The June 2024 report reviews macroeconomic challenges for the top 40 global wealth managers, with asset growth of just 3% from 2022 to 2023, below inflation. Rising interest rates hurt markets and balance sheets, triggering U.S. bank failures and Credit Suisse’s sale to UBS. M\&A was limited, mostly opportunistic. Key trends include shifts toward holistic advisory models, ESG integration, alternative assets, and digitalization. North American RIAs and IBDs outperformed traditional broker-dealers, European firms faced “net zero” pressures, and Asian managers saw strong growth from wealth creation in China, India, and Singapore’s safe-haven appeal.

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