Report

The State of U.S. Retail and Institutional Asset Management 2023

Defining Professionally Managed Assets Across Distribution Channels

The Entire U.S. Asset Management Landscape, All in One Report

  • Review comprehensive market sizing and major trends evolving within the retail and institutional asset management industry
  • 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

$27,000

Discounts available for bulk purchase

Report US OCIO 2020 Detail

Buy Now

Summary

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.

Included with Purchase

Methodology

Methodology

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. For more on our research process, click here.

Executive summary

Executive Summary

Get the most important report findings distilled in an easy-to-understand and highly visual format before you begin your journey through the report or use it as a tool for senior leadership.

Interactive report dashboard

Interactive Report Dashboard

Access consolidated data from multiple report exhibits in a single comparative view. Flexibly build your view of data with customizable filters and share the results in a format that meets your requirements.

Analyst support

Analyst Support

Got a question? Our analysts are available to help you interpret and analyze key findings as well as provide their perspective on industry trends.

Data

Data Behind the Report

Data is the foundation of our reports. Each study contains nearly 100 exhibits, available to buyers in Excel format. Extract and explore Cerulli’s data and analysis your way.

Digital

Digital Access

Access your reports digitally anytime, anywhere, on any device through our client portal.

A Note from the Author

$60.4 Trillion in Assets Under Professional Management in the U.S.

Brendan Powers, CFA

Brendan Powers, CFA

Director

Bio →

Brendan Powers, CFA

Brendan Powers, CFA

Director

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.

There are $60.4 trillion in assets under professional management in the U.S., according to our latest sizing. Sliced between retail and institutional, retail client assets dipped below $30 trillion in 2022, while institutional channel assets total $30.9 trillion. This reverses a longer-term trend where retail client channel assets grew faster than institutional client channel assets. Much of the decline in retail assets (-11.2%) can be attributed to the channel’s higher equity allocation. Comparatively, institutional client channel assets declined 9.3%. Looking forward, we do not expect that institutional channel growth will outpace that of retail client channels, especially as retirement plan assets roll over into advisor-managed IRAs and corporate DB plans freeze and terminate. In fact, it is likely that retail client channel assets will surpass institutional channel assets over the next few years.

The opacity and complexity of the U.S. asset management market make it challenging for asset managers to clearly identify and execute strategic growth opportunities. Our goal with The State of the U.S. Retail and Institutional Markets is to provide asset managers with a complete and comprehensive overview of areas for entrance and expansion with a clear breakdown of assets, intermediaries, and channel dynamics.

Access our playbook for your complete guide to asset gathering in the U.S.

Contact Us

Want more information?

Learn more about this report and related Cerulli research.

Contact Us

You May Also be Interested in:

  • Annual report
  • The Cerulli Edge
Consulting Page module Rocket 120820

Custom Research & Strategic Consulting

Cerulli for Consulting

Understand where to allocate resources to achieve your objectives. We can help you determine which initiatives are likely to be successful and those that may not achieve the desired effect. In an increasingly competitive market, our objectivity and experience can help you to advance your firm’s unique strengths.

Learn More

We use cookies to improve your site experience, distinguish you from other users and support the marketing of our services. These cookies may store your personal information. By continuing to use our website, you agree to the storing of cookies on your device. For more information, please visit our Privacy Notice.