PwC: Asset Manager Profit per AuM Down 19% as Tech Costs Climb
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LUXEMBOURG – November 03, 2026 -- Asset managers' profit per unit of assets under management has fallen 19% since 2018 and is projected to drop another 9.1% by 2030, according to PwC's Global Asset Management Infrastructure report. Decisions on what to build, buy or access through partners now shape how firms compete.
Fee compression limits the ability to invest for 67% of respondents. Only 23% direct most of their technology budget to new capabilities, while 29% spend more than 70% of it maintaining legacy systems. The survey covered 150 asset managers and 50 infrastructure providers.