Global Asset Management Report: From Recovery to Reinvention

BCG

Research

26 Pages

Boston Consulting Group outlines how the global asset management industry must transition from recovery into reinvention by innovating across product development, distribution, scale, and cost structure. With AuM at a record $128 trillion (+12% in 2024) and over 70% of revenue growth fueled by market performance (risk-driven), managers face mounting fee pressure and must drive innovation through active ETFs, private-market expansion, strategic consolidation, and lean operating models.

Key Takeaways

Asset manager rebound: Global AuM grew 12% to a record $128 trillion in 2024.
Revenue vulnerability: More than 70% of 2024 revenue gains came from market returns—not net inflows.
Strategic reinvention: Firms must embrace active ETFs, retail private markets access, scale via M&A, and zero‑based cost models.
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