华利安：2023Q1资产管理行业概述报告（英文版）（21页）.pdf

1、Financial Services GroupAsset ManagementINDUSTRY OVERVIEW Q1 2023Key Trends Relative valuations are down,and most asset manager stocks have recently underperformed the broader market.Flows continue to be a challenge for traditional asset managers and a boon for alternative asset managers.Private mar

2、kets have been the place to be;volatility is lower,capital-raising is easier,and returns are attractive.With declines in asset values and persistent inflation,operating margins are challenged.Traditional managers are seeking the benefits of alternative products,buying up platforms and teams.Scale an

3、d distribution are becoming as important in the alternative sector as they have been in the traditional sector.Executive Summary 2Those hoping for a calmer,more predictable 2023(myself included)were off to a promising early start before March.Impacts from the war in Europe,lingering COVID-19,global

4、inflation,central bank tightening,and political uncertainty wreaked havoc across every single market in 2022.Asset class correlations were unprecedented,leaving investors few places to hide.Managers faced burdensome investing challenges,operating pressures,and generational opportunities.Traditional

5、asset managers generally continue to see net outflows and fee compression,an unabating decade-long trend.Their valuations reflect this;firms that can distinguish themselves with attractive strategies,operating leverage,and outperformance have fared better.A seemingly endless amount of capital contin

6、ues to flow into alternative managers coffers,especially in private markets like direct lending,real estate,and infrastructure,leaving many to wonder how they are deploying it so quickly and efficiently.Blackstones$226 billion of inflows alone in 2022 made it a top 10 alternative asset manager globa