Direct Answer
30 SEC filers are classified under the Standard Industrial Classification code that describes the traditional asset managers industry, and their latest annual reports show $138.5 billion of combined revenue and a median operating margin of 12.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Traditional asset managers run mutual funds, ETFs and institutional accounts and earn fees based on assets. Net flows, performance and competition from low-cost passive funds drive margins. The first numbers to compare across companies here are assets under management, net flows and average fee rate.
Key Industry Metrics
- Assets under management: Total client assets managed. It drives fees and rises with market gains and inflows, so separate the two.
- Net flows: Money added by clients less withdrawals, excluding market moves. Persistent outflows show competition from passive funds.
- Average fee rate: Fees as a share of assets. It tends to fall with competition and a shift to lower-cost products, so mix matters.
- Operating margin: Operating income as a share of revenue. It rises when markets lift assets faster than costs, and falls when fees are cut.
- Investment performance: Share of funds beating benchmarks over multiple years. Good results attract flows and support fees, but past results do not predict future ones.
Primary Macro Drivers
- Market levels: Fees are charged on assets, so rising markets lift assets under management and revenue, and falls reduce them.
- Flows between active and passive: Investors moving from active to passive products change fee rate and mix, shown in net flows and average fee rate.
- Fee pressure: Low-cost funds and competition push average fee rate down, so margins depend on cost control.
- Distribution relationships: Relationships with advisers, platforms and retirement plans decide how much can be sold, shown in net flows.
Major Risks
- Market declines: Revenue follows asset values, so a market fall cuts fees quickly while costs lag. Watch assets under management and operating margin.
- Outflows from active funds: Weak performance and cheaper options push money out of active funds. Watch net flows in active products and average fee rate.
- Fee compression: Competition for assets lowers prices, so revenue per dollar slips. Watch average fee rate and operating margin.
- Concentration: If a few funds, clients or distributors supply most revenue, losing one matters. Watch assets by strategy and top client or distributor share.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | Low |
| Regulatory Intensity | Medium |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Traditional Asset Managers Filers in the SEC Record
30 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6282. Their latest fiscal years end between 2025 and 2026, and together they reported $138.5 billion of revenue. Median revenue growth over the prior year was 7.0%. Median operating margin was 12.1% and median net margin 13.7%. Median total liabilities were 54% of total assets, and 24 of 30 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Apollo Global Management, Inc. | $32.0 billion | 22.7% | n/a | 10.6% | FY 2025 |
| Kkr & Co. Inc. | $19.5 billion | -11.0% | n/a | 12.2% | FY 2025 |
| Ameriprise Financial Inc | $18.9 billion | 5.5% | n/a | 18.8% | FY 2025 |
| Blackstone Inc. | $14.5 billion | 9.2% | n/a | 20.9% | FY 2025 |
| Franklin Templeton Inc | $8.8 billion | 3.5% | 6.9% | 6.0% | FY 2025 |
| Price T Rowe Group Inc | $7.3 billion | 3.1% | 29.9% | 28.5% | FY 2025 |
| Invesco Ltd. | $6.4 billion | 5.1% | -10.9% | -2.7% | FY 2025 |
| Carlyle Group Inc. | $4.8 billion | -11.9% | n/a | 16.9% | FY 2025 |
The 8 largest of 30 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Traditional Asset Managers guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Traditional Asset Managers industry?
Key performance indicators for the Traditional Asset Managers industry include: Assets under management, Net flows, Average fee rate, Operating margin, Investment performance. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Traditional Asset Managers industry?
The Traditional Asset Managers industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Traditional Asset Managers industry?
The primary risks for Traditional Asset Managers companies include: Market declines, Outflows from active funds, Fee compression, Concentration. Investors should assess each company's exposure to these factors and its track record of navigating them.