BCG May 6, 2024
Dean Frankle, Alex Belyakov, Johannes Burkhardt, Joe Carrubba, Peter Czerepak, Lorraine Felix, Paul Hutchinson, Bingbing Liu, Maitreyee Malpekar, Michele Millosevich, Kedra Newsom Reeves, Edoardo Palmisani, Ian Pancham, Neil Pardasani, Ella Rabener, George Rudolph, Lior Valitsky, Andrea Walbaum, and Ivana Zupa

The global asset management industry’s assets rose to nearly $120 trillion in 2023, reverting from a decline the year before. However, asset managers are facing a variety of challenges to their growth. Investors are gravitating to passively managed funds and other products that have lower fees even as asset managers’ costs increase. Their efforts to create new products that would differentiate them from competitors have largely fallen short, with investors sticking mostly to established products with reliable track records. Historically, the industry has been able to weather these pressures thanks to revenue growth that has been largely driven by market appreciation. In the years ahead, however, market appreciation is expected to slow, creating further challenges...

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