普华永道：2025年资产与财富管理革命：盈利悖论：价值与利润的艰难权衡研究报告（英文版）（20页）.pdf

1、The profitability paradox:Competing for relevance and returnsAsset and Wealth Management Revolution 2025November 24,2025 Introduction 03 01 Fast-forward to 2030 0702 Decide where you win 1403 Choosingyourpathtoprofitability17Aboutthesurvey17Methodology18 Table of contents3PwCThe asset and wealth man

2、agement(AWM)industry faces a stark paradox.Global assets under management(AUM)are expected to rise from US$139 trillion today to$200 trillion by 2030,with as much as$230 billion of new revenue available to capture in the next five years.By any conventional measure,this should be a period of prosperi

3、ty for asset and wealth managers that have the right strategy and capabilities.But scale and asset growth no longer automatically translate into profitability.Margins are being eroded.Profit as a share of AUM has already fallen roughly 19%since 2018,and its set to decrease by another 9%by 2030.Sourc

4、es:PwC Global AWM&ESG Research Centre,LSEG Lipper,Preqin2018201920202021202220232024203002004006008001,000Global AWM revenues(US$bn)054321Profit/AUM(US$m per US$1bn of AUM)1.461.441.521.681.391.151.181.07460.2520.5544.4584.2521.8551.6611.3842.7842.7Global AWM revenuesProfit/AUMForecastThe AWM indust

5、ry is earning less for every dollar managedIntroduction4PwCAsset and wealth management revolution 2025PwCs2025AWMRevolutionresearchdrawsonmarketprojections;surveysofmanagers,investors,anddistributors;andtheanalysisoffinancialdatafromaselectedgroupofglobalassetmanagers.Itshowsthatstructural,rathertha

6、ncyclical,profitabilitypressureispervasive.89%ofassetmanagersreportprofitabilitypressureoverthepastfiveyears;almosthalfdescribeitashigh,andmorethanoneinfivecharacteriseitasveryhigh.Toaggravatematters,confidenceintheabilitytocountertheseforcesisstrikinglylow.Inanindustryaccustomedtohavinggrowthsmooth