Global Markets 2021

Continued Growth in Uncertain Times

Sharpen Market Views. Steer Expansion.

  • Review Cerulli’s proprietary Global Market Rating (GMR) system to assess the attractiveness of 21 major marketplaces across the globe
  • Make use of global intelligence necessary to make strategic course corrections
  • Gain insight into the future of environmental, social, and governance (ESG) investing
  • Understand outsourcing growth expectations, particularly among outsourced chief investment officer (OCIO) and subadvisory models


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Report Global Markets 2020 Detail

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Jared F. Baucom

Jared F. Baucom

Managing Director, Global Sales & Marketing


This annual report analyzes the key manufacturing and distribution trends shaping the 22 main asset management markets that make up Cerulli’s global universe. This report includes the Global Market Rating (GMR) system, Cerulli’s proprietary evaluation of the attractiveness of markets around the globe.

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Each report is lead authored by a senior Cerulli analyst with significant industry experience. The report incorporates qualitative and quantitative inputs, based on Cerulli’s proprietary research process. Each report is designed to be an expert-level sourcebook for strategic guidance. For more on our research process, click here.

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A Note from the Authors

Pragmatic Asset Managers Find Success Through the Challenges of COVID-19

Justina Deveikyte, CAIA

Justina Deveikyte, CAIA


Bio →

Justina Deveikyte, CAIA

Justina Deveikyte, CAIA


Justina joined Cerulli Associates in February 2014 and heads the European Institutional Asset Management research practice. In her role, she is responsible for all research activities relating to institutional investors, the firm’s analysis of alternative investments, the environmental, social, governance (ESG) section, and all data-science-based activities. She also contributes to multiple strategic consulting engagements and The Cerulli Edge series.

Justina is the lead author of several Cerulli reports, covering insurance, retirement, ESG, and alternative investments. Throughout her career, she has successfully developed partnerships with industry associations and has presented at several conferences and events across the Europe.

Prior to joining Cerulli, Justina was a Financial Manager and Global Analyst at Global Food Consulting; she previously has provided professional advice on banking products, including unit-linked insurance and third-pillar pension products at SEB Bank Group.

Full biography here.

Fabrizio Zumbo

Fabrizio Zumbo


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Fabrizio Zumbo

Fabrizio Zumbo


Fabrizio leads the European Retail/Wholesale Asset Management research practice, which focuses on analyzing asset management product development trends, investment, operational and marketing strategies, market and distribution dynamics, regulatory changes, and performing market and competitive intelligence in the United Kingdom, Continental Europe, and the Nordics.

Prior to joining Cerulli, Fabrizio served as a Lead Industry Analyst at State Street in London and as a Senior Analyst & Research Editor for the PwC’s Global Market Research Centre in Luxembourg. Previously, he carried out several field-based research projects in emerging and frontier markets for international market research and economic consulting firms, spending almost five years performing economic and industry analyses in several countries in Latin America, Africa, and the Middle East.

Full biography here.

Despite enduring many challenges over the past year, the global asset management industry has experienced continued growth. Cerulli’s research shows that global assets under management (AUM) grew 10.3% year-on-year in 2019 and 4.1% in 2020. We forecast year-on-year growth of 5.8% in 2021.

There are several dynamics leading this charge:

  • The pandemic forced many individuals to save and invest more. More individuals, especially younger people, have shown interest in investing over the past year. For example, the client base of Hargreaves Lansdown, the U.K.’s largest direct-to-consumer platform, stood at 1.5 million in February 2021, up 84,000 from June 2020. Asset managers have an opportunity to capitalize on this growing interest by offering attractive products while simultaneously educating people on the benefits of long-term investing.
  • Emerging markets, particularly in Asia, are making better progress in their economic recovery from COVID-19. As a result, investors are eager to increase their exposure to such markets. In addition, value-driven products tied to real-world issues such as climate change and digitization have seen their popularity accelerated by the global pandemic. Managers around the world should seek to offer products that meet this demand.
  • Product specialization and service offerings continue to evolve. While fee pressure remains a challenge for asset managers operating in the 22 markets covered by this research, many managers have turned to niche services and products—those with specialist expertise in popular areas—to ease fee pressure and bolster revenues.

Explore these trends along with market addressability, pricing trends, vehicle innovation, and distribution themes across 22 key markets with our latest report, Global Markets 2021: Continued Growth in Uncertain Times.

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