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PwC Global Asset & Wealth Management Report 2023: Client Assets at $291.4 Trillion, HNWIs AUM at $107.3 Trillion, Mass Affluent $84.5 Trillion, Pension Fund $54.4 Trillion, Insurance $33.9 Trillion, Sovereign Wealth Fund $11.4 Trillion, Client Asset Penetration Rate 39.5%, Global Asset & Wealth AUM at $115.1 Trillion, Mutual Funds $52.2 Trillion, Mandates $44.9 Trillion, Alternatives $18 Trillion, Top 10 Asset Managers Market Share of AUM 43.6%, Revenue is 0.47% of AUM, Top 3 Concerns are Inflation, Market Volatility & Interest Rate Movements
8th September 2023 | Hong Kong
PwC has released the PwC Global Asset & Wealth Management Report 2023, providing key insights into the global asset & wealth management industry from 500 asset managers & institutional investors. In 2022, the total Global Client Assets is at $291.4 trillion, HNWIs $107.3 trillion, Mass Affluent $84.5 trillion, Pension Fund $54.4 trillion, Insurance $33.9 trillion, and Sovereign Wealth Funds $11.4 trillion. The total Client Asset Penetration Rate is 39.5% ($115 trillion AUM of $291.4 trillion). In 2022, the Asset & Wealth Management AUM is at $115.1 trillion, Mutual Funds $52.2 trillion, Mandates $44.9 trillion, Alternatives $18 trillion, Robo-Advice AUM $2.5 trillion, and Direct Indexing $462 billion (2021). The Top 10 traditional asset managers market share of AUM in 2021 is 43.6% and is expected to grow to 49.7% in 2027. Global Revenue for 2022 is $545 billion, representing 0.47% of AUM and in expected to decrease to 0.42% of AUM in 2027 (Revenue $622.1 billion). The Top 3 biggest concerns in next 2 years are inflation, market volatility, and interest rate movements. On Alpha & Beta, Alpha will be more difficult to find, beta from rising markets may be challenged by money market funds and even bank deposits. Flight from equity to the safer yields of bonds and money market funds. (AUM ~ Assets under Management). See below for key findings & summary | View report here
“ Client Assets at $291.4 Trillion, HNWIs AUM at $107.3 Trillion, Mass Affluent $84.5 Trillion, Pension Fund $54.4 Trillion, Insurance $33.9 Trillion, Sovereign Wealth Fund $11.4 Trillion, Client Asset Penetration Rate 39.5%, Global Asset & Wealth AUM at $115.1 Trillion, Mutual Funds $52.2 Trillion, Mandates $44.9 Trillion, Alternatives $18 Trillion, Top 10 Asset Managers Market Share of AUM 43.6%, Revenue is 0.47% of AUM, Top 3 Concerns are Inflation, Market Volatility & Interest Rate Movements “
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PwC Global Asset & Wealth Management Report 2023
PwC has released the PwC Global Asset & Wealth Management Report 2023, providing key insights into the global asset & wealth management industry from 500 asset managers & institutional investors.
Summary – AUM & Revenue:
- 2022 Client Assets – $291.4 trillion
- HNWIs AUM – $107.3 trillion
- Mass Affluent AUM – $84.5 trillion
- Pension Fund AUM – $54.4 trillion
- Insurance AUM – $33.9 trillion
- Sovereign Wealth Funds AUM – $11.4 trillion
- Total Client Asset Penetration Rate – 39.5% of Client Assets ($115 trillion AUM of $291.4 trillion Client Asset)
- 2022 Asset & Wealth Management AUM – $115.1 trillion (2021: $127.5 trillion, 2027 forecast: $147.3 trillion)
- 2022 Mutual Funds AUM – $52.2 trillion (Active: $35.9 trillion, Passive: $16.3 trillion, ETFs: $13.4 trillion)
- 2022 Mandates AUM – $44.9 trillion (Active: $30.9 trillion, Passive: $14 trillion)
- 2022 Alternatives AUM – $18 trillion
- 2022 Robo-Advice AUM – $2.5 trillion
- 2021 Direct Indexing AUM – $462 billion
- Top 10 Traditional Asset Managers Market Share of AUM in 2021 – 43.6% (2027: 49.7%)
- Global Revenue 2021 – $599.1 billion (0.46% of AUM)
- Global Revenue 2022 – $545 billion (0.47% of AUM, 2027: $622.1 billion 0.42% of AUM)
- Active AUM Revenue 2022 – $261 billion (48% of revenue)
- Passive AUM Revenue 2022 – $31 billion (6% of revenue)
- Private Markets Revenue 2022 – $253 billion (46% of revenue)
Summary – Insights:
- Top 3 biggest concerns in next 2 years – Inflation, market volatility, interest rate movements
- Industry Lack of Experience – Many working in the asset management industry have little or no experience operating in this uncertain economic & high-interest environment
- Alpha & Beta – Alpha will be more difficult to find, beta from rising markets may be challenged by money market funds and even bank deposits. Flight from equity to the safer yields of bonds and money market funds.
- Portfolio Re-allocation – Significant reallocations: 1) Passive investments as investors look for a transparent, liquid and low-cost option 2) Private markets as investors ramp up the search for returns and hedges against market volatility
- Risk for Active Managers in Public Markets – May continue to lose market share
- Private Market Managers Target IRR (Internal Rate of Return) – If interest rates linger around 4% through 2024 & beyond, private markets managers will need to significantly raise their target IRR simply to compete, just as tough economic conditions and the end of cheap funding make this more difficult.
- APAC, Frontier & Emerging Markets Growth – Asia-Pacific with frontier and emerging markets in Africa and the Middle East, will set the pace of growth in AUM (APAC 50% higher than North America by 2027)
- Untapped Segment – Retail market. High-net-worth (HNW) & mass affluent investors are looking for more differentiated products. Main drivers of demand are private markets and shifts in investment allocation (Eg. ETFs.)
- Democratisation of Private Markets – Main customer base will be HNW investors with investable assets of at least $1 million
- Private Markets Business – Many Asset & Wealth Management organisations found it difficult to extend access to private markets in practice
- Private Markets pushback from financial advisers – Operational challenges are compounded by widespread pushback from financial advisers
- ETFs Demand – Expect biggest surge in ETFs demand over the next 2 to 3 years to come from individual investors
- Asset Managers to Close or Convert to Mutual Fund to Active ETF in next 1 or 2 years – Yes 20%, Undecided 59%, No 21%
- Strategic consolidation (M&A) with another Asset Manager – 73%
- Employees ESG demand on Asset Managers – Economy (jobs, taxes, wages), ESG matters, Diversity & inclusion in the workplace, Protecting worker health & safety
- Employers taking ESG actions: Transparency over ESG, Up-skilling workforce, Alignment of corporate values with employees’ values, Improving diversity, equity & inclusion
PwC Global Asset & Wealth Management Report 2023
1) AUM & Revenue
2022 Asset & Wealth Management AUM:
- Total AUM – $115.1 trillion (2021: $127.5 trillion, 2027 forecast: $147.3 trillion)
- Mutual Funds – $52.2 trillion (Active: $35.9 trillion, Passive: $16.3 trillion, ETFs: $13.4 trillion)
- Mandates – $44.9 trillion (Active: $30.9 trillion, Passive: $14 trillion)
- Alternatives – $18 trillion
- Robo-Advice – $2.5 trillion
- Direct Indexing – $462 billion
Top 10 Traditional Asset Managers Market Share of AUM:
- 2015 – 37.3%
- 2021 – 43.6%
- 2027 – 49.7%
Asset & Wealth Management Revenue:
- Global Revenue 2021 – $599.1 billion (0.46% of AUM)
- Global Revenue 2022 – $545 billion (0.47% of AUM, 2027: $622.1 billion 0.42% of AUM)
- Active AUM Revenue 2022 – $261 billion (48% of revenue)
- Passive AUM Revenue 2022 – $31 billion (6% of revenue)
- Private Markets Revenue 2022 – $253 billion (46% of revenue)
2) Market Share
Top 10 Traditional Asset Managers Market Share of AUM:
- 2015 – 37.3% of AUM
- 2016 – 35.6%
- 2017 – 38.8%
- 2018 – 40%
- 2019 – 41.9%
- 2020 – 42.5%
- 2021 – 43.6%
- 2024 – 44.3%
- 2027 – 49.7%
3) Client Assets
2022 Client Assets – $291.4 trillion
- HNWIs – $107.3 trillion
- Mass Affluent – $84.5 trillion
- Pension Fund – $54.4 trillion
- Insurance – $33.9 trillion
- Sovereign Wealth Funds – $11.4 trillion
Total Penetration Rate – 39.5% of Client Assets ($115 trillion AUM of $291.4 trillion Client Asset)
2027 Client Assets – $366.7 trillion
- HNWIs – $139.6 trillion
- Mass Affluent – $107.1 trillion
- Pension Fund – $64.9 trillion
- Insurance – $40.6 trillion
- Sovereign Wealth Funds – $14.5 trillion
Total Penetration Rate – 40.2% of Client Assets ($47.3 trillion AUM of $366.7 trillion Client Asset)
4) Asset & Wealth Management Industry Insights
- Top 3 biggest concerns in next 2 years – inflation, market volatility, interest rate movements
- Industry Lack of Experience – Many working in the asset management industry have little or no experience operating in this uncertain economic & high-interest environment, which may be prolonged by labour shortages and geopolitical instability. While navigating through the immediate storm, they also have to focus on the decisions and investments needed to transform their businesses and deliver long-term viability and growth.
- Alpha & Beta – Alpha will be more difficult to find, and the beta from rising markets may be challenged by money market funds and even bank deposits. Flight from equity to the safer yields of bonds and money market funds.
- Portfolio Re-allocation – Significant reallocations: 1) Passive investments as investors look for a transparent, liquid and low-cost option 2) Private markets as investors ramp up the search for returns and hedges against market volatility
- Risk for Active Managers in Public Markets – May continue to lose market share
- Private Market Managers Target IRR (Internal Rate of Return) – If interest rates linger around 4% through 2024 & beyond, private markets managers will need to significantly raise their target IRR simply to compete, just as tough economic conditions and the end of cheap funding make this more difficult.
- APAC, Frontier & Emerging Markets Growth – Asia-Pacific with frontier and emerging markets in Africa and the Middle East, will set the pace of growth in AUM (APAC 50% higher than North America by 2027)
- Unique selling point (USP) – Largest players won’t have the scale and expertise to compete in all of today’s emerging markets. Important to focus on what you’re good at. Drive efficiency & profitability from being the best at delivering that USP through scale, talent and technology, while rationalising sub-scale areas of your product suite.
- Buy what you can’t excel in – Eg. insurance or specialist lending
- Investors data & analytics – Deliver insight and value even when using 3rd-party distributors. Eliminate sub-scale operations to cut unnecessary complexity & cost.
- Untapped Segment – Retail market. High-net-worth (HNW) & mass affluent investors are looking for more differentiated products. Main drivers of demand are private markets and shifts in investment allocation (Eg. ETFs.)
- Democratisation of Private Markets – Main customer base will be HNW investors with investable assets of at least $1 million
5) Private Markets / ETFs Insights
- HNW individuals want more private markets from wealth managers and will switch firms In United States, many are reconsidering their wealth management relationships as they seek access to an increased variety among products and services (including private markets).
- Many Asset & Wealth Management organisations found it difficult to extend access to private markets in practice
- Operational challenges are compounded by widespread pushback from financial advisers.
- Significant HNW opportunity from millennials beginning to inherit the wealth
- Heighten the calls for tech-enabled services
- Millennial expectations to spur demand for ESG, crypto / digital and private markets investments.
- Expect biggest surge in ETFs demand over the next 2 to 3 years to come from individual investors
Asset Managers to Close or Convert to Mutual Fund to Active ETF in next 1 or 2 years:
- Yes – 20%
- Undecided – 59%
- No – 21%
Percentage of Products to Close or Convert to Mutual Fund to Active ETF in next 1 or 2 years:
- Less than 5% to ETF – 57%
- 6% to 10% to ETF – 37%
- 11% to 15% to ETF – 5%
Ways to Grow the Business – Impact of Private Markets / ETFs:
- Customer Profiling – Develop customer profiling to bring wealth management services to a large customer base. Accomplish via in-house development, acquisition, partnership.
- Wider set of Partnerships – Look for partnership beyond financial services, supermarket chains, online marketplaces, or game portals
- Client Relationship Strategy – Initial focus on HNWIs. Develop customer profiling using advisor note & portfolio information, and client texts & blog posts to forecast & react to demand. Improve mobile & virtual tools for engagement.
- New Complex Investments – Educate advisors, manage complex investments, reporting demands, may need specialist 3rd-party support
6) Direct Indexing / Robo-Advice Insights
Direct Indexing AUM
- 2015 – $100 billion
- 2016 – $120 billion
- 2017 – $150 billion
- 2018 – $130 billion
- 2019 – $275 billion
- 2020 – $350 billion
- 2021 – $462 billion
- 2027 – $1.47 trillion
Robo-Advice AUM
- 2017 – $200 billion
- 2018 – $400 billion
- 2019 – $700 billion
- 2020 – $1.1 trillion
- 2021 – $1.9 trillion
- 2022 – $2.5 trillion
- 2027 – $5.9 trillion
Ways to Grow the Business – Impact of Direct Indexing / Robo-Advice:
- Systems infrastructure – Outsource non-client, mid-office, back-office, including evaluating legal or finance team
- New setup – Innovation labs, sandbox trials
- Mass customisation – Use AI (Artificial intelligence) and Robo-advice to offer personalised solutions (that are typically for HNW clients), maintain hybrid human & digital delivery model
- Manage AI risks – Manage AI risks to investors, employees & regulators
7) Industry M&A and Partnerships:
M&A and Partnerships:
- Strategic consolidation with another Asset Manager – 73%
Factors for Asset Managers Consolidation within 2 years:
- Gaining access to a new segment, client or new opportunities – 43%
- Increasing market share and reducing competition – 38%
- Mitigating risks and diversifying product offering – 37%
- Leveraging highly skilled individuals or teams from other firms – 31%
- Hedging against inflationary pressures – 28%
8) ESG (Environmental, Social & Governance)
Employees ESG demand on Asset Managers:
- Impact on the economy (jobs, taxes, wages, etc.) – 57%
- Impact on ESG matters – 50%
- Track record on addressing diversity & inclusion in the workplace – 47%
- Track record on protecting worker health & safety – 41%
Employers taking ESG actions:
- Transparency over ESG matters and efforts being made in this direction – 53%
- Up-skilling workforce in priority areas – 48%
- Increasing alignment of corporate values with employees’ values – 45%
- Improving diversity, equity and inclusion – 37%
An Asset & Wealth Management CEO day in 2027
- 8 am – Briefing with brand consultants & customer relationship team on boosting trust rating, Net Promoter Score, picking digital influencers to promote the new wealth products
- 9 am – Call with Chief Innovation Officer to discuss results from the latest sandbox trial. Need quick decision on go-ahead and prep for board meeting to review blockchain settlement and custodian arrangements
- 10 am – Meeting with the Supermart Stores CEO to agree to revenue sharing arrangement and establish who will own the customer relationship and data in our joint digital loyalty points project
- 11 am – Meeting with Chief Investment Officer on launching a fund for tokenised securities
- 12 pm – Briefing from corporate affairs ahead of televised appearance before legislative committee. Be ready for grilling on net-zero investment, lending to small and medium-sized enterprises (SMEs) and safeguards against greenwashing, followed by update from corporate affairs on media and market reaction to appearance before committee
- 2 pm – Meeting with the corporate strategy team to discuss possible targets for private &/or neobank acquisitions
- 3 pm – Meeting with Chief Operating Officer to discuss further refining the outsourcing model to manage costs by ensuring that only core functions are retained
- 5 pm – Employee town hall on ethnic and gender pay-gap study results and actions ahead
PwC 2023 Global Asset & Wealth Management Survey
PwC’s 2023 Global Asset & Wealth Management Survey is an international survey of global asset managers and institutional investors. The survey aimed to assess the current AWM industry’s response to recent macroeconomic and business environment changes, gather insights on the direction in which those changes are likely to take the industry in the coming years, and evaluate industry players’ level of preparedness for this evolution of the AWM landscape. The asset manager survey sample comprised 250 respondents. The respondent base was cross-sectional in terms of role, firm size and tranche. The institutional investors survey sample also consisted of 250 respondents. Respondents covered a broad spectrum of AuM size, with more than half boasting assets of over US$10 billion. Public and private pension funds together accounted for more than 60% of the institutional investor respondent base.
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