摩根士丹利 -资产与财富管理 打破常规争夺超越市场的增长 Asset and Wealth Management Breaking from the Pack The Race for Above-Market Growth

MorganStanley|RESEARCH

September14,2026

AssetandWealthManagement

OLIVERWYMAN

AMARSHBUSINESS

BLUEPAPER

BreakingfromthePack:TheRaceforAbove-MarketGrowth

Markettailwindsshouldsupportindustrygrowth,butleaderswillseparatethroughAl-drivenproductivityandearningsconversion,customizationatscaletodeepenportfolioandclientrelationships,and

tokenizationcapabilitiesthatbroadenproductutilityanddistribution.

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2

BluePaper

Authors

MORGANSTANLEY

MichaelJ.Cyprys,CFA,CPA1

EQUITYANALYST+12127617619

Michael.Cyprys@

BetsyL.Graseck,CFA1

EQUITYANALYST+12127618473

Betsy.Graseck@

GiuliaAuroraMiotto,CFA2

EQUITYANALYST+442074255344

Giulia.Aurora.Miotto@

RussellQuelch2

EQUITYANALYST+44207677-0554

Russell.Quelch@

MananGosalia1

EQUITYANALYST+1212761-4092

Manan.Gosalia@

AlvaroSerrano6

EQUITYANALYST+44207425-6942

Alvaro.Serrano@

NickLord3

EQUITYANALYST+656834-6746

Nick.Lord@

1MorganStanley&CoLLC

2MorganStanley&Co.InternationalPLC+

3MorganStanleyAsia(Singapore)Pte.+

4MorganStanleyMUFGSecuritiesCo.,Ltd.+

5MorganStanleyAsiaLimited+

6MorganStanleyEuropeS.E.,MadridBranch+

7MorganStanley&Co.Internationalplc,SeoulBranch+

8MorganStanleyAustraliaLimited+

9MorganStanleyIndiaCompanyPrivateLimited+

MiaNagasaka4

EQUITYANALYST+8136836-8406

Mia.Nagasaka@

RichardXu,CFA5

EQUITYANALYST+8522848-6729

Richard.Xu@

JoonSeok7

EQUITYANALYST+822399-4934

Joon.Seok@

FelicianG.Stratmann2

EQUITYSTRATEGIST+44207677-0365

Felix.Stratmann@

BenBayanfar1

RESEARCHASSOCIATE+1212761-0649

Ben.Bayanfar@

BarronThomas1

RESEARCHASSOCIATE+1212761-2624

Barron.Thomas@

JosephTumillo,CFA1

RESEARCHASSOCIATE+12127612144

Joseph.Tumillo@

OLIVERWYMAN

JoshuaZwick

PARTNER

+19178469483

Joshua.Zwick@

JoãoMiguelRodrigues

PARTNER

+493039994558

Joaomiguel.Rodrigues@

PhilipSchroeder

PARTNER

+447749841436

Philip.Schroeder@

AdrianOest

PARTNER

+447584144123

Adrian.Oest@

BenPhillips

PARTNER

+12123453210

Ben.Phillips@

KamilKaczmarski,CFA

PARTNER

+496997173573

Kamil.Kaczmarski@

KilianScheuber

PRINCIPAL

+41793637665

Kilian.Scheuber@

JoonsukLee

PRINCIPAL

+16466175206

Joonsuk.Lee@

BradleyRice

ENGAGEMENTMANAGER/p>

Bradley.Rice@

PhilipKlinck

ASSOCIATE

/p>

Philip.Klinck@

BluePaper

Contributors

MORGANSTANLEY

JamesEFaucette1

EQUITYANALYST+1212296-5771

James.Faucette@

RichardEWiles8

EQUITYANALYST+6129770-1537

Richard.Wiles@

MarinaMassuti2

EQUITYANALYST+44207677-3647

Marina.Massuti@

SubramanianIyer9

EQUITYANALYST+91226118-2234

Subramanian.Iyer@

ConnellJSchmitz1

RESEARCHASSOCIATE+1212761-6252

Connell.Schmitz@

1MorganStanley&CoLLC

2MorganStanley&Co.InternationalPLC+

3MorganStanleyAsia(Singapore)Pte.+

4MorganStanleyMUFGSecuritiesCo.,Ltd.+

5MorganStanleyAsiaLimited+

6MorganStanleyEuropeS.E.,MadridBranch+

7MorganStanley&Co.Internationalplc,SeoulBranch+

8MorganStanleyAustraliaLimited+

9MorganStanleyIndiaCompanyPrivateLimited+

HeewonChoi7

EQUITYANALYST+822399-4836

Heewon.Choi@

MinseoKang7

RESEARCHASSOCIATE+822399-4816

Minseo.Kang@

SelvieJusman,CFA3

EQUITYANALYST+656834-6517

Selvie.Jusman@

SallyHong,CFA8

EQUITYANALYST+6129770-1698

Sally.Hong@

BerylYang5

RESEARCHASSOCIATE+8523963-2224

Beryl.Yang@

MeeraMidha9

RESEARCHASSOCIATE+91226118-1232

Meera.Midha@

SakshiVChaplot9

RESEARCHASSOCIATE+91226118-2228

Sakshi.Chaplot@

OLIVERWYMAN

MichaelWagner

PARTNER

/p>

Michael.Wagner@

MagnusBurkl,CFA

PARTNER

+496997173457

Magnus.Burkl@

JasonEkberg

PARTNER

+31(6)11563625

Jason.Ekberg@

PaulDannenberg

PRINCIPAL

+491746848589

Paul.Dannenberg@

RichardShepherd,CFA

SENIORRESEARCHSPECIALIST+12123450574

Richard.Shepherd@

MattiaCarnelli

ASSOCIATE

+41(44)5533224

Mattia.Carnelli@

MorganStanleyResearch3

4

Contents

5ExecutiveSummary

7Section1:AssetManagement

31Section2:WealthManagement

47Section3:TokenizationandAsset&WealthManagement

65Appendix:KeyTermsandAcronyms

67Appendix:Methodology

MorganStanley

RESEACH

OLIVERWYMAN

AMARSHBUSINESS

BLUEPAPER

ExecutiveSummary

Theassetandwealthmanagementindustriesentered2026atrecordhighs:global

managedAUMof$159trillion(up15%YoY)andhouseholdfinancialwealthof$341

trillion(up8.2%YoY),withcontinuedgrowthprojectedthrough2030.Buoyantmarketsandcurrencyeffects,notnetnewmoney,havedrivenmostofthisgrowth:morethan

80%forassetmanagersandtwo-thirdsforwealthmanagers.Thisenvironmenthasmeantthatbeingstuckinthepackhasbeenafineplacetohide.Butthatshouldn'tbeconfusedwithbeinginagoodplace.Themostsuccessfulwealthandassetmanagerswillbethosethatareabletotranslateadeeperunderstandingofthemajortrendsshapingtheindustryintotherightstrategicbetsandoperatingmodeldesignsthatdon'tjustgetthemtotheheadofthepackbutallowthemtobreakfreeentirely.ThisBluePaperexamineshow.

OutlookforAssetManagement

AUMisnotthemeasureofsuccess.Revenuesareexpectedtogrow7%ayearvs.9%forAUMasaveragefeescompressfrom~35to32basispoints.Revenueswillalsobecomemoreconcentrated:Privatemarketswillgenerate39%ofindustryrevenuesby2030onjust15%ofAUM.Havingtherightproductmixwillincreasinglyseparatewinnersfromthepack.

Breakingfreealsomeanshavingtherightmixofclients,vehicles,andcustomization

capabilities.Incrementalprivatemarketsdemandisshiftingtowardinsurersandwealth

investors,andtowardvehiclesbuiltaroundtheirdistinctliquidity,regulatory,andservicingneeds.CustomizedsolutionsarenolongertheprovinceofinstitutionalandUHNW

investors;theyareincreasinglygoingdown-market.Caseinpoint:Externallymanagedcustom-modelassetshavemorethantripledsince2023andcouldreach$1.6trillionby2030intheU.S.

UnderlyingallofthisistheimpactoftheAlrevolution.Thisisnotanevolutionofhow

technologygetsdeployed;it'safundamentalresetofhowbusinessesneedtoberunandorganized.Adoptionisalreadybroad:MorethanhalfoffirmshaveintegratedAlintoatleastoneelementoftheinvestmentprocess,thoughisolateddeploymentsareproducingLimitedfinancialimpact.Firmsthatbuildreusable,enterprise-wideAlcapabilitiescould

improvecost-incomeratiosbyupto15percentagepointsby2030.

OutlookforWealthManagement

Theindustryhasreachedrecordscalejustasthedriversofcompetitivesuccesshave

changed.Growthalonenolongerdifferentiatesafirm:revenuegainsarebroadlyshared,butthesharethatreachesthebottomlineisnot,andAlistheonlyleverlargeenoughtochangethat.

Recordassetsmaskanorganicgrowthproblem.Householdfinancialwealthhit$341

trillionin2025andshouldapproach$469trillionby2030,buttwo-thirdsofthe2025increasewasmarketandcurrency,notnetnewmoney,andgrowthislikelytodecelerateto6.6%ayearfrom8.2%.

Growthisconcentratingandmovingeast.NorthAmericashouldsupplyalmosthalftheincrementalgrowthto2030;AsiaPacificshouldgrowfastestat7.9%,withcross-border

MORGANSTANLEYRESEARCH5

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6

wealthoutpacingthetotalpoolat7.4%to$24.7trillionandHongKongbecomingthelargestbookingcenter.

Revenuegrowthisbroadlyshared;convertingitintoprofitseparatesthefield.Revenuegrew19%over2023to2025,broadlysimilarlyacrosscohorts.Profitdidnot:Thetop20compoundedpretaxprofit32%,themid-tier17%,andsixfirms,thewinners,havebeenabletocompoundprofitby48%.

Theproductivityplaybookhasalreadybeenrun.Advisorsmanage27%moreassetsandserve10%moreclientsperemployee,yetcost-incomeimprovedundertwopoints.

AllroadspointtoAI.WhileAIpilotsarewidespread,thefinancialimpacthasbeen

immaterial.Anenterprise-widefoundationreusingdata,components,andcontrolscouldliftadvisorcapacity30-40%andcutcostbasesupto25%by2032.ClientspreferAI-

enhancedtiers;onlyaquarterwouldpaymore.

Tokenization

Whilesomepredictionsaroundtokenizationareover-hyped,thegrowthandpotentialimpacttothefinancialserviceslandscapeshouldn’tbeignored.Weexpecttokenizedassetstogrowfrom~$40billiontodayto~$2.3trillionby2030,drivenbycollateralmobility,tokenizedmoneymarketfundsandshort-durationinstruments,andmore

streamlinedaccesstoglobalsecurities.

Forassetmanagers,thenear-termopportunityisexpectedtobefocusedondistributionandproductmanufacturing,especiallyaroundmoneymarketfundsandshort-duration

instrumentsusedforcollateralandreserve/treasurymanagementandtokenizedequities.Tokenization’spotentialimpactsonprivatemarketsaremuchmorelimited,atleastinthenearterm,asitfailstosolveunderlyingchallengesaroundliquidityandpricing.Across

assetclasses,assetmanagerswillneedtoensuretheycanreachinvestorswhoincreasinglyaccessinvestmentproductsthroughdigitalinfrastructure.

Forwealthmanagers,tokenizationisaquestionofcapabilitiesandcompetitive

advantages.Firmsneedtobeabletodelivertokenization’sbenefits(e.g.,increasedabilitytoborrowagainstassets)toclientsorriskcedingassetsanddatatoemergingdigital

platformsthatarealreadydeliveringthesecapabilities.Additionally,withtheemergence

ofdigitalformsofmoney,wealthmanagernetinterestincomeeconomicsfacepressure,thoughthisismitigatedbyopportunitiesforclientstoborrowagainstabroadersetofassets.

Section1:AssetManagement

1.1:AssetManagementGlobalOutlook:Growthcontinues,buteconomicsareconcentratinginanarrowersetof

products,clients,andcapabilities

GlobalmanagedAUMshouldreach$247trillionby2030,withmarketappreciation

supplyingroughlythree-quartersoftheincrease.Marketgrowthliftstheindustrybroadly,butitdoesnottranslateone-for-oneintobottomlineimpact,asaveragefeescompress

fromabout35to32basispoints,holdingrevenuegrowthto7%ayearagainst9%for

assets.Thecostofcompetingrisesatthesametime,asdata,technology,anddistributionabsorbmoreinvestmentforeachincrementaldollarofAUM.Theassetmanagement

industrywillbesubstantiallylargerin2030withoutnecessarilybeingmoreprofitable,andthedifferencebetweenleadersandtherestwillcomefromwhereandhowtheycompeteratherthanhowmuchtheygather.

1.1.1:AUMisprojectedtoreachnewhighs,drivenprimarilybymarketappreciation

GlobalmanagedAUMreachedarecord$159trillionin2025,markinga15%increaseYoY.Strongmarketperformancedrovemorethan80%oftheincrease,continuinganongoingtrendsince2022.Netflowsexpandedslightlyto2.1%,markingacontinuedrecoverysincethelowgrowth(0.5%)seenin2022.

AUMisprojectedtorisetoroughly$247trillion,orabout9%annually,by2030.The

forecastextendstheindustry’slong-termexpansion,butitscompositionremainsmarket-dependent:marketperformancewouldaccountforroughlythree-quarters($65trillion)ofAUMgrowththrough2030,leavingheadlineAUMsensitivetothereturnenvironment.

Organicgrowthisexpectedtoaverage2.4%annuallythrough2030,aslightaccelerationfrom2.2%(historicalaverage2020-2025),anchoredinrecurringhouseholdand

retirement(DC)contributionsandsustainedfixed-incomedemand.Specifically,elevatedshort-termyieldsaremakingmoneymarketfundsanattractivealternativetobank

depositsandothernon-managedcash.

Evenso,flowsremainthesmallergrowthengine,contributingaroundone-quarter($23trillion)ofprojectedAUMgrowth.Themoreimportantdistinctioniswherethoseflowsaccrue:Managerswhoarewellpositionedtooffersolutions,passivestrategies,and

productsinselectedprivatemarketsegmentsareexpectedtocapturestrongerassetgrowththantheindustryoverall.

MorganStanleyResearch7

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8

Exhibit1:GlobalmanagedAUMgrowthremainsmarketappreciationdriven,withimprovingnetflows

Changebreakdownbetweenmarketperformanceandnetflows

in$TN,2020-2030FOrganicgrowthrates(netflowsoverpreviousyearAUM)

+4.2%+0.5%+1.6%+2.0%+2.1%+2.4%

23

+2.2%

247

65

+2.1%

159

3

AUMMarketeffectFlows

139

3

18

126

10

2

124

4

-12

14

106

1

11212

2020202120222023202420252030F

Flowsas

percentofAUMgrowth

24%4.9%13%20%14%26%

Source:BroadridgeGlobalDemandModel;Preqin,apartofBlackRock;OliverWymanGlobalAssetManagementModel;OliverWymananalysis

1.1.2:Asset-classdivergence:Fewerproducts;passive,privatemarkets&solutions,arecapturingagrowingshareofindustryflows

Everymajorassetclassisexpectedtogrowinabsolutetermsthrough2030drivenby

marketgrowth,butthemixcontinuestoshift.Passiveequity’sshareofglobalmanaged

AUMisexpectedtorisefrom22%in2025to25%in2030,whileactiveequity’ssharefallsfrom20%to16%.

Moneymarketfundsshouldcontinuetoattractpositiveflowsasinvestorscontinueto

valueliquidityandattractiverisk-adjustedyields,althoughinflowsareexpectedto

moderatefromrecenthighstotheextentratestrenddown.Thiscouldpromptagradualredeploymentofsomecashintolonger-durationassets,whichcouldprovideanadditionaltailwindtopassivefixedincome,whereorganicgrowthisprojectedtoacceleratethrough2030.

Privatemarkets(11.4%CAGRthrough2030)andsolutions(11.6%CAGRthrough2030)remainimportantcomponentsoftheasset-classgrowthoutlook,exceedingtheoverallmarket’s9%forecastgrowthrate,althoughtheirtrajectoriesdiffer.Privatemarketsareexpectedtocontinueexpandinginabsoluteterms,buttheperiodofbroad-basedgrowthacrosstheassetclassismoderating.Organicgrowthisprojectedtoslowcomparedto

historicalhighsandtobecomemoreselective:Insurersandwealthplatformswillgrowthefastestfromaninvestorperspective,whichwillalsodrivesharecaptureininsurance-specificandsemi-liquidvehiclesattheexpenseoftraditionaldrawdownfunds.Solutions,includingLDI,OCIO,TargetDateandTargetMaturityfunds,andotheroutcome-orientedproducts,areforecasttogrowstronglyasinstitutionalinvestorsincreasinglylookfor

delegatedinvestmentservicesandasindividualinvestorscontinuetoallocatetowardsintegratedportfoliosolutionsvs.individualfunds.

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MorganStanleyResearch9

Exhibit2:GlobalmanagedAUMcontinuestoexpand,withgrowthincreasinglyconcentratedinprivatemarkets,solutions,andpassivestrategies

in$TN,2020-2030F

247

ActiveEquity

+9%

PassiveEquityActiveFixedIncome

Multi-Asset2

MoneyMrketSolutions1

7%

PassiveFixedHedgeFunds

Income

PrivateMarkets

15%

2%

7%

4%

6%

6%

+10%

159

6%

14%

2%

5%

+12%

+15%

-9%

139

6%

15%

2%

5%

5%

20%

20%

+17%

126

6%

15%

2%

6%

5%

18%

20%

124

112

6%

16%

6%

5%

17%

20%

106

6%

12%

7%

5%

7%

5%

6%

7%

5%

13%

2%

5%

3%

6%

5%

3%

7%

5%

7%

5%

6%

6%

5%

25%

5%

22%

17%

22%

18%

16%

22%

20%

2021

2022

2023

2020

2024

2030F

2025

CAGR

2020-2025

CAGR

2026-2030F

+9.7%+11.6%

+10.7%+11.4%

+7.1%+7.5%

+8.3%+9.6%

+3.3%+5.0%

+8.9%+14.0%

+6.4%+7.2%

+13.5%+12.3%

+6.2%+4.9%

+8.5%+9.2%

Industry

1.LDI,OCIO,TargetDateFund,TargetMaturityandotheroutcome-orientedproducts.2.Allocationstrategiesandbalancefunds

Source:BroadridgeGlobalDemandModel;Preqin,apartofBlackRock,PitchBook,aMorningstarcompany;OliverWymanGlobalAssetManagementModel;OliverWymananalysis

Beneaththeassetclassleveldataliesanothertrend:theshiftinvehiclesfrommutualfundstoETFs.ThisismostpronouncedinactivewhereETFshavegrownclosetofivetimesfasterinAUMtermsthanmutualfunds.

Exhibit3:ActiveETFshavegrownnearly5timesfasterthanactivemutualfunds

AuMGrowthbyVehicle(2020=100)

ActiveETFPassiveETF

ActiveMFPassiveMF

600

500

400

300

200

100

0

202020212022202320242025

Source:BroadridgeGMI,OliverWymananalysis,OliverWymanGlobalAssetManagementModel

GiventheamountofAUMinexistingactivemutualfunds,theywillremaintheindustry’sprimaryvehicleformanyyears;however,thestrongflowsintoactiveETFsarenow

offsettingmoreofthedecline,exceedingoutflowsinactivemutualfundsin2024and

2025onaglobalbasis.Extrapolatingatthecurrentgrowthrates,activeETFswill

representcloseto20%ofthemixgloballyby2030andrevenuesfromactiveETFscouldsurpassrevenuesfrompassiveETFsoverthesametimeline.

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10

Exhibit4:ActiveETFflowsarenowoffsettingactivemutualfundoutflowsonaglobalbasis

Global

($BN)

Vehicle

Flowsby

ActiveMF

ActiveETF

1,500

1,000

500

0

-500

-1,000

-1,500

-2,000

2022

20232024

2025

20202021

WymanGlobalAssetManagementModel

Source:Broadridge

GMI,OliverWymananalysis,Oliver

Exhibit5:ActiveETFswillrepresentcloseto20%ofglobalactiveAUMby2030

GlobalAUMbyVehicle($BN)

ActiveETFActiveMF%ETF

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

2020202120222023202420252026F2027F2028F2029F2030F

20%

18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

Source:BroadridgeGMI,OliverWymananalysis,OliverWymanGlobalAssetManagementModel

1.1.3:Revenuemix:Revenuesareconcentratinginhigher-feeassetsfasterthanassetsareconcentrating

Globalassetmanagementrevenuesareprojectedtoreachapproximately$792billionby2030,growingat7%annually.Thisgrowthremainsstrongbuttrailstheexpansionof

industryAUM,pointingtocompressioninrevenueyieldonAUM(~35bpsin2025to~32bpsin2030)aslower-feepassivestrategiescontinuetogainshareandpricingpressurepersists,particularlywithinhedgefundsandactiveequities.

Therevenuemixisshiftingmorematerially.Contributionsfromprivatemarketsare

expectedtoexpandfrom35%ofthefeepoolto39%ofindustryrevenuesby2030,

despiterepresentingonly15%ofAUM,ascontinueddemandfrominsurersandwealthinvestorsoffsetssofterfundraisinginothertraditionalinstitutionalchannels.Solutionsshouldalsocontinuetooutgrowtheindustryastheneedformorecustomized,wholeportfoliosolutionsincreasesacrossbothwealthandinstitutionalclients.Passiveequity

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MorganStanleyResearch11

andpassivefixedincomeremainamongthefastest-growingrevenuepoolsaslow-costexposurescontinuetoattractassets,buttogethertheyareexpectedtocontributeonlyabout$30billion,or12%ofindustryrevenuegrowththrough2030.Activeequityandfixedincomewillstillgeneratemorethanfourtimesasmuchrevenue,underscoringthatpassivecontinuestotakesharebutremainsfundamentallyascalebusiness.ActiveETFsgenerated$21billionofrevenuein2025against$78billionforpassive,butactiveETFrevenuecompoundedat54%ayearover2023to2025against27%forpassive.

Revenuegrowthremainsconcentratedinhigher-feeassetclassesdespitethegradualshiftfromactivetopassiveinpublicmarkets.

Exhibit6:Revenuegrowthisincreasinglyconcentratedinprivatemarkets,reinforcingtheimportanceofhigher-feebusinessestoindustryeconomics

in$BN,2020-2030F

ActiveEquityPassiveEquityActiveFixedIncome

Multi-Asset2

PrivateMarkets

MoneyMarketSolutions1

792

+7%

PassiveFixedIncomeHedgeFunds

5%

+5%

+8%

-9%

+10%

553

+15%

39%

491

3%

34%

2%

14%

28%

505

482

4%

38%

2%

14%

4%

25%

4%

446

3%

38%

2%

14%

425

3%

32%

2%

15%

29%

4%

5%

6%

35%

37%

3%

13%

5%

26%

3%

5%

6%

1%

1%

6%

8%

1%

4%

6%

6%

1%

3%

14%

6%

7%

1%

6%

8%

1%

13%

6%

7%

1%

4%

7%

5%

4%

27%

22%

25%

2020

2021

2022

2023

2025

2030F

2024

CAGR

2020-2025

CAGR

2026-2030F

+8.4%+10.2%

+7.4%+9.7%

+2.2%+4.6%

+7.7%+9.0%

+0.6%+4.6%

+5.6%+13.1%

+4.2%+6.5%

+13.0%+12.7%

+3.8%+3.8%

1.LDI,OCIO,TargetDateFund,TargetMaturityandotheroutcome-orientedproducts.2.Allocationstrategiesandbalancefunds

Source:BroadridgeGlobalDemandModel;Preqin,apartofBlackRock;OliverWymanGlobalAssetManagementModel;OliverWymananalysis

1.1.4:Clientgeography:APACgrowsfastest;theAmericasremainslargestandEMEAaccelerates

Similargrowthratesmaskdifferentregionaldrivers.TheAmericasisprojectedto

compriseroughly60%ofglobalmanagedAUMthrough2030,supportedbyitsdeepinstitutionalcapitalpools,retirementassetsandestablishedwealthmanagement

ecosystem.Itsscalekeepstheregionatthecenteroftheindustryevenasitsshareremainsbroadlystable.

APACistheclearestgrowthstandout,withstrongprojectedorganicgrowthand10%

overallannualAUMgrowth.ChinahasbecomeakeydriverofAPAC’sorganicgrowthoverthelastyear,andthistrendisexpectedtocontinuethrough2030,withonshoreAUM

expansionledprimarilybynetinflowsaslowerdepositrates,maturingtermdeposits,andimprovingconfidenceredirecthouseholdsavingsintomanagedproducts.

EMEAisalsoexpectedtoaccelerate,inbothabsoluteandorganicgrowthterms.Agreatershareofthisorganicgrowthdependsoncontinuedeffortstomobilizehouseholdsavingsintocapitalmarketsthroughpensionreform,expandedretirementsavings,andbroader

retailinvestmentinitiativesacrossEurope.

12

Exhibit7:GlobalmanagedAUMbyclientregionshowsAmericasscaleandfasterAPACgrowth

in$TN,2020-2030F

AmericasEMEAAPAC

247

9%

15%

10%

18.0%

23.1%

139

17.4%

17.4%

23.7%

23.1%

24.7%

58.9%

59.5%

57.0%

-9%

12%

17%

159

126

17.5%

24.4%

58.2%

124

17.2%

112

18.1%

24.4%

57.5%

106

17.6%

25.5%

59.0%

58.1%

2021

2022

2023

2024

2025

2020

2030F

CAGR

2020-2025

+8.3%

+6.9%

+9.3%

CAGR

2026-2030F

+10.1%

+8.7%

+9.2%

Notallpercentagesaddupto100duetorounding.

Source:BroadridgeGlobalDemandModel;Preqin,apartofBlackRock;PitchBook,aMorningstarcompany;OliverWymanGlobalAssetManagementModel;OliverWymananalysis

1.1.5:Clienttype:Retailremainsthecenterofgravityforgrowth

Retailcontinuestobetheindustry’sprimarysourceofincrementalAUMgrowth,althoughthegapbetweenretailandinstitutionalhasnarrowed.RetailAUMisnowprojectedto

growat9.8%annuallyvs.8.6%forinstitutional,addingroughly$50trillionthrough2030comparedwithabout$38trillionforinstitutionalandincreasingitsshareofindustryAUMto55%.Growthissupportedbycontinuedhouseholdwealthcreation,retirementsaving,andtheexpansionofintermediary-ledaccessthroughwealthplatformsandsolutions.IntheU.S.,retirementplatformsandwealthmanagersintermediatemuchofthisdemand.

Theriseofmodelportfoliosmarksastrategicshiftindistribution:Successincreasingly

dependslessonsecuringshelfspaceandmoreonearningaplaceintheportfoliosthat

determineflows.Forassetmanagers,accessremainsessential,butrelevancewill

increasinglydependontheabilitytoearnallocationsinsidesolutionsandintermediary-ledportfolios.

InstitutionalAUMisexpectedtoexceed$110trillionby2030,supportedbygrowthinretirementassetsandbycontinuedoutsourcing,includinginsurermandatesandbroaderadoptionofOCIO,shiftingassetstoexternalproviders.Institutionaldemandisthereforebecom