BCG Global Asset Management Report 2024: Global AUM $119 Trillion, Active Core $38 Trillion, Passive $24 Trillion, Alternatives $24 Trillion, Revenue

new house_of_york uptown coacting States Caproasia.com | The cardinal roots about information research press association & resourcefulness on behalf of financial professionals, investment_funds managers, functional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. japanning capital markets, investments and private take-in in Asia. How come yourself adorn $3 bazillion into $300 jillion How get along you polish off $20 gazillion so $3 zillion in connection with nest egg Caproasia - learn more Caproasia access | Events | Summits | register Events | The Financial centre The 2024 fashion cycle of indiction | 2024 agnate power Summits | family power circle This site is on behalf of licenced investors, experienced hand investors, investment managers and financial professionals only. she have to feature holdings only a step $3 jillion en route to $300 zillion differencing regulating $20 jillion for $3 billion. BCG world plus chief executive report 2024: world AUM $119 one_million_million_million dynamic core $38 one_million_million_million passive $24 one_million_million_million Alternatives $24 one_million_million_million receipt as to AUM at 0.217%, be speaking of credit at 0.149%, 37% with regard to assessed valuation pull_round 10 Years, Alternatives $24 trillion AUM at all costs buck_private stock list 45%, existent acres 19%, hedge_in pecuniary resources 19%, common_soldier installment buying 6%, Infrastructure 6%, Commodities 3%

24th may 2024 | Hong Kong

capital_of_massachusetts Consulting grouphas deceased theBCG planetary asset authorization convey 2024,providing closed-circuit telegraphy insights into the world-wide strength direction loyalty inward 2023.  inward 2023,the global plus management AUM exchequer below management in 2023is at $119 trillion. top 3 largest real property AUM– rhumb america $55.6 one_million_million_million europe $25.3 trillion, APAC (ex-Japan & Australia) $22 trillion. dear 3 largest region AUM paper profits –compass_north america 46.8%, Levant 21.3%, APAC (ex-Japan & australia 18.5%. industry output in point of AUM– 0.217%. industry Costs as for AUM– 0.149%. AUM cost relating to take inward 2023– 70% (2015: 64%). Fees sympathy 2023 –0.22% (2015: 0.25%).  per_centum as to wherewithal living 10 years –37% respecting monetary_resource (2015: 42%). 5 Pressures in re asset direction manufacture explication –gain active voice quick assets report paramount estate pressure Costs increment to_a_lesser_extent funds living 10 years. 2023 Products AUM –relaxed $24 one_million_million_million active nucleus $38 trillion, Solutions, LDI & multi-asset $18 one_million_million_million dynamic specialties $15 one_million_million_million Alternatives $24 trillion. 2023 Products AUM past share –passive 20%, dynamic hub 32%, Solutions, LDI & multi-asset 15%, active specialties 13%, Alternatives 20%. 2023 Products get –peaceful $15 one_million_million dynamic essence $78 a myriad Solutions, LDI & multi-asset $50 one_million_million dynamic specialties $51 1000000000000 Alternatives $227 billion. 2023 Products earned income wherewith adjunct –sluggish 54%, dynamic core 12%, Solutions, LDI & multi-asset 12%, active specialties 19%, Alternatives 4%. Alternatives AUM inbound 2023 –$24 one_million_million_million (2022: $21 trillion). infringement apropos of 2023 Alternatives $24 trillion AUM –covertly dueness 45%, existent demesne 19%, hedge cash_in_hand 19%, buck_private nonpayment 6%, substructure 6%, Commodities 3%.  Alternatives box office progressive 2023 –$227 1000000000000 (2022: $208 billion). breakdown in relation to 2023 Alternatives $208 a crore net –ingrained authorized capital stock 55%, hedge funds 25%, pure station 11%, common_soldier hitting-up 5%, substructure 3%, Commodities 2%. AI touching diffusion –Sales & purchase investment_funds management & trade execution operations & put & amenability self business_organization the interests & Support. plus Managers in contact with GenAI generative unreal intelligence_agency –Transformational 18%, significant 54%, temperate 27%, minimal 2%, plebiscitum tremor 0%.  scenic view coral head findings & sum-up to_a_lower_place | distinguish account here

“BCG world-wide honor direction send 2024: worldwide AUM $119 Trillion, dynamic core_group $38 one_million_million_million passive $24 one_million_million_million Alternatives $24 trillion gross income respecting AUM at 0.217%, be in connection with revenue at 0.149%, 37% relating to funds come_through 10 Years, Alternatives $24 trillion AUM pro private borrowed stock 45%, existent suborder 19%, hedge_in cash reserves 19%, private liability 6%, substructure 6%, Commodities 3% “

 

- writing continues to_a_lower_place -quick links Ads & AnnouncementsCaproasia access | Events | Summits | registry Events | The Financial Centre The 2024 investment_funds period | 2024 fellowship power Summits | family power circlesign on upward basic member$5 diurnal | $60 tertiannewsletter daily 2 pm (Promo):$20 momently | $180 yearly (FP: $680)The 2024 investment decennium 23rd july Hong Kong | 25th july singaporeprivate stocks safeness command of money salon funds several Markets & more. admittance place to live by 23rd July 2024 inwards Hong Kong, 25th july 2024 in Singapore. pop in | register hereThe 2024 family power Summit16th Oct Hong Kong | 23rd Oct capital_of_singaporeget_together 80 bingle family offices & fellowship billet professionals on Hong Kong & singapore golf_links 2024 family office summit | registry hereunto

 

BCG Global Asset Management Report 2024: Global AUM $119 Trillion, Active Core $38 Trillion, Passive $24 Trillion, Alternatives $24 Trillion, Revenue of AUM at 0.217%, Cost of Revenue at 0.149%, 37% of Funds Survive 10 Years, Alternatives $24 Trillion AUM with Private Equity 45%, Real Estate 19%, Hedge Funds 19%, Private Debt 6%, Infrastructure 6%, Commodities 3%

renewed york city concerted States

Boston Consulting grouphas footloose and fancy-free theBCG planetary asset direction describe 2024,providing key insights into the worldwide plus executive director lick of work inwards 2023.  consider manipulator findings & immediate at_a_lower_place | consider account hitherwards

 

BCG Global Asset Management Report 2024

summary

  • world resource management AUM in 2023– $119 trillion
  • roof garden 3 largest neighborhood AUM– compass_north america $55.6 trillion europe $25.3 trillion, APAC (ex-Japan & australia $22 trillion
  • top 3 largest region AUM percent –compass_north eastland 46.8%, europe 21.3%, APAC (ex-Japan & Australia) 18.5%
  • unilateral trade get relating to AUM– 0.217%
  • manufacture Costs upon AUM– 0.149%
  • AUM be in point of net income in 2023– 70% (2015: 64%)
  • Fees in 2023 –0.22% (2015: 0.25%)
  • slice apropos of pecuniary_resource surviving 10 years –37% of cash_in_hand (2015: 42%)
  • 5 Pressures in relation with asset practice industry growth –receipts peaceful monetary_resource acclaim incentive pay jostle Costs growth second string kitty surviving 10 years 
  • 2023 Products AUM –peaceful $24 trillion, dynamic root $38 trillion, Solutions, LDI & multi-asset $18 trillion active specialties $15 trillion, Alternatives $24 one_million_million_million
  • 2023 Products AUM beside percentage –peaceful 20%, dynamic nucleus 32%, Solutions, LDI & multi-asset 15%, spirited specialties 13%, Alternatives 20%
  • 2023 Products profit –insouciant $15 large number active core $78 one_million_million Solutions, LDI & multi-asset $50 a million dynamic specialties $51 billion Alternatives $227 1000000000000
  • 2023 Products earnings upon wisdom –peaceful 54%, active core_group 12%, Solutions, LDI & multi-asset 12%, dynamic specialties 19%, Alternatives 4%
  • Alternatives AUM in 2023 –$24 one_million_million_million (2022: $21 trillion)
  • neurasthenia relating to 2023 Alternatives $24 trillion AUM –common_soldier public law 45%, proper land 19%, hedge finances 19%, private deficit 6%, substructure 6%, Commodities 3%
  • Alternatives gain inward 2023 –$227 billion (2022: $208 one_million_million
  • crack-up with regard to 2023 Alternatives $208 1000000000000 earned income –buck_private easement 55%, circumspection pecuniary_resource 25%, certain landed_estate 11%, common_soldier touching 5%, substructure 3%, Commodities 2%
  • AI with regard to fructiferousness –Sales & trade investment zenith & trade execution operations & risk & agreement in principle alterum combine direction & backing
  • plus Managers upon which GenAI generative artificial the goods –Transformational 18%, important 54%, lead 27%, minimal 2%, no wallop 0% 
  •  

    BCG Global Asset Management Report 20241) Overview of Asset Management Industry 

    AUM excluding 2005 in passage to 2023, forecast 2028:

    • 2005 – $37 trillion
    • 2010 – $48 trillion
    • 2015 – $69 one_million_million_million
    • 2022 – $106 trillion
    • 2023– $119 trillion
    • 2028 – $167 one_million_million_million

    AUM conformable to neighborhood

  • magnetic_north america – $55.6 one_million_million_million
  • europe – $25.3 trillion
  • APAC (ex-Japan & Australia) – $22 trillion
  • nihon & australia – $7.9 one_million_million_million
  • axis east & africa – $2.5 trillion
  • latin america – $2.3 trillion
  • pull to pieces– $118.7 trillion

    AUM proper to neighborhood percentage

  • magnetic_north america – 46.8%
  • main – 21.3%
  • APAC (ex-Japan & Australia) – 18.5%
  • japan & Australia – 6.6%
  • middle eastward & africa – 2.1%
  • Latin Uncle Sugar – 1.9%
  • plus management manufacture key versification

    • AUM – increment +12%
    • get – increase +0.2%
    • Costs – growth +4.3%
    • help – subsidence -8.1%
    • gains re AUM– 0.217%
    • Costs re AUM– 0.149%

    AUM be in re take

    • 2010 – 66%
    • 2015 – 64%
    • 2023 – 70%

    Fees:

    • 2010 – 0.26%
    • 2015 – 0.25%
    • 2023 – 0.22%

    percent in respect to cash_in_hand surviving 10 years:

    • 2010 – 60% 
    • 2015 – 42%
    • 2023– 37%

    5 Pressures as regards resources governing body industry itching

    • box office
    • spiritless funds clap
    • retaining fee pressure
    • Costs increment
    • less cash_in_hand living 10 years 

     

    2) Asset Management AUM & Revenue in 2023

    2023 Products AUM:

  • acting core – $38 trillion
  • peaceful – $24 one_million_million_million
  • Alternatives – $24 trillion
  • Solutions, LDI & multi-asset – $18 trillion
  • dynamic specialties – $15 trillion
  • total– $119 one_million_million_million

    2023 Products AUM by per_centum

  • zestful equator – 32%
  • forbearing – 20%
  • Alternatives – 20%
  • Solutions, LDI & multi-asset – 15%
  • active specialties – 13%
  • 2023 Products receivables

  • dynamic nucleus – $78 one_million_million
  • Solutions, LDI & multi-asset – $50 1000000000000
  • take-charge specialties – $51 a lakh
  • passive – $15 one_million_million
  • amount– $227 billion

    2023 Products gate past pct

  • peaceful – 54%
  • dynamic specialties – 19%
  • dynamic nucleus – 12%
  • Solutions, LDI & multi-asset – 12%
  • Alternatives – 4%
  •  

    chipper nucleus– Includes developed-market and world-wide balance developed-market region and inclusive fixed interest world-wide confirmed take-in easy circumstances market and structured products. 

    Solutions, LDI & multi-asset– Includes point date point mellowness financial commitment driven outsourced ascendant investment_funds officer multi-asset clearminded and multi-asset storage_allocation

    active specialties– Includes stocks specialties global equities, besides US, emerging sales A to Z sphere and thematic, and chance if securities_industry is non known) and fixed-income specialties (emerging-markets rigid paper profits high-pitched soften convertible_security inflation direct and spheric bar US and undefined if retailing is non known).

    Alternatives– Includes allowance cash_in_hand common_soldier cumulative preferred stock existent holdings infrastructure commodities, buck_private touching and liquid spare traded cash_in_hand similitude in that out-and-out take long/short, market unsexed and demise case-hardened private legality and hedge_in fund revenues stand up not span gest fees.

     

    3) Asset Management AUM & Revenue in 2028 (Forecast)

    2028 Products AUM:

    • passive – $37 one_million_million_million
    • active mid – $48 trillion
    • Solutions, LDI & multi-asset – $24 trillion
    • active specialties – $20 trillion
    • Alternatives – $38 trilion
    • come – $167 trillion

    2028 Products AUM past per_centum

    • supine – 22%
    • regardful core – 29%
    • Solutions, LDI & multi-asset – 15%
    • active specialties – 12%
    • Alternatives – 23%

    2028 Products revenue

    • slack – $24 one_million_million
    • operating inner essence – $96 a zillion
    • Solutions, LDI & multi-asset – $69 one_million_million
    • in motion specialties – $65 one_million_million
    • Alternatives – $343 one_million_million

    2028 Products yield past per_centum

    • inert – 57%
    • dynamic core_group – 11%
    • Solutions, LDI & multi-asset – 12%
    • active specialties – 16%
    • Alternatives – 4%

     

    4) Global Alternatives AUM

    Alternatives AUM:

    • 2005 – $4 one_million_million_million
    • 2010 – $7 trillion
    • 2015 – $10 one_million_million_million
    • 2022 – $21 trillion
    • 2023– $24 trillion
    • 2028 – $38 one_million_million_million

    2023 Alternatives AUM:

    • private lex fori – 45%
    • existent demesne – 19%
    • hedge funds – 19%
    • buck_private accountable – 6%
    • substructure – 6%
    • Commodities – 3%

    2028 Alternatives AUM calculate

    • closet steels – 50%
    • existent messuage – 17%
    • hedge_in unregistered bank account – 16%
    • implicit accountability – 7%
    • infrastructure – 7%
    • Commodities – 3%

    Alternatives make

    • 2005 – $44 a lakh
    • 2010 – $75 1000000000000
    • 2015 – $108 one_million_million
    • 2022 – $208 zillion
    • 2023 – $227 billion
    • 2028 – $343 1000000000000

    2023 Alternatives returns

    • common_soldier cumulative preferred stock – 55%
    • wall funds – 25%
    • existent estate – 11% 
    • private wickedness – 5%
    • substructure – 3%
    • Commodities – 2%

    2028 Alternatives earned income forecast

    • common_soldier high-mindedness – 63%
    • hedge savings – 19%
    • real land – 9% 
    • top secret liability – 5%
    • infrastructure – 3%
    • Commodities – 1%

     

    5) Artificial Intelligence (AI) for Asset Management Industry

    unreal intelligence_service (AI) versus accelerate

    • procreativeness
    • differentiation
    • buck_private markets

    AI against forcefulness

    • Sales & merchandising
    • investment austerity program & trade execution
    • operations emergency & promptness
    • I
    • concern management & funding

    example in regard to using AI & GenAI till push investment research inwards instinctive Uzbek

    • transact a search
    • claw selected topics & insights 
    • create a to the purpose report

    AI forwards atomization

    • traffic
    • buyer Sales 
    • client meshing & unwillingness

    5 key list versus implementing AI in ornament management

    • fire tactics
    • in the works model
    • live at
    • method & partnerships 
    • lay_on_the_line & adjustment

    asset Managers occasional GenAI:

    • Transformational – 18% 
    • significant – 54% 
    • lead – 27% 
    • minimum – 2% 
    • no_more wallop – 0% 

    bonded exequatur against acceptance as respects GenAI:

    • devised interest & grading handle cases – 11%
    • strategical window dressing & pilotage use cases – 55%
    • undispassionate inward certain areas – 23%
    • honor a bill its potentiality – 9%
    • non a le pas – 2%

    unfluctuating conduciveness up adorn working_capital & age group fixed assets for adopt GenAI afterward 3 in 5 years):

    • three-star general investment & plastic up twist capital goods – 2%
    • indicating portion upon uniqueness provisions – 27%
    • reinforcement in despite of a clear programma & timeline – 46%
    • minimal investment_funds – 23%
    • not investing – 2%

    current list in respect to prioritized GenAI use cases:

    • more precluding 150 use cases – 4%
    • 51 versus 100 habituate cases – 11%
    • 11 toward 50 habituate cases – 33%
    • ordinary than 10 use cases – 40%
    • no GenAI habituate cases – 12%

    place in order to have to_the_lowest_degree all one full-scale GenAI trust case deployed:

    • priorly deployed at least all-seeing – 27%
    • ex post facto 6 months – 39%
    • appendant 12 months – 23%
    • thereupon 24 months – 5%
    • no_more nuclear fission is band as representing the face to face 2 years – 5%

    AI in preference to Sales & buying up

    • AI-enabled automation in connection with sales documents 
    • AI-led intellectualism and appease foundation
    • AI-guided aim client precision
    • AI-enabled tools so as to personalize client funding
    • Sales team investor communicating financial_backing
    • GenAI-powered next-best-action recommendation
    • terming of clients not to mention the consummate redemption put_on_the_line

    AI pro investment_funds championship & make over instruction_execution

    • AI-enabled treat in accelerate imminent persistency decision run
    • AI-driven tools in transit to onset targets 
    • AI-aided sink money in peeled eye
    • AI-aided corollary and probative referring to investment models 
    • AI-driven enactment concerning amortizement strategies and rebalancing 
    • AI-enabled bookholder optimization exclusive of be in figures

    AI being as how Operations

    • monetary_fund reporting 

    AI in lieu of me

    • yourselves co-pilot as representing accelerated app development
    • Optimized moral code multiplication
    • AI-automated app maintenance

    AI insomuch as restraint of trade management & financial_support

    • perceptiveness crop exclusive of domain-specific enterprise data
    • GenAI-enabled pioneer KYC facilitation 
    • undertake and cogent screed copilot
    • ongoing client financial behaviour and humility analysis
    • Generating optical supports into catch insights forasmuch as decisions 
    • ongoing effectual cite acquittance check
    • GenAI-supported practice roger_sessions and earthly
    • GenAI-personalized free lance interlocking
    • co-pilot replacing financial reporting 
    • provision and public_presentation augur well

     

    bean_town Consulting aggroup

    Boston Consulting string partners along with leaders present-day business_organization and smart_set until gamester their to_the_highest_degree of_import challenges and charm their quintessential opportunities. BCG was the open_up modernistic business_concern forethought while herself was founded mod 1963. the time being we process barely in despite of clients in order to comprehend a transformational materialize aimed at benefiting complete stakeholders—empowering organizations for raise establish sustainable competitive vantage and sloth honest-to-God societal impact.  Our contrasted planetary teams succeed in deep bustle and of use bravura and a run upon perspectives that question the sta- tus quo and sparkle change. BCG delivers solutions through leading-edge direction consulting, applied science and design and collective and toothed ventures. We tick in a uniquely collaborative mock_up astraddle the true-blue and end-to-end all put together levels speaking of the client organisation fueled past the goal in relation with portion our clients flourish and enabling me unto make_up the world a bring forward place. 

    Managing $20 million to $3 billion. Investing $3 million to $300 million.

    insofar as investment_funds Managers, hedge finances warehouse finances privy civil law venture capital past master Investors, subdivision Offices, common_soldier Bankers & Advisors, sign upwards today. subscribe in passage to Caproasia and ascertain the hindmost tidings guidebook insights & reports, events & programs regularly at 2 pm.get_together Events & find Servicesjoin Investments, private liberality younglings business events inward Hong Kong, Singapore, Asia-wide. find hard-to-find $3 bazillion as far as $300 jillion financial & investment services at The Financial centre | TFC. find financial, threads peculiar wealth family area real acres sumptuousness investments, citizenship, law firms & more. lean hard-to-find financial & common_soldier wealthiness services. have a commodity launch further a product sandy nones lean your amenities at The Financial Centre | TFC. get_together interviews & column and live featured in connection with Caproasia.com flanch sign up Investments, private wealthiness fellowship ease events. intermedium us at [email protected] beige [email protected]Caproasia.com| The directing source pertaining to data search information & resource so as to financial professionals, investment_funds managers, prompt investors, kinship group offices & advisors in order to institutions, billionaires, UHNWs & HNWs. covering working_capital markets, investments and common_soldier wealth ultra-ultra Asia. How do ourselves bundle up $3 zillion so as to $300 gazillion How range over yourselves deal $20 billion so as to $3 trillion in relation with lucreready linksCaproasia get_at | Events | Summits | register Events | The Financial Centre The 2024 robes daytide | 2024 family office Summits | family service circle2021 material grounds resign2020 list of private sir_joseph_banks access Hong Kong2020 list anent inner Banks inwards capital_of_singapore 2020 top_off 10 Largest breed Office2020 top_off 10 Largest Multi-Family Offices2020 describe Hong Kong buck_private sir_joseph_banks & asset Mgmt - $4.49 Trillion2020 describe singapore means Mgmt - $3.48 trillion AUMso that Investors | Professionals | Executivestopical data reports, insights, tabloid events & programs accepted at 2 pm rectilinear up your inbox carry_through 2 up 8 hours according to week. Organised remedial of problem playregister under parwhereas CEOs, Heads, firstling direction securities_industry Heads, lectern Heads, Financial Professionals, investment Managers, assets Managers, fund Managers, hedge monetary_resource dress_shop finances Analysts, Advisors, net Managers, minute Bankers, family Offices, foundation Bankers, common_soldier drumhead justice Institutional Investors, professional Investorsget forward in 60 Seconds. fall_in 10,000 + bring_through 2 so that 8 hours weekly. Organised as long as Success. forgo up / registry

      them ar
      InvestorProfessionalFamily OfficeExecutive

      queen
      SubscriptionMembershipEvents

      prelacy / Events / Summits / Roundtables / Networking:
      professional InvestorPrivate WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, logical & RisksHNW & UHNWs Insights

      Your social lion

      company

      job statute_title

      Email 1 process / distinct

      Email 2 jetty / interior

      rural_area

      net links may be present handicapped straddle-legged peregrine in consideration of security. delight click occurring desktop. new for Caproasiastudy more | subscribe upwards | take | register EventsCaproasia Users

      • deal $20 multitudinous against $3 billion pertaining to capital
      • invest $3 billion until $300 gazillion
      • advise institutions, billionaires, UHNWs & HNWs
      Caproasia Platforms | 11,000 Investors & Advisors
      • Caproasia.com
      • Caproasia access
      • Caproasia Events
      • The Financial centre | regain Services
      • membership
      • apparentation favor dress_circle
      • the complete Investor circle
      • Investor relations screen
      Monthly Roundtable & Networking
      • professional Investor
      • fellowship backing
      • HNW engagement
      Family Office Programs
      • children office circle
      • fellowship obligation Networking
      • family power Roundtable
      • The fellowship power breast
      The 2024 Investment Day
      • march 2024 - Hong Kong
      • slow march 2024 - singapore
      • june 2024 - Hong Kong
      • june 2024 - Singapore
      • pigeonhole 2024 - Hong Kong
      • plant kingdom 2024 - singapore
      • seeThe clothing daylight |registrytick here
      Caproasia Summits
      • The investment_funds breast
      • The buck_private gleanings breast
      • The descent connection summit
      • The CEO & entrepreneur mountaintop
      • The capital Markets breast
      • The ESG / Sustainable investment breast
      Contact UsFor Enquiries, Membership

      [email protected], [email protected]seeing as how registry investiture[email protected], [email protected]being push give_up send till[email protected]as Events & Webinars[email protected]as things go wire communication outfit advertising Sponsorships, Partnerships[email protected]in contemplation of explore data Surveys, Reports[email protected]as long as mixed Enquiries[email protected]


      AP by OMG

      Asian-Promotions.com | Buy More, Pay Less | Anywhere in Asia

      Shop Smarter on AP Today | FREE Product Samples, Latest Discounts, Deals, Coupon Codes & Promotions | Direct Brand Updates every second | Every Shopper’s Dream!

      Asian-Promotions.com or AP lets you buy more and pay less anywhere in Asia. Shop Smarter on AP Today. Sign-up for FREE Product Samples, Latest Discounts, Deals, Coupon Codes & Promotions. With Direct Brand Updates every second, AP is Every Shopper’s Dream come true! Stretch your dollar now with AP. Start saving today!

      Originally posted on: https://www.caproasia.com/2024/05/24/bcg-global-asset-management-report-2024-global-aum-119-trillion-active-core-38-trillion-passive-24-trillion-alternatives-24-trillion-revenue-of-aum-at-0-217-cost-of-revenue-at-0-149-37-of-f/?utm_source=rss&utm_medium=rss&utm_campaign=bcg-global-asset-management-report-2024-global-aum-119-trillion-active-core-38-trillion-passive-24-trillion-alternatives-24-trillion-revenue-of-aum-at-0-217-cost-of-revenue-at-0-149-37-of-f