The global fund management industry is on track to reach $200tn in assets by 2030, up from $139tn last year, with private markets poised to account for more than half of revenues, according to a report by consultancy PwC.
A survey of 300 asset managers, institutional investors and distributors estimated that revenues generated by private markets would reach $432bn within five years, driven by demand for higher returns and the industry opening up to more retail investors.
Albertha Charles, global asset and wealth management leader at PwC UK, said the findings assumed global inflation and interest rates would continue to come down, which was likely to encourage a shift from cash savings into investment.
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