State of the European

asset management
industry: Adapting
to a new normal

November 2019
Authors and
acknowledgements

Sid Azad
Partner, London
sid_azad@mckinsey.com

Pierre-Ignace Bernard
Senior Partner, Paris
pierre-ignace_bernard@mckinsey.com

Cristina Catania
Partner, Milan
cristina_catania@mckinsey.com

Kevin Cho
Associate Partner, New York
kevin_cho@mckinsey.com

Martin Huber
Senior Partner, Dusseldorf
martin_huber@mckinsey.com

Philipp Koch
Senior Partner, Munich
philipp_koch@mckinsey.com

Christian Zahn
Partner, Frankfurt
christian_zahn@mckinsey.com

State of the European asset management industry: Adapting to a new normal 1

State of the European asset
management industry:
Adapting to a new normal
Asset management industry economics in Western Europe have
remained relatively resilient, buoyed by the short duration of
periods of downside market performance and asset values remaining
near the current cycle’s highs (Exhibit 1, next page). However,
the industry is clearly continuing to contend with persistent
structural shifts: lower returns due to interest-rate dynamics,
the shift to passive and alternative asset classes, slowing organic
growth, continued fee pressure, elusive operative leverage, and
aggressive competition from within and outside the industry.

Any discussion of the state of the industry
must begin with an acknowledgement of the
macroeconomic environment, which is typically
responsible for 50 to 80 percent of growth,
and which has swung the industry between
extremes over the last few years. An environment
of uncertainty has prevailed, leading to market
conditions which are also testing investor
convictions; for example, in the fixed-income
markets, where more than €7.8 trillion in European
bonds are currently negative yielding. Following
the exuberance of 2017, when assets under
management (AUM), revenues, and profits all hit
record highs for European asset management, 2018
brought more challenging conditions, particularly
in the public equities market in the fourth quarter.
Market valuations have since recovered with a
vengeance, as European AUM have reached a
record €22 trillion, though revenue and profit pools
for the year are not likely to reach 2017’s high-
water mark. While year-over-year 2019 AUM is up
by approximately 10 percent, we expect average
AUM to be up by only 3 percent. Most importantly,
however, we expect profit margins to be down by
approximately 2 percentage points based on our
interim estimates—the result of persistent pricing
pressure and absolute cost growth, confirming
the continuation of the trend in which cost growth
exceeds organic revenue growth net of capital
market performance.
Organic growth has slowed on a global basis,
influenced primarily by Asia, and China in particular.
While Western Europe also has been a strong
contributor to organic growth, averaging 3 to 5
percent per year since 2014, in 2018 the net-flow
effect fell to approximately 1 percent, more in line
with structural economic and personal financial
asset growth in developed economies.
Pressure has been persistent on revenue yields, with
fee compression responsible for about 80 percent
of the decline in revenue yields year-over-year
(asset class and style-mix shifts are responsible
for the remaining 20 percent). While passives are
certainly growing faster than other investment
styles, the pace of the shift to passives has been
more muted in Europe than in North America, with
significant variance in the rate of passive adoption
across markets and client segments.
While asset managers’ ongoing cost-reduction
efforts have received recent press attention,
sustained operating leverage has remained elusive
for the industry overall. Despite diminished growth
and market performance expectations coming out
of an exuberant 2017, overall spending by European

State of the European asset management industry: Adapting to a new normal 2

Exhibit 1
Europe has reached news highs in assets under management, but not in profits.

Western Europe1

Assets under Net new money, % Profit pool, 2 € billion

management (AUM), € trillion
3.0

21 22
20 18.1 17.5 17.5

1.5

11
0.2 7.8
-2.9

2017 2018 2019E

2008 2017 2018 2019E 2008 2017 2018 2019E

2008

1
Includes Austria, France, Germany, Italy, Netherlands, Switzerland, United Kingdom, Denmark, Finland, Norway, Sweden, and Spain.
2
Third-party assets only; excludes alternative investments.
Source: McKinsey Performance Lens Global Growth Cube

asset managers grew by 2 percent year-over-
year (though functional spending in investment
management, distribution, and operations was
flat to slightly below 2017 levels). As a silver lining,
European managers did demonstrate more
discipline than their North American peers on
average, where cost growth was twice as fast and
increased across virtually all functional areas.
Averages aside, there remains significant
dispersion in asset manager profitability and
growth across and within different business
models. As we contended last year, deliberate
business model choices and alignment of clear
value propositions matter. We do not believe there
are just one or two winning formulas; however,
achieving disproportionate growth will require
asset managers to take proactive and bold actions
in response to the forces continuing to reshape the
industry ecosystem:
—— Lower growth and returns: Investors face the
realities of a “lower for longer” environment
for global economic growth and interest rates
(Exhibit 2, next page). Consistent alpha remains
hard to generate (at least without significant
decreases in fee levels), and while Europe has
seen a relatively lower degree of “barbelling”
of investor behaviors in terms of asset mix,
this could change amid sustained demand for
yield-generating assets (buoying flows across
fixed income, private credit, infrastructure,
and real estate) and the consistently growing
share of passive strategies (particularly with
significantly accelerated outflows in active
equities to date in 2019). Market reactions to
macroeconomic shocks have also elevated
the importance of portfolio construction
and risk management as a source of returns
and resilience.
—— Growing transparency from regulatory
implementation: The impacts of MiFID II
are emerging across the industry, including:
distributors narrowing manager buy lists, and
raising the bar on performance; fragmentation
of research with large managers driving a 20
to 30 percent reduction in broker research
spending (and redeploying spending to niche/
specialist research providers, contributing to
alpha generation); transparency increasing fee

State of the European asset management industry: Adapting to a new normal 3

Exhibit 2
The next five years are expected to be more modest for the industry.
Global figures,1 percent
Assets under
management, CAGR, %
6.6
6.0
Last 5 Next 5
years years
1
Includes top 28 markets globally, covering ~98% of global AUM; average growth scenario for next 5 years.
Source: McKinsey Performance Lens Global Growth Cube
sensitivity in the industry, amplifying product
commoditization and buoying ETF growth
in retail; and improved profitability of some
banking captives, which are benefiting from fee
unbundling and cost savings on market data.
—— Competition increasing with both greater
concentration and fragmentation: Growth
continued favoring managers with scale and
scope, and consolidation gathered steam as
managers sought to build their presence in high-
growth areas and invest in technology to create
more efficient operating platforms. However,
despite the largest managers having achieved
higher AUM growth, industry fragmentation has
been sustained particularly amongst managers
with less than €100 billion in AUM (Exhibit
3, next page).
—— Innovation outside the industry creating new
sources of competitive edge and disruption:
The explosion in the availability of data and
new sources of insight was also fueled by
growing consolidation and competition amongst
financial data providers. Asset managers are
just beginning to mine these data sources at
scale, as middle- and back-office platforms are
modernized or outsourced to innovative market
infrastructure providers. These innovations
State of the European asset management industry: Adapting to a new normal
Net new money (average), Profit pool, CAGR, %
CAGR, %
7.1
5.6
3.4
1.7
Last 5 Next 5 Last 5 Next 5
years years years years
include providing more integrated investment,
research, trading, and analytical platforms; the
continuing electronification of flow products,
including corporate and sovereign fixed-income
trading; and promising initial blockchain uses in
investment and trade operations.
Against this backdrop, we believe there are several
strategic imperatives that European asset managers
urgently need to focus on starting today.
Emerging symptoms of structurally
slowing growth
The vulnerability of Europe’s asset managers to the
macroeconomic environment remains elevated,
as an historic asset boom powered by cheap and
plentiful capital and rapid economic development
in emerging markets gives way to slower structural
growth and uncertainty (Exhibit 4, next page).
Market conditions are also testing historical
assumptions (e.g., the market value of negatively
yielding European bonds reached nearly €3 trillion
in 2018 and has hit record highs of nearly €8 trillion
in 2019), intensifying the search for new sources of
yield and diversification. In this context, client needs
for investment advice and stewardship are arguably
as great as they have ever been.
4
Exhibit 3
Globally, competition is increasing, and industry fragmentation continues.

Number of asset managers globally by size,1 Average AUM, 2007 vs. 2018,
€ billion € billion

+30% 344 1,250 2,042 +63%

12
264
2
>1,000 125

100-1,000 81 315 294 -6%

207
10-100 181
36 42 +16%

2007 2018

1
Excluding small asset managers with AUM under €10 billion
Source: IPE

Exhibit 4
The surge in equity markets across the globe in 2017 powered growth in assets
under management.
2007 index priced evolution, indexed to 100 in local currency

220

200 S&P 500

180

160
DAX
140
Nikkei 225
120 FTSE 100
S&P/ASX 200
100
CAC 40
80

60

40

20

0
2007 08 09 10 11 12 13 14 15 16 17 18 2019 Q3

Source: Bloomberg

State of the European asset management industry: Adapting to a new normal 5

Exhibit 5
Globally, industry fundamentals have been very stable.

Percent of beginning of year global AUM1

4.4
Net new
money (NNM) 3.3
2.8
2.6 Even in the
2.1 2.0 “bad” years for
1.6 1.7
0.9
1.3 performance,
0.4 NNM was still
positive
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Performance 14
8 10 10
7 6
5
-1 0
-3
-3

-17
-17
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

1
Includes 42 countries from North America, Western Europe, CEE, GCC, Developed and Emerging Asia, Latin America, and Africa.
Source: McKinsey Performance Lens Global Growth Cube

In 2018, global AUM fell year-over-year by
approximately 1 percent, the first overall annual
decline since the financial crisis (Exhibit 5). The
decline was driven by negative market performance,
as organic growth remained solidly positive, albeit at
the lowest level since 2012 (about 2 percent net-flow
effect vis-à-vis 2017 AUM).
Asia-Pacific has been the largest regional driver of
global industry growth, with China alone generating
half of global net flows last year, primarily in fixed
income and private markets (private equity, real
estate, infrastructure), in addition to money market
funds. Over the last five years, China and Western
Europe contributed over 60 percent of global net
flows, generated from a mix of retail and specific
institutional client segments like insurance general
accounts and corporates increasing assets
outsourced to third-party investment managers
(Exhibit 6, next page).
Western Europe’s asset managers experienced
challenges in overall AUM growth in 2018 (-3.2
percent), largely due to poor market performance
stemming from macroeconomic uncertainty (for
example, monetary policy outlook, soft corporate
earnings and guidance, trade uncertainty).
However, the net-flow effect remained positive at
0.2 percent, albeit at a muted rate (the second-
lowest in the past decade) compared to the 3.8
percent average between 2014 and 2017 (Exhibit
7, next page).
Growth dynamics in the largest European markets
paralleled those of the overall region. Uncertainty
around Brexit impacted growth in the UK, which
was the sole outlier with negative net-flow effect,
as institutional investors adopted a wait-and-see
approach.
European asset manager share of overall European
financial assets was at 27 percent in 2018, with
managed retail assets gaining two percentage
points of share since 2014 and managed
institutional/DC remaining flat. As a potential
offset to slower structural economic growth,
there remains a massive opportunity for asset
managers to increase conversion of unmanaged
and internally managed assets, particularly in the
institutional market, where internally managed
assets reached €44 trillion in 2018, nearly three
times larger than institutional managed assets
(Exhibit 8, page 8).

State of the European asset management industry: Adapting to a new normal 6

 Exhibit 6
Over the last 5 years, net flows to China and Western Europe represented over 60% of
€9.7 trillion global total.

2014-18 net flows by region, € trillion1

2014-18 net flows 2018 net flows 2018 AuM

Global
25% 25%
North America Western Europe 9.7
1.6
1.6 2.8 Central/Eastern China 77.1
0.2 0.1 Europe
37.9 21.2 3.4
0.04 0.8
0.01

0.3 5.7

Japan
Middle East/
Africa
0.8 0.1
Rest of Asia
0.2
0.1 3.9
Latin America 0.7
1.8 0.2
0.2
0.03 3.3

1.5
Australia

0.1 0.01

1.6

1
Includes 42 countries from North America, Western Europe, CEE, GCC, Developed and Emerging Asia, LatAm and Africa
Source: McKinsey Performance Lens Global Growth Cube

Exhibit 7
Western European net flows slowed in 2018, following 4 consecutive years
of strong growth.
Percent of beginning-of-year Western European AUM

5.1
4.0
3.3
2.8 3.0
2.2
Net new money 1.8 1.5
0.2 0.2

-2.9
11.1
7.1 6.6 6.1
Performance 4.9 4.3 4.8
2.2

-2.7 -3.5

-12.7

2008 09 10 11 12 13 14 15 16 17 2018

1
Includes Austria, France, Germany, Italy, Netherlands, Switzerland, United Kingdom, Denmark, Finland, Norway, Sweden, and Spain.
Source: McKinsey Performance Lens Global Growth Cube

State of the European asset management industry: Adapting to a new normal 7

Exhibit 8
About 27% of Western Europe financial assets are managed by external asset managers.

€ trillion, year-end 2018

Breakdown of global financial assets1,2

(3.2)

44 (3.5)
79
14 (3.7)

21 15 6

Total Institutional Retail Managed by Institutional/DC Retail

financial internally unmanaged3 asset managers
assets managed

% of total 100% 55% 18% 27% 19% 8%

financial assets

Change from 2017

1
Includes 16 countries from Western Europe.
2
Numbers have been rounded.
3
Includes directly held securities, cash, and deposits
Source: McKinsey Performance Lens Global Growth Cube

Exhibit 9
Western European asset manager profit margins declined slightly in 2018, led by a
2% drop in net revenue margins.
Bps of average AUM
Net revenues
bps

37.6 35.9 35.4 35.8

32.6 34.0 34.6 33.9
31.6

Operating profit

2007 08 09 13 14 15 16 17 2018
15.6
12.5 12.3 13.0 12.1 12.9 12.3
9.8 8.6
-
bps
2007 08 09 13 14 15 16 17 2018 Operating costs

59 70 73 65 65 64 64 63 64
22.0 22.8 23.0 23.4 23.1 22.8 21.9 21.6 21.6
Cost-to-income ratio
Percent

2007 08 09 13 14 15 16 17 2018

Source: McKinsey Performance Lens Global Asset Management Survey

State of the European asset management industry: Adapting to a new normal 8

 Industry economics resilient, but declining by about 10 percent in retail and 2 percent
vulnerable in institutional.
In our report last year,1 we asked how asset If Q4 2018 market conditions had sustained for
managers would fare in a significant market the full year, profit pools would have declined
downturn. This what-if scenario was tested (if by approximately 10 percent, reducing Western
temporarily) in the fourth quarter of 2018. European asset manager operating margins from
about 36 percent to 32 percent.
From a financial performance standpoint, Western
European asset managers experienced a roughly 2
percent decline in overall profit pools. This decline is Differentiated asset mix dynamics
more muted than many have expected from the poor amid persistent fee pressure
market performance experienced year-over-year. From an asset-mix perspective, between 2013 and
2018 Western Europe did not experience the same
Western Europe profit margins benefited from
market share displacement by passive strategies as
higher average AUM over the year. However, net
the rest of the world (and specifically the US). Active
revenue margins still declined by 0.6 basis points
strategies still play a relevant role in capturing net
while cost margins remained flat (Exhibit 9, previous
flows especially in fixed income and multi-asset
page). The key driver for the decline in revenue
(Exhibit 10).
pools was fee compression, with revenue margins

¹Cristina Catania, Felix Germann, and Christian Zahn, “Full speed ahead in European asset management,” November 2018, McKinsey.com.

Exhibit 10
Western Europe has not experienced as much displacement of active strategies by passive than
other geographies, and in particular has not embraced passive multi-asset strategies.
Cumulative net flows (2013-18), € billion, figures rounded

Western Europe Rest of World

6,200

1,890 Money
markets

3,010
Money
220 2,060 Fixed income
markets
265
Equities

1,025 Fixed income 450 Multi-asset

2,810

690 Multi-asset 1,710

3,040 Alternatives1

475
180 810 Alternatives1 690
285 <10 410

Passive Active -1,240 Equities

Passive Active

1
Includes hedge funds, absolute return, other liquid alternative strategies; private markets (based on cumulative fundraising from 2013-18; includes private equity, real estate, infrastructure,
natural resources).
Note: Includes 28 countries/regions from North America (2), Latin America (2), GCC (1), Western Europe (12), Developed Asia (2) and Rest of Asia (9), accounting for ~96% of global AUM; analysis
does not include CEE, Africa, Chile, Argentina, Belgium, Ireland, Portugal, and Luxembourg.
Source: McKinsey Performance Lens Global Growth Cube

State of the European asset management industry: Adapting to a new normal 9

Exhibit 11
Passive’s rise is playing out in very specific places, with adoption rates varying dramatically
across and within regions.

Passive market share of assets

% of third-party managed AUM, 2018 2014 2018

North America Europe 2018 passive market share by country

and segment
25%
18% 22% 17% 17% Institutional
13% 10% 12%
35%
Retail Institutional Retail Institutional Switzerland
30%
Rest of Asia
8% 12% 9% 25% Netherlands UK
5%
20% Spain
Retail Institutional
15% Austria

Australia and Japan 10% Germany

Scandinavia

63% 58% 5% France

Italy
0%
19% 22% 0% 5% 10% 15% 20% 25% 30%
Retail
Retail Institutional

1
Does not include internally managed AUM.
Exhibit
Source: McKinsey12Performance Lens Global Growth Cube
In Western Europe, revenue yield compression nearly offset profit pools growth from market
performance, while cost growth outpaced net new revenue contribution.
Asset management profit pools,1 Western Europe

€ billion, estimates

(0.1)

(3.2)
0.6 (0.4)

18.1 (3.5)
0.2
Positive contribution despite (0.9)
year-on-year AUM decline, as average 17.5
AUM in 2018 was up by ~2%

2017 Net Market Change in Change in Change 2018

profits flows performance2 asset mix revenue yields in cost base profits

Operating profit, % of net revenues

37% 36%

1
Estimate for combined third-party and proprietary.
2
Impact based on average AUM in 2018.
Source: McKinsey Performance Lens Global Growth Cube, McKinsey Performance Lens Global Asset Management Survey

State of the European asset management industry: Adapting to a new normal 10

 The adoption of passive strategies varies largely nearly offsetting market performance effect in 2018
from region to region, with North America, Australia, (Exhibit 12, previous page).
and Japan making up the majority of passive assets
We anticipate continued pricing compression in
and growth (Exhibit 11, previous page). Western
Europe driven by: (1) competitive pricing by vertically
Europe passive market share lands somewhere
integrated business models favoring proprietary
between North America and Rest of Asia, with
managed strategies; (2) implications of MiFID II driving
relatively moderate increases in share over the last
fee compression in institutional, wholesale/business-
five years across retail and institutional segments.
to-business (B2B), and increasingly even in retail;
Moreover, the penetration of passive assets still
and (3) growing aggregation of demand enabling
differs significantly by country, reinforcing the need
distributors and intermediaries to flex pricing power
for asset managers to consider local dynamics and
across retail and institutional channels.
not fall into painting regional opportunities with a
broad brush.
Fighting for sustainable operating
As in the rest of the world, private markets continued leverage
their rise as private fundraising has remained near
Asset managers continue to struggle to improve
record levels with significant tailwinds from client
efficiency at scale and to demonstrate sustainable
demand for alternative sources of return and yield.
operating leverage—a trend that has consistently
Even with less mix shift to structurally lower-priced challenged the industry to various degrees
passive strategies, pricing pressure remains a since the financial crisis. Western European
challenge across asset classes in Europe, with managers increased overall spending by about
declines in yields across all strategy categories 2 percent in 2018 despite the much more muted

Defined contribution

Exhibit 13
While Western European functional cost growth decreased in investment management,
distribution, and operations, overall spending levels continued to rise in 2018.
Cost pool by function
Indexed to 2007

CAGR CAGR
2007-17 2017-18

168 172 5% 2%
156
53 9% -4%
Investment 54
management 48
100
Sales and 32 4% 0%
28 32
marketing 23
27 27 2%
0.4 -2%
Operations1 21 25
Technology 21 19 20 22 4% 5%
14
Management/ 36 35 37 6% 6%
20
administration/
and other 2007 2016 2017 2018

Cost/average
AUM, bps 22 21.9 21.6 21.6

1
Western Europe Operations includes ~1 bp of expense from associated TA costs
Source: McKinsey Performance Lens Global Asset Management Survey

State of the European asset management industry: Adapting to a new normal 11

 growth environment. This was, however, a slower
cost growth rate than in prior years (5 percent
average annual growth between 2007 and 2017),
largely due to slower or declining functional cost
growth in investment management, distribution,
and operations (Exhibit 13, previous page). In
comparison, North American managers fared even
worse on cost discipline, with overall costs growing
twice as quickly (4 percent year-over-year) as those
of Western European managers, with significant
increases in investment management (3 percent)
and distribution (8 percent).
Unlocking vectors of new growth
We believe there is ample room for European
managers to achieve top- and bottom-line growth, if
they can execute across the following three strategic
imperatives and potential levers (Exhibit 14):
Compete within the core: “Tighten up the ship”
—— Meet clients’ urgent needs in the “lower for
longer” economic environment
—— Double down on sustainability and
• Recast the value proposition of the product
lineup to meet the changing portfolio needs of
institutional clients (e.g., alternative sources
of yield to meet liabilities; access to private
markets; more efficient vehicles with reduced
drag on returns; becoming a services provider
instead of only a product provider—for
instance by developing portfolio construction
and advisory capabilities)
• “Institutionalize” retail wholesale client
offerings (e.g., alternative sources of yield to
meet retirement income requirements; higher
margins of safety with slightly lower returns;
alternative solutions for capital-protected
retail savings and products)
• Make the investment process more robust
by testing successful use cases in advanced
analytics (e.g., de-biasing investment and
trade decision-making; leveraging new
sources of data to unlock opportunities such
as in ESG and thematic investing)
impact investing

Exhibit 14
Three innovation and ambition levels to unlock value.

Average value creation for a

~€200 billion player
€ million (percent of total value)

Redefine the game EBITA multiple1 12x 14x 300-400 (~15%)

Move the boundaries; Net new money 1% 4% 450-550 (~20%)

innovate selectively

Compete in the core; Cost-to-income 65% 60% 450-550 (~20%)

tighten up the ship ratio3

1
Based on operating profit.
2
Over 5-year period.
3
Median of Western European companies participating in McKinsey Annual Asset Management Survey.
Source: McKinsey Performance Lens Global Asset Management Survey; expert estimates

State of the European asset management industry: Adapting to a new normal 12

 • Fully integrate ESG factors in the investment
process, with the adoption of the Principles for
Responsible Investment and the introduction
of metrics to assess, measure, and manage
ESG risk across asset types
• Contribute to structurally increasing the
stewardship ability of the industry, to achieve
impact at scale in the real economy
• Partner with distribution networks to shape
an ESG-compliant product range and
contribute to embedding of ESG culture in
advisory models
• Explore possibilities to enlarge the
impact investing market as a means to
further diversify portfolios and achieve
outsized returns
—— Get front-line tactics right (e.g., distribution
effectiveness driven by targeted training/
upskilling to improve client proactiveness, client
experience, B2B/B2B-for-consumer [4C]
opportunities)
—— Transform your operating platform and
cost structure
• Rapidly transition middle- and back-office
capabilities to meet the needs of the front
office and clients (e.g., technology and
automation to accelerate efficiency and time-
to-delivery and enable customization at scale)
• Radically simplify operating models,
leveraging technology, data, and analytics to
streamline costs, improve client experiences,
and open channels to new growth
Move the boundaries: “Innovate selectively”
—— Realign business models to capture growth in
retail “hot spots” (e.g., democratizing access
to high-quality products for retail investors,
direct-to-consumer)
—— Unlock the tremendous white space for growth
in internally or unmanaged financial assets in
State of the European asset management industry: Adapting to a new normal
institutional (e.g., meeting liquidity needs of
corporate balance sheets; mid-sized insurers
managing their proprietary books of assets
and thus not benefiting from economies of
scale or scope)
—— Identify beneficial new partnerships in the
shifting distribution ecosystem (e.g., platforms
that can boost the value proposition with
network effects by accessing new clients and
sources of growth)
Redefine the game: Become a disruptive player
—— Expand “beyond asset management,” for
instance by creating a platform or ecosystem
building on privileged access to clients (e.g.,
a fund selection and distribution platform,
wealth manager/credit provider, market maker,
technology provider, or B2B marketplace)
—— Radically innovate (e.g., take the lead in
using distributed ledger technology in
asset management to tokenize previously
illiquid assets)
Historically, succeeding in asset management
was relatively straightforward, matching sources
of structural wealth creation and growing
retirement and liability needs, with sources of
capital appreciation, income, and yield. However,
the success factors behind the industry’s growth
have become more uncertain, and will continue to
evolve. The asset management industry’s current
challenges are real and must be confronted, and
managers must seek a new narrative and ambition
for growth. Significant upside exists, whether it
be within the current scope, or through pushing
boundaries and creating new opportunities. The
future belongs to those who can execute to their
ambitions. The gauntlet has been thrown. Will
European asset managers take it up?
13
November 2019
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