The worldwide asset management industry is maintaining its core sources of revenue despite a continuing fall in traditional equity, bond and money market fund business, according to a report from the Boston Consulting Group, the management consultants.

The report, which studied firms with over $49.1 trillion (€37.3 trillion) in assets under management in 28 countries, found that most future growth will come from commoditised, low-cost fund products such as exchange-traded funds, and high-margin alternative assets such as private equity and hedge funds.