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Competition in Asset Management Shifts as Growth Becomes Harder and More Concentrated

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Boston Consulting Group report finds industry advantage moving from performance to distribution and technologyGrowth increasingly concentrated among a small number of scaled playersAI and tokenization poised to reshape cost structures and competitive dynamics

BOSTON, April 28, 2026 /PRNewswire/ –The basis of competition in asset management is undergoing a structural shift, with firms facing a more demanding growth environment and intensifying pressure on traditional sources of advantage. While global assets under management (AuM) reached $147 trillion in 2025, with more than 80% of industry revenue growth driven by market performance, the real shift lies in how growth is captured, with distribution, scale, and technology determining winners.

These findings are among the conclusions of a new report from Boston Consulting Group (BCG), Global Asset Management Report 2026: An Imperative for Growth, released today.

For more than a decade, rising markets supported industry expansion. That dynamic is now weakening as growth becomes harder to capture, more unevenly distributed, and increasingly dependent on distribution strength and technological capabilities.

“Asset management is entering a new competitive era,” said Renaud Fages, a managing director and partner at BCG and a coauthor of the report. “Performance alone is no longer enough. Firms must compete on distribution, operating model, and their ability to scale technology, particularly AI, to capture growth.”

Scale No Longer Guarantees Advantage

Despite a near tripling of AuM since 2010, industry profit margins have remained broadly flat at around 30%. Revenues have grown more slowly than costs, resulting in negative operating leverage and challenging the traditional assumption that scale automatically improves profitability.

At the same time, growth is becoming more concentrated among a smaller set of players. In US passive funds, the top ten providers have captured more than 90% of net inflows over the past decade, while private markets are also seeing capital flow to fewer, larger firms.

Growth is increasingly concentrated among leading firms with scale and distribution accessRevenue growth is decoupling from asset growth as fees decline and product mix shiftsTraditional economies of scale are being offset by rising technology investment and fee pressure

Together, these trends point to a more competitive environment in which only a subset of firms are positioned to capture disproportionate growth.

Distribution Becomes the Primary Battleground

As product manufacturing becomes more commoditized, control of distribution is emerging as the key determinant of success. Access to platforms, advisors, and institutional channels increasingly dictates which firms capture flows, while shelf space continues to tighten.

This shift reflects a broader change in how capital is allocated, with asset managers needing to embed themselves more deeply in client ecosystems rather than relying on product performance alone.

“Distribution now defines who wins,” said Johannes Burkhardt, a managing director and partner at BCG and a coauthor of the report. “Firms that secure access to capital through platforms and partnerships will have a structural advantage over those that do not.”

AI Redefines the Competitive Frontier

Artificial intelligence is accelerating these shifts by compressing traditional sources of differentiation and enabling new forms of scale. BCG estimates that asset managers could reduce costs by 25% to 35% over the next three to five years. Additional expected benefits include:

A two- to five-fold increase in research coverageA three- to five-fold increase in client coverage per relationship managerFaster and more scalable personalization of investment solutions

AI allows firms to scale operations without proportional increases in headcount, fundamentally changing the economics of growth. However, most firms remain in early stages of adoption, focusing on pilots rather than full transformation. Firms that fail to redesign their operating models risk falling behind AI-native competitors that can scale faster and operate more efficiently.

Tokenization Introduces New Competitive Dynamics

Alongside AI, tokenization and digital assets represent an emerging force that could reshape market structure. The value of tokenized real-world assets is projected to reach $14 trillion by 2030 and $55 trillion by 2035, creating new channels for distribution, ownership, and product design.

These developments could alter how assets are accessed, transferred, and managed, potentially weakening traditional advantages tied to scale and distribution while enabling new entrants to compete.

A More Demanding Growth Environment

As market-driven growth gives way to competition-driven growth, asset managers face a more complex and less forgiving landscape. Capturing net inflows, building scalable distribution, and embedding technology into core operations will determine which firms succeed.

“The industry’s growth model is changing fundamentally,” said Fages. “Firms that adapt to this new reality will capture a disproportionate share of future growth.”

Download the report (three chapters) here:

An Imperative for GrowthDistribution is the New Source of Advantage in Asset ManagementRebuilding Asset Management for an AI-First World

Media contact:
Bruce Wraight
wraight.bruce@bcg.com

About Boston Consulting Group

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fueled by the goal of helping our clients thrive and enabling them to make the world a better place.

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SOURCE Boston Consulting Group (BCG)

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Would You Trust It? ANSI’s 2027 Student Paper Competition Asks Students How Standards Build Confidence

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Competition Open to High School and College Students; Cash Prizes Available

NEW YORK, Oct. 30, 2026 /PRNewswire/ — The American National Standards Institute (ANSI) and its Committee on Education (CoE) today announced the launch of the 2027 Student Paper Competition, inviting high school and college students nationwide to explore how standards help the products, services, and technologies people rely on earn their trust. Entries are due by June 11, 2027.

About the 2027 Theme

Now in its sixteenth year, the theme for the 2027 paper competition is “Would You Trust It? Exploring How Standards Build Confidence in Products, Services, and Emerging Technologies.”

Every day, people rely on products and services they can’t personally inspect or test, and few stop to ask why they feel so sure about any of it. The 2027 competition asks students to dig into that confidence with one central question: What makes something trustworthy, and how do standards help get it there? For example, how can you be sure your sports helmet will protect your head? What prevents an e-bike battery from catching fire? Why is it safe to type your credit card number into a website? And would you trust a drone to drop your order at the right doorstep?

Research Areas

Students should choose one of three focus areas and examine how standards build confidence within it.

Products—Put Trust to the Test: The Standards Behind the Stuff You Buy, Wear, and Use

Sports Equipment, Clothing, and Wearables (helmet impact testing, flame-resistant children’s sleepwear, care labels, fitness trackers and smartwatches)Autonomous and Micromobility Vehicles (self-driving car safety and testing, e-bike and e-scooter battery fires, collision safety)Food Safety (preventing and detecting the most common foodborne pathogens, such as Salmonella, Listeria, E. coli, and norovirus)

Services—Put Trust to the Test: Standards That Protect What You Share, Order, and Pay For

Social Media and E-Commerce (online privacy, age verification, secure payments, banking and card-security standards)

Food Delivery (drone delivery safety, temperature control in transit, allergen and ingredient labeling, tamper-evident packaging)

Emerging Technology—Put Trust to the Test: Standards That Help New Technology Earn Our Confidence and Gain Adoption

Artificial Intelligence (transparency, testing, risk management, responsible use)

Biometrics (fingerprint, face, and voice recognition; accuracy, spoofing prevention, protecting personal data)

Students with a different idea may propose their own topic, subject to approval, by contacting Lisa Rajchel (lrajchel@ansi.org).

Submission and Prize Information

All entries must meet the requirements in the ANSI 2027 Student Paper Competition flyer. Submissions must be original work (not AI-generated) and must not have been previously published.

Winning entries will be published on ansi.org and potentially in other media outlets. They will also be shared widely with the domestic and international standards community, including experts in government, industry, professional societies, and academic institutions.

Every qualifying submission earns the student a $20 gift card and a certificate of submission. The top high school paper wins $1,000, and the top paper from a student at an institution of higher learning wins $1,500. ANSI reserves the right to award no prizes based on the judges’ determination.

For full submission criteria, access the ANSI 2027 Student Paper Competition flyer. Email entries by June 11, 2027, to Lisa Rajchel, lrajchel@ansi.org. The winning papers will be announced in August 2027.

Resources for Research

ANSI has developed a list of suggested resources for research and reference:

Access materials for K-12 students 

Learn more about voluntary consensus standards and American National Standards

Search a list of approved American National StandardsSearch the organizations accredited by ANSI to develop American National Standards

Search for international standards from the International Organization for Standardization (ISO)

Search for international electrotechnical standards from the International Electrotechnical Commission (IEC)

Check out some user-friendly ANSI resources that show the breadth of standards’ impact

Read more about consumer safety, digital trust, AI, and other topics on ANSI’s online news archive or www.ansi.org

Read about the 2026 winners covering the theme “Imagine a World Without Standards or Rules—What Would Happen?” and view all previous years’ winning papers in the competition archive.

About the ANSI Committee on Education

The ANSI Committee on Education oversees all Institute initiatives related to standards and conformity assessment education and outreach, fulfills the objectives of the United States Standards Strategy (USSS), and responds to other issues that may be delegated by the Board of Directors, Executive Committee, or the National Policy Advisory Group.

About ANSI

The American National Standards Institute (ANSI) is a private nonprofit organization whose mission is to enhance both the global competitiveness of U.S. business and the U.S. quality of life by promoting and facilitating voluntary consensus standards and conformity assessment systems, and safeguarding their integrity. Its membership is comprised of businesses, professional societies and trade associations, standards developers, government agencies, and consumer and labor organizations.

The Institute represents and serves the diverse interests of more than 270,000 companies and organizations and 30 million professionals worldwide. ANSI is the official U.S. representative to the International Organization for Standardization (ISO) and, via the U.S. National Committee, the International Electrotechnical Commission (IEC). For more information, visit www.ansi.org and access the latest news and content on LinkedIn, X, and Facebook.

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SOURCE American National Standards Institute

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Orbis International commits to helping improve eye health for more than 18 million people

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Global commitment announced during the first Global Summit for Eye Health will strengthen the global eye health workforce, expand quality cataract care, and implement AI screening

NEW YORK, Oct. 30, 2026 /PRNewswire/ — Global eye care nonprofit Orbis International is committing an estimated US$32 million in financial and technical contributions from 2027 through 2030 to help strengthen eye health systems and expand access to quality eye care. The commitment aims to contribute to better eye health outcomes for more than 18 million people worldwide and support the professional development of more than 250,000 eye health professionals.

The commitment is being made in connection with the first Global Summit for Eye Health, hosted by the Government of Antigua and Barbuda in technical collaboration with the World Health Organization (WHO). The Summit brings together leaders from government, the public and private sectors, NGOs, and funding institutions to share ambitious commitments in order to reach the 1 billion people living with avoidable vision loss.

Orbis has endorsed the St. John’s Global Compact for Eye Health and its shared agenda for action, investment, and accountability. Orbis’s Summit commitments put that support into practice through workforce development, quality cataract care, and responsible use of digital technology and artificial intelligence.

“The Global Summit for Eye Health is an opportunity to turn shared ambition into practical action. Orbis supports the St. John’s Global Compact and is committing our expertise and resources to help countries build the workforce and systems needed to deliver lasting improvements in eye health,” said Kathleen Sherwin, President and CEO of Orbis International. “Working alongside governments and partners, we will focus on quality care and reaching people who too often go without it, particularly women, girls, and underserved communities.”

At the center of the commitment is a simple principle: lasting progress depends on countries having the people, skills, and systems to deliver quality eye care. Orbis International will work alongside ministries of health, WHO, the International Agency for the Prevention of Blindness (IAPB), civil society, professional associations, and private-sector partners, supporting country-led priorities and locally-led approaches.

Training more eye health professionals

One of the biggest barriers to quality eye care is access to a skilled workforce. By 2030, Orbis International plans to support the ongoing professional development of more than 250,000 eye health professionals globally, including through Cybersight, the world’s leading digital platform for eye health–connecting learning, mentorship, AI, and clinical support to strengthen eye-health systems at scale.

Orbis International will continue providing free access to Cybersight through 2030, representing an estimated US$15 million contribution over four years. Its capabilities will also be made available to support IAPB learning, training, and development initiatives.

“There is a global crisis in eye health: the lack of a trained workforce to treat and prevent conditions that cause blindness,” said Hunter Cherwek, Chief Medical Officer at Orbis International. “And the demand for trained professionals is only growing with the increase in the number of people with sight-threatening conditions who need eye care. These commitments help governments build that workforce, and Cybersight lets us reach professionals wherever they work.”

Expanding access to quality cataract care

Cataract is the leading cause of blindness globally; timely, high-quality surgery can restore sight. Orbis International will invest the equivalent of US$17 million in financial and technical contributions between 2027 and 2030 to strengthen the eye health workforce, improve surgical quality, build institutional capacity, and expand access to high-quality cataract services. The work will contribute toward WHO’s 2030 cataract targets and the SEE 2045 global initiative.

Working with governments and partners, including Alcon, Orbis International will support cataract training through hands-on clinical experience, digital learning, mentorship, and simulation.

“Closing the gap between what modern eye care can achieve and what patients can access is one of the most important eye health challenges of our time,” said David J. Endicott, Alcon’s Chief Executive Officer. “Solving it will require collaboration, investment, and a shared commitment to building the workforce and capacity needed to bring quality eye care to more people around the world.”

Bringing responsible AI into routine eye care

Beginning in 2027, Orbis International will partner with the Government of Antigua and Barbuda to integrate AI-assisted diabetic retinopathy screening into routine diabetes care, supporting the Prime Minister’s Vision Initiative. The partners will work toward screening at least 80% screening coverage among people receiving diabetes care by 2030, with referral, diagnosis, treatment, and follow-up pathways for patients who need further care.

“Antigua and Barbuda is proud to strengthen its partnership with Orbis International to make quality eye care accessible, equitable and sustainable for all,” said Walton Webson, Permanent Representative of Antigua and Barbuda to the United Nations. “Beginning in 2027, this collaboration will advance AI-assisted screening for diabetic retinopathy, strengthen local capacity and expand early detection. Together with the support of other international partners, it will help us build a comprehensive eye care model that can be adapted across the Caribbean and other Small Island Developing States. Our ambition is clear: to protect sight, expand opportunity and demonstrate that small island nations can lead in inclusive health innovation. No one should lose their sight—or their opportunity to thrive—to a condition we have the means to prevent or treat.”

Orbis International will also generate evidence and share lessons from the program to help inform the responsible adoption and potential scale-up of similar approaches in other countries.

A commitment to lasting change

The commitments build on Orbis International’s approach of investing in eye care professionals and institutions, so improvements continue long after an individual program ends. Orbis will provide direct support to strengthen government-led systems and institutions in 16 countries, while offering global access to learning, mentorship, and clinical support through Cybersight across more than 200 countries and territories. Its approach will place particular attention on women, girls, and underserved communities. Its work combines training with partnerships, technology, and health-system strengthening designed to bring quality care closer to the communities that need it.

The commitments will run from January 2027 through December 2030, covering priority areas including cataract, diabetic retinopathy, childhood eye health, and refractive error.

About Orbis International

Orbis International works around the world to prevent blindness and restore sight for children and adults in places where eye care is out of reach—so vision problems don’t make it harder to learn, earn a living, or enjoy life. Around 1.1 billion people live with vision loss, but with the right care, 90% of it is completely avoidable. That is why Orbis trains doctors, nurses, and other eye care professionals to provide care in their own communities—and works to make sure people of all ages can access the eye exams, glasses, medicine, and surgeries they need to protect and restore their sight. Orbis began this work more than 40 years ago with the Flying Eye Hospital, a teaching hospital on a plane that brings expert training and care where they’re needed most. Today, we also work with local hospitals and clinics across Africa, Asia, and Latin America to make eye care available to more people, and we use and develop technology—like our award-winning Cybersight e-learning and telehealth platform, artificial intelligence screening, and virtual reality training—to help eye care teams treat patients more effectively. To learn more, please visit orbis.org.

MEDIA CONTACT
Jenna Montgomery
Associate Director, Global Communications and Marketing
jenna.montgomery@orbis.org

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SOURCE Orbis International

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ERMProtect Selected to Present on U.S. Cybersecurity and Cybercrime to International Delegation

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MIAMI, Oct. 30, 2026 /PRNewswire/ — ERMProtect, a leading cybersecurity and digital forensics firm, was nominated by Global Ties Miami and selected by the U.S. Department of State to share its expertise with a delegation from 32 countries participating in the State Department’s International Visitor Leadership Program on Oct. 29, 2026.

During the session, ERMProtect led an in-depth discussion about how the United States addresses cybercrime through a combination of laws and regulations, cybersecurity standards, law enforcement and private-sector expertise. The ERMProtect team discussed U.S. approaches to preventing and responding to cyberattacks, shared practical insight into how digital forensics and cybercrime investigations are conducted, and addressed threats such as data breaches, cryptocurrency theft, fraud, and ransomware.

Representing ERMProtect were Silka Gonzalez, President and Founder; Ana Maria Martinez, In-House Counsel and Consultant; and Dr. Collin Connors, AI Practice Lead.

Global Ties connects international leaders with U.S. counterparts to exchange expertise and build relationships that can help address shared global challenges. The Miami office is led by its President and CEO Athena Passera, Ph.D.

Miami was the delegation’s final U.S. stop. Participants included professionals working in cybercrime investigations, cybersecurity policy, law enforcement, national cyber defense, government, academia, law and the private sector. They represented countries across Europe and Eurasia, including Armenia, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Denmark, France, Georgia, Greece, Hungary, Malta, North Macedonia, Poland, Serbia, Slovenia, Switzerland and Turkey.

Global Ties Miami serves as South Florida’s local hub for international exchange, bringing international visitors together with local professionals and communities through citizen diplomacy and professional programs.

The exchange reinforced a central message: Cybersecurity crosses borders, making international collaboration and information- sharing critical to combating cybercrime.

About ERMProtect
ERMProtect is a leading cybersecurity firm headquartered in Miami, with over 28 years of experience helping organizations secure their environments, protect their data, and ensure compliance. Serving hundreds of clients across 40+ industries worldwide, ERMProtect offers a full suite of cybersecurity services including compliance and IT security audits, penetration testing, PCI compliance, incident response, data breach and fraud investigations, AI implementation, outsourcing, and on-demand security consulting. The company’s training division offers a 100+ module library of Security Awareness Training and in-person, PhD-led sessions that teach organizations how to protect data and incorporate better security.

About Global Ties Miami
Global Ties Miami brings international visitors and South Florida communities together through citizen diplomacy and international exchange. Its mission is to foster global understanding, cooperation, goodwill, and friendships while working toward a more peaceful and prosperous world. The organization hosts international visitors and facilitates connections with South Florida professionals and communities.

Learn more about Global Ties at https://www.globaltiesmiami.org/ and https://www.globaltiesus.org/.

Learn more about ERMProtect at www.ermprotect.com

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