7
Emerging (EM) markets clients
Private markets
Solutions
Passive
Hedge Funds
Active
2
-2
345
326
30
15%
21%
2018
35%
9%
14%
23
-41
20%
21%
10%
23%
20%
CAGR: +1%
EM clients
% change 18-23F
60%
51%
26%
8%
-2%
-36%
Private markets
Solutions
Passive
Hedge funds
Active
2023F
Alternatives
Global revenue composition – Base case, 2018 – 2023(f), USD BN
Source: Oliver Wyman Analysis
6%
6%
2018 Foreign
"on-shore"
AuM
~200
~350
~700
~1000-1200
~350
~400
~10%
Foreign manager share as a % of onshore core, 3rd party managed assets
~15%
~5%
~5%
$1BN
$2BN
$4BN
$7BN
~150
Revenue
2023(f) Bear
case
2023(f) Base
case
2023(f)
Bull case
Scenarios for foreign asset manager share of "onshore" Chinese investor sourced AuM, 2018 v. 2023F, USD BN
Source: Oliver Wyman Analysis