European Asset Management Industry: Q4 2026
Private market firms no longer command the premium they once did.
The European asset management industry is entering a new phase. After a challenging period, traditional asset managers are showing signs of renewed strength as improving fund performance helps attract investor capital and supports healthier inflows. While market volatility continues to weigh on asset growth, firms with strong-performing strategies are beginning to regain momentum.
Private market managers face a different reality. Fundraising remains under pressure as investors contend with weaker returns, limited exit activity, and higher financing costs. Yet beneath the near-term challenges, valuations are becoming increasingly compelling, creating opportunities for selective investors.
Our Q4 2026 Asset Management Industry Pulse explores the trends shaping profitability, growth, valuations, and Morningstar's top investment ideas for the sector.
