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BCG Global Asset Management Report 2024: Global AUM $119 Trillion, Active Core $38 Trillion, Passive $24 Trillion, Alternatives $24 Trillion, Revenue of AUM at 0.217%, Cost of Revenue at 0.149%, 37% of Funds Survive 10 Years, Alternatives $24 Trillion AUM with Private Equity 45%, Real Estate 19%, Hedge Funds 19%, Private Debt 6%, Infrastructure 6%, Commodities 3%

24th May 2024 | Hong Kong

Boston Consulting Group has released the BCG Global Asset Management Report 2024, providing key insights into the global asset management industry in 2023.  In 2023, the global asset management AUM (Assets under Management) in 2023 is at $119 trillion.  Top 3 largest region AUM – North America $55.6 trillion, Europe $25.3 trillion, APAC (ex-Japan & Australia) $22 trillion.  Top 3 largest region AUM Percentage – North America 46.8%, Europe 21.3%, APAC (ex-Japan & Australia) 18.5%.  Industry Revenue of AUM0.217%.  Industry Costs of AUM 0.149%.  AUM Cost of revenue in 2023 – 70% (2015: 64%).  Fees in 2023 – 0.22% (2015: 0.25%).  Percentage of Funds surviving 10 years – 37% of funds (2015: 42%).  5 Pressures on Asset Management Industry Growth – Revenue, Passive funds popularity, Fee pressure, Costs increase, Less funds surviving 10 years.  2023 Products AUM – Passive $24 trillion, Active core $38 trillion, Solutions, LDI & multi-asset $18 trillion, Active specialties $15 trillion, Alternatives $24 trillion.  2023 Products AUM (by Percentage) – Passive 20%, Active core 32%, Solutions, LDI & multi-asset 15%, Active specialties 13%, Alternatives 20%.  2023 Products Revenue – Passive $15 billion, Active core $78 billion, Solutions, LDI & multi-asset $50 billion, Active specialties $51 billion, Alternatives $227 billion.  2023 Products Revenue by Percentage – Passive 54%, Active core 12%, Solutions, LDI & multi-asset 12%, Active specialties 19%, Alternatives 4%.  Alternatives AUM in 2023 – $24 trillion (2022: $21 trillion).  Breakdown of 2023 Alternatives $24 trillion AUM – Private equity 45%, Real estate 19%, Hedge funds 19%, Private debt 6%, Infrastructure 6%, Commodities 3%.  Alternatives Revenue in 2023 – $227 billion (2022: $208 billion).  Breakdown of 2023 Alternatives $208 billion Revenue – Private equity 55%, Hedge funds 25%, Real estate 11%, Private debt 5%, Infrastructure 3%, Commodities 2%.  AI on Productivity – Sales & Marketing, Investment Management & Trade Execution, Operations & Risk & Compliance, IT, Business Management & Support.  Asset Managers on GenAI (Generative Artificial Intelligence) – Transformational 18%, Significant 54%, Moderate 27%, Minimal 2%, No impact 0%.  View key findings & summary below | View report here

“BCG Global Asset Management Report 2024: Global AUM $119 Trillion, Active Core $38 Trillion, Passive $24 Trillion, Alternatives $24 Trillion, Revenue of AUM at 0.217%, Cost of Revenue at 0.149%, 37% of Funds Survive 10 Years, Alternatives $24 Trillion AUM with Private Equity 45%, Real Estate 19%, Hedge Funds 19%, Private Debt 6%, Infrastructure 6%, Commodities 3% “

 



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BCG Global Asset Management Report 2024: Global AUM $119 Trillion, Active Core $38 Trillion, Passive $24 Trillion, Alternatives $24 Trillion, Revenue of AUM at 0.217%, Cost of Revenue at 0.149%, 37% of Funds Survive 10 Years, Alternatives $24 Trillion AUM with Private Equity 45%, Real Estate 19%, Hedge Funds 19%, Private Debt 6%, Infrastructure 6%, Commodities 3%

New York City, United States

Boston Consulting Group has released the BCG Global Asset Management Report 2024, providing key insights into the global asset management industry in 2023.  View key findings & summary below | View report here

 

BCG Global Asset Management Report 2024

Summary:

  1. Global Asset Management AUM in 2023 $119 trillion
  2. Top 3 largest region AUM – North America $55.6 trillion, Europe $25.3 trillion, APAC (ex-Japan & Australia) $22 trillion
  3. Top 3 largest region AUM Percentage – North America 46.8%, Europe 21.3%, APAC (ex-Japan & Australia) 18.5%
  4. Industry Revenue of AUM0.217%
  5. Industry Costs of AUM 0.149%
  6. AUM Cost of revenue in 2023 – 70% (2015: 64%)
  7. Fees in 2023 – 0.22% (2015: 0.25%)
  8. Percentage of Funds surviving 10 years – 37% of funds (2015: 42%)
  9. 5 Pressures on Asset Management Industry Growth – Revenue, Passive funds popularity, Fee pressure, Costs increase, Less funds surviving 10 years 
  10. 2023 Products AUM – Passive $24 trillion, Active core $38 trillion, Solutions, LDI & multi-asset $18 trillion, Active specialties $15 trillion, Alternatives $24 trillion
  11. 2023 Products AUM (by Percentage) – Passive 20%, Active core 32%, Solutions, LDI & multi-asset 15%, Active specialties 13%, Alternatives 20%
  12. 2023 Products Revenue – Passive $15 billion, Active core $78 billion, Solutions, LDI & multi-asset $50 billion, Active specialties $51 billion, Alternatives $227 billion
  13. 2023 Products Revenue by Percentage – Passive 54%, Active core 12%, Solutions, LDI & multi-asset 12%, Active specialties 19%, Alternatives 4%
  14. Alternatives AUM in 2023 – $24 trillion (2022: $21 trillion)
  15. Breakdown of 2023 Alternatives $24 trillion AUM – Private equity 45%, Real estate 19%, Hedge funds 19%, Private debt 6%, Infrastructure 6%, Commodities 3%
  16. Alternatives Revenue in 2023 – $227 billion (2022: $208 billion)
  17. Breakdown of 2023 Alternatives $208 billion Revenue – Private equity 55%, Hedge funds 25%, Real estate 11%, Private debt 5%, Infrastructure 3%, Commodities 2%
  18. AI on Productivity – Sales & Marketing, Investment Management & Trade Execution, Operations & Risk & Compliance, IT, Business Management & Support 
  19. Asset Managers on GenAI (Generative Artificial Intelligence) – Transformational 18%, Significant 54%, Moderate 27%, Minimal 2%, No impact 0% 

 

BCG Global Asset Management Report 2024

1) Overview of Asset Management Industry 

AUM from 2005 to 2023, Forecast 2028:

  • 2005 – $37 trillion
  • 2010 – $48 trillion
  • 2015 – $69 trillion
  • 2022 – $106 trillion
  • 2023$119 trillion
  • 2028 – $167 trillion

AUM by Region:

  1. North America – $55.6 trillion
  2. Europe – $25.3 trillion
  3. APAC (ex-Japan & Australia) – $22 trillion
  4. Japan & Australia – $7.9 trillion
  5. Middle East & Africa – $2.5 trillion
  6. Latin America – $2.3 trillion

Total – $118.7 trillion 

AUM by Region (Percentage):

  1. North America – 46.8%
  2. Europe – 21.3%
  3. APAC (ex-Japan & Australia) – 18.5%
  4. Japan & Australia – 6.6%
  5. Middle East & Africa – 2.1%
  6. Latin America – 1.9%

Asset Management Industry key metrics:

  • AUM – Increase +12%
  • Revenue – Increase +0.2%
  • Costs – Increase +4.3%
  • Profit – Decrease -8.1%
  • Revenue of AUM0.217%
  • Costs of AUM0.149%

AUM Cost of revenue:

  • 2010 – 66%
  • 2015 – 64%
  • 2023 – 70%

Fees:

  • 2010 – 0.26%
  • 2015 – 0.25%
  • 2023 – 0.22%

Percentage of Funds surviving 10 years:

  • 2010 – 60% 
  • 2015 – 42%
  • 202337%

5 Pressures on Asset Management Industry Growth:

  • Revenue 
  • Passive funds popularity
  • Fee pressure
  • Costs increase
  • Less funds surviving 10 years 

 

2) Asset Management AUM & Revenue in 2023

2023 Products AUM:

  1. Active core – $38 trillion
  2. Passive – $24 trillion
  3. Alternatives – $24 trillion
  4. Solutions, LDI & multi-asset – $18 trillion
  5. Active specialties – $15 trillion

Total – $119 trillion

2023 Products AUM (by Percentage):

  1. Active core – 32%
  2. Passive – 20%
  3. Alternatives – 20%
  4. Solutions, LDI & multi-asset – 15%
  5. Active specialties – 13%

2023 Products Revenue:

  1. Active core – $78 billion
  2. Solutions, LDI & multi-asset – $50 billion
  3. Active specialties – $51 billion
  4. Passive – $15 billion

Total – $227 billion

2023 Products Revenue by Percentage:

  1. Passive – 54%
  2. Active specialties – 19%
  3. Active core – 12%
  4. Solutions, LDI & multi-asset – 12%
  5. Alternatives – 4%

 

Active Core – Includes developed-market and global equity, developed-market government and corporate fixed income, global fixed income, money market, and structured products. 

Solutions, LDI & multi-asset – Includes target date, target maturity, liability driven, outsourced chief investment officer, multi-asset balanced, and multi-asset allocation 

Active specialties – Includes equity specialties (global equities, excluding US, emerging market, all sector and thematic, and undefined if market is not known) and fixed-income specialties (emerging-markets fixed income, high yield, convertible, inflation linked, and global, excluding US and undefined if market is not known).

Alternatives – Includes hedge funds, private equity, real estate, infrastructure, commodities, private debt, and liquid alternative mutual funds (such as absolute return, long/short, market neutral, and trading oriented); private equity and hedge fund revenues do not include performance fees.

 

3) Asset Management AUM & Revenue in 2028 (Forecast)

2028 Products AUM:

  • Passive – $37 trillion
  • Active core – $48 trillion
  • Solutions, LDI & multi-asset – $24 trillion
  • Active specialties – $20 trillion
  • Alternatives – $38 trilion
  • Total – $167 trillion

2028 Products AUM by Percentage 

  • Passive – 22%
  • Active core – 29%
  • Solutions, LDI & multi-asset – 15%
  • Active specialties – 12%
  • Alternatives – 23%

2028 Products Revenue:

  • Passive – $24 billion
  • Active core – $96 billion
  • Solutions, LDI & multi-asset – $69 billion
  • Active specialties – $65 billion
  • Alternatives – $343 billion

2028 Products Revenue by Percentage:

  • Passive – 57%
  • Active core – 11%
  • Solutions, LDI & multi-asset – 12%
  • Active specialties – 16%
  • Alternatives – 4%

 

4) Global Alternatives AUM

Alternatives AUM:

  • 2005 – $4 trillion
  • 2010 – $7 trillion
  • 2015 – $10 trillion
  • 2022 – $21 trillion
  • 2023$24 trillion
  • 2028 – $38 trillion

2023 Alternatives AUM:

  • Private equity – 45%
  • Real estate – 19%
  • Hedge funds – 19%
  • Private debt – 6%
  • Infrastructure – 6%
  • Commodities – 3%

2028 Alternatives AUM (Forecast):

  • Private equity – 50%
  • Real estate – 17%
  • Hedge funds – 16%
  • Private debt – 7%
  • Infrastructure – 7%
  • Commodities – 3%

Alternatives Revenue:

  • 2005 – $44 billion
  • 2010 – $75 billion
  • 2015 – $108 billion
  • 2022 – $208 billion
  • 2023 – $227 billion
  • 2028 – $343 billion

2023 Alternatives Revenue:

  • Private equity – 55%
  • Hedge funds – 25%
  • Real estate – 11% 
  • Private debt – 5%
  • Infrastructure – 3%
  • Commodities – 2%

2028 Alternatives Revenue (Forecast):

  • Private equity – 63%
  • Hedge funds – 19%
  • Real estate – 9% 
  • Private debt – 5%
  • Infrastructure – 3%
  • Commodities – 1%

 

5) Artificial Intelligence (AI) for Asset Management Industry

Artificial Intelligence (AI) to accelerate:

  • Productivity
  • Personalization
  • Private markets

AI on Productivity:

  • Sales & Marketing 
  • Investment Management & Trade Execution 
  • Operations, Risk & Compliance 
  • IT
  • Business Management & Support 

Example of using AI & GenAI to accelerate investment research in Natural Language:

  • Conduct a search 
  • Receive selected topics & insights 
  • Create a tailored report 

AI on Personalization:

  • Marketing 
  • Customer Sales 
  • Customer Engagement & Retention

5 key elements to implementing AI in Asset Management:

  • Strategy 
  • Operating Model 
  • People
  • Technology & partnerships 
  • Risk & compliance 

Asset Managers on GenAI:

  • Transformational – 18% 
  • Significant – 54% 
  • Moderate – 27% 
  • Minimal – 2% 
  • No impact – 0% 

Firm commitment to adoption of GenAI:

  • Strategic priority & scaling use cases – 11%
  • Strategic priority & piloting use cases – 55%
  • Interested in specific areas – 23%
  • Acknowledge its potential – 9%
  • Not a priority – 2%

Firm willingness to invest capital & team resources to adopt GenAI (Next 3 to 5 years):

  • Major investment & willing to divert resources – 2%
  • Significant part of innovation budget – 27%
  • Investment with a clear budget & timeline – 46%
  • Minimal investment – 23%
  • Not investing – 2%

Current list of prioritized GenAI use cases:

  • More than 150 use cases – 4%
  • 51 to 100 use cases – 11%
  • 11 to 50 use cases – 33%
  • Less than 10 use cases – 40%
  • No GenAI use cases – 12%

Target to have least one full-scale GenAI use case deployed:

  • Already deployed at least one – 27%
  • Next 6 months – 39%
  • Next 12 months – 23%
  • Next 24 months – 5%
  • No target is set for the next 2 years – 5%

AI for Sales & Marketing:

  • AI-enabled automation of sales documents 
  • AI-led ideation and content creation 
  • AI-guided target client selection 
  • AI-enabled tools to personalize customer support 
  • Sales team investor communication support 
  • GenAI-powered next-best-action recommendation 
  • Identification of clients with the highest redemption risk 

AI for Investment management & trade execution:

  • AI-enabled process to accelerate due diligence decision making 
  • AI-driven tools to source targets 
  • AI-aided risk monitoring 
  • AI-aided development and testing of investment models 
  • AI-driven execution of trading strategies and rebalancing 
  • AI-enabled portfolio optimization from market data 

AI for Operations

  • Fund reporting 

AI for IT:

  • IT copilot for accelerated app development 
  • Optimized code generation 
  • AI-automated app maintenance 

AI for Business management & support:

  • Insight generation from domain-specific enterprise data 
  • GenAI-enabled initial KYC facilitation 
  • Contract and legal document copilot 
  • Ongoing customer financial behavior and compliance analysis 
  • Generating visual supports to capture insights for decisions 
  • Ongoing legal document compliance check 
  • GenAI-supported training sessions and material 
  • GenAI-personalized employee engagement 
  • Copilot for financial reporting 
  • Planning and performance support 

 

Boston Consulting Group

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.  Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the sta- tus quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place. 




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