Traditional Asset Managers: Tracking the Traditional: Launching Our Industry Publication Across Key Themes

Research evidence excerpt

Traditional Asset Managers: Tracking the Traditional: Launching Our Industry Publication Across Key Themes

J P M O R G A N North America Equity Research

10 July 2026

Traditional Asset Managers

Tracking the Traditionals: Launching Our Industry

Publication Across Key Themes

We are launching our traditional asset manager publication, Tracking the Brokers, Asset Managers &

Traditionals (contact us for a copy) to help investors remain current on industry Exchanges

trends and emerging themes across the U.S. traditional asset manager sector. Michael Cho AC

(1-212) 622-3619

• The lost decade+. The traditional asset management industry has endured a michael.cho@jpmchase.com

series of challenging years marked by persistent asset outflows, fee and margin Kenneth B. Worthington, CFA

compression, and investment underperformance. Despite some pockets of (1-212) 622-6613

success, industry growth has been driven primarily by passive ETF products, kenneth.b.worthington@jpmorgan.com

which are dominated by BlackRock, Vanguard, and State Street. That said, we Madeline Daleiden

observe key areas that could position certain managers for better days ahead (1-212) 622-4911

and others for more challenging years. madeline.daleiden@jpmchase.com

J.P. Morgan Securities LLC

• Active ETFs remain a scaling growth area. Active ETFs have emerged as a

notable growth area in recent years. We think both equity and fixed income

active ETFs will continue to support more inflows for managers. While still a

modest portion of the overall U.S. mutual fund industry (~$30tr), active ETFs

have gained substantial market share, with AUM expanding from ~$100bn in

2020 to over ~$1.5tr today. Moreover, scaled passive ETF providers

(BlackRock, Vanguard, and State Street) seemingly do not enjoy a clear