European Asset Management Industry: Q3 2026

Private market managers are entering a new phase: one where their long-held valuation premium is narrowing. In this latest Industry Pulse, Morningstar Equity Research unpacks what’s driving the shift across European asset managers, from subdued fundraising to changing market dynamics. 

Despite ongoing uncertainty, signs of recovery are emerging. Traditional managers are rebounding on improved fund flows and market performance, while private markets face short-term pressure but retain compelling long-term growth potential.

Our Q3 2026 European asset manager industry report examines what these shifts mean for profitability, valuations, and investor positioning.