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1、FINANCIAL INSTITUTIONSGLOBAL ASSET MANAGEMENT REPORT 202624TH EDITIONAn Imperative for Growth April 2026 By Renaud Fages,Johannes Burkhardt,Edoardo Palmisani,Joppe Bijlsma,Peter Czerepak,Matt Egler,Dean Frankle,Kwonyoung Jang,Mayank Jha,Katsuyoshi Kurihara,Kedra Newsom Reeves,Neil Pardasani,Mal Robi

2、n,George Rudolph,Philippe Soussan,Matt Sweeny,Tjun Tang,Charles-Antoine Wallaert,Andr Xavier,and Ivana Zupa03 The New Economics of Asset Management 13 Distribution Is the New Source of Advantage in Asset Management 19 Rebuilding Asset Management for an AI-First World 25 Appendix29 About the AuthorsC

3、ontentsBOSTON CONSULTING GROUPAN IMPERATIVE FOR GROWTH 3For more than a decade,rising markets did most of the work.Assets grew,and revenues followed.This dynamic may not be over,but it will no longer carry the industry.Global assets under management(AuM)reached$147 trillion in 2025,up 11%year over y

4、ear,while aggregate profit margins held above 30%.The industry appears resilient.But more than 80%of gross revenue growth in 2025 was driven by market appreciation,underscoring its continued reliance on external forces.(See Exhibit 1.)This reliance is not new.What is changing is where growth comes f

5、rom and who captures it.Capital is redistributing across regions,vehicles,and client segments.New gatekeepers are emerging,distribution is evolving,and technological forcesparticularly AIare reshaping the economics of asset management.As a result,market tailwinds no longer benefit incumbents by defa

6、ult.Capturing net new flows is now the central competitive differentiator.This will require asset managers to operate differently.Firms that align with the next sources of capital and adapt how they compete will capture a disproportionate share of future growth.The New Economics of Asset ManagementB