1、 Getty Images Financial Services Practice Everything everywhere all at once:North American asset management 2023 November 2023 Everything everywhere all at once:North American asset management 2023 November 2023 Contents Introduction 2 1.State of the industry:Down but not quite out 4 2.An increasing

2、 wedge between the industrys haves and have-nots 8 3.Drivers of the widening performance gap 10 4.Structural adjustments and once-in-a-generation opportunities 15 5.An agenda for navigating this new environment 22 1 Everything everywhere all at once:North American asset management 2023 Introduction

3、The asset management industry has been hit by a series of shocks over the past 18 months.Surging inflation and interest rates were the defining disruptions,compounded by a market downturn,banking turmoil,and geopolitical upheaval.Inflation reached a peak not seen in four decades,accompanied by the s

4、wiftest escalation of interest rates in over half a century,marking a sharp departure from the expectations of lower-for-longer rates that had become embedded in the operating assumptions of many market participants.Equity and bond markets suffered simultaneous declines in 2022,with the S&P 500 down

5、 nearly 20 percent and the Bloomberg US Aggregate Bond Index experiencing the worst year of performance since its inception in 1976.This market downturn,unmatched since the financial crisis of 2008,erased close to 50 percent of the cumulative market appreciation from the preceding five years.Even to

6、day,markets continue to wobble as investors place bets on whether the United States is headed for a recession or a soft landing.This market backdrop was further clouded by instability in the banking system,with repercussions in both the US and Europe.The global landscape was also roiled by geopoliti