2013: Capitalizing on the Recovery is The Boston Consulting Group’s eleventh annual worldwide study of the asset management industry. This year’s research shows that the global asset-management industry has finally returned to a growth path, winning a welcome respite after four years of stalled growth. Both total assets under management (AuM) and profits as a percentage of revenues nearly returned to precrisis levels.
Although these results reflect the beginning of a recovery, the increase in net new assets is relatively modest overall. In addition, managers face market volatility, weakening of some revenue margins, and wide variations in performance among managers, products, and regions.
The decade since BCG’s first annual Global Asset Management report has seen steady growth in the breadth of our market-sizing research and benchmarking studies. The goals of the research, however, have remained steadfast: to probe beneath the surface of the market landscape, identify trends, and provide insights aimed at helping managers build strong and prosperous paths to the future.
While traditional actively managed core assets grew in 2012, we believe that this asset class will remain vulnerable to the market’s evolution. Managers need a long-term strategy that anticipates those changes.
This report discusses in particular detail the following trends and strategic recommendations:
Like its predecessors, this edition of our report reflects a comprehensive market-sizing effort. We covered 42 major country markets (representing more than 98 percent of the global asset-management market), focusing exclusively on assets that are professionally managed for a fee. We also conducted a detailed analysis of the forces that are shaping the fortunes of asset management institutions around the globe.
In addition, this report contains conclusions drawn from a detailed benchmarking study of more than 120 leading industry competitors—representing 53 percent of global AuM—that BCG conducted early in 2013. Our aim was to collect data on fees, products, distribution channels, and costs in order to gain insights into the current state of the industry and its underlying drivers of profitability.