Infographic 06 · Market Signals

Where the money is going

Scale and passive beta are eating the growth pie — and the shelf-bound manager is left fighting over the remainder, with no pricing power to defend.

GenTwo Research
Ch. 06 — Market Signals
Concentration of US fund assetsThree firms vs. the entire rest of the industry
51%
Top 3
49%
Everyone else
Vanguard · BlackRock · Fidelity  hold a majority of US fund assets
Net new fund & ETF flows, 2023Passive vehicles captured the lion’s share
70%
Passive
30%
The rest
Active, smaller managers fight over what remains
The fee & margin squeeze
Average asset management fee
26 bps→22 bps
2010 → 2023, a race to the bottom on price
US asset managers, 2023 (BCG)
Revenue
+0.2%
Costs
+4.3%
Profits
−8%