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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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BillionToOne Launches Unity Confirm™: A category-defining test that bridges the gap between screening and invasive diagnostics

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A breakthrough in prenatal care, Unity Confirm enables non-invasive confirmation for high-risk screening results through the capture of intact circulating fetal cells using BillionToOne’s Fetal Cell Capture™ Technology

MENLO PARK, Calif., May 1, 2026 /PRNewswire/ — For more than two decades, the ultimate quest for scientists and clinicians studying prenatal genetics was the capture of an intact fetal cell non-invasively so that its fetal DNA could be directly analyzed. While cell-free DNA has revolutionized prenatal genetics, it left an uncertainty—a gap between screening and invasive diagnostics, for patients who cannot, or choose not to, access invasive diagnostics. Today, BillionToOne, Inc. (Nasdaq: BLLN), a next-generation molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all, announced the launch of Unity Confirm™, a circulating fetal cell-based, non-invasive confirmation test, designed to address this need from a simple maternal blood draw.

Since its introduction in the early 2010s, non-invasive prenatal testing (NIPT) has become the standard of care for screening for fetal aneuploidies. However, when screening returns a high-risk result, clinical guidelines recommend diagnostic confirmation via chorionic villus sampling (CVS) or amniocentesis. These invasive procedures carry a small but real risk of pregnancy loss, and are increasingly difficult to access. The majority of patients decline, leaving clinicians and families without the information needed to guide next steps, and widening gaps in inequitable care.

While cell-based prenatal genetics has been studied since before the advent of cell-free DNA tests, the scientific barrier has long been the rarity and fragility of fetal cells in maternal circulation. Presenting at fewer than one cell per milliliter of blood and nearly indistinguishable from millions of surrounding maternal cells, intact circulating fetal cells have been too difficult to isolate in an accessible way for clinical use. The cell-based approaches were previously studied across multiple independent publications1 in more than 1,500 patients, consistently demonstrating that when a fetal cell is captured and sequenced, it provides an accurate result that has extremely high concordance with invasive diagnostic testing. However, these methodologies have stayed too academic, expensive, and inaccessible.

Unity Confirm addresses this directly. Available for all patients who use UNITY Aneuploidy for their front-line screen*, BillionToOne’s Fetal Cell Capture™ technology, a multi-step immunological enrichment and single cell isolation process, isolates intact circulating fetal cells, effectively providing 100% fetal fraction2, and performs whole genome sequencing on each individual cell. By analyzing the direct fetal cells rather than fragmentary cfDNA, similar to invasive procedures, Unity Confirm delivers rapid CVS-like insights3 non-invasively, from a single blood draw.

“For years, the idea of capturing whole fetal cells non-invasively was largely viewed as an elusive holy grail, something theoretically possible but practically out of reach,” said Oguzhan Atay, PhD, Co-founder and CEO of BillionToOne. “Unity Confirm is proof that it does not have to be. For the first time, a clinician can confirm a high-risk prenatal result non-invasively, with a level of accuracy the field has never before seen outside of an invasive procedure. For the first time, this technology is broadly accessible.”

“A high-risk NIPT result does not give you a diagnosis. It gives you a decision to make under enormous stress, often without enough information,” said Haywood Brown, MD, Chief Medical Officer, Prenatal, BillionToOne. “For too long, the options were limited: forgo confirmation, or undergo an invasive procedure with a small but real risk. What makes Unity Confirm truly different is not just the science; it is that this capability is now clinically accessible. That’s not an incremental improvement. That is a fundamentally different standard of care.”

In BillionToOne’s own clinical validation, Unity Confirm demonstrated 100% concordance with known fetal outcomes and invasive diagnostic results across 16 of 16 samples, including affected fetuses for common aneuploidies and 22q11.2 microdeletion. The clinical data supporting Unity Confirm will be presented at ACOG 2026 in Washington, D.C., presenting the science behind the technology to the broader OB/GYN community for the first time. Beginning on May 28, providers using Unity Aneuploidy™ Screen will have access to Unity Confirm following a high-risk result. To further validate performance at scale, BillionToOne is now enrolling in the largest prospective study of a fetal cell-based confirmation assay with invasive diagnostic outcomes, targeting enrollment of 1,000 patients and measuring concordance to invasive diagnostic testing.

*Unity Confirm is intended for patients who cannot, or choose not to, pursue invasive diagnostic testing following a high-risk Unity Aneuploidy Screen result before 16 weeks of gestation. Available for Trisomy 21 (Down syndrome), Trisomy 18, Trisomy 13, 22q11.2 microdeletion, XXY, XYY, and XXX aneuploidies. Requires Unity Aneuploidy Screen as the frontline screen for the pregnancy.

Sources

1Hatt, Lotte, et al. “A new marker set that identifies fetal cells in maternal circulation with high specificity.” Prenatal Diagnosis 34.11 (2014): 1066-1072.; Stampalija, T., et al. “Single-cell-based non-invasive screening for fetal pathogenic microimbalances using maternal blood: comparison with invasive prenatal diagnosis.” Ultrasound in Obstetrics & Gynecology (2026).; Weymaere, Jana, et al. “Enrichment of circulating trophoblasts from maternal blood using filtration-based Metacell® technology.” Plos one 17.7 (2022):e0271226.; Jeppesen, Line Dahl, et al. “Screening for Fetal Aneuploidy and Sex Chromosomal Anomalies in a Pregnant Woman with Mosaicism for Turner Syndrome—Applications and Advantages of Cell-Based NIPT.” Frontiers in Genetics 12 (2021): 741752.; Bellair, Michelle, et al. “Noninvasive single-cell-based prenatal genetic testing: A proof of concept clinical study.” Prenatal Diagnosis 44.3 (2024):304-316.; Chakchouk, Imen, and Ignatia B. Van den Veyver. “Whole-Genome Amplification on Single Circulating Trophoblast Cell.” Whole Genome Amplification: Methods and Protocols. New York, NY: Springer US, 2026. 11-23.; Zhuo, Xinming, et al. “Use of amplicon-based sequencing for testing fetal identity and monogenic traits with Single Circulating Trophoblast (SCT) as one form of cell-based NIPT.” PLoSOne 16.4 (2021): e0249695.

2In rare instances, results may rely on a single cell that is co-sequenced with 1-2 maternal cells, which may reduce fetal fraction to 50% or 33%. When this occurs, the report clearly indicates this limitation.

3Unity Confirm and rapid CVS both analyze fetal-derived trophoblast cells. Unity Confirm isolates individual cells via whole genome sequencing (WGS), which is performed on each cell separately, whereas rapid CVS is often performed via FISH. While rapid CVS may analyze more cells, WGS generates more data per cell. In both rapid CVS and fetal cell capture, mosaicism cannot be excluded. Unity Confirm may have false-positive and false-negative results. Results are not a guaranty. Important medical decisions should not rely on UnityConfirm test results alone. Clinical correlation is necessary. Unity Confirm is a laboratory-developed test performed in a CLIA-certified and CAP-accredited laboratory. It is not an FDA-approved or FDA-cleared diagnostic test. Test performance may vary based on gestational age and other factors.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding the clinical effectiveness of Unity Confirm. These statements are based on management’s current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, some of which are beyond BillionToOne’s control. These and additional risks and uncertainties could affect BillionToOne’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These risks and uncertainties include, but are not limited to, the risk that Unity Confirm is not clinically effective and not  adopted by healthcare professionals and those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in BillionToOne’s most recently filed Annual Report on Form 10-K, and other filings we make with the Securities and Exchange Commission from time to time. The forward-looking statements in this press release are based on information available to BillionToOne as of the date hereof, and BillionToOne disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing BillionToOne’s views as of any date subsequent to the date of this press release.

About BillionToOne
Headquartered in Menlo Park, California, BillionToOne is a next-generation molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all. The company’s patented Quantitative Counting Templates™ (QCT™) molecular counting platform is the only multiplex technology that can accurately count DNA molecules at the single-molecule level. For more information, visit www.billiontoone.com.

Media Contact
billiontoone@moxiegrouppr.com

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2026 Brockton High School Film Festival

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Brockton High School Students Premiere Original Films Exploring Mental Wellness and Leadership

Twenty-three student creators showcase cinematic takes on boundaries, bias, and leadership; selected works to advance to the National SALT 12 Film Festival.

BROCKTON, Mass., May 1, 2026 /PRNewswire-HISPANIC PR WIRE/ — Brockton High School hosted the 2026 Brockton High School Film Festival, a community celebration of student voice and mental wellness. Organized by the nonprofit SALT ED Inc., the event premiered five original short films created by 23 students participating in the “Reel Funny” program.

Unlike traditional film programs, Reel Funny uses media production as a vehicle for personal growth rather than just technical instruction. The program guides students through a series of workshops focused on “soft skills”—including conflict resolution, recognizing internal bias, and establishing healthy personal boundaries. Students are then challenged to apply these lessons by collaborating in groups to write, produce, and edit their own films entirely independently.

A unique and critical component of the Reel Funny process is its integration of mental health professional oversight. Following the students’ film submissions, Eun Joo You, a Licensed Clinical Social Worker (LCSW) with Care Plus New Jersey, conducted a specialized screening of the works. This clinical review serves to evaluate student mental wellness and identify early signs of emotional distress, followed by direct engagement with the students to discuss their creative themes and overall well-being.

“The opportunity for our students to engage in this type of work is paramount to their development as well-rounded individuals,” said Kevin McCaskill, Principal of Brockton High School. “When we talk about preparing the next generation of leaders, we aren’t just talking about academics; we are talking about the emotional intelligence and self-awareness that programs like ‘Reel Funny’ provide. These films are a powerful reflection of their growth.”

The celebration invited friends, families, and local community members to acknowledge the leadership and vulnerability displayed by these young creators.

“This program empowers students to turn self-reflection into a leadership tool,” said Joonho Lee, CEO of Kbean®, a primary supporter of the initiative. “By giving students the autonomy to produce these films on their own terms, we see a level of authenticity that traditional education often misses.”

Looking Ahead: The SALT 12 National Showcase 
The Brockton High School festival serves as a qualifying event for the 3rd Annual SALT 12 Film Festival scheduled for the end of 2026. SALT 12 is a national platform that gathers the most impactful student films from across the country, allowing participants to share their voices with a public audience and compete for national recognition.

For more information about SALT ED Inc., the Reel Funny curriculum, or the upcoming SALT 12 National Showcase, please visit www.salt-ed.org.

About SALT ED Inc.
SALT ED Inc. is a nonprofit organization dedicated to empowering underserved youth through media production, workforce development, and mental wellness initiatives. Their signature “Reel Funny” program helps students develop the emotional intelligence and leadership skills necessary to succeed as next-generation leaders.

Photo – https://mma.prnewswire.com/media/2954869/Picture1.jpg

Logo – https://mma.prnewswire.com/media/1897111/5888831/Kbean_Logo.jpg

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Products That Count Announces the Winners of the 2026 CPO Awards, Honoring the Product Leaders Redefining Their Craft in the AI Era

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The annual Awards recognize Chief Product Officers whose scope, influence, and impact have expanded dramatically as AI reshapes every organization.

SAN FRANCISCO, May 1, 2026 /PRNewswire-PRWeb/ — Products That Count, the world’s largest nonprofit community of product managers with over 600,000 members, today announced the winners of the 2026 CPO Awards. The Awards, produced in partnership with Mighty Capital, celebrate the Chief Product Officers whose leadership is shaping how products are built, shipped, and scaled in a moment of unprecedented change.

“The CPO mandate has fundamentally expanded,” said SC Moatti, Founder and Managing Partner of Products That Count. “Our winners this year are setting the standard for what the role becomes when AI is woven into every layer of the business. They are the builders other builders learn from.”

The role of the Chief Product Officer has never been broader. Today’s CPOs are architecting the systems, teams, and decisions that determine whether their companies win in the AI era.

The 2026 CPO Award Winners, by category:

President / CEO: Former CPOs who have elevated to the top role.

Eglae Recchia, CPO, Keyway

Maria Thomas, CEO (promoted from CPO), Rebrandly

Nabil Bukhari, President, Extreme Networks

Shiven Ramji, President & Chief Product Officer, Okta

Investor Mindset: Treating product like a portfolio of bets, with M&A as a strategic lever.

Achuth Rao, CPO, New York Life Insurance Company

Andrew Tsao, CPO & Analytics Officer, Audible

Dane Glasgow, CPO, Paramount/Skydance

Diana Benli, Chief Product Officer, Cognizant

Diego Dugatkin, Chief Product Officer, Box

Mike Bidgoli, CPO & CTO, Tubi

Vasu Murthy, CPO, Cohesity

Vrushali Paunikar, CPO, Carta

Ambrish Verma, Chief Product Officer, Ingram Micro

Enterprise Scale: Operating in complexity. Not speed alone, but transformation at scale.

Carla Guzzetti, Chief Product Officer, Cloud Applications, Extreme Networks

Eddie Garcia, Chief Product Officer, eBay

Gautam Shah, Chief Product Officer, Carelon

Ghazal Badiozamani, SVP of Product Management, Cengage

Kelli Fielding, Chief Product Officer, Europe, TransUnion

Mikhail Vaysbukh, Chief Product Officer, Elsevier

Monica Ugwi, GM, Copilot + Agents for Manufacturing & Mobility, formerly Microsoft

Randall Hounsell, SVP Connected Living Product, Comcast

Rita Khan, Chief Consumer & Digital Officer, formerly Optum

Ryan Bergstrom, Chief Product Officer, Paychex

Tim Simmons, Chief Product Officer, formerly Walmart International

Tina Tarquinio, Chief Product Officer, IBM Z and LinuxONE, IBM

Todd Garner, CPO, Sam’s Club

Trey Courtney, Global Chief Product & Partnerships Officer, Mood Media

Wyatt Jenkins, SVP Product, Intuit

Shayani Roy, SVP Product Management and Design, OpenTable

Scale Up: Growth-stage leaders putting the scale in place.

Aaron Seevers, Chief Product Officer, Noom

Avijit Sinha, SVP Corporate Development, EDB

Hannah Park, Chief Product Officer, Planned Parenthood

Joe Futty, CPO & CTO, Pipedrive

Jonathan Shottan, Chief Product Officer, Tonal

Kimberly Bloomston, CPO, 6sense

Kousthub Raghavan, Chief Product & Digital Officer, CLEAR

Natalia Williams, Chief Product Officer, Qonto

Nikita Miller, Chief Product Officer, Perk

Nilesh Khandelwal, Chief Product Officer, Rakuten Rewards

Paul Burke, CPO, Reveleer

Randhir Vieira, CPO, formerly Healthify

Renn Turiano, CPO, Gannett – USA Today Network

Sarah Turrin, CPO, Color

Emerging: On an amazing trajectory, regardless of tenure.

Adam Kelsey, EVP, Product Management, SignalWire

Apurva Garware, SVP, Head of Product, Invisible Technologies

Chai Atreya, Chief Product Officer, ActiveCampaign

Jack Brody, Chief Product Officer, Suno

John Barrus, VP of Product Management, Niobium

Kevin Swint, former Co-Founder & CPO, RemixAI

Nirmal Kumar, CPO, Aliaswire

Rafael Flores, Chief Product Officer, Treasure Data.ai

Sarah Jacob Singh, CPO & CTO, Medbridge

Sarosh Waghmar, CPO & Co-Founder, Spotnana

Vanessa Davis, CPO, LegalOn

Vikas Seth, CPO, ARIS

Platform: Multiplying impact beyond their own product by leveraging the ecosystem at scale.

Arnab Bose, CPO, Asana

Kishan Chetan, EVP & GM, Agentforce Service Cloud, Salesforce

Shardul Vikram, Chief Product Officer, SAP Application AI, SAP

Tom Occhino, Chief Product Officer, Vercel

Rohit Badlaney, CPO & General Manager, IBM Cloud Platform, IBM

Terre Layton, former CPO, BetterHealth

B.J. Boyle, Chief Product Officer, MacroHealth

Winners were selected by an Independent Advisory Council of seasoned product executives based on impact and leadership.

ABOUT PRODUCTS THAT COUNT

Products That Count is the world’s largest nonprofit community, engaging 600,000+ product managers and Chief Product Officers (CPOs) united by a mission: to empower everyone to build products that truly count. In a world flooded with products, only a few ignite passion, deliver value at scale, and transform lives. Behind those exceptional products are visionary CPOs and high-performing product teams driving innovation at the most bleeding-edge companies. We recognize these trailblazers through our coveted Awards, accelerate careers from PM to the C-suite and beyond through daily best practices, and serve as the trusted advisor to nearly all Fortune 1000 CPOs. Our Corporate Alliance includes Walmart, Ford, Cisco, Johnson & Johnson, Amplitude, and more. The most admired product leaders across industries serve on our Advisory Council, guiding the future of product leadership. Together, we’re shaping a future where every product counts. Learn more at productsthatcount.org

ABOUT MIGHTY CAPITAL

Mighty Capital is the VC firm that leverages the Product Alpha Effect, a data-backed framework for outperformance that proves great products drive great businesses. Founded in 2018 by SC Moatti, a product visionary and former Meta product leader, and Jennifer Vancini, a veteran of tech investing and M&A, we bring a differentiated edge to venture. Through Moatti’s 600,000-strong Products That Count network of product leaders, we see where the world is going before others do. That proprietary signal gives us an advantage in sourcing, diligence, and post-investment value creation. Our portfolio speaks for itself: 1 in 5 companies is a category leader like Amplitude (NASDAQ:AMPL), Groq, and Netskope (NASDAQ:NTSK). Founders consistently call us the most value-add investor on their cap table, and use our global product ecosystem as a marketplace to accelerate time to revenue, scale, and exit. Anchored by GCM Grosvenor, we’re deploying Fund III with both prior funds in top decile DPI and TVPI, more than $20B in value created, and 6 IPOs to date. Learn more at Mighty.Capital.

Media Contact

Emma Shirlin, Products That Count, 1 8287020154, emmashirlin@productsthatcount.com

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