《保险研究》20200101-《全球资产管理行业现状与趋势——在拐点遇见新机遇,科技重塑竞争格局》（周轶珅）

［摘   要］2019年,全球经济周期已步入后期,经济增速逐步放缓。虽然全球资本市场出现反弹,但地缘政治、通胀低迷和各大央行宽松货币政策所带来的不确定性仍引发了全球投资者风险偏好下降。本报告通过安永全球资产管理数据库,全面分析并揭示了全球资产管理行业发展现状与市场趋势。研究发现：2019年全球资产管理规模再创新高；头部效应愈加明显,资金加速流向头部机构；全球净43%机构经历净流出，中小型机构面临形势更为严峻；行业利润持续承压。基于以上对行业发展的回顾,我们洞察了四大趋势：资金加速流入被动性产品、费率战愈演愈烈、监管透明化以及颠覆性技术带来变革,这些趋势正在不断重塑资产管理机构的运营模式和价值链,颠覆行业竞争格局。最后,本报告重点就金融科技如何助推全球资产管理行业实现科技转型进行了介绍,并在此基础上为中国资产管理机构的科技转型提出建议,希望能为中国资产管理机构借鉴全球领先资产管理公司的发展路径提供参考。

［关键词］资产管理；行业现状；市场趋势；金融科技；科技转型

［作者简介］周轶珅,安永（中国）企业咨询有限公司大中华区财富及资产管理咨询业务总监。

Current Situations and Future Trend of Global Asset Management Industry—Meeting with New Opportunity at the Inflection Point,Technology Reshaping Competition Landscape

ZHOU Yi-shen

Abstract：In 2019,the global economic cycle was at its late stage with a declining growth rate.  Although the global capital markets rebounded,the uncertainties caused by geopolitics,low inflation and the quantitative easing (QE) monetary policies from several central banks still made investors more risk-averse.  Based on the global asset management database of Ernst & Young,the paper comprehensively analyzed and revealed the current situation and future trend of the global asset management industry. The study finds that: the global asset management industry is approaching its inflection point,and Fintech will propel the restructuring of asset management entities and prepare them for future success;global assets under management reached new height in 2019,and our research into the CAGR of the industry’s revenue,operational cost,and operational profit reveals the potential reason for the decline. Furthermore,the paper also analyzed the profitability of different types of asset management firms. It finds that each and every type of asset management firms has their golden prospect if they catch the right opportunity for restructuring. Based on above review of the development of the industry,we have insights into four major trends which are constantly reshaping the operation models and the value chain of asset management firms as well as subverting the competitive pattern of the industry. Finally,the paper provides an in-depth research on how financial technologies can help the global asset management industry transform and innovate. Hopefully,the paper can provide a reference for Chinese asset management institutions to learn from the experiences of top asset management firms in the world.

Key words：asset management;industry status;market trend;financial technology;technology transformation