US Asset Manager Industry Report: Q3 2026

Rising equity markets and improved fund flows have lifted assets under management across most traditional US asset managers in 2026, yet secular headwinds keep valuations in check. Persistent active equity outflows, mounting fee compression, and nearly $8 trillion still parked in money market funds continue to constrain growth. 

Meanwhile, elevated market volatility—driven by shifting fiscal, tariff, and monetary policy alongside geopolitical tension—has made these stocks more sensitive to downturns than the broader market. Most names in our coverage now trade within 10% of fair value estimates, leaving little margin of safety for new investors.

For investors, advisors, and asset management leaders, understanding which firms are positioned to withstand these pressures is essential to identifying long-term value in a sector under strain. Get the full breakdown of where traditional asset managers stand today by downloading our latest US Asset Manger Pulse report.