摩根士丹利&奥纬咨询：2025年全球财富与资产管理报告：核心竞争力之争驱动并购浪潮（英文版）

The wealth and asset management industries have long been among the most fragmented within financial services. Despite the economies of scale of both industries, there was no imperative to consolidate. The bar to profitability could be achieved with a tight-knit team and few clients. There was enough organic growth to go around, and beta was lifting all boats. Asset management clients themselves were highly fragmented (pension funds, insurance companies, independent wealth managers), each wor