BCG波士顿咨询：2026年全球资产管理报告：增长刻不容缓（英文版）

Global assets under management (AuM) reached $147 trillion in 2025, up 11%year over year, while aggregate profit margins held above 30%. The industry appears resilient. But more than 80% of gross revenue growth in2025 was driven by market appreciation, underscoring its continued reliance on external forces. (See Exhibit 1 .)This reliance is not new.What is changing is where growth comes from and who captures it. Capital is redistributing across regions,vehicles, and client segments. New gatek