1、2025 Strategy&Asset Management InsightsDecember 2025Growth,cost,and scenario analysis for GSAStrategy&December 2025VanguardFidelityState StreetJ.P.MorganAllianz GroupAmundiBNY MellonInvescoUBSFranklin TempletonNorthern TrustT.Rowe PriceNatixisDWS Group GmbHSchrodersBrookfieldAxaAllianceBerns
2、teinHSBCUnion InvestmentNordeaDekaBankLGTEurizonAegon GroupSwiss LifeRobecoEFGManPartnersGroupVontobel HoldingLa Banque PostaleAzimut GroupJupiterProvinzialGAMBellevue10,406(57%)6,143(77%)5,341(87%)4,252(53%)3,644(63%)2,448(8%)2,440(48%)1,828(7%)1,663(52%)1,597(98%)1,513 144%)1,451(32%)1,447(34%)1,3
3、17(41%)1,012(32%)916(61%)901(87%)879(10%)714(28%)659(46%)BlackRock422(30%)416(33%)386(88%)333(25%)332(-6%)286(25%)198(15%)174(25%)505(37%)145(72%)11795(-57%)70(19%)53(10%)46(70%)17(-86%)6(-36%)152(45%)Asset Managers have grown 5%annually between 2019 and 2024 US players continue to outperform Europe
4、an peersGrowth of selected Asset Managers1)(2019 to 2021 to 2024 in bn)1)Sample of 38 selected Asset ManagersSource:Annual reports of respective Asset Managers,Strategy&analysis(+/-AuM growth 19-24 in%)Insurance AMAuM 19 in bnAuM growth 19-21 in bnAuM growth 21-24 in bn2025 Strategy&Asset Ma
5、nagement Insights2Insights Across our selected sample,Asset Managers have realized AuM growth of 37%between 2019-2024 with a compound annual growth rate(CAGR)of 5%,respectively European AMs have achieved an average AuM growth rate of 25%,vs.62%achieved by their North American peers over the last fiv
6、e years Insurance captive AMs have only grown by 21%over the same periodStrategy&December 2025Given a solid market environment in 2024,revenue growth outpaced cost growth,driving a strong profitability increaseFinancial performance comparison 2023-20241)1)Sample of 37 selected Asset Managers;2)S