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Australian (ASX) Asset Management Industry Analysis

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies65
  • 7D1.2%
  • 3M4.1%
  • 1Y-11.5%
  • YTDn/a

Over the last 7 days, the Asset Management industry has risen 3.8%, driven by gains from Netwealth Group of 6.0%. During this same period, the HMC Capital underperformed, falling 6.7%. However, the industry is down 11% over the past year. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

Has the Australian Asset Management Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Jul 2026AU$56.1bAU$7.6bAU$2.7b20.5x20.7x7.4x
Sat, 06 Jun 2026AU$51.8bAU$7.6bAU$2.7b19.5x19.3x6.8x
Mon, 04 May 2026AU$53.9bAU$7.6bAU$2.7b18.7x20.2x7.1x
Wed, 01 Apr 2026AU$55.4bAU$9.3bAU$2.9b21x19.4x5.9x
Fri, 27 Feb 2026AU$60.2bAU$9.1bAU$2.9b21.1x20.4x6.6x
Sun, 25 Jan 2026AU$62.0bAU$9.0bAU$3.2b21.5x19.6x6.9x
Tue, 23 Dec 2025AU$61.7bAU$9.0bAU$3.2b22.2x19.3x6.8x
Thu, 20 Nov 2025AU$59.9bAU$9.1bAU$3.2b22.2x18.6x6.6x
Sat, 18 Oct 2025AU$63.0bAU$8.9bAU$3.1b22x20.1x7.1x
Mon, 15 Sep 2025AU$60.9bAU$9.0bAU$3.1b23.1x19.5x6.8x
Wed, 13 Aug 2025AU$64.0bAU$9.6bAU$3.0b15.9x21.2x6.6x
Fri, 11 Jul 2025AU$62.6bAU$9.6bAU$3.0b14.8x20.6x6.5x
Sun, 08 Jun 2025AU$60.4bAU$9.6bAU$3.0b14.8x19.8x6.3x
Tue, 06 May 2025AU$58.0bAU$9.6bAU$3.1b14.2x19x6x
Thu, 03 Apr 2025AU$62.9bAU$13.2bAU$3.2b13.9x19.5x4.8x
Sat, 01 Mar 2025AU$64.3bAU$9.7bAU$3.1b17x20.9x6.6x
Mon, 27 Jan 2025AU$66.8bAU$9.8bAU$2.3b18.5x29.7x6.8x
Wed, 25 Dec 2024AU$64.0bAU$9.8bAU$2.3b19.1x28.4x6.5x
Fri, 22 Nov 2024AU$64.6bAU$9.7bAU$2.2b19.2x29.1x6.7x
Sun, 20 Oct 2024AU$63.7bAU$9.7bAU$2.2b18.7x28.7x6.6x
Tue, 17 Sep 2024AU$56.0bAU$9.6bAU$2.1b17.5x26.1x5.8x
Thu, 15 Aug 2024AU$56.2bAU$9.1bAU$2.4b21.3x23x6.2x
Sat, 13 Jul 2024AU$56.4bAU$9.0bAU$2.4b22.8x23.4x6.2x
Mon, 10 Jun 2024AU$54.5bAU$9.1bAU$2.4b23.1x22.5x6x
Wed, 08 May 2024AU$53.6bAU$9.1bAU$2.4b23x22.1x5.9x
Fri, 05 Apr 2024AU$53.4bAU$9.1bAU$2.4b22x22x5.9x
Sun, 03 Mar 2024AU$52.9bAU$9.2bAU$2.4b24.8x21.7x5.7x
Tue, 30 Jan 2024AU$53.2bAU$9.2bAU$2.4b21.8x21.8x5.8x
Thu, 28 Dec 2023AU$51.0bAU$8.9bAU$2.3b20.4x22.1x5.7x
Sat, 25 Nov 2023AU$46.8bAU$8.9bAU$2.3b19.4x20.1x5.2x
Mon, 23 Oct 2023AU$43.5bAU$8.5bAU$2.0b19.5x21.6x5.1x
Wed, 20 Sep 2023AU$46.8bAU$8.5bAU$2.0b20x23.3x5.5x
Fri, 18 Aug 2023AU$45.8bAU$8.0bAU$2.0b22.4x23.4x5.7x
Sun, 16 Jul 2023AU$46.2bAU$8.1bAU$2.1b22.9x22.5x5.7x
Price to Earnings Ratio

22.5x


Total Market Cap: AU$46.2bTotal Earnings: AU$2.1bTotal Revenue: AU$8.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Asset Management Industry Price to Earnings3Y Average 22.1x202420252026
Current Industry PE
  • Investors are relatively neutral on the Australian Asset Management and Custody Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 22.1x.
  • The 3-year average PS ratio of 6.3x is lower than the industry's current PS ratio of 7.4x.
Past Earnings Growth
  • The earnings for companies in the Asset Management and Custody Banks industry have grown 9.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Comparison

How does Australian Asset Management compare with similar industries?

AU Market0.54%
Financials3.72%
Capital Markets1.92%
Asset Management1.19%
Investment Banking and Brokerage6.28%
Financial Exchanges and Data2.35%
Diversified Capital Markets1.97%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
NWL Netwealth GroupAU$23.357.3%
+AU$390.2m		-31.8%PE101x
AFI Australian Foundation InvestmentAU$6.961.6%
+AU$130.6m		-6.2%PE30.9x
L1G L1 GroupAU$1.233.4%
+AU$100.4m		n/aPE26.5x
MAF MA Financial GroupAU$6.478.0%
+AU$84.7m		-18.5%PE110x
QAL QualitasAU$3.159.0%
+AU$76.9m		-11.3%PE24.6x

Latest News

MAF
AU$6.47
MA Financial Group
7D
8.0%
1Y
-18.5%
Narrative Update • Jul 07

MAF: Future Returns Will Rely On Stable Margins And Premium P/E Multiple

Analysts have trimmed their price target on MA Financial Group to around A$10.04 from about A$11.01, citing updated assumptions that include a slightly higher discount rate, lower projected revenue and profit margin, and a marginally higher future P/E multiple. What’s in the News for MA Financial Group No recent company specific news for MA Financial Group has been provided in the available sources.
PPT
AU$19.28
Perpetual
7D
2.9%
1Y
-7.9%
New Narrative • Jul 04

Active ETF Expansion And Private Capital Push Will Pressure Margins And Cash Flows

Catalysts About Perpetual Perpetual is a diversified financial services company with asset management, corporate trust and wealth management businesses. What are the underlying business or industry changes driving this perspective?
GQG
AU$1.44
GQG Partners
7D
-2.0%
1Y
-33.6%
Narrative Update • Jul 03

GQG: Dividend Payout And Softer Margins Will Shape Future P/E

Analysts have trimmed their price target for GQG Partners to A$11.63 from A$13.07, reflecting slightly lower fair value estimates as they factor in softer revenue growth, a marginally reduced profit margin outlook, and a lower future P/E assumption. What’s in the News for GQG Partners GQG Partners declared a first quarter 2026 cash dividend of US$0.0354 per share, which the company notes represents 90.14% of estimated first quarter distributable earnings.
MFG
AU$9.93
Magellan Financial Group
7D
-8.4%
1Y
3.1%
QAL
AU$3.15
Qualitas
7D
9.0%
1Y
-11.3%
RPL
AU$3.10
Regal Partners
7D
5.4%
1Y
19.7%
Narrative Update • Jul 01

RPL: Revised Assumptions Will Support Future Share Price Upside

Analysts have adjusted their price outlook on Regal Partners to reflect a revised fair value estimate of A$4.95. They cited slightly updated assumptions for discount rate, revenue growth, profit margin and future P/E multiples.
PCG
AU$0.85
Pengana Capital Group
7D
-5.6%
1Y
11.1%
HMC
AU$2.93
HMC Capital
7D
-2.7%
1Y
-24.9%
Narrative Update • Jul 01

HMC: Revised Forecasts Will Emphasize Discipline On Margins And Capital Allocation

Analysts have reduced their price target on HMC Capital to A$5.35 from A$6.20, citing revised expectations for revenue growth, profit margins, and a slightly higher future P/E multiple. What’s in the News for HMC Capital Honda Motor, whose stock ticker is HMC, is reported by The New York Times to be facing internal tension after its earlier pledge to go all electric by 2040 reportedly unraveled, with the CEO describing the situation as "heartbreaking." Nikkei Asia reports that Honda is considering issuing more than ¥400b in euro denominated bonds to support supplier compensation linked to changes in its electric vehicle plans and to fund additional investment in hybrid vehicle development.
PNI
AU$17.62
Pinnacle Investment Management Group
7D
-1.3%
1Y
-16.0%
Narrative Update • Jun 26

PNI: Higher Profitability Assumptions Will Support Stronger Future Earnings Potential

Analysts have trimmed their price target on Pinnacle Investment Management Group from A$29 to A$26. This reflects updated views on fair value, discount rate settings, revenue growth expectations, profit margin assumptions and future P/E multiples.
NGI
AU$2.42
Navigator Global Investments
7D
-2.0%
1Y
43.2%
Narrative Update • Jun 25

NGI: Equity Raise And Alternatives Focus Will Support Future Earnings Diversification

Analysts have lifted their price target on Navigator Global Investments to A$3.63, reflecting fresh coverage that highlights the company's focus on alternative assets and what they describe as improved earnings quality. What's in the News Navigator Global Investments has filed a follow-on equity offering totaling A$144.98 million in ordinary shares, according to Key Developments data.
AFI
AU$6.96
Australian Foundation Investment
7D
1.6%
1Y
-6.2%
NWL
AU$23.35
Netwealth Group
7D
7.3%
1Y
-31.8%
Narrative Update • Jun 23

NWL: Rich Dividend And Index Removal Will Still Cap Future Returns

Analysts have nudged their price target on Netwealth Group slightly higher to A$17.86, with updated assumptions pointing to a modestly higher revenue growth outlook, a slightly wider profit margin, a marginally higher discount rate, and a slightly lower future P/E multiple. What's in the News No recent Netwealth Group specific news items, periodical coverage, or key developments were provided in the available sources.
L1G
AU$1.23
L1 Group
7D
3.4%
1Y
n/a
WHI
AU$1.29
Whitefield Income
7D
-1.5%
1Y
-7.9%
CIN
AU$33.59
Carlton Investments
7D
-1.2%
1Y
-8.2%
BKI
AU$1.83
BKI Investment
7D
2.5%
1Y
1.9%
Analysis Article • Jan 31

BKI Investment (ASX:BKI) Has Announced A Dividend Of A$0.0395

The board of BKI Investment Company Limited ( ASX:BKI ) has announced that it will pay a dividend of A$0.0395 per share...