文档介绍：The Asset Management
Industry in 2010
Bigger, sometimes better – and the best pulling away
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© 2006 McKinsey & Company, Inc. All rights reserved.
The Asset Management
Industry in 2010
Bigger, sometimes better – and the best pulling away
EXECUTIVE SUMMARY
When viewed from 30,000 feet, the pace of change in the asset management
business can appear almost glacial. Year after year, it seems, the industry
turns out enviable, solid performance – indeed, our research shows that over-
all profit margins have held remarkably stable over the past market cycle, just
shy of the 30 percent mark. And while their relative positions may shift mod-
estly, the same roster of familiar names tends to resurface time and again in
the industry's annual rankings of dominant players.
But that's only the bird's eye view. Drill deeper, and a very different picture
emerges – one in which a handful of powerful forces is already spurring dra-
matic change at the individual firm level. Customer needs are changing fun-
damentally, driven on the retail front by the looming retirement of the biggest
demographic wave in our country's history, and on the institutional side by a
combination of worsening pension deficits and a significantly different
approach to evaluating – and paying for – performance. And all of this is tak-
ing place amid an uncertain market environment that is breeding enormous
levels of anxiety among investors of all stripes.
These forces have already begun to make their mark on industry structure.
The big, for instance, are getting considerably bigger: just 5 years ago, an
average top-ten player managed about $500 billion in assets; today, that fig-
ure is closer to $1 trillion. And while the industry as a whole remains extraor-
dinarily healthy, the profit gap between winners and losers – regardless of
size or customer segment served – continues to widen. But we believe the
action is