in a year of historic challenges to human health and the economy, the north american asset management industry has been a picture of relative calm and stability. and investors did return to the market, with close to $200 billion of net flows in north america in the second and third quarters. exhibit 2 characterizes how north american asset management fund families fared in the downturn of markets in the first quarter and in the second-quarter rebound.
for the asset management industry, the shock to the real economy, the volatility of markets, and an intensified focus on social issues have set off a cascade of second- and third-order effects which are amplifying industry trends that have been in motion for several years. asset management leaders have long spoken about the need for a “next-generation operating model”—supported by advances in data, analytics, and technology—that better responds to client needs and generates greater scalability. the widening gap between the best and the rest that has opened up in the asset management industry has become a catalyst for new deals, as publicly listed industry leaders have a currency (their high valuations) to pursue high-quality acquisitions. in the same survey, we found 59 percent of north american asset managers do not set diversity and inclusion-specific targets for their leadership positions.
in the full report, european asset management after an unprecedented year, we provide more detail and data for the full story. the resulting €750 billion in net flows across all asset classes and segments increased european managers’ aum by 3.2 percent for all of 2020, the third-highest annual net flow effect over the preceding 13 years.
we also point to the momentum in trends toward digital business and the regionalization of the european economy. historically, the function of the asset management business was relatively straightforward: to serve as a financial conduit, matching private and institutional sources of capital seeking returns with firms needing capital for investment. we see two levers for growth for europe’s asset managers: capturing economies of scale and pushing the limits of the asset management market to new frontiers.
the asset management industry was a beneficiary of this rapid bounce-back, with industry economics showing a record year in 2020: based on sheer read our latest research, articles, and reports on wealth and asset management. the events of 2020 shook the industry, but a rebound followed. forward-looking firms will now take stock of what has changed and what has not in, mckinsey asset management report 2021, mckinsey asset management report 2021, mckinsey asset management 2021 pdf, mckinsey asset management report 2020 pdf, bcg asset management report.
this report draws on mckinsey’s annual benchmarking of north american asset managers, which surveyed more than 100 firms representing $15 tril- lion (or 65 global asset management survey. industry-leading economic benchmark survey to assess business performance and identify growth opportunities. the european asset management industry entered 2020 coming off record highs in aggregate revenues and profits. then covid-19 emerged early, bain asset management report, asset management industry pdf.
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