Rebooting the global asset management industry

6 Rebooting the global asset management industry Introduction An existential threat or a golden opportunity? This question has come to the fore as the global asset management industry has come to face two key challenges. First, big is becoming beautiful. A handful of hyperscale players are racking up massive AuM off the back of lower cost and wider product base. Second, middle and smaller players are being squeezed hard. This bifurcation is happening just when the global economy is in the midst of a reset , with rising geopolitical risks from the latest China–US tariff war. Managing them involves the near-impossible task of predicting the reactions of politicians as events unfold in real time. The market meltdown in early April, when the U.S. announced its first set of reciprocal import tariffs, marked a new high point in this era of radical uncertainty. Executive Summary 1