Wealth & Investment Management
Investment advisors, RIAs, private equity firms, hedge funds, and trust companies managing and growing assets for institutional and private clients.
- 9
- Segments
- 38
- Verticals
Overview
Wealth & Investment Management spans the firms that advise on and manage capital — registered investment advisors, securities brokerage and trading, private equity and venture capital, hedge funds, traditional asset management, retirement and pension management, trust and estate services, family offices, and alternatives-distribution platforms. It runs on recurring, asset-based fees.
The RIA wealth-management space is one of the most actively consolidated markets in finance, while alternative-asset managers (PE, credit, hedge) have scaled enormously. Fee compression in traditional asset management, the democratization of alternatives, and the relentless RIA roll-up are the defining dynamics.
Market snapshot
- Market size
- ~$793B
- Growth
- ~5.9%CAGR (2017–22, nominal)
- Companies
- ~114,000
U.S. Census Bureau 2022 CBP/Economic Census across advisory (523940), brokerage (523150/160/210), PE/VC (523910), hedge funds (523999), and trust (523991/525920). Revenue is management/advisory/brokerage fees; pension funds and investment vehicles are not measured by receipts.
Business model & economics
- Revenue model
- Asset-based management and advisory fees, plus performance fees
- Recurring revenue
- High — recurring AUM-based fees
- EBITDA margin
- Strong — scalable fee-based asset-management economics
- Capex intensity
- Low
- Recurring, asset-based fee economics.
- RIA roll-up is the marquee wealth-management M&A.
- Fee compression and alternatives democratization reshaping the field.
M&A deal context
Who’s acquiring
What’s driving deals
- Relentless RIA consolidation.
- Scaling of alternative-asset managers.
- Fee compression driving scale and consolidation.
Segment classifications
- 3.6.1Alternative Investment Distribution Platforms4 verticals
- 3.6.2Family Office Services4 verticals
- 3.6.3Hedge Funds & Alternative Investments4 verticals
- 3.6.4Investment Advisory & RIA4 verticals
- 3.6.5Private Equity & Venture Capital4 verticals
- 3.6.6Retirement & Pension Management4 verticals
- 3.6.7Securities Brokerage & Trading5 verticals
- 3.6.8Traditional Asset Management5 verticals
- 3.6.9Trust & Estate Services4 verticals
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