The State of U.S. Retail and Institutional Asset Management 2021
Targeting Growth Opportunities
The Entire U.S. Asset Management Landscape, All in One Report
- Evaluate how asset managers need to be positioning various business functions (e.g., distribution, product) to take advantage of industry disruption resulting from COVID-19
- Review how assets in retail and institutional client channels are shifting and which segments can be expected to grow more than others moving forward
- Learn how investor appetite for various investment vehicle wrappers is changing and how asset managers need to offer their strategies to different client segments
- Understand the role that intermediaries (e.g., broker/dealer home offices, consultants) have in the distribution landscape and how that role is evolving
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This report provides a comprehensive overview of the aggregate U.S. asset management landscape. Intended for U.S. asset managers, or those seeking distribution opportunities in the U.S., this report provides a quantitative evaluation that sizes the current addressable U.S. asset management landscape, covering all distribution channels, client segments, and product vehicles within the retail and institutional marketplaces—with emphasis on the interaction between these two segments.
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A Note from the Author
The State of U.S. Professionally Managed Assets
Brendan Powers, CFA
Brendan is a member of Cerulli’s Product Development practice, which focuses on trends related to asset managers’ product development and management functions. This broadly includes assessing the opportunity for product development, evaluating emerging product trends, and understanding distribution and product positioning for investment products across retail and institutional channels.
Prior to joining Cerulli, Brendan worked as a Senior Client Associate at Eaton Vance Management, focusing primarily on the firm’s exchange funds.
Full biography here.
The total U.S. professionally managed market opportunity jumped to $59.3 trillion in 2020, experiencing 10.7% asset growth year over year. Total assets now boast an 8.0% 10-year compound annual growth rate.
Upon closer look at the opportunities for product distribution, our research finds the retail direct investor platform and corporate defined contribution channels are among the fastest-growing retail and institutional pools of assets. With more than $11 trillion in client assets, the retail direct channel offers the largest single retail distribution channel opportunity, benefitting from a significant increase in investors’ interest in establishing and adding to their self-managed accounts during the pandemic. On the institutional side, corporate defined contribution 401(k) plans, while second to insurance general accounts in size, have experienced 11% year over year and now account for $6.9 trillion in assets.
Learn more about the state of the U.S. asset management marketplace with our report, The State of U.S. Retail and Institutional Asset Management 2021: Targeting Growth Opportunities. As a business planning tool, it is intended for U.S. asset managers, or those seeking distribution opportunities in the U.S., and provides a quantitative evaluation that sizes the current addressable U.S. asset management landscape, covering all distribution channels, client segments, and product vehicles within the retail and institutional marketplaces—with emphasis on the interaction between these two segments.
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