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1、Global Asset Management 202321st Edition The Tide Has Turned May 2023 By Chris McIntyre,Sultan Alsubaihin,Simon Bartletta,Philip Bianchi,Joe Carrubba,Peter Czerepak,Dean Frankle,Lubasha Heredia,Bingbing Liu,Gleb Margolin,Michele Millosevich,Miftah Mizan,Edoardo Palmisani,Ian Pancham,Neil Pardasani,K

2、edra Newsom Reeves,George Rudolph,Blaine Slack,Brian Teixeira,and Andrea Walbaum1 THE TIDE HAS TURNEDIntroductionThe asset management industry has reached a turning point that will require rethinking the way it operates.For much of the past two decades,accommodative central bank policies drove up eq

3、uity markets.That rise,in turn,gave asset managers a major boost;in fact,market performance has been responsible for 90%of the revenue growth since 2006.However,we are now facing an era of higher interest rates and market uncertainties.The tide has turned,with major implications for the business mod

4、el that has served the global asset management industry so well in the past.In 2022,interest rates rose faster than expected,causing both stock and bond values to plummet.The result was the second-largest single-year decrease in global assets under management(AuM)since 2005.Global AuM fell by$10 tri

5、llion,or 10%,to$98 trillionnear 2020 levels.The net flow rate also fell below 3%for the first time since 2018,reaching 1.6%of total AuM at the beginning of 2022,or$1.7 trillion.(See Exhibit 1.)With the collapse of a built-in bull market to support revenue growth,preexisting pressures on the asset ma

6、nagement business have been exacerbated and will continue to put a dent in profitability.But there are new ways to approach profitability.In addition,new technologies are making it possible to expand into high-growth private markets and highly personalized products and services.As we see it,by embra