The PwC 2024 Asset & Wealth Management Report finds that a large majority of asset and wealth management (AWM) firms view disruptive technologies—especially artificial intelligence (AI)—as drivers of revenue growth. According to the survey, 80% of respondents said such technologies increase revenues, and organizations that rapidly adopt a tech-as-a-service model could see up to 12% revenue growth by 2028.
What the survey covered
The study surveyed 521 global asset and wealth managers; respondents included 264 wealth managers and 257 institutional investors across 28 countries. The participants represented a wide range of assets under management (AUM), with more than half managing over USD 10 billion.
Technology trends and strategic implications
The report emphasizes that generative AI (GenAI), distributed ledger technology (DLT / blockchain), big data and cloud computing do more than improve operational efficiency: they are reshaping revenue models, product offerings and business frameworks across the industry. As a result, AWM firms will need to rethink competitive strategies.
Some 81% of respondents said they are considering strategic partnerships, consolidation or acquisitions over the next 2–3 years to build extended technology ecosystems and strengthen their tech capabilities. This push is motivated by plans to enter new markets, broaden product access and democratize investment opportunities ahead of large intergenerational wealth transfers.
Growth outlook: AUM, alternatives and tokenization
PwC projects that global assets under management (AUM) in the AWM sector will reach USD 171 trillion by 2028, implying a 5.9% compound annual growth rate (CAGR) for the forecast period—up from last year’s 5% forecast.
Alternative investments are expected to grow faster, at a 6.7% annual rate, reaching USD 27.6 trillion by 2028. To put those magnitudes in context, the report compares them with GDP figures: the United States’ 2023 GDP was USD 27.4 trillion, while the combined GDP of the Visegrád Group countries, Romania and Austria totalled USD 2.4 trillion.
Tokenization stands out as a prominent growth opportunity. PwC estimates that tokenized products could expand from roughly USD 40 billion today to more than USD 317 billion by 2028, reflecting an annual growth rate of 51% CAGR. Tokenization—digitally representing fractional ownership—could broaden market offerings and lower access thresholds. Asset managers most likely to offer tokenized products include private equity managers (53%), equity managers (46%) and hedge fund managers (44%).
Although alternatives present material growth potential, fewer than one in five firms (18%) currently provide access to emerging asset classes such as digital assets, even though eight out of ten firms report inflows into these areas.
Talent and skills: shortages and M&A as a driver
The survey highlights the priority of talent supply: 30% of asset managers say relevant skills and talent are lacking in the market. Meanwhile, 73% of AWM organizations considering M&A see access to professionals as the primary rationale for deals over the next 2–3 years.
Why this matters
PwC’s findings indicate that technology and platform-based services (tech-as-a-service) are strategic levers for revenue growth, market expansion and product democratization—not merely cost or efficiency plays. Tokenization, cloud and AI are set to play significant roles in how the industry evolves over the next five years.
Methodology
The PwC 2024 Asset & Wealth Management Report is based on an international survey of 264 wealth managers and 257 institutional investors across 28 countries. Respondents represented a broad range of AUM; the full report is available on the PwC website.
Note
The document was prepared by PwC; the term “PwC” refers to the PwC network and/or the member firms in Hungary, which are separate legal entities.
