Publius Vergilius Maro (Virgil), Aeneid, Book 10, line 284.
Investment Company Institute (ICI), 2024 Investment Management Company Fact Book, 2024; Deloitte Center for Financial Services analysis.
Will Schmitt, Madison Darbyshire, and Emma Dunkley, “Listless inflows dim hopes of revival for long-suffering active funds,” Financial Times, May 5, 2024.
ICI, 2024 Investment Management Company Fact Book.
Davide Di Gioia et al., “SPIVA U.S. year-end 2023,” S&P Global, March 6, 2024.
Natalie Lin, “CITs surpass mutual funds as preferred investment vehicle for DCIOs,” PLANADVISER, November 10, 2023; Sway Research, “The state of the target-date market: 2022,” 2022.
ICI, 2024 Investment Management Company Fact Book.
Ibid.
Ibid.
Paul Kraft et al., “What is your ETF strategy? Three paths to success,” Deloitte, 2024.
Ibid.
Will Schmitt, “Passive eclipses active in US fund market as assets swell to $13.3tn,” Financial Times, January 19, 2024.
ICI, 2024 Investment Management Company Fact Book.
Nell Mackenzie, “Investors yank over $100 billion from hedge funds in 2023 – Nasdaq eVestment,” Reuters, January 30, 2024.
With Intelligence, “Eurekahedge Hedge Fund Index,” accessed August 20, 2024.
Donald A. Steinbrugge, “Hedge fund performance dominates over last 5 years,” CAIA Association, November 22, 2023.
Bill Alpert, “How the best hedge funds are smoking the competition,” Barron’s, January 24, 2024; Stephen Taub, “Eight hedge fund managers earned more than $1 billion each in 2019. Cue the questions,” Institutional Investor, March 25, 2020; Bradley Saacks, “Hedge fund performance numbers are in. Here’s who raked in the most in 2021 among multi-strategy giants like Citadel and ExodusPoint,” Business Insider, January 5, 2022; Stephen Taub, “Steve Cohen made more than $1.7 billion in 2022,” Institutional Investor, January 5, 2023; Caitlin McCabe and Peter Rudegeair, “The hedge funds that changed the game,” Wall Street Journal, February 23, 2024.
Alpert, “How the best hedge funds are smoking the competition”; Laurence Fletcher, “How Citadel harnessed the weather to claim hedge fund crown,” Financial Times, March 6, 2023; McCabe et al., “The hedge funds that changed the game.”
Alpert, “How the best hedge funds are smoking the competition.”
Ibid.
Juliet Clemens et al., Q1 2024 Global Private Market Fundraising Report, PitchBook, May 22, 2024.
Jeff Cox, “Fed holds rates steady, indicates only one cut coming this year,” CNBC, June 12, 2024; Lucy Hooker, “Eurozone cuts interest rate for first time in 5 years,” BBC, June 6, 2024; Karen Gilchrist et al., “Bank of England cuts interest rates for first time in over four years,” CNBC, August 1, 2024.
Refinitiv Eikon.
Ibid.
Daniel Seivert et al., The 2023 ECHELON RIA M&A Deal Report, Echelon Partners, 2024.
BlackRock, “BlackRock agrees to acquire Global Infrastructure Partners (‘GIP’), creating a world leading infrastructure private markets investment platform,” press release, January 12, 2024; TPG, “TPG completes acquisition of Angelo Gordon,” press release, November 2, 2023.
Chris Cumming, “Private equity’s move into insurance provokes systemic-risk concerns,” WSJ Pro Private Equity, January 4, 2024.
Analysis from Casey Quirk, a Deloitte business, Investment management financial outcomes, infographic, 2024.
Nicole Jao, “First ETFs, now private funds? Mutual funds can’t catch a break,” Ignites, July 5, 2023.
International Monetary Fund (IMF), Global Financial Stability Report, April 2024, pp. 55–56.
Jonathan Kandell, “As private credit surges, banks and alternative asset managers turn frenemies rather than foes,” Institutional Investor, December 4, 2023.
Preqin, “Evergreen capital funds hit record high at $350bn on private wealth demand,” February 23, 2024.
Ibid.
Nick Veronis and Stephanie Davis, “New generation of evergreen funds are transforming the market for individual investors,” Real Assets Adviser, published by IREI, February 1, 2024.
Dom Lawson, “Eltif launches reach record high,” Ignites Europe, July 26, 2024.
Veronis et al., “New generation of evergreen funds are transforming the market for individual investors”; Robert Van Egghen, “Eltif surge expected after Brussels redraft,” Ignites Europe, July 29, 2024.
Veronis et al., “New generation of evergreen funds are transforming the market for individual investors.”
Preqin, “Evergreen capital funds hit record high at $350bn on private wealth demand.”
Robin Wigglesworth, “Public BDCs fight against the private tide,” Financial Times, January 18, 2024.
FUSE Research, “Advisor demand for alternative investing educational materials, FUSE Blog, February 1, 2024.
Fidelity, “Fidelity expands capabilities to support financial advisors’ adoption of alternative investments,” press release, March 4, 2024; Orion, “Orion and CAIS join forces to expand alts access for advisors,” press release, March 7, 2024.
Jeff Kearns, “AI’s reverberations across finance,” IMF’s Finance & Development Magazine, December 2023; Brian O’Connell, “7 top investment firms using AI for asset management,” U.S. News, July 19, 2024.
Jeff Kearns, “AI’s reverberations across finance.”
Alyson Velati, “How three fund shops are using AI in their sales ops,” Ignites, June 13, 2024.
FUSE Research Network, “Only 59% of asset managers use AI on data in distribution efforts,” press release, May 31, 2024.
Patrick Henry and Dilip Krishna, “Making the investment decision process more naturally intelligent,” Deloitte Insights, March 2, 2021.
Ibid.
US Department of the Treasury (Treasury), Managing artificial intelligence-specific cybersecurity risks in the financial services sector, March 2024.
The investment management sector-specific statistics are derived from Deloitte’s second quarterly survey, conducted from January to February 2024: The State of Generative AI in the Enterprise: Now decides next, a report series.
Ibid.
Ibid.
Krissy Davis et al., 2024 investment management outlook, Deloitte, October 18, 2023.
Roy Ben-Hur et al., Augmenting trade surveillance programs with artificial intelligence and machine learning: A brief overview, Deloitte, May 2024.
Boosted.ai, “Boosted.ai announces Boosted Insights 3.0 – Generative AI combined with finance-specific algorithms to supercharge investment manager’s productivity,” press release, September 6, 2023.
Will Schmitt and Brooke Masters, “AI is promoted from back-office duties to investment decisions,” Financial Times, June 2, 2024.
Ibid.
Yana Kramer, “Lessons from the frontier of AI-driven investing,” Voya Investment Management, February 5, 2024.
Schmitt et al., “AI is promoted from back-office duties to investment decisions.”
Ibid.
Broadridge, “LTX by Broadridge launches BondGPT+ to empower enterprise financial services clients with custom Generative AI solutions,” press release, October 18, 2023.
BNP Paribas, “BNP Paribas and Mistral AI sign a partnership agreement covering all Mistral AI models,” press release, July 10, 2024.
Isabelle Bousquette, “Goldman Sachs deploys its first Generative AI tool across the firm,” CIO Journal for the Wall Street Journal, June 27, 2024.
Morgan Stanley, “Morgan Stanley Wealth Management announces latest game-changing addition to suite of GenAI tools,” press release, June 26, 2024.
Jeffrey Brashear and Beena Ammanath, “Taking AI to the next level,” Deloitte, 2020.
Michelle Brophy, Generative AI in the enterprise software sector: A look at adoption in 2024, AlphaSense, February 2024.
Andy Lees et al., Financial services: Scaling GenAI for maximum impact, Deloitte and Google Cloud, 2024.
Ibid.
Mohamed El-Erian, “How GenAI will change asset management,” Financial Times, February 14, 2024.
Lees et al., Financial services: Scaling GenAI for maximum impact.
Aman Thind and Frank Smietana, “AI and the future of intelligent investing,” State Street, accessed August 21, 2024.
Beagan Wilcox Volz, “TIAA rolls out GenAI platform across business,” Ignites, July 18, 2024.
Lees et al., Financial services: Scaling GenAI for maximum impact.
IBM, Cost of a Data Breach Report 2024, July 30, 2024.
Ibid.
Adnan Amjad et al., Global Cyber Threat Intelligence (CTI) Annual Cyber Threat Trends, Deloitte, March 28, 2024, p. 7.
IBM, Cost of a Data Breach Report 2024.
Palo Alto Networks, “D Commerce Bank drives digital transformation with Zero Trust, AI-driven network security,” accessed August 21, 2024.
Zscaler, “Mercury® Financial improves security and efficiency,” accessed August 21, 2024.
Treasury, Managing artificial intelligence-specific cybersecurity risks in the financial services sector.
Ibid.
AllianceBernstein, “AllianceBernstein announces Andrew Chin as chief artificial intelligence officer,” press release, July 1, 2024; Sally Bakewell, “Morgan Stanley names Jeff McMillan the bank’s first head of AI,” Bloomberg Law, March 15, 2024.
Germán Soto Sanchez, Prakash Neelakantan, and Isaac Schuman, “Preparing for the next evolution in passive investing: Direct indexing,” Broadridge, 2023.
Michael Manning, John McKenna, and Bing Waldert, The case for direct indexing: Differentiation in a competitive marketplace, Cerulli Associates, December 1, 2022.
BlackRock, “BlackRock completes acquisition of Aperio,” press release, February 1, 2021; Morgan Stanley, “Parametric launches Custom Active to bring a new focus to active tax management,” press release, August 19, 2024.
Kraft et al., “What is your ETF strategy? Three paths to success.”
Ibid.
Ibid.
Exabel, Alternative data for investment 2023, March 7, 2023.
Ibid.
Karl Ehrsam et al., “Alternative data at investment management firms: From discovery to integration,” Deloitte, November 29, 2023.
Ibid.
Harriet Agnew, “Traditional asset managers race to expand private investment alternatives,” Financial Times, June 19, 2022.
Ibid; Manulife, “Manulife Investment Management to acquire multi-sector alternative credit manager CQS,” press release, November 15, 2023.
Agnew, “Traditional asset managers race to expand private investment alternatives.”
Michael Bondar et al., Investor trust in sustainability data: An opportunity for corporate leaders, Deloitte, March 2024.
Ibid, p. 18.
