2026年安永资产管理的未来研究

Contents Executive summary3 Chapter 1 — What might change: preparing for a range of radical futures4 Chapter 2 — Where we are now: differentiation in asset management remains elusive10 Chapter 3 — Where we’re going next: blueprints for the future in the era of differentiation Chapter 4 — How to get there: practical levers of transformation Chapter 5 — Conclusion Chapter 6 — Methodology32 Executive summary If you were building the asset manager of tomorrow, what wouldit look like, and what investments would you prioritize? To answer this, we gathered the plans and predictions ofasset management CFOs (some respondents hold dualCFO and COO roles) around the world and combined them To overcome their industry’s resistance to change, future ■A clear vision of what they will do to compete and win Our work shows that asset management leaders havea robust understanding that future growth depends ontheir ability to scale, offer innovative products to a fullrange of client segments and distribution channels, and ■An understanding of how the need for scale andasset gathering is shifting toward differentiation and ■A model for the future firm that combines cutting-edge capabilities led by AI — including from externalpartners — in a way that expresses their unique DNA However, strategic visions for key areas like technology,talent, operations and products are rarely distinctive.Firms often favor incremental change over reinvention,with many needing to work harder to develop a trulydistinctive vision for success. While firms are thinkingboldly about the future, there is a cohort that is cautious ■The courage to embrace genuine transformation anda clear framework for implementation using evergreen ■The ability to anticipate and prepare for a wide range The future of the asset management industry is onein which firms will be more purposeful, more focused,more integrated and more networked. The leading firmswill create value in very different ways than in the past. Overall, many firms remain unsure how to develop an“unfair advantage” or a “right to win.” The winnersof the future will not merely boast exceptional scale,specialization or advanced technological capabilities. If asset managers are to succeed, they must be able to What might change:preparing for a range of Asset managers operate in an unpredictable andoften chaotic environment, continually disrupted by amultitude of drivers including geopolitics, demographics,technology and sustainability. These drivers mean ■Interconnected: Factors as varied as migration, AI,urbanization, female empowerment, cryptocurrenciesor climate change are interacting more powerfully,with seemingly unconnected events triggering Asset management leaders rarely have the luxury tospend time asking how they would compete in a radicallydifferent future. Even so, preparing for the future ■Nonlinear: Asset managers face frequent inflectionpoints that mark a sharp break with the past, suchas the launch of ChatGPT or sudden conflicts.Demographic shifts are reshaping consumer markets, By the end of this decade, asset managers could befacing any one of a multitude of radically differentbut plausible futures. To stay flexible, firms should ■Accelerated: There’s an accelerating cadence ofchange in drivers as varied as prices, connectivity,politics, natural disasters and global trade. Technologyis changing faster than ever, with AI reshaping what’spossible across every domain. Tech budgets continue ■How might this scenario come about? ■How would we predict or detect it? ■What would be the impact on us and the wider ■How would we respond? ■Volatile: The environment is marked byunpredictability in geopolitical rivalry, tariffs, inflation,interest rates, cybersecurity and financial marketvaluations. Geopolitical disruption is shaping capitalallocation decisions. Trade barriers are affecting theviability of cross-border transactions, including M&A ■What successful role could we play in this scenario? ■How could we prepare or plan for this scenario? Some of these scenarios might seem entirely out ofreach, while others may seem close to reality. Whilethey might seem improbable, the thought journey of How would you respond if … 2. Universal tokenization of funds becomes 1. AI-native asset managers emerge,leveraging “superfluid enterprise” models All asset classes are tokenized, allowing fractionalownership, 24/7 trading and seamless cross-borderaccess. Reporting is automated, and value transfers areexecuted via smart contracts. Private markets assetclasses are further democratized, broadening accessto a wider variety of investors. Stablecoins generate New firms emerge, run entirely by AI — from investmentdecisions to client servicing — with minimal humaninvolvement. These AI-native managers outperformtraditional firms through speed, scale, precision andmarket foresight. They offer more resilient and dynamicportfolios, faster execution and settlement cycles,and greater c