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.
Data fragmentation and legacy systems hold back AI scaling
24% of asset managers cite data fragmentation and 17% cite legacy systems as major barriers to scaling AI. Roland Kastoun, PwC's Global Asset and Wealth Management Advisory Leader, said "the bill for the pipes keeps rising." He added that the managers who survive the next five years will be those that fixed foundational systems first, not those with the most advanced AI.
Market data ranks as the costliest layer relative to value delivered
58% of asset managers place market data among the most expensive infrastructure layers relative to the value it delivers. Regulatory reporting systems follow at 47%, and core technology platforms at 46%.
Infrastructure providers expect a larger share of industry revenues
70% of infrastructure providers expect to capture a bigger share of industry revenues, and 68% name hyperscale cloud providers as the main emerging threat. Björn Ebert, Financial Services Leader at PwC Luxembourg, said the figure shows where power in the industry is quietly shifting.
Hybrid sourcing leads preferences at 44%
44% of respondents favour hybrid models combining in-house, bought and partnered capabilities. 21% prefer to buy, 18% to partner and 13% to build in-house.
The report identifies four emerging infrastructure archetypes: infrastructure orchestrators, digital and tokenisation platforms, specialist modular providers and integrated asset managers. No single model fits every firm. Each must decide what to own, what to standardise and where a specialist can do the job better, and those that decide early will be better placed to protect margins through 2030.