BCG+全球资产管理2023-28页_3mb

Asset management industry faces a major turning point due to the end of a prolonged bull market era characterized by low interest rates and rising equity markets. For decades, asset managers relied on market performance for 90% of revenue growth, but higher interest rates, market uncertainties, and recent performance declines (e.g., 10% global AuM drop in 2022) threaten profitability.

Key pressures include:

• Uncertain growth, with passive funds capturing higher shares in regions like the US, while active management underperforms in some markets.
• Fee compression has accelerated, reducing revenues by over 15% since 2010, offsetting any growth from fees.
• Rising costs, with personnel and operational expenses growing faster than revenues, necessitating at least a 20% cost reduction for sustainable margins.
• Product innovation is limited, with investors favoring established offerings, and fewer new products survive.

To adapt, asset managers must transform their business models. This involves cutting costs, increasing revenues from higher-margin areas like alternatives (expected to grow at 7-10% CAGR and represent 21% of global AuM by 2027, driving 50% of alternative revenues), and enhancing personalization through technology (e.g., direct indexing and data-driven client services).

Strategies recommended include:

• Reducing costs by centralizing operations, optimizing IT, and simplifying organizational structures.
• Shifting revenue mix to alternatives and private markets (e.g., private equity and real estate) to achieve at least 30% of revenue from these sources.
• Exploring alternatives market entry through four pathways: building in-house, acquiring firms, operating independently, or forming partnerships, with core success principles focusing on value proposition, incentives, autonomy, cost savings, and distribution.
• Adopting personalization techniques to improve client engagement and product offerings.

Without transformation, profitability will plummet, with potential CAGR dropping to 5% versus the industry average of 10%. Emerging opportunities, such as in retail assets and technology partnerships, offer significant growth potential, requiring strategic and timely action to thrive in the evolving economic landscape.