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U.S. Asset Management Industry Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies312
  • 7D-1.2%
  • 3M1.4%
  • 1Y7.9%
  • YTDn/a

Over the last 7 days, the Asset Management industry has dropped 1.2%, driven by declines in BlackRock and Blackstone of 2.7% and 3.6%, respectively. This takes the industry's 12 month performance to a gain of 7.9%. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

Has the U.S. Asset Management Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026US$1.0tUS$199.8bUS$33.6b30.5x30.3x5.1x
Thu, 11 Dec 2025US$994.2bUS$199.5bUS$33.5b31.3x29.7x5x
Sat, 08 Nov 2025US$921.1bUS$198.5bUS$33.4b28x27.6x4.6x
Mon, 06 Oct 2025US$989.8bUS$176.8bUS$33.4b30.9x29.6x5.6x
Wed, 03 Sep 2025US$1.0tUS$177.3bUS$33.4b30.9x30x5.7x
Fri, 01 Aug 2025US$1.0tUS$172.1bUS$34.0b33.5x29.8x5.9x
Sun, 29 Jun 2025US$796.0bUS$170.4bUS$33.7b33.4x23.6x4.7x
Tue, 27 May 2025US$843.6bUS$170.5bUS$33.7b34.1x25x4.9x
Thu, 24 Apr 2025US$751.8bUS$175.3bUS$34.9b30.8x21.6x4.3x
Sat, 22 Mar 2025US$839.9bUS$174.3bUS$34.6b24.7x24.2x4.8x
Mon, 17 Feb 2025US$924.2bUS$174.3bUS$34.3b18.4x27x5.3x
Wed, 15 Jan 2025US$910.2bUS$168.5bUS$29.5b18.4x30.8x5.4x
Fri, 13 Dec 2024US$994.2bUS$168.6bUS$29.5b20.4x33.7x5.9x
Sun, 10 Nov 2024US$947.0bUS$168.4bUS$29.6b20.9x32x5.6x
Tue, 08 Oct 2024US$847.5bUS$159.7bUS$29.9b20x28.3x5.3x
Thu, 05 Sep 2024US$777.0bUS$159.4bUS$29.6b18.4x26.3x4.9x
Sat, 03 Aug 2024US$776.4bUS$158.8bUS$29.5b19.8x26.4x4.9x
Mon, 01 Jul 2024US$715.6bUS$156.2bUS$28.9b19.8x24.7x4.6x
Wed, 29 May 2024US$727.7bUS$156.3bUS$29.1b21.5x25x4.7x
Fri, 26 Apr 2024US$708.8bUS$148.3bUS$28.6b18.7x24.7x4.8x
Sun, 24 Mar 2024US$735.2bUS$144.7bUS$27.0b18.1x27.3x5.1x
Tue, 20 Feb 2024US$704.0bUS$144.2bUS$26.8b18x26.3x4.9x
Thu, 18 Jan 2024US$731.4bUS$143.8bUS$30.5b28.2x24x5.1x
Sat, 16 Dec 2023US$752.9bUS$143.2bUS$30.7b28.2x24.6x5.3x
Mon, 13 Nov 2023US$636.7bUS$143.2bUS$30.8b28.2x20.6x4.4x
Wed, 11 Oct 2023US$640.8bUS$138.1bUS$28.1b28.8x22.8x4.6x
Fri, 08 Sep 2023US$658.5bUS$138.1bUS$28.1b28.7x23.4x4.8x
Sun, 06 Aug 2023US$674.4bUS$131.5bUS$25.3b33x26.7x5.1x
Tue, 04 Jul 2023US$650.4bUS$128.0bUS$23.5b33.8x27.7x5.1x
Thu, 01 Jun 2023US$607.6bUS$128.1bUS$23.7b33.3x25.7x4.7x
Sat, 29 Apr 2023US$636.8bUS$129.3bUS$24.2b28.2x26.4x4.9x
Mon, 27 Mar 2023US$640.4bUS$133.4bUS$26.3b29.5x24.4x4.8x
Wed, 22 Feb 2023US$701.5bUS$134.0bUS$26.5b28.8x26.4x5.2x
Fri, 20 Jan 2023US$688.3bUS$144.1bUS$34.7b28.8x19.9x4.8x
Price to Earnings Ratio

19.9x


Total Market Cap: US$688.3bTotal Earnings: US$34.7bTotal Revenue: US$144.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Asset Management Industry Price to Earnings3Y Average 26.4x202420252026
Current Industry PE
  • Investors are optimistic on the American Asset Management and Custody Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 30.3x which is higher than its 3-year average PE of 26.4x.
  • The industry is trading close to its 3-year average PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Asset Management and Custody Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 12% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Comparison

How does U.S. Asset Management compare with similar industries?

US Market0.88%
Financials-1.49%
Capital Markets-0.75%
Asset Management-1.22%
Financial Exchanges and Data0.084%
Investment Banking and Brokerage-0.79%
Diversified Capital Markets-9.75%
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
BEN Franklin ResourcesUS$25.644.7%
+US$599.6m		35.0%PE28.3x
ARES Ares ManagementUS$174.291.3%
+US$493.6m		-0.7%PE75x
NTRS Northern TrustUS$146.171.4%
+US$387.7m		43.8%PE16.6x
IVZ InvescoUS$28.762.1%
+US$267.1m		75.2%PE19.1x
AMG Affiliated Managers GroupUS$312.292.9%
+US$245.3m		75.0%PE16.5x

Latest News

BX
US$156.58
Blackstone
7D
-3.6%
1Y
-5.5%

BX: Future Deals And Fee Margins Will Shape Balanced Return Outlook

Narrative Update Our Blackstone analyst price target is adjusted slightly lower from $167 to $166. This reflects analysts' mixed but generally constructive research updates that balance modest target trims tied to margin and fee concerns with higher targets supported by expectations for improving realizations and a recovering capital markets backdrop.
BLK
US$1,089.26
BlackRock
7D
-2.7%
1Y
14.1%

BLK: AI Infrastructure Buildout Will Support Future Earnings Power Upside

Analysts have nudged their price expectations for BlackRock slightly lower, trimming the fair value estimate from about $1,319 to roughly $1,306 as updated models incorporate recently reduced price targets along with refreshed assumptions on growth, margins, and future P/E multiples. Analyst Commentary Recent research on BlackRock reflects a mix of optimism about the company’s growth drivers and execution, alongside some valuation and near term caution.
STEP
US$73.27
StepStone Group
7D
3.8%
1Y
25.0%
IVZ
US$28.76
Invesco
7D
2.1%
1Y
75.2%

IVZ: Operating Leverage And QQQ Restructure Debate Will Support Future Upside

Analysts have lifted their fair value estimate for Invesco from about US$27.61 to roughly US$33.21, citing higher price targets, expectations for improved revenue contraction and profitability, and a modestly lower discount rate supported by recent commentary on operating leverage and potential QQQ Trust reclassification. Analyst Commentary Recent research has tilted more constructive on Invesco, with several bullish analysts adjusting their fair value views higher and highlighting specific levers that could support the new estimates.
KKR
US$133.97
KKR
7D
-0.4%
1Y
-5.2%
AMG
US$312.29
Affiliated Managers Group
7D
2.9%
1Y
75.0%

AMG: Ongoing Buybacks And Improved Assumptions Will Support Future Upside

Analysts have raised their price target for Affiliated Managers Group from about $308 to roughly $346, citing updated assumptions around revenue growth, profit margins, future P/E, and a slightly lower discount rate in their valuation work. What's in the News Affiliated Managers Group repurchased 334,572 shares between July 1, 2025 and September 30, 2025, representing 1.18% of shares for US$76.97 million (company disclosure).
ARES
US$174.29
Ares Management
7D
1.3%
1Y
-0.7%
TPG
US$66.03
TPG
7D
-5.2%
1Y
4.6%
BEN
US$25.64
Franklin Resources
7D
4.7%
1Y
35.0%
BK
US$120.66
Bank of New York Mellon
7D
-0.3%
1Y
58.5%
NTRS
US$146.17
Northern Trust
7D
1.4%
1Y
43.8%

NTRS: Shares Will Stay Balanced As 7% Prime Rate And Q3 Mixed Drivers Persist

Northern Trust's analyst price target has been updated to $137.93 from $134.64 as analysts factor in modest adjustments to revenue growth, profit margin and long term P/E assumptions following mixed Q3 outcomes and differing price target revisions across the Street. Analyst Commentary Analysts are split on Northern Trust, with some focusing on earnings quality and margin strength, while others are more cautious about core revenue trends and fee pressure.
TROW
US$106.84
T. Rowe Price Group
7D
-2.0%
1Y
-4.7%

TROW: Efficiency Gains And Buybacks Will Support Earnings Power Ahead

Analysts have lifted their price target on T. Rowe Price Group to about $128 from roughly $112, citing updated assumptions for revenue growth, profitability, and a lower future P/E multiple.
AMP
US$510.16
Ameriprise Financial
7D
0.4%
1Y
-1.4%

AMP: Share Repurchases And New Advisory Team Will Support Balanced Outlook

Analysts now estimate Ameriprise Financial’s fair value at about $538.60, up slightly from roughly $538.50, reflecting small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions in their models. What's in the News Financial advisory practice Harpland Financial Management joined Ameriprise Financial’s branch channel from Wells Fargo Clearing Services with more than $160 million in client assets, adding advisors Peter Horton, Serena Sneeringer and client service associate Micah Horton to the Houston presence (Key Developments).
SEIC
US$85.99
SEI Investments
7D
-2.3%
1Y
6.4%

SEIC: Reaccelerating Recurring Sales Will Support Substantial Long-Term Margin Expansion

Analysts have modestly raised their blended price target for SEI Investments to about $96 from approximately $95, citing expectations for re-accelerating recurring sales, disciplined expenses, and a constructive long-term margin expansion trajectory, despite some near term concerns about margin constraints. Analyst Commentary Recent research updates reflect a generally constructive stance toward SEI Investments, with price targets nudged higher on average as analysts weigh improving sales dynamics against near term margin pressures.
HLNE
US$150.95
Hamilton Lane
7D
2.8%
1Y
7.0%