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Global Asset Management 2014:
Steering the Course to Growth
Selected highlights for SlideShare
Published July 16, 2014
by the Financial Institutions and Insurance practice areas
1
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
BCG's twelfth annual global report offers a comprehensive view
of asset management’s strongest year of recovery from crisis
• In-depth market sizing of 43 countries,
covering 98 percent of the world market
• 2014 benchmarking of more than 120
asset managers with $35 trillion in AuM1
• 2013 performance, globally and by region
• How the "two-speed world" is shifting to
multiple speed lanes
• An assessment of five disruptive trends
Deep dive on why developing the right
target operating model is crucial for
steering the path to growth:
• Six design choices for an optimal target
operating model
• Why digital technologies and data
innovation are increasingly important
strategic assets and operating-model
enablers
Note: The study focused exclusively on assets that are professionally managed in exchange for a fee.
1Corresponds to 51 percent of global assets under management (AuM).
2
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
The findings: asset managers recorded their strongest year of
recovery in 2013, but there’s no room for complacency
The global asset-management industry recorded its strongest year of recovery since the financial
crisis, as AuM reached record levels and profits surged to near-all-time highs
• Global AuM hit a record $68.7 trillion, up 13 percent since the end of 2012
– Net flows reached their highest level since 2007—still, that was only 1.6 percent of prior-year
AuM
– High variability across regions: double-digit growth in the U.S., Japan, Australia, the rest of
Asia, and the Middle East and Africa, compared with high single-digit growth in Europe and
Latin America
• Profits surged to $93 billion, and profit margin reached 39 percent of net revenues, compared with
41 percent in 2007
But there is little room for complacency
• Fee pressures observed: active and passive, retail and institutional
• Continued squeeze of active core managers as the market shifts away from actively managed core
assets to passive management, active specialties, solutions, and alternative assets
• Increasing cost and complexity of business model
New waves of regulation, electronic connectivity and the data revolution, more demanding
investors, and globalization have implications for operating models
• There is no single world-class model: the choice depends on each manager’s starting point and
objectives
• Digital technologies and data innovation are quickly transforming operational aspects of asset
management and becoming sources of competitive advantage and operating-model enablement
3
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Asset growth was strong but largely driven by equity markets
Still, net flows of new assets reached a postcrisis record
Net flows reached highest level
since 2007
Sources: BCG Global Asset Management Market Sizing Database, 2014; BCG Global Asset Management Benchmarking Database, 2014.
Note: Sizing corresponds to AuM sourced from each region and professionally managed in exchange for a management fee; includes captive AuM of insurance groups or pension funds if those
assets are delegated to asset management entities with fees paid; 43 markets covered globally, including offshore AuM. For all countries whose currency is not the U.S. dollar, we applied the average
2013 exchange rate to all years. AuM numbers for 2012 differ from those in last year’s report mainly due to differences in the exchange rates and also to updates from data sources and in
methodologies. Any apparent discrepancies in growth rates are due to rounding.
1.6
1.2
0.1
-0.2
1.0
-0.5
4.0
5.7
4.5
3.23.1
6
4
2
0
-1
200620052004 200920082007 20132003 201220112010
Average net flows (% of AuM at beginning of period)
Global AuM grew 13% in 2013
to $68.7 trillion
68.7
60.9
55.154.8
50.9
45.5
54.7
31.0
0
20
40
60
80
20072002
Global AuM ($trillions) +13%
+2%
+12%
201320122011201020092008
4
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Middle East and
Africa
Latin America
North America
Asia
(excluding Japan and
Australia)
Europe Japan and Australia
Assets under management, 2007–2013
($trillions)
Source: BCG Global Asset Management Market Sizing Database, 2014.
Note: Sizing corresponds to AuM sourced from each region and professionally managed in exchange for a management fee; AuM includes captive AuM of insurance groups or pension funds if those
assets are delegated to asset management entities with fees paid; 43 markets covered globally, including offshore AuM. North America = Canada and the United States; Europe = Austria, Belgium,
the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and
the United Kingdom; Asia = China, Hong Kong, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan, and Thailand; Africa and the Middle East = selected sovereign-wealth funds of the region,
Morocco and South Africa; Latin America = Argentina, Brazil, Chile, Colombia, and Mexico. For all countries whose currency is not the U.S. dollar, we applied the average 2013 exchange rate to all
years. AuM numbers differ from those in last year’s report mainly due to differences in the exchange rates and also revisions of country data. Any apparent discrepancies in growth rates are due to
rounding.
Growth of AuM varied widely by region
North America, Japan, Australia, and the Middle East and Africa performed particularly well
27.3
34.0
29.4
162
201320122007
19.318.016.1
2013
72
20122007
1.71.50.8
813
20122007 2013
1.41.21.0
3 18
20122007 2013
4.43.82.5
2012
9
2007
14
2013
6.25.25.4
201320122007
18-1
Annual growth, 2013 (%)Annual growth, 2007–2012 (%)
5
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
The top ten country markets represent 83 percent of global AuM
The U.S. accounted for 46 percent of worldwide assets in 2013
Country AuM 2013 ($trillions) AuM 2012 ($trillions) CAGR, 2012-2013 (%)
United States 31.7 27.4 16
United Kingdom 5.5 5.0 11
Japan 4.4 3.7 18
France 3.1 3.0 3
Germany 2.5 2.4 5
Canada 2.2 2.0 13
China 2.0 1.7 17
Netherlands 2.0 1.9 1
Australia 1.7 1.5 18
Italy 1.5 1.4 10
Top ten markets (%) 82.6% 82.1%
Total market 68.7 60.9
46.2 %
Source: BCG Global Asset Management Market Sizing Database, 2014.
Note: Sizing corresponds to AuM professionally managed in exchange for a management fee. Includes captive AuM of insurance groups or pension funds if those assets are delegated to asset
management entities with fees paid. For all countries whose currency is not the U.S. dollar, the average 2013 exchange rate was applied to all years. AuM numbers differ from those in last year’s
report mainly due to differences in the exchange rates and also to revisions in country data. Any apparent discrepancies in totals are due to rounding.
U.S. share of total market
6
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Profit in operating margins neared its precrisis peak
But net revenues remained flat—well below historic levels
Net revenues1 (basis points) Operating margins (% of net revenues1)
Source: BCG Global Asset Management Benchmarking Database, 2014.
Note: Based on our benchmarking sample.
1Management fees net of distribution costs.
Costs (basis points)
Managers are now focusing more tightly on costs
39
373636
32
37
414141
37
30
0%
10%
20%
30%
40%
50%
20132012201120102009200820072006200520042003
29.429.229.529.627.328.4
34.333.230.830.028.5
0
20
40
20132012201120102009200820072006200520042003
17.918.519.018.818.517.9
20.219.618.218.819.8
0
20
40
200820072006200520042003 20132012201120102009
7
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
The global profit pool rose 17 percent—still 7 percent below peak
Revenue growth outpaced rising costs, driving the solid improvement in profit
Global market
AuM evolution Average AuM Net revenues1 Costs Profit pool
Sources: BCG Global Asset Management Market Sizing Database, 2014; BCG Global Asset Management Benchmarking Database, 2014.
Note: Values with fixed exchange rates at the year-end 2013 rate.
1Management fees net of distribution costs.
68.7
60.9
55.154.8
50.9
45.5
54.7
0
20
40
60
80
+13%
($trillions)
End
13
End
12
End
11
End
10
End
09
End
08
End
07
120
109
104
98
89
96
100
0
20
40
60
80
100
120
+10%
Index
Avg
13
Avg
12
Avg
11
Avg
10
Avg
09
Avg
08
Avg
07
102
92
89
84
71
80
100
0
20
40
60
80
100
120
+11%
13121110090807
Index
106
9997
92
82
86
100
0
20
40
60
80
100
120
+7%Index
13121110090807
93
79
73
70
52
69
100
0
20
40
60
80
100
120
Index
13121110
+17%
090807
Evolution of key economics, in absolute terms for all players ($billions)
8
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Specialties and solutions continued to dominate net flows
United States
Top ten strategies, by 2013
mutual-fund net sales1 ($billions)
Europe
Top ten strategies, by 2013
mutual-fund net sales1,2 ($billions)
Asia-Pacific
Top ten strategies, by 2013
mutual-fund net sales1,3 ($billions)
Solution
Sources: Strategic Insight; BCG analysis.
1Based on mutual funds and ETFs, excluding, for instance, assets of mandates. 2Of 28 strategies defined by the Simfund database. 3Of 27 strategies defined by Simfund database.
Specialty, global, or emerging market
Equity,
Asia-Pacific
18
Mixed
conservative
25
Equity,
North America
28
Mixed balanced 43
Absolute flexible 44
High-yield bond 49
Equity, global 53
Equity, Europe 53
Mixed flexible 54
Global bond 60
67
Large blend 75
Foreign large blend 75
Series
World stock 25
Large value 27
Diversified
emerging markets
30
Money market taxable 36
Short-term bond 37
Target date 50
Nontraditional bond 54
Bank loan
Equity,
North America
7
Equity sector 7
High-yield bond 12
Real estate 20
Money market 102
Mixed
conservative
2
Mixed balanced 2
Equity, global 4
Mixed flexible 4
Bond, other 5
9
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
~ -0.5%
As traditional actively managed assets continue to lose share
of the global pool...
15% / $10
2013
$69
45% / $31
5% / $3
25% / $17
10% / $7
2008
$46
10% / $5
56% / $26
3% / $2
22% / $10
9% / $4
2003
$36
8% / $3
63% / $22
2% / $1
21% / $8
5% / $2
Passives and ETFs
Solutions and LDIs3
Alternatives1
Traditional active
core assets4
Active specialties2
3% 4%
5%
11%
16% 13%
9%
17%
13%
17%
Global AuM, by product (% and $trillions)
~2.0%
~1.5%
~4.0%
~6.0%
Estimated annual net
flows relative to total
AuM, 2013–2017 (%)
CAGRActive core products are expected to shrink to
about 40 percent of global AuM by 2017
Sources: BCG Global Asset Management Market Sizing Database, 2014; BCG Global Asset Management Benchmarking ,2014; ICI; Preqin; HFR; Strategic Insight; BlackRock ETP report; IMA;
OECD; Towers Watson; P&I; Lipper; BCG analysis.
1Includes hedge funds, private equity, real estate, infrastructure and commodity funds. 2Includes equity specialties (foreign, global, emerging markets, small and mid caps, and sectors) and fixed-
income specialties (credit, emerging markets, global, high yield, and convertibles). 3Includes absolute-return, target date, global asset-allocation, flexible, income, and volatility funds and liability-driven
investments (LDIs). 4Includes active domestic large-cap equity, active government fixed-income, money market, and traditional balanced and structured products.
10
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
...Traditional assets and managers that cling to them will
continue to be squeezed
Sources: BCG Global Asset Management Market Sizing, 2014; BCG Global Asset Management Benchmarking, 2014; ICI; Preqin; HFR; Strategic Insight; BlackRock ETP report; IMA; OECD; Towers
Watson; P&I; Lipper; BCG analysis.
1Management fees net of distribution costs. 2Includes actively managed domestic large-cap equity. 3Includes actively managed domestic government debt. 4Includes foreign, global, emerging-market
equities, small and mid caps, and sectors. 5Includes credit, emerging-market and global debt, high-yield bonds, and convertibles. 6Includes absolute return, target date funds, global asset allocation,
flexible, income, and volatility funds. 7LDI = liability-driven investment.
-5
0
5
10
15
20
25
0 20050 100
LDIs7
CAGR, 2013-2017 (%)
Structured
Fixed-income ETFs
Net revenue margin1 (basis points)
Commodities
Infrastructure
Funds of hedge funds
Hedge funds
Funds of PE funds
Private equity
Equity ETFs
Passive
fixed income
Passive equity
Solutions6
Balanced
Money
market
Fixed-income
specialties5
Fixed-income
core3
Equity
specialties4
Equity
core2
Real estate
Passive productsTraditional active core products Alternative products
Estimated size, 2013 (scale = $1 trillion)
11
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Pricing pressure undercut fees in some product categories
Mainly in equity, money market, structured products, and alternatives
Institutional fees, by product
(2013 compared with 2012)
Retail fees, by product
(2013 compared with 2012)
75
18
16
7
5
14
6
37
75
15
16
7
5
15
6
36
0 20 40 60 80 100
Active
fixed income
Passive equity
Passive
fixed income
Structured
products
Multiasset
(Basis points)
Active equity
-1%
-15%
+1%
-7%
+5%
-3%
-2%
+8%
Alternatives
Money market
20132012
76
50
45
9
20
42
18
64
68
49
51
7
18
42
14
62
0 20 40 60 80 100
Money market
Active equity
Passive
fixed income
Multiasset
Active
fixed income
Passive equity
+1%
-10%
-20%
+12%
-11%
-3%
-23%
Structured
products
-1%
Alternatives
(Basis points)
Sources: BCG Global Asset Management Benchmarking Database, 2014; BCG analysis.
12
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
The winner-takes-all trend slowed in the U.S. and Europe
The top ten manager tables changed relatively little
Sources: Strategic Insight; BCG analysis.
Note: Analysis excludes money market funds.
Top ten asset managers, on the basis of
mutual-fund flows in the United States
Top ten asset managers, on the basis of
mutual-fund flows in Europe
Asset
manager
2013 net
flows
($billions)
Cumulative
share of total
market net
flows (%)
Cumulative
share of net
flows of players
with positive net
flows (%)
Vanguard 129 29 21
BlackRock 51 41 29
State Street Global Advisors 24 46 33
Dimensional Fund Advisors 23 51 37
JPMorgan Chase 22 56 41
MFS Investment Management 17 60 44
Goldman Sachs 15 64 46
New York Life Insurance 14 67 48
MassMutual 14 70 51
Affiliated Managers Group 14 73 53
Total market 441
Asset
manager
2013 net
flows
($billions)
Cumulative
share of total
market net
flows (%)
Cumulative
share of net
flows of players
with positive net
flows (%)
BlackRock 51 12 9
JPMorgan Chase 33 19 14
Standard Life 15 23 17
Franklin Templeton 15 26 20
M&G Investments 14 29 22
Nordea 12 32 24
Schroders 12 35 26
Vanguard 12 38 28
Pioneer Investments 10 40 30
Allianz GI / Pimco 8 42 31
Total market 436
Five U.S. players
out of top ten in
Europe, as in 2012
Xx = New player in top-ten ranking in 2013 (compared with 2012 rankings)
94 652012 ratios 51 37
13
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Five disruptive trends are impacting asset managers’
operating models…and their business
DescriptionTrend Implications for a target operating model
Regulatory change
• Regulations (for example, those inspired by Dodd-
Frank and EMIR): increasing impact on the industry
worldwide as asset managers become more
systemically significant
• Need to be able to build, develop, and scale new
functionality (for example, reporting and central
clearing) in an accelerated way (months, not
years)
Globalization
• Two-speed world with smaller emerging markets
that are growing faster than developed markets
with higher net flows
• Need an operating model that can be applied
globally yet adapted to local specifics
• Faster growth of solutions, specialty products, and
passive and alternative products
• Greater demand for transparency and
independence from increasingly sophisticated and
institutional investors
• Scissor effects with pressure on fees while
industry evolution is driving costs higher
• Need agility and modularity that enable quick and
reliable new-product and asset class introductions
• Need for more flexible, real-time data and analytics
• Need to transform fixed costs to variable costs as
much as possible to follow fee and demand trends
More demanding investors
with a growing preference for
nontraditional assets
New competitors offering
nontraditional assets
• Blurring lines between traditional and
nontraditional managers
• Need agility and modularity that enable expansion
into new business models and investment
approaches
Source: BCG analysis.
The digital and data
revolution
• Need to consider data as a strategic asset and
a critical enabler of any target-operating-model
transformation
• Premium on straight-through processing and flexible
connectivity with Wall Street
• Data proliferation: the explosion of growth in more
complex unstructured data and the mounting
volume of trading data across multiple systems
• Electronification: a growing share of securities are
already handled electronically
14
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Three elements define the asset manager’s operating model
Process and technology, work structure, and organization
The operating-model ecosystem
Process and technology Work structure Organization
Structure and roles;
accountabilities
Sourcing and
outsourcing
Footprint
Talent and skills
Governance and
metrics
Coaching and
enablement
Workload balancing
Process model
architecture
Shared services
Workflow and task
automation
Data and analytics
and technology
Process
redesign
Job
Design
xxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxxxx
xxxxxxxxxxxxxx
Rethink and redesign processes and
technology to promote greater
effectiveness and efficiency
Optimize resource deployment: centralized
versus decentralized, onshore versus
offshore, and in-house versus outsourced
Simplify the organization and align it with the
operating model: role clarity, incentives
alignment, and metrics adjustment
Source: BCG analysis.
15
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Managers have six target-operating-model design choices
Management of costs
and enhanced efficiency
Creation of opportunities
for superior investment
performance
Emphasis on a risk
management culture and
practices
Focus on core activities
and outsourcing noncore
activities
Flexibility to adopt new
or unique assets and
strategies
Scalability to handle
more AuM, trades, and
funds
Principle enablers
include talent
development,
organization
structure, and
governance
Source: BCG analysis.
16
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Shadow
outsourcing
model
Global
operating
model
Data-centric
operating
model
Utility
operating
model
BCG’s report profiles four innovative operating models
Other asset managers might adapt some of the same core strategies to their business
Operating
model
details
• Outsource middle- and
back-office execution
and oversight to
separate outsourcers
• Different variances: full
shadow (complete
“double-do”) versus light
shadow (only select
critical functions
shadowed)
• Global infrastructure of
systems, data
repositories, and
processes
• Local and regional
customization where
needed (for example,
trading and regulatory
reporting)
• Building a real-time data
solution as the operating-
model backbone
• Feeding custom-built
front-to-back modular
technology and
operations platform
• Layered sophisticated
performance and risk
analytics
• Leveraged multiyear
investment in a world-
class operating model as
a new business
opportunity
• Commercialized
operating model as a
“utility” service for
competition
• Focus on core activities
• Reduce risk and
increase transparency
• Avoid typical pitfalls of
outsourcing: reduce
switching cost, maintain
competitive tension,
reduce “failover” risk
• Leverage global scale
and efficiency
• Simplify global
expansion (plug-and-play
model)
• Maximize flexibility and
ability to plug and play
new, unique assets and
strategies
• Improve transparency
and risk management
• Create superior
investment performance
• Mutualize cost and
investment and increase
scale
• Generate additional
revenues
Asset
manager
objective
• Full redundancy through
outsourcing of execution
and oversight roles
• Leverage global scale
while maintaining local
customization
• Emphasis on real-time
analytics and decision
making
• Monetize the operating
model as a serviceModel
Source: BCG analysis.
17
Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved.
Additional information
Authors of the Report
Gary Shub is a partner and managing director in the Boston office
of The Boston Consulting Group and the global leader of the asset
management topic.
Simon Bartletta is a senior partner and managing director in the
firm’s Boston office.
Brent Beardsley is a senior partner and managing director in
BCG’s Chicago office and the global leader of the asset and wealth
management segment.
Hélène Donnadieu is a principal in the firm’s Paris office and the
global manager of the asset management segment.
Renaud Fages is a principal in BCG’s New York office.
Craig Hapelt is a partner and managing director in the firm’s
Toronto office.
Benoît Macé is a partner and managing director in BCG’s Paris
office.
Andy Maguire is a senior partner and managing director in the
firm’s London office.
Tjun Tang is a senior partner and managing director in BCG’s
Hong Kong office.
For Further Reading
Global Wealth 2014: Riding a Wave of Growth
A report by The Boston Consulting Group, June 2014
Operational Excellence in Retail Banking 2014: No
Compromise; Advocating for Customers, Insisting on
Efficiency
A Focus report by The Boston Consulting Group, May 2014
Global Capital Markets 2014: The Quest for Revenue Growth
A report by The Boston Consulting Group, May 2014
Optimizing Operating Models in Wealth Management
An article by The Boston Consulting Group, February 2014
Global Risk 2013–2014: Breaching the Next Banking Barrier
A report by The Boston Consulting Group, November 2013
Profitable Growth for Life Insurers: From Cash to Capabilities
A Focus report by The Boston Consulting Group, November 2013
Global Asset Management 2014 is available for reading and
downloading at www.bcgperspectives.com.
To request details of the findings, please e-mail
BCG-Info@bcg.com.
To request a media interview, please contact Eric Gregoire at
gregoire.eric@bcg.com.

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Global Asset Management 2014: Steering the Course to Growth

  • 1. Global Asset Management 2014: Steering the Course to Growth Selected highlights for SlideShare Published July 16, 2014 by the Financial Institutions and Insurance practice areas
  • 2. 1 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. BCG's twelfth annual global report offers a comprehensive view of asset management’s strongest year of recovery from crisis • In-depth market sizing of 43 countries, covering 98 percent of the world market • 2014 benchmarking of more than 120 asset managers with $35 trillion in AuM1 • 2013 performance, globally and by region • How the "two-speed world" is shifting to multiple speed lanes • An assessment of five disruptive trends Deep dive on why developing the right target operating model is crucial for steering the path to growth: • Six design choices for an optimal target operating model • Why digital technologies and data innovation are increasingly important strategic assets and operating-model enablers Note: The study focused exclusively on assets that are professionally managed in exchange for a fee. 1Corresponds to 51 percent of global assets under management (AuM).
  • 3. 2 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. The findings: asset managers recorded their strongest year of recovery in 2013, but there’s no room for complacency The global asset-management industry recorded its strongest year of recovery since the financial crisis, as AuM reached record levels and profits surged to near-all-time highs • Global AuM hit a record $68.7 trillion, up 13 percent since the end of 2012 – Net flows reached their highest level since 2007—still, that was only 1.6 percent of prior-year AuM – High variability across regions: double-digit growth in the U.S., Japan, Australia, the rest of Asia, and the Middle East and Africa, compared with high single-digit growth in Europe and Latin America • Profits surged to $93 billion, and profit margin reached 39 percent of net revenues, compared with 41 percent in 2007 But there is little room for complacency • Fee pressures observed: active and passive, retail and institutional • Continued squeeze of active core managers as the market shifts away from actively managed core assets to passive management, active specialties, solutions, and alternative assets • Increasing cost and complexity of business model New waves of regulation, electronic connectivity and the data revolution, more demanding investors, and globalization have implications for operating models • There is no single world-class model: the choice depends on each manager’s starting point and objectives • Digital technologies and data innovation are quickly transforming operational aspects of asset management and becoming sources of competitive advantage and operating-model enablement
  • 4. 3 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Asset growth was strong but largely driven by equity markets Still, net flows of new assets reached a postcrisis record Net flows reached highest level since 2007 Sources: BCG Global Asset Management Market Sizing Database, 2014; BCG Global Asset Management Benchmarking Database, 2014. Note: Sizing corresponds to AuM sourced from each region and professionally managed in exchange for a management fee; includes captive AuM of insurance groups or pension funds if those assets are delegated to asset management entities with fees paid; 43 markets covered globally, including offshore AuM. For all countries whose currency is not the U.S. dollar, we applied the average 2013 exchange rate to all years. AuM numbers for 2012 differ from those in last year’s report mainly due to differences in the exchange rates and also to updates from data sources and in methodologies. Any apparent discrepancies in growth rates are due to rounding. 1.6 1.2 0.1 -0.2 1.0 -0.5 4.0 5.7 4.5 3.23.1 6 4 2 0 -1 200620052004 200920082007 20132003 201220112010 Average net flows (% of AuM at beginning of period) Global AuM grew 13% in 2013 to $68.7 trillion 68.7 60.9 55.154.8 50.9 45.5 54.7 31.0 0 20 40 60 80 20072002 Global AuM ($trillions) +13% +2% +12% 201320122011201020092008
  • 5. 4 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Middle East and Africa Latin America North America Asia (excluding Japan and Australia) Europe Japan and Australia Assets under management, 2007–2013 ($trillions) Source: BCG Global Asset Management Market Sizing Database, 2014. Note: Sizing corresponds to AuM sourced from each region and professionally managed in exchange for a management fee; AuM includes captive AuM of insurance groups or pension funds if those assets are delegated to asset management entities with fees paid; 43 markets covered globally, including offshore AuM. North America = Canada and the United States; Europe = Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the United Kingdom; Asia = China, Hong Kong, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan, and Thailand; Africa and the Middle East = selected sovereign-wealth funds of the region, Morocco and South Africa; Latin America = Argentina, Brazil, Chile, Colombia, and Mexico. For all countries whose currency is not the U.S. dollar, we applied the average 2013 exchange rate to all years. AuM numbers differ from those in last year’s report mainly due to differences in the exchange rates and also revisions of country data. Any apparent discrepancies in growth rates are due to rounding. Growth of AuM varied widely by region North America, Japan, Australia, and the Middle East and Africa performed particularly well 27.3 34.0 29.4 162 201320122007 19.318.016.1 2013 72 20122007 1.71.50.8 813 20122007 2013 1.41.21.0 3 18 20122007 2013 4.43.82.5 2012 9 2007 14 2013 6.25.25.4 201320122007 18-1 Annual growth, 2013 (%)Annual growth, 2007–2012 (%)
  • 6. 5 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. The top ten country markets represent 83 percent of global AuM The U.S. accounted for 46 percent of worldwide assets in 2013 Country AuM 2013 ($trillions) AuM 2012 ($trillions) CAGR, 2012-2013 (%) United States 31.7 27.4 16 United Kingdom 5.5 5.0 11 Japan 4.4 3.7 18 France 3.1 3.0 3 Germany 2.5 2.4 5 Canada 2.2 2.0 13 China 2.0 1.7 17 Netherlands 2.0 1.9 1 Australia 1.7 1.5 18 Italy 1.5 1.4 10 Top ten markets (%) 82.6% 82.1% Total market 68.7 60.9 46.2 % Source: BCG Global Asset Management Market Sizing Database, 2014. Note: Sizing corresponds to AuM professionally managed in exchange for a management fee. Includes captive AuM of insurance groups or pension funds if those assets are delegated to asset management entities with fees paid. For all countries whose currency is not the U.S. dollar, the average 2013 exchange rate was applied to all years. AuM numbers differ from those in last year’s report mainly due to differences in the exchange rates and also to revisions in country data. Any apparent discrepancies in totals are due to rounding. U.S. share of total market
  • 7. 6 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Profit in operating margins neared its precrisis peak But net revenues remained flat—well below historic levels Net revenues1 (basis points) Operating margins (% of net revenues1) Source: BCG Global Asset Management Benchmarking Database, 2014. Note: Based on our benchmarking sample. 1Management fees net of distribution costs. Costs (basis points) Managers are now focusing more tightly on costs 39 373636 32 37 414141 37 30 0% 10% 20% 30% 40% 50% 20132012201120102009200820072006200520042003 29.429.229.529.627.328.4 34.333.230.830.028.5 0 20 40 20132012201120102009200820072006200520042003 17.918.519.018.818.517.9 20.219.618.218.819.8 0 20 40 200820072006200520042003 20132012201120102009
  • 8. 7 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. The global profit pool rose 17 percent—still 7 percent below peak Revenue growth outpaced rising costs, driving the solid improvement in profit Global market AuM evolution Average AuM Net revenues1 Costs Profit pool Sources: BCG Global Asset Management Market Sizing Database, 2014; BCG Global Asset Management Benchmarking Database, 2014. Note: Values with fixed exchange rates at the year-end 2013 rate. 1Management fees net of distribution costs. 68.7 60.9 55.154.8 50.9 45.5 54.7 0 20 40 60 80 +13% ($trillions) End 13 End 12 End 11 End 10 End 09 End 08 End 07 120 109 104 98 89 96 100 0 20 40 60 80 100 120 +10% Index Avg 13 Avg 12 Avg 11 Avg 10 Avg 09 Avg 08 Avg 07 102 92 89 84 71 80 100 0 20 40 60 80 100 120 +11% 13121110090807 Index 106 9997 92 82 86 100 0 20 40 60 80 100 120 +7%Index 13121110090807 93 79 73 70 52 69 100 0 20 40 60 80 100 120 Index 13121110 +17% 090807 Evolution of key economics, in absolute terms for all players ($billions)
  • 9. 8 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Specialties and solutions continued to dominate net flows United States Top ten strategies, by 2013 mutual-fund net sales1 ($billions) Europe Top ten strategies, by 2013 mutual-fund net sales1,2 ($billions) Asia-Pacific Top ten strategies, by 2013 mutual-fund net sales1,3 ($billions) Solution Sources: Strategic Insight; BCG analysis. 1Based on mutual funds and ETFs, excluding, for instance, assets of mandates. 2Of 28 strategies defined by the Simfund database. 3Of 27 strategies defined by Simfund database. Specialty, global, or emerging market Equity, Asia-Pacific 18 Mixed conservative 25 Equity, North America 28 Mixed balanced 43 Absolute flexible 44 High-yield bond 49 Equity, global 53 Equity, Europe 53 Mixed flexible 54 Global bond 60 67 Large blend 75 Foreign large blend 75 Series World stock 25 Large value 27 Diversified emerging markets 30 Money market taxable 36 Short-term bond 37 Target date 50 Nontraditional bond 54 Bank loan Equity, North America 7 Equity sector 7 High-yield bond 12 Real estate 20 Money market 102 Mixed conservative 2 Mixed balanced 2 Equity, global 4 Mixed flexible 4 Bond, other 5
  • 10. 9 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. ~ -0.5% As traditional actively managed assets continue to lose share of the global pool... 15% / $10 2013 $69 45% / $31 5% / $3 25% / $17 10% / $7 2008 $46 10% / $5 56% / $26 3% / $2 22% / $10 9% / $4 2003 $36 8% / $3 63% / $22 2% / $1 21% / $8 5% / $2 Passives and ETFs Solutions and LDIs3 Alternatives1 Traditional active core assets4 Active specialties2 3% 4% 5% 11% 16% 13% 9% 17% 13% 17% Global AuM, by product (% and $trillions) ~2.0% ~1.5% ~4.0% ~6.0% Estimated annual net flows relative to total AuM, 2013–2017 (%) CAGRActive core products are expected to shrink to about 40 percent of global AuM by 2017 Sources: BCG Global Asset Management Market Sizing Database, 2014; BCG Global Asset Management Benchmarking ,2014; ICI; Preqin; HFR; Strategic Insight; BlackRock ETP report; IMA; OECD; Towers Watson; P&I; Lipper; BCG analysis. 1Includes hedge funds, private equity, real estate, infrastructure and commodity funds. 2Includes equity specialties (foreign, global, emerging markets, small and mid caps, and sectors) and fixed- income specialties (credit, emerging markets, global, high yield, and convertibles). 3Includes absolute-return, target date, global asset-allocation, flexible, income, and volatility funds and liability-driven investments (LDIs). 4Includes active domestic large-cap equity, active government fixed-income, money market, and traditional balanced and structured products.
  • 11. 10 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. ...Traditional assets and managers that cling to them will continue to be squeezed Sources: BCG Global Asset Management Market Sizing, 2014; BCG Global Asset Management Benchmarking, 2014; ICI; Preqin; HFR; Strategic Insight; BlackRock ETP report; IMA; OECD; Towers Watson; P&I; Lipper; BCG analysis. 1Management fees net of distribution costs. 2Includes actively managed domestic large-cap equity. 3Includes actively managed domestic government debt. 4Includes foreign, global, emerging-market equities, small and mid caps, and sectors. 5Includes credit, emerging-market and global debt, high-yield bonds, and convertibles. 6Includes absolute return, target date funds, global asset allocation, flexible, income, and volatility funds. 7LDI = liability-driven investment. -5 0 5 10 15 20 25 0 20050 100 LDIs7 CAGR, 2013-2017 (%) Structured Fixed-income ETFs Net revenue margin1 (basis points) Commodities Infrastructure Funds of hedge funds Hedge funds Funds of PE funds Private equity Equity ETFs Passive fixed income Passive equity Solutions6 Balanced Money market Fixed-income specialties5 Fixed-income core3 Equity specialties4 Equity core2 Real estate Passive productsTraditional active core products Alternative products Estimated size, 2013 (scale = $1 trillion)
  • 12. 11 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Pricing pressure undercut fees in some product categories Mainly in equity, money market, structured products, and alternatives Institutional fees, by product (2013 compared with 2012) Retail fees, by product (2013 compared with 2012) 75 18 16 7 5 14 6 37 75 15 16 7 5 15 6 36 0 20 40 60 80 100 Active fixed income Passive equity Passive fixed income Structured products Multiasset (Basis points) Active equity -1% -15% +1% -7% +5% -3% -2% +8% Alternatives Money market 20132012 76 50 45 9 20 42 18 64 68 49 51 7 18 42 14 62 0 20 40 60 80 100 Money market Active equity Passive fixed income Multiasset Active fixed income Passive equity +1% -10% -20% +12% -11% -3% -23% Structured products -1% Alternatives (Basis points) Sources: BCG Global Asset Management Benchmarking Database, 2014; BCG analysis.
  • 13. 12 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. The winner-takes-all trend slowed in the U.S. and Europe The top ten manager tables changed relatively little Sources: Strategic Insight; BCG analysis. Note: Analysis excludes money market funds. Top ten asset managers, on the basis of mutual-fund flows in the United States Top ten asset managers, on the basis of mutual-fund flows in Europe Asset manager 2013 net flows ($billions) Cumulative share of total market net flows (%) Cumulative share of net flows of players with positive net flows (%) Vanguard 129 29 21 BlackRock 51 41 29 State Street Global Advisors 24 46 33 Dimensional Fund Advisors 23 51 37 JPMorgan Chase 22 56 41 MFS Investment Management 17 60 44 Goldman Sachs 15 64 46 New York Life Insurance 14 67 48 MassMutual 14 70 51 Affiliated Managers Group 14 73 53 Total market 441 Asset manager 2013 net flows ($billions) Cumulative share of total market net flows (%) Cumulative share of net flows of players with positive net flows (%) BlackRock 51 12 9 JPMorgan Chase 33 19 14 Standard Life 15 23 17 Franklin Templeton 15 26 20 M&G Investments 14 29 22 Nordea 12 32 24 Schroders 12 35 26 Vanguard 12 38 28 Pioneer Investments 10 40 30 Allianz GI / Pimco 8 42 31 Total market 436 Five U.S. players out of top ten in Europe, as in 2012 Xx = New player in top-ten ranking in 2013 (compared with 2012 rankings) 94 652012 ratios 51 37
  • 14. 13 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Five disruptive trends are impacting asset managers’ operating models…and their business DescriptionTrend Implications for a target operating model Regulatory change • Regulations (for example, those inspired by Dodd- Frank and EMIR): increasing impact on the industry worldwide as asset managers become more systemically significant • Need to be able to build, develop, and scale new functionality (for example, reporting and central clearing) in an accelerated way (months, not years) Globalization • Two-speed world with smaller emerging markets that are growing faster than developed markets with higher net flows • Need an operating model that can be applied globally yet adapted to local specifics • Faster growth of solutions, specialty products, and passive and alternative products • Greater demand for transparency and independence from increasingly sophisticated and institutional investors • Scissor effects with pressure on fees while industry evolution is driving costs higher • Need agility and modularity that enable quick and reliable new-product and asset class introductions • Need for more flexible, real-time data and analytics • Need to transform fixed costs to variable costs as much as possible to follow fee and demand trends More demanding investors with a growing preference for nontraditional assets New competitors offering nontraditional assets • Blurring lines between traditional and nontraditional managers • Need agility and modularity that enable expansion into new business models and investment approaches Source: BCG analysis. The digital and data revolution • Need to consider data as a strategic asset and a critical enabler of any target-operating-model transformation • Premium on straight-through processing and flexible connectivity with Wall Street • Data proliferation: the explosion of growth in more complex unstructured data and the mounting volume of trading data across multiple systems • Electronification: a growing share of securities are already handled electronically
  • 15. 14 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Three elements define the asset manager’s operating model Process and technology, work structure, and organization The operating-model ecosystem Process and technology Work structure Organization Structure and roles; accountabilities Sourcing and outsourcing Footprint Talent and skills Governance and metrics Coaching and enablement Workload balancing Process model architecture Shared services Workflow and task automation Data and analytics and technology Process redesign Job Design xxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxx Rethink and redesign processes and technology to promote greater effectiveness and efficiency Optimize resource deployment: centralized versus decentralized, onshore versus offshore, and in-house versus outsourced Simplify the organization and align it with the operating model: role clarity, incentives alignment, and metrics adjustment Source: BCG analysis.
  • 16. 15 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Managers have six target-operating-model design choices Management of costs and enhanced efficiency Creation of opportunities for superior investment performance Emphasis on a risk management culture and practices Focus on core activities and outsourcing noncore activities Flexibility to adopt new or unique assets and strategies Scalability to handle more AuM, trades, and funds Principle enablers include talent development, organization structure, and governance Source: BCG analysis.
  • 17. 16 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Shadow outsourcing model Global operating model Data-centric operating model Utility operating model BCG’s report profiles four innovative operating models Other asset managers might adapt some of the same core strategies to their business Operating model details • Outsource middle- and back-office execution and oversight to separate outsourcers • Different variances: full shadow (complete “double-do”) versus light shadow (only select critical functions shadowed) • Global infrastructure of systems, data repositories, and processes • Local and regional customization where needed (for example, trading and regulatory reporting) • Building a real-time data solution as the operating- model backbone • Feeding custom-built front-to-back modular technology and operations platform • Layered sophisticated performance and risk analytics • Leveraged multiyear investment in a world- class operating model as a new business opportunity • Commercialized operating model as a “utility” service for competition • Focus on core activities • Reduce risk and increase transparency • Avoid typical pitfalls of outsourcing: reduce switching cost, maintain competitive tension, reduce “failover” risk • Leverage global scale and efficiency • Simplify global expansion (plug-and-play model) • Maximize flexibility and ability to plug and play new, unique assets and strategies • Improve transparency and risk management • Create superior investment performance • Mutualize cost and investment and increase scale • Generate additional revenues Asset manager objective • Full redundancy through outsourcing of execution and oversight roles • Leverage global scale while maintaining local customization • Emphasis on real-time analytics and decision making • Monetize the operating model as a serviceModel Source: BCG analysis.
  • 18. 17 Copyright©2014byTheBostonConsultingGroup,Inc.Allrightsreserved. Additional information Authors of the Report Gary Shub is a partner and managing director in the Boston office of The Boston Consulting Group and the global leader of the asset management topic. Simon Bartletta is a senior partner and managing director in the firm’s Boston office. Brent Beardsley is a senior partner and managing director in BCG’s Chicago office and the global leader of the asset and wealth management segment. Hélène Donnadieu is a principal in the firm’s Paris office and the global manager of the asset management segment. Renaud Fages is a principal in BCG’s New York office. Craig Hapelt is a partner and managing director in the firm’s Toronto office. Benoît Macé is a partner and managing director in BCG’s Paris office. Andy Maguire is a senior partner and managing director in the firm’s London office. Tjun Tang is a senior partner and managing director in BCG’s Hong Kong office. For Further Reading Global Wealth 2014: Riding a Wave of Growth A report by The Boston Consulting Group, June 2014 Operational Excellence in Retail Banking 2014: No Compromise; Advocating for Customers, Insisting on Efficiency A Focus report by The Boston Consulting Group, May 2014 Global Capital Markets 2014: The Quest for Revenue Growth A report by The Boston Consulting Group, May 2014 Optimizing Operating Models in Wealth Management An article by The Boston Consulting Group, February 2014 Global Risk 2013–2014: Breaching the Next Banking Barrier A report by The Boston Consulting Group, November 2013 Profitable Growth for Life Insurers: From Cash to Capabilities A Focus report by The Boston Consulting Group, November 2013 Global Asset Management 2014 is available for reading and downloading at www.bcgperspectives.com. To request details of the findings, please e-mail BCG-Info@bcg.com. To request a media interview, please contact Eric Gregoire at gregoire.eric@bcg.com.