Asset managers have been warned they require “urgent reinvention” after a report from Boston Consulting Group found market performance, rather than new investor money, was responsible for the bulk of the sector’s revenue growth last year.

According to BCG, global assets under management reached a record $128tn at the end of 2024, marking a 12% increase on the previous year. Sector revenue for the year also climbed $58bn to reach $435bn.