Tomorrow - ein McKinsey Podcast Wachstum trotz Gegenwind: Was Vermögensverwalter:innen jetzt bewegt
Dec 4, 2025
Niklas Nolzen, a Partner at McKinsey and expert in European asset management, discusses the industry's paradox of record assets under management paired with shrinking profits. He explains rising costs driven by inflation and tech investments, impacting margins. The conversation highlights a shift toward lower-margin products like passive ETFs, along with the rapid growth of active ETFs as a bright spot. Niklas urges asset managers to adopt flexible business models and strategic resource reallocations to navigate these dynamic challenges.
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Record AUM but Falling Margins
- European asset managers hold record assets but face earnings pressure as margins fall.
- Assets reached ~28 trillion euros in 2024 while average margins dropped from 28 to 26 bps by 2024.
Rising Costs Outpace Scalability
- Costs rose ~10% from 2021–2024 driven by inflation, wages, and heavy tech and data investments.
- AUM growth only partially offset these rises, limiting scalability and squeezing profits.
Flows Favored Low-Margin Products
- Net flows shifted strongly into low-margin products like passive, money market, and fixed income.
- High-margin active equity and multi-asset products lost market share while alternatives remain the primary high-margin area.