2026年资产管理的未来研究报告

Contents Executive summary Chapter 1 — What might change: preparing for a range of radical futuresChapter 2 — Where we are now: differentiation in asset management remains elusiveChapter 3 — Where we’re going next: blueprints for the future in the era of differentiationChapter 4 — How to get there: practical levers of transformationChapter 5 — ConclusionChapter 6 — MethodologyContacts4101424303234 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 themwith our experience and conversations with clients. To overcome their industry’s resistance to change, futurewinners need: ■A clear vision of what they will do to compete and winin the future 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, anduse technology — especially artificial intelligence (AI) — tosupercharge every aspect of the value chain. ■An understanding of how the need for scale andasset gathering is shifting toward differentiation andsustainable profitability ■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 cautiousabout transformation, with less focus on key enablerslike data, the use of generative AI (GenAI) or emergingconcepts like tokenization. And a minority seem reluctantto acknowledge the need for change at all. ■The courage to embrace genuine transformation anda clear framework for implementation using evergreenlevers for strategic change ■The ability to anticipate and prepare for a wide rangeof radically different possible future scenarios 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.Indeed, the leading asset managers of the future may notyet exist, considering the pace of change. 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.They will have the strategic agility to transform at paceand take advantage of new opportunities in a nonlinear,accelerated, volatile and interconnected (NAVI) world. If asset managers are to succeed, they must be able topivot decisively into the future. What might change:preparing for a range ofradical futures Asset managers operate in an unpredictable andoften chaotic environment, continually disrupted by amultitude of drivers including geopolitics, demographics,technology and sustainability. These drivers meanthat firms face embedded inflation, elevated interestrates and a profoundly uncertain outlook. Risks such asmarket bubbles and political interference fluctuate weekto week.The EY “NAVI” framework identifies four keytraits of change in the post-pandemic world: ■Interconnected: Factors as varied as migration, AI,urbanization, female empowerment, cryptocurrenciesor climate change are interacting more powerfully,with seemingly unconnected events triggeringcascades of unforeseen downstream impacts. Tectonicsocial trends are informing product, service and talentplanning across asset management. Asset management leaders rarely have the luxury tospend time asking how they would compete in a radicallydifferent future. Even so, preparing for the futuredepends on understanding that it may differ wildly fromcurrent expectations. ■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,labor markets and societal structures — pushing firmsto adapt, innovate and reinvent operating models andpractices built for a linear world. By the end of this decade, asset managers could befacing any one of a multitude of radically differentbut plausible futures. To stay flexible, firms shouldmap a range of scenarios and plan backward, askingthemselves: ■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 continueto grow, and core function