The Great Reset: North American asset management in 2022

McKinsey & Company

Research

27 Pages

McKinsey & Company argues 2022 forced a reset in macro assumptions that asset managers relied on for a decade. Equity and bond drawdowns hit at the same time, challenging the usual playbook for balanced portfolios. They also flag a sharp sentiment shift, with long term fund flows swinging from a 2021 surge to early 2022 outflows.

Date published: October 2022

Key Takeaways

Flow reversal: Long term funds flipped from $1.6T inflows in 2021 to $281B outflows in first half 2022.
Cost rigidity: Talent drove most cost growth, making expense cuts harder when revenues fall.
ETFs and privates: ETFs kept gaining share while private markets entered 2022 with sizable dry powder and fundraising momentum.
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