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）

M BluePaperOliver Wyman is a global leader in management consulting. For more information, visit www.oliverwyman.com.Oliver Wyman is not authorized or regulated by the PRA or the FCA and is not providing investment advice. Oliver Wyman authors are not research analysts and are neither FCAnor FINRA registered.Oliver Wyman authors have only contributed their expertise on business strategy within the report. Oliver Wyman’s views are clearly delineated.The securities and valuation sections of this report are the work of Morgan Stanley only and not Oliver Wyman.For disclosures specifically pertaining to Oliver Wyman, please see the Disclosure Section located at the end of this reportMorgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+ = Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.Asset and Wealth Management Thinning the Herd: The Race for Relevance Fueling M&A By 2029, we expect 20% fewer wealth and asset managers. As growth becomes scarcer and more concentrated, intra-sector scale becomes paramount. As insurers and wealth managers reassess whether they are the right owners of their asset manager, inter-sector opportunities emerge. M BluePaper2MORGAN STANLEYOLIVER WYMANBetsy L. Graseck, CFA1EQUITY ANALYST+1 212 761 8473Betsy.Graseck@morganstanley.comMichael J. Cyprys, CFA, CPA1EQUITY ANALYST+1 212 761 7619Michael.Cyprys@morganstanley.comGiulia Aurora Miotto, CFA2EQUITY ANALYST+44 20 7425 5344Giulia.Aurora.Miotto@morganstanley.comConnell J. Schmitz1RESEARCH ASSOCIATE+1 212 761 6252Connell.Schmitz@morganstanley.comMia Nagasaka4EQUITY ANALYST+81 3 6836 8406Mia.Nagasaka@morganstanleymufg.comMarina Massuti2EQUITY ANALYST+44 20 7677 364Marina.Massuti@morganstanley.comAndrei Stadnik, FIAA3EQUITY ANALYST+61 2 9770 1684Andrei.Stadnik@morganstanley.comNick Lord3EQUITY ANALYST+65 6834 6746Nick.Lord@morganstanley.comAnnalei E Davis1RESEARCH ASSOCIATE+1 212 761 1736Annalei.Davis@morganstanley.comRichard Xu, CFA5EQUITY ANALYST+852 2848 6729Richard.Xu@morganstanley.comLubasha HerediaPARTNER+1 917 455 7805Lubasha.Heredia@oliverwyman.comJoshua ZwickPARTNER+1 917 846 9483Joshua.Zwick@oliverwyman.comBen PhillipsPARTNER+1 212 345 3210Ben.Phillips@oliverwyman.comKamil Kaczmarski, CFAPARTNER+49 69 971 73573Kamil.Kaczmarski@oliverwyman.comJoão Miguel RodriguesPARTNER+49 30 3999 4558JoaoMiguel.Rodrigues@oliverwyman.comB