We have done research on trends and the competitive landscape in the money management industry for over two decades. We periodically publish research on the topic and are continuously updating our databases.
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The U.S. Money Management Industry: Assets and Growth Rates |
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| 1990 Through 2012E | ||||||||||||
| 2007 | Annual Growth Rates | |||||||||||
| Assets | 1990- | 2008- | ||||||||||
| ($Billion) | 2007 | 2012E | ||||||||||
| Assets Available to Manage | ||||||||||||
| Nominal GDP | $14,074 | +5.3 | % | +5.5 | % | |||||||
| All Financial Assets | 56,422 | 7.2 | 5.5 | |||||||||
| Households' Financial Assets | 45,333 | 6.8 | 5.5 | |||||||||
| Households' Discretionary Financial Assets | 30,079 | 6.6 | 5.8 | |||||||||
| Millionaires' Financial Assets | 16,963 | 8.3 | 7.0 | |||||||||
| Professionally Managed Assets | ||||||||||||
| Pension And Retirement Assets 1 | ||||||||||||
| Defined-Benefit Plans | $5,505 | +7.4 | % | +5.0 | % | |||||||
| Corporate | 1,970 | 4.9 | 2.0 | |||||||||
| State and Local | 3,152 | 9.1 | 7.5 | |||||||||
| Union | 383 | 4.8 | 2.0 | |||||||||
| 401(k) Plans | 3,047 | 13.5 | 9.5 | |||||||||
| Union DC Plans | 120 | 9.5 | 9.0 | |||||||||
| Other Corporate Defined-Contribution Plans | 393 | 4.8 | 4.5 | |||||||||
| 403(b) Plans 2 | 740 | 9.6 | 9.5 | |||||||||
| 457 Plans | 170 | 13.1 | 9.0 | |||||||||
| IRA Accounts 3 | 4,747 | 12.9 | 10.0 | |||||||||
| Retirement Total | $14,722 | 10.6 | % | 8.0 | % | |||||||
| Retail Assets | ||||||||||||
| Retail Mutual Funds | $3,741 | +11.3 | % | +9.5 | % | |||||||
| Exchange Traded Funds | 187 | NM | 20.0 | |||||||||
| Variable Annuities 4 | 924 | 23.7 | 8.0 | |||||||||
| Separate Accounts | 2,329 | 15.8 | 11.0 | |||||||||
| Bank Personal Trusts | 1,036 | 3.8 | 4.0 | |||||||||
| Hedge Funds Held by Individuals | 842 | 23.0 | 8.5 | |||||||||
| Private Equity | 585 | 12.8 | 10.0 | |||||||||
| Retail Total | $9,643 | 13.7 | % | 9.3 | % | |||||||
| Other Categories | ||||||||||||
| Endowments | $411 | +11.9 | % | +10.0 | % | |||||||
| Foundations | 670 | 9.5 | 8.5 | |||||||||
| Insurance Company Outsourcing | 800 | 13.2 | 9.0 | |||||||||
| College Savings Plans | 130 | NM | 12.0 | |||||||||
| Other Categories Total | $2,011 | 10.8 | % | 9.2 | % | |||||||
| Grand Total | $26,376 | 11.7 | % | 8.6 | % | |||||||
| Assets Managed For Households Directly | $18,990 | 9.7 | % | 9.3 | % | |||||||
| Wirehouse Retail Assets in Custody | 5,500 | 11.0 | 10.0 | |||||||||
| Subadvised Assets | 3,000 | 20.0 | 15.0 | |||||||||
| Memo: | ||||||||||||
| Federal Pension Plans | $1,197 | 7.7 | % | 6.0 | % | |||||||
| Annuities | 1,075 | 6.1 | 10.0 | |||||||||
| Industry's Real Growth Rate | 2.7 | % | 2.4 | % | ||||||||
| Post-Fee Return Assumptions: | ||||||||||||
| Equities | +7.1 | % | ||||||||||
| All Money Under Management | 6.1 | |||||||||||
| Source: | Federal Reserve Board, U.S. Department of Labor, Employee Benefits Research | |||||||||||
| Institute, Cerulli Associates, Investment Company Institute, NAVA, VARDS, FDIC, Venture Economics, Hedge Fund Research, TASS Research, NACUBO, The Foundation, Center, Holmes Research, College Savings Plan Network, Insurance Asset Manager, Survey, Corporate Reports, Empirical Research Partners Estimates. | ||||||||||||
| 1 Not including federal government pension plans. | ||||||||||||
| 2 31% of 403(b) assets and 1.3% of other DC plan assets are in variable annuities. | ||||||||||||
| 3 47% of IRA assets are in mutual funds, 2.1% are in variable annuities. | ||||||||||||
| 4 Excludes variable annuities in defined-contribution retirement plans. | ||||||||||||