Global assets under management grew to a record $74 trillion as of Dec. 31, up 8% from a year earlier, said a report from Boston Consulting Group.
Of that total, more than $45 trillion, or 61%, came from institutions.
Despite the growth in assets, money managers in 2014 “were unable to capture net new money from institutional investors,” said Gary Shub, a partner at BCG and a co-author of the report, at a briefing on Tuesday.
Mr. Shub said the primary reason for this was due to institutional asset owners increasingly managing assets internally.
“We've seen large institutional investors choose to bring some assets in-house,” he added, citing such assets as infrastructure and real assets. “They're also facing significant fee pressures, causing them to bring assets in-house.”
The firm noticed sovereign wealth funds and pension funds going in this direction in 2014.