세계의 자산관리 시장 규모 : 유형별, 용도별, 최종사용자별, 지역 범위별, 예측

Asset Management Market Size And Forecast

Asset Management Market size was valued at USD 15.94 Billion in 2024 and is projected to reach USD 39.32 Billion by 2032, growing at a CAGR of 11.95% from 2026 to 2032.

The Asset Management Market is a segment of the financial services industry where professional firms manage investment portfolios on behalf of a diverse clientele. It is a vital component of the global financial system, acting as a bridge between capital and investment opportunities. Asset managers, often referred to as "buy side" firms, are hired by clients ranging from large institutions like pension funds and sovereign wealth funds to individual retail investors to grow and protect their wealth. Their primary objective is to make informed investment decisions that align with a client's risk tolerance and financial goals, thereby maximizing returns over the long term. This involves a comprehensive process that includes market research, portfolio construction and diversification, risk management, and performance monitoring.

The scope of the Asset Management Market is broad, encompassing various investment strategies and asset classes. Firms may specialize in different areas, such as traditional asset management, which focuses on public equities and fixed income securities, or alternative asset management, which includes private equity, hedge funds, real estate, and infrastructure. They can manage investments through a variety of vehicles, including mutual funds, exchange traded funds (ETFs), and separately managed accounts. The industry also includes firms that offer passive investment strategies, such as index funds, which simply aim to mirror the performance of a market benchmark rather than actively trying to outperform it.

The business model of asset management firms is primarily based on fees derived from assets under management (AUM). This fee structure aligns the firm's success with the growth of its clients' assets. Major trends shaping the market include the rise of passive investing, the growing demand for sustainable and ESG (Environmental, Social, and Governance) investments, and the increasing use of technology, such as robo advisors and AI powered analytics, to enhance efficiency and decision making. Despite a highly competitive landscape, the largest global asset managers continue to dominate the market, leveraging their scale, brand reputation, and diverse product offerings to attract and retain clients.

Global Asset Management Market Drivers

The Asset Management Market is a dynamic and evolving industry, constantly shaped by technological advancements, regulatory shifts, and changing investor preferences. Several key drivers are currently propelling its growth, pushing firms to innovate and adapt to meet the demands of an increasingly sophisticated global financial landscape.

Rising Demand for Digital Solutions: The asset management industry is undergoing a significant digital transformation, with a rising demand for digital solutions serving as a primary growth driver. Firms are rapidly adopting cloud based platforms, artificial intelligence (AI), machine learning, and advanced analytics to achieve more efficient asset monitoring, portfolio optimization, and risk management. These technologies enable asset managers to process vast amounts of data, identify complex patterns, and make more informed investment decisions with greater speed and accuracy. Cloud solutions offer scalability and flexibility, allowing firms to manage growing data volumes and adapt to new market conditions seamlessly. AI and machine learning enhance predictive capabilities, automate routine tasks, and provide deeper insights into market trends and client behavior, ultimately leading to improved operational efficiency and enhanced client experiences. This technological embrace is crucial for staying competitive and delivering superior returns in today's fast paced financial environment.

Growing Regulatory Compliance: In the wake of global financial events, growing regulatory compliance has become a significant and undeniable driver for the Asset Management Market. Stricter financial and operational compliance requirements, introduced by various regulatory bodies worldwide, are compelling firms to invest heavily in transparent and automated asset management systems. These regulations, designed to protect investors and maintain market integrity, necessitate robust reporting, meticulous record keeping, and stringent risk management frameworks. Asset managers must demonstrate adherence to evolving rules regarding data privacy (like GDPR), anti-money laundering (AML), and client suitability. The complexity and volume of these compliance mandates are pushing firms towards technological solutions that can automate compliance checks, generate audit trails, and ensure real time visibility into their operations, thereby reducing the risk of penalties and reputational damage.

Expansion of Financial Assets: The continuous growth in global financial assets under management (AUM) is a fundamental and enduring driver for the Asset Management Market. As economies expand, wealth creation increases, and populations age, there is an ever growing pool of capital seeking professional management. This expansion is fueled by various factors, including rising disposable incomes in emerging markets, the accumulation of retirement savings globally, and the increased sophistication of institutional investors. As individuals and institutions seek to preserve and grow their capital in an often volatile economic climate, the demand for expert investment advice and diversified portfolio management services naturally intensifies. This robust underlying growth in available financial assets ensures a sustained need for asset management firms to allocate, monitor, and optimize investments across a wide spectrum of asset classes.

Focus on Cost Efficiency: In an increasingly competitive market, the focus on cost efficiency has emerged as a critical driver for asset management firms. Organizations are under constant pressure to optimize operational efficiency and reduce costs, particularly in the face of fee compression and the rise of low cost passive investment options. This drive for efficiency is pushing firms to streamline asset tracking, enhance lifecycle management, and automate manual processes wherever possible. Technologies like Robotic Process Automation (RPA), integrated data platforms, and advanced analytics are being deployed to minimize human error, accelerate workflows, and reduce overheads. By achieving greater operational leverage, asset managers can improve their profitability, offer more competitive fees to clients, and reinvest in growth areas such as technology and specialized talent.

Rise in Alternative Investments: The rise in alternative investments is significantly boosting the need for diversified and specialized asset management tools and expertise. Institutional investors, high net worth individuals, and even some retail investors are increasingly allocating capital to asset classes beyond traditional stocks and bonds, such as private equity, venture capital, hedge funds, real estate, and infrastructure. This shift is driven by the desire for higher returns, greater diversification, and reduced correlation with public markets. Managing these illiquid and complex alternative assets requires sophisticated platforms for valuation, reporting, and risk management that differ significantly from those used for traditional assets. Consequently, asset management firms are developing specialized capabilities and technological solutions to effectively manage these diverse and often bespoke investment vehicles, catering to the evolving demands of investors seeking uncorrelated returns and unique opportunities.

Global Asset Management Market Restraints

The Asset Management Market, while ripe with opportunities, faces several significant restraints that could impede its growth and evolution. Addressing these challenges will be crucial for firms aiming to thrive in an increasingly complex financial landscape.

High Implementation Costs: The initial outlay for advanced asset management solutions presents a substantial barrier to entry for many firms. This isn't just about the price tag of the software itself; it encompasses a broader spectrum of expenses including robust infrastructure upgrades, extensive data migration, and comprehensive training programs for staff. For smaller to medium sized firms, these upfront investments can be particularly daunting, often requiring a re evaluation of their budget allocation and a clear, demonstrable return on investment (ROI) to justify the expenditure. The perception of high costs, even when long term benefits are evident, often leads to delayed adoption or a preference for less comprehensive, and ultimately less efficient, legacy systems. This restraint underscores the need for flexible, scalable, and cost effective solutions that can cater to a diverse range of market participants.

Data Security and Privacy Concerns: In an era defined by digital transformation, the safeguarding of sensitive financial and operational data is paramount. The increasing reliance on digital platforms for asset management, while offering unparalleled efficiency, simultaneously escalates the risks associated with cyber threats. Firms must contend with sophisticated phishing attacks, ransomware, and data breaches, each carrying the potential for significant financial losses, reputational damage, and erosion of client trust. Furthermore, a complex web of global data privacy regulations, such as GDPR and CCPA, necessitates stringent compliance measures. Non compliance can result in hefty fines and legal repercussions. Asset management firms must therefore invest heavily in robust cybersecurity frameworks, data encryption, and regular security audits to mitigate these risks and assure clients that their valuable information is protected.

Complex Regulatory Landscape: The financial sector is notorious for its intricate and ever evolving regulatory environment. Asset management firms must navigate a labyrinth of rules and guidelines that govern everything from investment strategies and client reporting to risk management and operational transparency. Frequent amendments and the introduction of new regulations by bodies such as the SEC, FCA, and ESMA, create continuous compliance challenges. Staying abreast of these changes requires dedicated resources, legal expertise, and agile operational frameworks. The sheer complexity and dynamic nature of this landscape often slow down the adoption of innovative technologies, as firms prioritize regulatory adherence over technological advancements. This can stifle innovation and increase operational costs as firms invest in systems and processes designed to ensure compliance, rather than purely focusing on growth.

Lack of Skilled Workforce: The rapid advancement of asset management technology, particularly in areas like artificial intelligence, machine learning, and advanced analytics, has created a significant talent gap. There is a growing shortage of professionals who possess the requisite blend of financial acumen and technical expertise to effectively deploy, manage, and leverage these sophisticated tools. Firms often struggle to find individuals capable of developing algorithmic trading strategies, interpreting complex data models, or integrating AI driven insights into investment decisions. This scarcity of skilled professionals hinders the effective implementation and optimization of advanced asset management solutions, leading to underutilized technology and missed opportunities. Addressing this restraint requires a concerted effort in education, upskilling existing workforces, and attracting new talent to the industry.

Integration Challenges: Many established asset management firms operate with a patchwork of legacy systems that have been accumulated over years, or even decades. These older systems, while functional, often lack the compatibility and flexibility required to seamlessly integrate with modern, advanced asset management platforms. The process of integrating new solutions with existing infrastructure can be incredibly complex, time consuming, and prone to errors. This can lead to significant operational inefficiencies, data silos, and a lack of holistic visibility across different departments and functions. The difficulty in achieving a unified technological ecosystem often forces firms to either delay adopting new technologies or invest in costly and bespoke integration solutions, ultimately increasing operational overheads and delaying the realization of the full benefits that advanced asset management tools can offer.

Global Asset Management Market Segmentation Analysis

The Global Asset Management Market is segmented on the basis of Type, Application, End User, and Geography.

Asset Management Market, By Type

Alternative Asset Management

Traditional Asset Management

Based on Type, the Asset Management Market is segmented into Alternative Asset Management, Traditional Asset Management. At VMR, we observe that the Alternative Asset Management subsegment is the dominant force in the market. This dominance is driven by a powerful combination of factors, including the global search for higher yields and portfolio diversification in an environment of market volatility and low interest rates. Institutional investors, such as pension funds and sovereign wealth funds, are increasingly allocating capital to alternative assets like private equity, private debt, and real estate to achieve superior, uncorrelated returns. This is particularly evident in North America, which remains a key driver of growth, and increasingly in the Asia Pacific region, where enabling regulatory frameworks and a growing high net worth population are fueling expansion. Data from industry reports project that private market assets will grow at more than twice the rate of public assets, reaching up to $65 trillion by 2032 with a compound annual growth rate (CAGR) of 9% to 10%.

Furthermore, digitalization and the adoption of AI are streamlining due diligence and enhancing liquidity in previously illiquid private markets. The Traditional Asset Management subsegment, while still holding the largest share of total assets under management (AUM) globally, serves as the foundational pillar of the industry, driven by its established client base of retail investors and its focus on liquid, publicly traded securities. However, this segment is facing significant headwinds from passive investing trends and fee compression, leading to a slower growth trajectory. Despite these challenges, it continues to play a vital role, with firms increasingly leveraging technology like AI to optimize portfolio management and distribution, and many are now expanding their product offerings to include alternative investments to remain competitive and meet evolving client demands. The future of the market points toward a convergence of these two subsegments, with traditional managers integrating alternative strategies to secure their position.

Asset Management Market, By Application

Retail Investors

Institutional Investors

Based on Application, the Asset Management Market is segmented into Retail Investors, Institutional Investors. At VMR, we observe that the Institutional Investors segment is the dominant force in the global Asset Management Market, wielding a commanding market share of well over 80% of total assets under management (AUM). This dominance is driven by the sheer scale and capital of these entities, which include pension funds, insurance companies, sovereign wealth funds, and endowments. These investors are the bedrock of the market, driven by fiduciary duties to their beneficiaries, which necessitates a long term, stable, and diversified approach to investing. The search for alpha and the need to meet long term liabilities have propelled them toward alternative assets and sophisticated strategies, further expanding the market.

Geographically, institutional demand is strong and mature in North America and Europe, while rapid growth is being seen in emerging economies, particularly in the Asia Pacific region. Trends like the adoption of AI for complex risk modeling, sustainability (ESG) mandates, and the shift toward private markets for diversification are primarily being led and funded by institutional players. The Retail Investors segment, which comprises individual investors, is the second most dominant and is rapidly growing. While its total AUM is significantly smaller, it is a key driver of market expansion, particularly in emerging markets like India and China, where a rising middle class and increasing financial literacy are fueling adoption. The growth of this segment is powered by the democratization of investing through technology, with fintech platforms, robo advisors, and fractional investing making it easier and more affordable for individuals to access capital markets. This has led to a surge in participation from younger demographics, such as Millennials and Gen Z, who are more comfortable with digital first solutions. The segment's influence is notable in niche areas, and its future potential lies in its vast, untapped demographic base, which will continue to be a primary growth engine for the asset management industry's mass market offerings.

Asset Management Market, By End User

Pension Funds

Insurance Companies

Based on End User, the Asset Management Market is segmented into Pension Funds, Insurance Companies. At VMR, we observe that Pension Funds are the dominant subsegment, representing a substantial portion of the global assets under management. This dominance is rooted in their primary purpose of providing long term retirement income for a large population base. The immense scale of these funds, with the top 300 alone holding over $24 trillion in AUM, ensures their position as the largest single type of institutional investor. Key drivers of their growth include a demographic shift toward an aging population, particularly in developed economies like North America and Europe, and a regulatory push for prudent, long term savings. In the pursuit of stable, inflation beating returns to meet their immense future liabilities, pension funds are increasingly diversifying their portfolios. This has led to a major industry trend: a strategic shift away from traditional, low yield fixed income assets and a growing appetite for higher yielding, less correlated alternative assets such as private equity, real estate, and infrastructure. The Insurance Companies subsegment holds the second largest share of the market, managing vast pools of capital from life, property, and casualty insurance premiums.

These firms are also major institutional investors, and their growth is driven by increasing global insurance penetration, particularly in high growth regions like Asia Pacific, and a demand for a wider range of insurance products. Their investment strategies are primarily governed by strict regulatory frameworks and the need to match long term liabilities, leading to a conservative, fixed income heavy asset allocation. However, similar to pension funds, they are also exploring a higher allocation to alternative assets to enhance returns. While pension funds and insurance companies collectively represent the lion's share of the institutional investment landscape, a supporting role is played by other institutional investors like sovereign wealth funds, university endowments, and foundations, which are vital in niche markets and are increasingly relied upon for their ability to take a long term, high risk approach to asset management.

Asset Management Market, By Geography

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

The global Asset Management Market demonstrates a diverse and dynamic geographical landscape, with each region presenting a unique blend of growth drivers, regulatory environments, and technological adoption rates. While mature markets in the West continue to innovate and dominate in terms of AUM, emerging markets in Asia and Latin America are poised for explosive growth, fueled by rising wealth and a new generation of investors.

United States Asset Management Market

The United States stands as the largest and most mature Asset Management Market globally, characterized by its deep capital markets, sophisticated investor base, and a competitive landscape of both traditional and alternative asset managers. The market is projected to reach an impressive revenue of $253.6 billion by 2030 with a CAGR of 21% from 2024 to 2030. A key driver is the increasing demand for investment services from a growing affluent population and the widespread use of sophisticated technological solutions like robo advisors and AI driven platforms. Trends such as the intergenerational transfer of wealth are fueling a significant shift towards more socially and environmentally conscious investing, pushing ESG criteria to the forefront. The market is also seeing a notable rise in retail investor participation, empowered by accessible digital platforms and a growing interest in self directed investing.

Europe Asset Management Market

Europe's Asset Management Market is a significant player, with its growth driven by a strong regulatory push towards sustainability and responsible investing. The market is projected to reach $393.2 billion by 2030, with a robust CAGR of 28.1% from 2024 to 2030. The continent is at the forefront of ESG adoption, with stricter regulations and a strong investor demand for sustainable products. This has led to a proliferation of ESG integrated funds and mandates. Another major driver is the evolution of pension systems, with a shift from defined benefit to defined contribution plans, empowering individuals to take a more active role in their retirement savings. This, coupled with the rise of fintech and digital platforms, has democratized access to investment products, contributing to the market's expansion despite economic headwinds in some countries.

Asia Pacific Asset Management Market

The Asia Pacific region is the fastest growing market globally for asset management, with a projected CAGR of 30.2% from 2024 to 2030, reaching a revenue of $512.6 billion by 2030. This explosive growth is fueled by a rapidly expanding middle class, a booming high net worth individual (HNWI) population, and favorable government policies. Countries like China and India are at the heart of this growth, with rising income levels and increased financial literacy creating a massive new pool of investors. The region is a hotbed for digital adoption, with high rates of mobile technology penetration driving the use of digital asset platforms and robo advisory services. This is also the region leading the adoption of digital assets and tokenized securities, driven by extensive retail engagement.

Latin America Asset Management Market

The Latin American Asset Management Market is an emerging yet high potential region, projected to grow at a CAGR of 26.2% from 2024 to 2030. The market is primarily driven by economic stabilization and a growing middle class, particularly in key countries like Brazil and Mexico. The demand for sophisticated financial products is on the rise as investors seek to diversify away from traditional bank deposits. While the market faces challenges like political instability and currency volatility, it presents significant opportunities. The adoption of digital financial services is making investing more accessible, and there is a growing interest in alternative investments to hedge against local market risks.

Middle East & Africa Asset Management Market

The Middle East and Africa (MEA) market is experiencing a significant transformation, with a projected CAGR of 23.9% from 2024 to 2030. The market's dynamics are largely shaped by the enormous capital pools of sovereign wealth funds and a strong push for economic diversification, particularly in the Gulf Cooperation Council (GCC) countries. These sovereign funds are actively deploying capital globally and locally in strategic sectors like technology, infrastructure, and renewable energy. In Africa, growth is spurred by rapid urbanization, a burgeoning young population, and increasing investment in local capital markets. The region is also focused on attracting foreign direct investment (FDI) and is modernizing its regulatory frameworks to become more integrated with the global financial system.

Key Players

• The Asset Management Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the Asset Management Market include:

• BlackRock
• Vanguard Group
• State Street Global Advisors
• Fidelity Investments
• P. Morgan Asset Management
• Goldman Sachs Asset Management
• BofA Global Asset Management
• PIMCO
• Amundi
• Franklin Templeton Investments

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 MARKET DEFINITION
• 1.2 MARKET SEGMENTATION
• 1.3 RESEARCH TIMELINES
• 1.4 ASSUMPTIONS
• 1.5 LIMITATIONS

2 RESEARCH METHODOLOGY

• 2.1 DATA MINING
• 2.2 SECONDARY RESEARCH
• 2.3 PRIMARY RESEARCH
• 2.4 SUBJECT MATTER EXPERT ADVICE
• 2.5 QUALITY CHECK
• 2.6 FINAL REVIEW
• 2.7 DATA TRIANGULATION
• 2.8 BOTTOM-UP APPROACH
• 2.9 TOP-DOWN APPROACH
• 2.10 RESEARCH FLOW
• 2.11 DATA TYPES

3 EXECUTIVE SUMMARY

• 3.1 GLOBAL ASSET MANAGEMENT MARKET OVERVIEW
• 3.2 GLOBAL ASSET MANAGEMENT MARKET ESTIMATES AND FORECAST (USD BILLION)
• 3.3 GLOBAL ASSET MANAGEMENT MARKET ECOLOGY MAPPING
• 3.4 COMPETITIVE ANALYSIS: FUNNEL DIAGRAM
• 3.5 GLOBAL ASSET MANAGEMENT MARKET ABSOLUTE MARKET OPPORTUNITY
• 3.6 GLOBAL ASSET MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY REGION
• 3.7 GLOBAL ASSET MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY TYPE
• 3.8 GLOBAL ASSET MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY END USER
• 3.9 GLOBAL ASSET MANAGEMENT MARKET ATTRACTIVENESS ANALYSIS, BY APPLICATION
• 3.10 GLOBAL ASSET MANAGEMENT MARKET GEOGRAPHICAL ANALYSIS (CAGR %)
• 3.11 GLOBAL ASSET MANAGEMENT MARKET, BY TYPE (USD BILLION)
• 3.12 GLOBAL ASSET MANAGEMENT MARKET, BY END USER (USD BILLION)
• 3.13 GLOBAL ASSET MANAGEMENT MARKET, BY APPLICATION (USD BILLION)
• 3.14 GLOBAL ASSET MANAGEMENT MARKET, BY GEOGRAPHY (USD BILLION)
• 3.15 FUTURE MARKET OPPORTUNITIES

4 MARKET OUTLOOK

• 4.1 GLOBAL PHOSPHATE ROCK MARKET EVOLUTION
• 4.2 GLOBAL PHOSPHATE ROCK MARKET OUTLOOK
• 4.3 MARKET DRIVERS
• 4.4 MARKET RESTRAINTS
• 4.5 MARKET TRENDS
• 4.6 MARKET OPPORTUNITY
• 4.7 PORTER'S FIVE FORCES ANALYSIS
  • 4.7.1 THREAT OF NEW ENTRANTS
  • 4.7.2 BARGAINING POWER OF SUPPLIERS
  • 4.7.3 BARGAINING POWER OF BUYERS
  • 4.7.4 THREAT OF SUBSTITUTE GENDERS
  • 4.7.5 COMPETITIVE RIVALRY OF EXISTING COMPETITORS
• 4.8 VALUE CHAIN ANALYSIS
• 4.9 PRICING ANALYSIS
• 4.10 MACROECONOMIC ANALYSIS

5 MARKET, BY TYPE

• 5.1 OVERVIEW
• 5.2 GLOBAL ASSET MANAGEMENT MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY TYPE
• 5.3 ALTERNATIVE ASSET MANAGEMENT
• 5.4 TRADITIONAL ASSET MANAGEMENT

6 MARKET, BY END USER

• 6.1 OVERVIEW
• 6.2 GLOBAL ASSET MANAGEMENT MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY END USER
• 6.3 PENSION FUNDS
• 6.4 INSURANCE COMPANIES

7 MARKET, BY APPLICATION

• 7.1 OVERVIEW
• 7.2 GLOBAL ASSET MANAGEMENT MARKET: BASIS POINT SHARE (BPS) ANALYSIS, BY APPLICATION
• 7.3 RETAIL INVESTORS
• 7.4 INSTITUTIONAL INVESTORS

8 MARKET, BY GEOGRAPHY

• 8.1 OVERVIEW
• 8.2 NORTH AMERICA
  • 8.2.1 U.S.
  • 8.2.2 CANADA
  • 8.2.3 MEXICO
• 8.3 EUROPE
  • 8.3.1 GERMANY
  • 8.3.2 U.K.
  • 8.3.3 FRANCE
  • 8.3.4 ITALY
  • 8.3.5 SPAIN
  • 8.3.6 REST OF EUROPE
• 8.4 ASIA PACIFIC
  • 8.4.1 CHINA
  • 8.4.2 JAPAN
  • 8.4.3 INDIA
  • 8.4.4 REST OF ASIA PACIFIC
• 8.5 LATIN AMERICA
  • 8.5.1 BRAZIL
  • 8.5.2 ARGENTINA
  • 8.5.3 REST OF LATIN AMERICA
• 8.6 MIDDLE EAST AND AFRICA
  • 8.6.1 UAE
  • 8.6.2 SAUDI ARABIA
  • 8.6.3 SOUTH AFRICA
  • 8.6.4 REST OF MIDDLE EAST AND AFRICA

9 COMPETITIVE LANDSCAPE

• 9.1 OVERVIEW
• 9.2 KEY DEVELOPMENT STRATEGIES
• 9.3 COMPANY REGIONAL FOOTPRINT
• 9.4 ACE MATRIX
  • 9.4.1 ACTIVE
  • 9.4.2 CUTTING EDGE
  • 9.4.3 EMERGING
  • 9.4.4 INNOVATORS

10 COMPANY PROFILES

• 10.1 OVERVIEW
• 10.2 BLACKROCK
• 10.3 VANGUARD GROUP
• 10.4 STATE STREET GLOBAL ADVISORS
• 10.5 FIDELITY INVESTMENTS
• 10.6 P. MORGAN ASSET MANAGEMENT
• 10.7 GOLDMAN SACHS ASSET MANAGEMENT
• 10.8 BOFA GLOBAL ASSET MANAGEMENT
• 10.9 PIMCO
• 10.10 AMUNDI
• 10.11 FRANKLIN TEMPLETON INVESTMENTS