Your bridge to today’s asset management landscape

Our previous asset manager survey was published in the aftermath of COVID-19, when the industry was emerging from rapid digital change and facing structural pressure. Since then, geopolitical events have further reshaped the global economy and the investment management value chain.

In this edition, Deloitte Luxembourg surveyed leading players in European asset management to assess market shifts, current challenges, and the road ahead.

The survey captures views from a broad group of asset managers (AM) overseeing €9.1 trillion in assets under management (AuM). Participants include firms from large financial groups, independent managers, and insurance-owned players, across both in-house and third-party fund ranges.

^{Figure 1: AM by total European AuM}

Despite continued uncertainty, managers remain broadly neutral to positive. Their priorities have shifted from growth to efficiency, rationalization, and capability review.

Cross-border fund distribution remains central to European markets. At the same time, firms are relying more on third-party distributors and digital platforms.

^{Figure 2: Distribution channels: Actual mix with in-house decomposition}

Product innovation is also evolving. The focus has moved from investment strategies to product wrappers, with cost efficiency for end investors rising in importance. ETF wrappers for liquid strategies, along with ELTIFs and DLT-based fund structures in private markets, remain key areas of development.

^{Figure 3: Breakdown of new products by category}

Download the Asset management x cross-border survey 2026 for more insights.