Asset management 2026: Plenty for the few?
By McKinsey & Company ·
Global third-party assets under management reached $151 trillion at the end of 2025, but net flows were only 3.2 percent of starting assets and the cost of earning a new dollar of revenue rose to 52 cents, from 19 cents in 2023. McKinsey argues that growth is concentrating in a few large managers: the top 10 private credit managers took 72 percent of closed-end fundraising and the top 5 took 94 percent of US passive ETF net flows.
Key figures
| Figure | Value | Source |
|---|---|---|
| Global third-party AUM, year-end 2025 | $151 trillion | p. 2 |
| Net flows, 2025 | 3.2 percent of beginning-of-year AUM | p. 2 |
| Cost to earn a new dollar of revenue | 52 cents in 2025 (19 cents in 2023) | p. 10 |
| Top 10 closed-end private credit managers' share of fundraising | 72 percent (44 percent five years ago) | p. 13 |
| Top 5 managers' share of US passive ETF net flows | 94 percent | p. 13 |
- Global