2023/24 DIGITAL MATURITY REPORT

The Top 50 Global Asset Management Firms

How are the world's leading asset management firms performing digitally?

About this report

New AI-driven fintech has disrupted financial services and as more digitally-savvy entrants join the market, traditional asset and wealth management organizations can't afford to ignore digital transformation.

23% of firms report "frustratingly fragmented" digital maturity. Despite Alpha FMC sharing that 80% of firms are prioritizing digital transformation, our research contradicts this.

This report shows how the 50 biggest asset management firms are doing and how they're dealing with the problems of living in a digitally driven world.

An estimated 73% of internet users will exclusively access the internet via mobile by 2025 and 43% of investors already utilize mobile apps to track their investments. This emphasizes the growing reliance on mobile apps and the importance for asset management firms to prioritize optimal digital strategies.

The initial step for 68% of investors begins with online searches, with 92% of investment-related queries being made through mobile devices. However, 63% of investors express dissatisfaction with their associated firms' digital services, revealing a substantial opportunity for improvement in the sector. Our research and analysis confirm the insufficient digital advancement within the sector, shedding light on potential opportunities that lie ahead for the top 50 asset management firms.

Digital transformation offers firms the ability to attract new investors and build trust with existing clients, while those too slow to adopt digital tactics may struggle to generate as many new leads.

We completed detailed research and analysis into the digital effectiveness of the world's top 50 asset management firms over a two month period. Our findings reveal each company's performance across ten core digital aspects of digital transformation and we've used this to rank the top 50 firms in terms of their digital maturity.

Who should read this report?

The results and recommendations in this report are primarily for ambitious asset management and financial professionals that are keen to embrace change. This report has been created to share with professionals in the asset management sector, experts in digital marketing and anyone with an interest in digital transformation. Throughout the report we have included guidance for asset management firms on how they can overcome common challenges and improve their digital strategy.

The research utilizes data from a wealth of tools and sources including Google. The tests in this report were carried out between 31/07/2023 - 29/08/2023 and are representative of that period.

Contents

• Introduction 04
• Digital Maturity 06
• A Closer Look At The Top 5 08
• Audience Level 10
• Website Effectiveness 14
• Search Marketing (Organic) 18
• Search Marketing (Paid) 22
• Content Marketing 24
• Personalization 26
• Remarketing 28
• Email Marketing 30
• Social Media 32
• Mobile App 34
• Website Platform Impact 36
• The Next Steps 38
• About Ultimedia 39

Introduction

Our study of the top 50 asset management firms (based on AUM) highlights key areas for digital improvements, common challenges, and recommendations for achieving digital effectiveness.

The past few years have been particularly turbulent, with the global economy facing significant challenges that have disrupted and reshaped how we navigate the world through business and our everyday interactions. IMF's World Economic Outlook warned that 'last year's rapid tightening of monetary policy has triggered sizable losses on long-term fixed-income assets' and that the financial sector should expect future challenges.

Digital Maturity Vs AUM Rankings

Asset managers who invest in strong client connections through digital means are better equipped to navigate market disruptions compared to those lacking ongoing communication and easily accessible means to engage their audiences. Our research shows a clear link between digital maturity and AUM rankings, with 70% of the most digitally mature firms in the top 10 based on AUM.

With the ongoing recovery from a global pandemic, war in Ukraine and recession in mind, we examined the digital performance of the top 50 asset management firms and how digital transformation can benefit them.

Surprisingly, many of these top firms have poor website performance, lagging behind other industries in digital advancement. Our research revealed security vulnerabilities, inadequate messaging, slow load times, and ineffective digital marketing strategies, even among those using top-tier platforms, highlighting the impact of poor implementation.

A significant 74% of top global asset management firms struggle to achieve a digital maturity level above 50%, failing to provide compelling digital experiences that are expected by modern audiences.

A modern digital experience should provide personalized content for diverse audiences, making engagement easier and creating new business opportunities. Surprisingly, none of the globally leading firms offer website visitors a personalized experience, leaving room for any firm that's quick to step up their performance, an excellent opportunity to stand out.

The research uncovered basic SEO errors, and we saw limited best practice in terms of Google Ads or retargeting to audiences. We found a clear connection between a firm's overall digital maturity and organic search marketing performance, with the top five digitally mature firms excelling in organic search.

Social media plays a vital role in communication, marketing, and building consumer confidence, with 4.8 billion global users. Notably, 86% of readers within the financial sector anticipate the active presence of C-suite executives on social media platforms. However, a disappointing 78% of tested firms lack a comprehensive presence on essential social media platforms and don't maintain a consistent posting schedule. In contrast, individual CEOs are more active, with 70% of top 50 firms' leaders engaging on LinkedIn.

"42% of the world's leading asset management firms have ineffective websites"

"68% of investment decisions start with an online search"

"We show how any asset management firm, with a limited budget and a small in-house team, can be more effective than the top 50 within 6 months"

Digital Maturity

Digital maturity assesses how effectively asset management firms utilize digital marketing and technology to stay competitive and deliver exceptional service to clients. It encompasses IT, digital technology, marketing, communication, and thought leadership, impacting recruitment, operations, and company culture.

What does this report measure?

For each of the top 50 asset management firms, we've tested and analyzed their digital performance and presence across:

• Audience Size
• Website Effectiveness
• Search Marketing (Organic)
• Search Marketing (Paid)
• Content Marketing
• Personalization
• Remarketing
• Email Marketing
• Social Media
• Mobile App

Bonus Insights

We tested and analyzed data across 2000 data points. In addition to the 10 core aspects that form the overall digital maturity score, we analyzed:

• Website Platform
• Brand Awareness
• CEO Social Profile

Digital Maturity Rankings

Pos	Firm	Score (%)
1	T. Rowe Price	68.75
2	Capital Group	68.27
3	Vanguard	66.35
4	BlackRock	65.38
5	Blackstone	64.42
6	Invesco	61.06
7	AllianceBernstein	58.17
8	Fidelity International	57.69
9	Franklin Templeton	56.25
10	PIMCO	55.29
10	Fidelity Investments	52.4
12	Schroders	50.48
13	Russell Investments	50
14	Janus Henderson Investors	48.08
15	KKR	47.6
16	DWS	46.15
17	Carlyle Group	45.19
18	Apollo	44.23
18	M&G plc	44.23
18	SEI	44.23
21	Wellington Management	41.35
22	American Century Investments	40.87
23	Ares Management	39.42
24	Dimensional Fund Advisors	38.46
24	Western Asset	38.46
24	Baillie Gifford	38.46
27	Neuberger Berman	37.02
28	Federated Hermes	35.58
29	Loomis, Sayles & Company	35.1
30	Union Investment	32.69
31	Barings	29.81
32	Amundi	29.33
33	Brookfield	28.37
33	Lord, Abbett & Co.	28.37
35	TCW	25
36	Allspring	24.52
37	Ostrum Asset Management	24.04
38	Asset Management One	22.12
39	NISA	21.15
40	Dodge & Cox	20.67
41	E Fund Management	15.38
42	Harvest Fund Management	13.94
43	Bosera Funds	13.46
44	ICBC Credit Suisse	12.98
45	China Asset Management	10.58
45	China Southern Asset Management	10.58
47	Affiliated Managers Group	10.1
48	IGM Financial	9.13
49	Tianhong Asset Management	8.17
50	Geode Capital Management	5.77

A Closer Look at the Top 5

T. Rowe Price — 68.75%

Category	Score
Audience Level	75%
Website Effectiveness	75%
Search Marketing (Organic)	100%
Search Marketing (Paid)	100%
Content Marketing	100%
Personalization	0%
Remarketing	66.7%
Email Marketing	20%
Social Media	60%
Mobile Apps	100%

Capital Group — 68.27%

Category	Score
Audience Level	100%
Website Effectiveness	62.5%
Search Marketing (Organic)	100%
Search Marketing (Paid)	100%
Content Marketing	50%
Personalization	0%
Remarketing	33.3%
Email Marketing	20%
Social Media	85%
Mobile Apps	100%

Vanguard — 66.35%

Category	Score
Audience Level	75%
Website Effectiveness	37.5%
Search Marketing (Organic)	100%
Search Marketing (Paid)	100%
Content Marketing	75%
Personalization	0%
Remarketing	0%
Email Marketing	40%
Social Media	85%
Mobile Apps	100%

BlackRock — 65.38%

Category	Score
Audience Level	75%
Website Effectiveness	50%
Search Marketing (Organic)	100%
Search Marketing (Paid)	100%
Content Marketing	75%
Personalization	0%
Remarketing	0%
Email Marketing	20%
Social Media	85%
Mobile Apps	100%

Blackstone — 64.42%

Category	Score
Audience Level	25%
Website Effectiveness	62.5%
Search Marketing (Organic)	100%
Search Marketing (Paid)	75%
Content Marketing	100%
Personalization	0%
Remarketing	100%
Email Marketing	60%
Social Media	75%
Mobile Apps	0%

Audience Levels

The demand for online information and access to asset management firms is increasing, with at least 91,000 global searches for 'asset management' each month. By integrating marketing efforts across various channels, including organic search, paid search, and social media, firms can seize opportunities to reach a broader audience. We assessed website traffic for the top 50 asset management firms using industry tools.

Only 10% of the top 50 global asset management firms attained a commendable score within this category, with Fidelity Investments and Capital Group earning perfect scores across all evaluated criteria. Fidelity Investments take the lead with over 6 million visitors across organic and paid channels, surpassing their competitors by 3.5 million visits.

Reaching valuable audiences remains challenging for most leading asset management firms. Only 14 out of 50 companies effectively use both organic and paid tactics. Surprisingly, 35 firms don't engage in paid channels at all, including top AUM firms like Amundi, PIMCO, and Franklin Templeton.

"70% of the world's leading asset management firms are ignoring the value of paid traffic"

Audience Level Rankings

Good (75 - 100%)

• Fidelity Investments
• Capital Group
• BlackRock
• Vanguard
• T. Rowe Price

Average (50%)

• Invesco

Poor (0 - 25%)

• Blackstone, Asset Management One, M&G plc, Amundi, PIMCO, Wellington Management, Franklin Templeton, Geode Capital Management, Schroders, DWS, Brookfield, Fidelity International, AllianceBernstein, Dimensional Fund Advisors, Affiliated Managers Group, Federated Hermes, Apollo, KKR, Ostrum Asset Management, Allspring, Union Investment, NISA, Neuberger Berman, Western Asset, SEI, Carlyle Group, Dodge & Cox, Ares Management, Barings, Loomis Sayles & Company, E Fund Management, Russell Investments, Janus Henderson Investors, IGM Financial, TCW, China Asset Management, Lord Abbett & Co., Baillie Gifford, Bosera Funds, Tianhong Asset Management, ICBC Credit Suisse, American Century Investments, China Southern Asset Management, Harvest Fund Management

Audience Levels (Continued)

Brand and Audience

Our research found some firms primarily rely on "brand" searches to attract online visitors, targeting audiences already familiar with them rather than new investors. Expanding their digital marketing efforts to target specific search terms related to their products and services can increase revenue and brand recognition.

Although limited in terms of reaching wider and new audiences, brand searches offer insights into brand awareness and identity. It's important for firms to differentiate themselves from competitors, and brand identity goes beyond visual elements like logos and colors; it encompasses the quality of service, products, and experiences, which all contribute towards brand loyalty.

When audiences search for a firm by name, it's a key metric for measuring brand awareness and can guide digital marketing strategies like SEO and PPC. For example, firms like Amundi, SEI, and NISA are missing out on over 300,000 global monthly brand searches because they don't focus on organic search methods.

Our findings show a connection between audience engagement and digital maturity, as all of the top performers in this category are among the top 10 most digitally mature asset management firms. Interestingly, almost a third (31.8%) of the lowest-ranking firms use platforms like Drupal or Adobe. Investing in technology that aligns with the organization's caliber and aspirations contributes to digital and business performance. However, it's important to note that the technology's impact may be limited if it's poorly implemented or underutilized.

Website Effectiveness

Investors demand digital accessibility from firms they engage with. Neglecting website performance is risky; a high-performing site boosts brand reputation and revenue. To succeed, a website must be accessible 24/7 on all devices, especially mobile, given that 80% of the global population owns smartphones. Ineffective sites risk losing out to competitors.

We looked at how the top 50 asset management firms performed across four areas that underpin website effectiveness:

• Website page speed
• Mobile friendliness
• Accessibility
• Multilingual options

Investors typically conduct thorough research across an average of four websites, spanning various devices, prior to finalizing their purchase decisions. This highlights the importance for firms to carefully design, build, and optimize their websites to ensure peak performance.

Only 30% of financial organizations embrace digital transformation, despite 60% of business executives recognizing its importance. A striking 84% of top global firms have ineffective websites, with no one achieving a perfect score. Notably, SEI, PIMCO, and Lord Abbett & Co are poor performers, scoring zero in our assessment.

"84% of the world's top asset management firms have ineffective websites"

Loading Speed

In the digital world, speed is crucial. Quick-loading websites ensure user satisfaction, leave a favorable impression, and directly impact SEO performance.

Over 92% of investors rely on mobile devices for internet access, and 40% will abandon a website if it takes over three seconds to load. Google recommends a load speed under three seconds, as visitors form opinions within 0.05 seconds. Only AMG and Schroders meet this standard.

"Only 2 of the world's top asset management firms pass Google's basic website speed tests"

Our evaluation found 96% are ignoring the significance of site speed. Some firms were seven times slower than Google's recommendation, with Western Asset at nearly 30 seconds. T.Rowe Price, Vanguard, Russell Investments, and PIMCO also underperformed with load times exceeding 10 seconds.

• SCHRODERS: 1.7s
• BARINGS: 8.5s
• WESTERN ASSET: 23.3s

"68% of the top 50 asset management firms failed Google's Core Web Vitals"

Mobile Friendly

By 2025, 72.6% of investors will access the web solely via mobile devices. 74% of visitors won't return to websites not optimized for mobile. Most organizations in our research have mobile-accessible websites, but seven failed the test. Firms without mobile-friendly sites scored poorly for overall digital maturity, with 71% in the bottom 25% for digital maturity.

Accessibility

According to the World Health Organisation, 1 in 6 people experience disability and 71% of web users who have a disability will abandon websites that are not fully accessible. Only 9 top asset management firms including T.Rowe Price and Blackstone, prioritize inclusive websites.

"52% of the top asset management websites fail accessibility testing"

Multilingual

With 75% of internet users not primarily speaking English, offering content in multiple languages is crucial for organic reach and search engine optimization. While 27 of the 50 tested firms offer multilingual experiences, almost half don't.

"46% of the top asset management firms' websites do not offer a translation facility"

Website Effectiveness (Continued)

Pos	Firm	Score %
1	Schroders	87.5
2	Union Investment	75
2	T. Rowe Price	75
2	Western Asset	75
5	Blackstone	62.5
5	IGM Financial	62.5
5	KKR	62.5
5	Capital Group	62.5
9	Affiliated Managers Group	50
9	Franklin Templeton	50
9	Geode Capital Management	50
9	NISA	50
9	Baillie Gifford	50
9	Ostrum Asset Management	50
9	Wellington Management	50
9	Brookfield	50
9	Apollo	50
9	Dimensional Fund Advisors	50
9	Barings	50
9	BlackRock	50
9	Tianhong Asset Management	50
9	M&G plc	50
9	Invesco	50
9	Amundi	50
9	Russell Investments	50
9	Neuberger Berman	50
9	Carlyle Group	50
9	E Fund Management	50
9	Asset Management One	50
9	TCW	50
31	Allspring	37.5
31	Dodge & Cox	37.5
31	Fidelity International	37.5
31	Fidelity Investments	37.5
31	American Century Investments	37.5
31	Vanguard	37.5
31	Bosera Funds	37.5
31	Loomis, Sayles & Company	37.5
31	DWS	37.5
31	Harvest Fund Management	37.5
41	Ares Management	25
41	PIMCO	25
41	Janus Henderson Investors	25
41	SEI	25
41	ICBC Credit Suisse	25
41	Federated Hermes	25
41	Lord, Abbett & Co.	25
41	AllianceBernstein	25
41	China Southern Asset Management	25
41	China Asset Management	25

Good 60 - 100%: 8 firms Average 40 - 59%: 22 firms Poor 0 - 39%: 20 firms

Search Marketing (Organic)

Search engines serve as the primary go-to platform for immediate investment information. Google is the dominant search engine globally, with 8.5 billion daily searches and 'asset management' alone generates 91,000 monthly searches. Google's 83% market share makes it crucial for digital marketers. Its search volume grows by 15% annually, mirroring the financial sector's digital transformation efforts. Asset management firms must prioritize online visibility and accessibility to stay competitive.

68% of investment decisions start with online searches, and only 0.63% go beyond the first search results page. Marketers prioritizing SEO gain an advantage by increasing organic search traffic. Given their market dominance, adhering to Google's guidelines is crucial for effective SEO strategies.

To adapt to evolving market dynamics, like the transfer of wealth to younger generations and the shift in audience demographics, asset management firms must recalibrate digital marketing strategies. The influence of younger generations is on the rise and women's growing participation in investments is set to contribute a substantial $5 trillion globally to the wealth pool. Millennial decision-makers demand tailored marketing efforts, emphasizing the importance of digital maturity, accessibility and sophistication.

Firms should prioritize website optimization for Google searches and cross-device usability. This enhances user engagement and direct interactions, like click-to-call options. A strong SEO strategy involves tracking search trends, adjusting content marketing, and measuring results. Combining SEO with public relations efforts and quality backlinks can help build digital authority.

Our study revealed a strong correlation between search marketing proficiency and overall digital maturity. Pioneering firms like Capital Group and T. Rowe Price excelled in organic search and digital maturity. In contrast, 19 firms ranked poorly, with 84% in the bottom third overall. Notably, 14 of the top 50 firms, including Schroders and Geode Capital Management, scored zero.

Asset management firms that strive for global visibility on Google, particularly for pertinent keywords, stand to reap benefits at both local and international levels.

"68% of the world's top asset management websites are missing out on the benefits of SEO."

Search Marketing (Organic)

(Continued)

Pos	Firm	Score %
1	Fidelity Investments	100
1	Vanguard	100
1	BlackRock	100
1	T. Rowe Price	100
1	Capital Group	100
1	Blackstone	100
1	Apollo	100
1	PIMCO	100
1	Ares Management	100
1	Carlyle Group	100
1	KKR	100
12	Invesco	83.33
12	Franklin Templeton	83.33
12	AllianceBernstein	83.33
12	Russell Investments	83.33
12	M&G plc	83.33
17	American Century Investments	66.67
17	Lord, Abbett & Co.	66.67
17	Baillie Gifford	66.67
20	Brookfield	50
20	Janus Henderson Investors	50
20	Federated Hermes	50
20	Neuberger Berman	50
20	DWS	50
20	Wellington Management	50
20	Dimensional Fund Advisors	50
20	SEI	50
20	Loomis, Sayles & Company	50
20	Fidelity International	50
20	Western Asset	50
20	Barings	50
32	Dodge & Cox	33.33
32	Union Investment	33.33
32	Asset Management One	33.33
35	Allspring	16.67
35	Amundi	16.67
37	TCW	0
37	Affiliated Managers Group	0
37	NISA	0
37	Schroders	0
37	Ostrum Asset Management	0
37	IGM Financial	0
37	Geode Capital Management	0
37	Bosera Funds	0
37	China Asset Management	0
37	E Fund Management	0
37	Tianhong Asset Management	0
37	China Southern Asset Management	0
37	Harvest Fund Management	0
37	ICBC Credit Suisse	0

Good 75 - 100% | Average 50 - 74% | Poor 0 - 49%

07 Search Marketing (Paid)

Google's demand is mainly met through paid search ads. With 65% of users clicking on these ads, it's challenging to distinguish between 'organic' and 'paid' results. In the financial sector, paid ads achieve a 4.3% conversion rate, competitive for a sector typically slower in digital adoption.

Investment audiences often view top search results as credible leaders. Paid ads empower marketers to create highly targeted, demographic-specific advertisements. These ads can be finetuned by factors like location, industry, and job title. Paid search delivers quick results and is cost-effective in asset management, with the average CPC around $3.44. According to WordStream's conversion benchmark data, Google Ads conversion rates in this sector range from 0.80% to 4.17%, lagging behind the overall industry average of 4.40%, while Bing Ads excel at 5.57%, over 2.5% higher than other sectors.

The firms that stood out in our research were Blackrock, Vanguard, Capital Group and T.Rowe Price, who had the highest number of keywords that they target globally. This gives them the benefit of reaching a bigger and relevant worldwide audience and is reflected in their financial rankings with three of the four firms holding the top four spots for AUM. Google data supports this relationship between paid ads and revenue performance, reporting an average 8:1 ROI.

Surprisingly, 64% of the top asset management firms neglect this channel entirely, while 72% underutilize it and are missing out on its full potential. This means competitors are appearing for their brand terms and they are relying solely on organic search performance - a risk when all of these brands are also neglecting SEO.

"76% of the asset management firms are ignoring the full potential of paid search ads"

Good (75 - 100%)

BlackRock, Vanguard, Capital Group, T. Rowe Price, Fidelity Investments, PIMCO, Invesco, Wellington Management, Blackstone, Schroders, Dimensional Fund Advisors, SEI, Russell Investments, Janus Henderson Investors

Average (50%)

Franklin Templeton, DWS, AllianceBernstein, Federated Hermes

Poor (0 - 25%)

Amundi, Geode Capital Management, Brookfield, Fidelity International, Affiliated Managers Group, Apollo, KKR, Ostrum Asset Management, Allspring, Asset Management One, Union Investment, NISA, M&G plc, Neuberger Berman, Western Asset, Carlyle Group, Dodge & Cox, Ares Management, Barings, Loomis, Sayles & Company, E Fund Management, IGM Financial, TCW, China Asset Management, Lord, Abbett & Co., Baillie Gifford, Bosera Funds, Tianhong Asset Management, ICBC Credit Suisse, American Century Investments, China Southern Asset Management, Harvest Fund Management

08 Content Marketing

Content marketing costs 62% less than traditional marketing, and returns can be up to three times higher. Surprisingly, 70% of asset managers lack a content marketing strategy which is concerning as it influences SEO and social media and is projected to reach a value of $600 billion in 2024.

Our report examined inbound content usage, emphasizing asset management firms' effectiveness in attracting, engaging, and converting website visitors. Marketing professionals list the four most important content formats as:

• Video
• Blogs
• Images
• Infographics

Content marketing is a strong suit for asset management firms, with 78% of them earning commendable scores, while slightly over half achieved a perfect rating. Our analysis found the link between content marketing and SEO performance is evident, as 89% of firms lacking a dedicated blog section performed poorly in organic search rankings. Notably, the lowest-performing entities consistently ranked as the least digitally mature in the industry.

Websites with dedicated blog or news sections tend to rank higher in Google search results. Surprisingly, well-known brands like Capital Group, Amundi, and Ares Management are missing out on potential revenue opportunities by not leveraging this channel.

A robust content presence is preferred by 82% of individuals, with 70% favoring educational content, such as blog posts over traditional advertisements when seeking insights. This presents the perfect opportunity for firms to shape their narrative, cultivating content that not only nurtures client trust but also solidifies their authority in the field.

Video content receives 157% more organic search traffic than static content, and 96% of people want to learn about products or services via video content. Savvy asset management firms have a great opportunity to capitalize on this trend, as audiences have become accustomed to video content, with videos increasing time spent on a webpage by 88%. 24% of the world's leading firms are currently missing out on this excellent opportunity to boost ROI and the chance to create powerful marketing material for platforms like YouTube and LinkedIn to enhance customer engagement and online visibility.

46% of the world's top asset management firms are failing to use content marketing to its full potential

Good (100%)

Fidelity Investments, PIMCO, Invesco, Wellington Management, Franklin Templeton, T. Rowe Price, Blackstone, Schroders, Brookfield, AllianceBernstein, Dimensional Fund Advisors, Federated Hermes, Apollo, Ostrum Asset Management, Allspring, NISA, M&G plc, Neuberger Berman, SEI, Carlyle Group, Loomis, Sayles & Company, E Fund Management, Russell Investments, Janus Henderson Investors, TCW, Baillie Gifford, American Century Investments, BlackRock, Vanguard, DWS, Fidelity International, KKR, Union Investment, Western Asset, Barings, Lord, Abbett & Co., Asset Management One, Dodge & Cox, Harvest Fund Management

Average (50%)

Ares Management, China Southern Asset Management, Capital Group, Amundi, China Asset Management, Bosera Funds

Poor (0 - 25%)

Affiliated Managers Group, IGM Financial, Tianhong Asset Management, ICBC Credit Suisse, Geode Capital Management

09 Personalization

Investors expect a tailored experience when using digital services. Part of the appeal of Amazon, Netflix, Spotify and YouTube is the extent to which every experience is personalized. Asset management firms that implement personalization can lower acquisition costs by up to 50%, boost revenues and elevate marketing spend efficiency by up to 30%, according to McKinsey.

The dissatisfaction with current personalized experiences affects 71% of audiences, while 90% prefer organizations offering tailored services. Surprisingly, we found top asset management firms are not utilizing the benefits of personalized online experiences, despite nearly half of the firms having access to digital experience platforms like Adobe, Sitecore, and Optimizely which all offer robust personalization tools.

McKinsey reports a 40% revenue surge for businesses embracing personalization, with a potential $20 return for every $1 invested. Only 2% of website visitors convert initially, emphasizing the need for content personalization for repeat visitors. Personalization not only attracts new clients but also retains existing ones, as 75% of investors desire personalized experiences, and 83% believe it enhances their online journey.

Customer centric firms simply cannot afford to ignore this expectation. Advanced personalization gives digital marketers the opportunity to create segments and personas to show unique content to different visitor groups. This will enhance engagement, increase client satisfaction and raise conversion rates.

However, the tested firms fall short in delivering personalized content, possibly due to inexperienced implementation partners or outdated platforms with hidden costs. These firms should consult accredited platform partners or refer to the Gartner Magic Quadrant Report for the most effective technologies on the market.

In contrast, some firms lack personalization features in their platforms, such as WordPress, highlighting the need to prioritize AI-driven personalization in their digital experience platform investments for the future.

Forward-thinking asset management firms should prioritize personalization due to its cost-effectiveness, quick deployment, and competitive advantage.

None of the world's leading asset management firms offer personalized digital experiences for their audience.

Personalization can return $20 for every $1 invested

10 Remarketing

Remarketing is a highly efficient ad strategy, boasting an impressive 1,046% efficiency rate. New clients typically engage with your brand through eight touchpoints before converting. Remarketing, focused on brand familiarity, achieves a ten times higher click-through-rate (CTR) compared to regular display ads, making it a cost-effective way to bring users back to your website.

Many businesses in the financial services sector are not effectively implementing remarketing strategies. Nearly half (46%) of surveyed businesses lack tracking systems for remarketing campaigns, and 32% monitor remarketing audiences through only one channel. Remarketing is a powerful tool, with a 43% higher likelihood of turning targeted visitors into new clients.

98% of visitors to an investment management website leave without taking any action. But remarketing, especially in conjunction with other advertising tools, can increase revenue by up to 33% and boost online searches for specific firm names by 1,046%. Asset management firms can effectively leverage remarketing ads to re-engage previous website visitors. This can be achieved through targeted channels such as Google, LinkedIn, Facebook, and other platforms.

Unfortunately, 78% of the top global asset management firms are not fully utilizing remarketing across all channels.

In the financial services realm, audiences greatly appreciate tailored content with 30% reacting positively to retargeted ads, and only 11% having negative sentiments. Implementing effective remarketing tactics allows asset management firms to:

• Utilize customize audience lists for highly targeted ads
• Maintain brand recall and stay at the forefront of a client's mind
• Increase conversions and generate revenue
• Obtain valuable insights into their audience's preferences and behaviors.

Although overall, the leaders in the While the industry leaders struggle with digital maturity in this area, Google tags are the most commonly used by the top firms with 40% capitalizing on this channel*. Social remarketing tags were significantly overlooked by the industry leaders, with LinkedIn remarketing tags only being capitalized on by 10 firms. A surprising shortfall, when 81% of finance professionals report an average increase of $1.9 million in assets gained through social media activities.

78% of the top asset management firms are missing out on the benefits of remarketing

Good (61 - 100%)

Blackstone, Franklin Templeton, Apollo, SEI, T. Rowe Price, PIMCO, KKR, Carlyle Group, Ares Management, Dimensional Fund Advisors, Loomis, Sayles & Company

Average (31 - 60%)

Capital Group, Invesco, AllianceBernstein, Fidelity International, Fidelity Investments, Schroders, Russell Investments, Janus Henderson Investors, M&G plc, Wellington Management, Barings, Brookfield, TCW, Asset Management One, NISA, Affiliated Managers Group

Poor (0 - 30%)

Vanguard, BlackRock, DWS, American Century Investments, Western Asset, Baillie Gifford, Neuberger Berman, Federated Hermes, Union Investment, Amundi, Lord, Abbett & Co., Allspring, Ostrum Asset Management, Dodge & Cox, E Fund Management, Harvest Fund Management, Bosera Funds, ICBC Credit Suisse, China Asset Management, China Southern Asset Management, IGM Financial, Tianhong Asset Management, Geode Capital Management

Some websites' tags were not available at the time of testing

11 Email Marketing

Email marketing remains the most effective form of digital marketing. There were around 4.26 billion recorded global email users at the start of 2023, a figure that is expected to rise by 100 million annually for the next three years. Audiences want to hear from the organizations that they interact with. 2023 data reports support this, with an average email open rate of 41.4% across the sector.

Email marketing is a crucial component of digital strategy for asset management firms, boasting the second-highest open rates among all industries. It's considered the most personal channel for receiving communications and thrives on personalization. Personalized emails yield a 29% higher open rate and a 41% higher click-through rate than those that aren't tailored to the user. For asset management firms this channel facilitates stronger, more meaningful relationships with clients and stakeholders through authentic, informative, and relevant content.

The pandemic accentuated the importance of digital communication, with email playing a vital role both internally and externally. To ensure long-term engagement, firms can leverage:

• Audience segmentation
• Personalization of email content
• Automation of email delivery

81% of marketers favor email newsletters, which offer an average ROI of 122%. Asset management firms can use email to establish trust and maintain regular, direct dialogue with target audiences. Marketers can benefit from automation and the adoption of generative AI for email content, freeing up time for other valuable activities.

We signed up for email alerts from the top asset management firms to see how often we received alerts and looked for personalization and audience segmentation.

Disappointingly, none of the top 50 asset management firms excelled in email marketing, with only 5 achieving an average score. Notably, 60% of top email marketing performers also rank in the top 10 for digital maturity.

Despite this being one of the most lucrative channels for the sector, 48% of global firms fail to offer website visitors the option to subscribe to a newsletter. Of the 24 brands that do, only 5 sent a follow-up newsletter within a week, and just 10 sent a confirmation email.

It's alarming that the majority of the leading firms aren't exploiting the benefits of email marketing and are missing out entirely. For savvy marketers this provides a huge opportunity to engage with their audiences, differentiate and gain a competitive advantage in the marketplace.

None of the top 50 asset management firms achieved a good score for their email marketing performance.

60% of the top performers for email marketing also rank in the top 10 for digital maturity

Average (50 - 70%)

Blackstone, Baillie Gifford, Invesco, AllianceBernstein, Russell Investments

Poor (>50%)

Western Asset, Vanguard, Wellington Management, DWS, Dodge & Cox, M&G plc, Janus Henderson Investors, TCW, Lord, Abbett & Co., BlackRock, Fidelity Investments, Capital Group, T. Rowe Price, Schroders, KKR, Ostrum Asset Management, NISA, Neuberger Berman, SEI, Amundi, PIMCO, Franklin Templeton, Geode Capital Management, Brookfield, Fidelity International, Dimensional Fund Advisors, Affiliated Managers Group, Federated Hermes, Apollo, Allspring, Asset Management One, Union Investment, Carlyle Group, Ares Management, Barings, Loomis, Sayles & Company, E Fund Management, IGM Financial, China Asset Management, Bosera Funds, Tianhong Asset Management, ICBC Credit Suisse, American Century Investments, China Southern Asset Management, Harvest Fund Management

12 Social Media

By the end of 2024 there's expected to be 5.17 billion social media users globally, up 5.5% over one year, this is expected to reach 5.85 billion by 2027. That's around 64% of the world's population, making social media a great space for marketers to circulate valuable content. We reviewed how the top asset management firms and their leaders are using the most widely used social media platforms and which firms are missing out.

"Only 22% of asset management firms are using social media to a good standard."

On average, individuals spend 2 hours and 27 minutes daily on seven social media platforms per month, with 33% using it for product and service discovery and 17% for customer support. Firms that overlook social media risk losing clients.

99% of social media users access the platforms via mobile devices where video content is heavily favored. YouTube, with 2 billion monthly users, is a vital search engine not to be ignored. LinkedIn sees five times more engagement on video content compared to text based posts, indicating the power of video. Surprisingly, 22 of the world's top asset management firms ignore YouTube, while 53% of the 28 that have channels are dormant. Firms that fail to maintain an active social media presence risk being overlooked and miss out on the SEO advantages linked to video content.

4 out of 5 leads come from LinkedIn and unlike any other social platform, LinkedIn is designed to be a space for professionals and businesses. Asset managers can harness features available for targeting specific audiences based on location, sector or job role to help reach niche audience segments.

Clients Trust Social CEOs

Although our research found that LinkedIn is the most used platform with all 50 firms having an active presence, 30% of their CEOs are absent, a significant error. Clients expect to see leaders on social media, and CEOs on this channel are considered 17% more trustworthy than those that aren't.

Active CEOs on LinkedIn correlate with firm performance in social media. 60% of the 10 least mature firms lacked active CEO profiles during testing, while the top 5 CEOs with the most followers ranked highest in digital maturity.

"78% of asset management firms are not present or using social media platforms effectively"

Despite all top 50 asset management firms having a presence on at least one social media platform (LinkedIn), 78% use it ineffectively. Our tests revealed only 11 firms received a good score, and just one, Fidelity Investments scoring full marks.

World's Top 10 Most Followed CEOs On LinkedIn

CEO	Firm	Followers	DM Ranking
Larry Fink	BlackRock	945,861	4
S A. Schwartzman	Blackstone	205,723	5
Tim Buckley	Vanguard	34,726	3
Stefan Hoops	DWS	33,826	16
George Walker	Neuberger Berman	23,241	27
Katie Koch	TCW	16,994	35
Rob Sharps	T. Rowe Price	16,499	1
Zach Buchwald	Russell Investments	16,059	13
Abigail Johnson	Fidelity Investments	14,270	11
Michael Arougheti	Ares Management	14,182	23

Social Media Rankings

Pos	Firm	Score %
1	Fidelity International	100
2	Schroders	95
3	AllianceBernstein	90
4	BlackRock	85
4	Vanguard	85
4	Capital Group	85
4	American Century Investments	85
8	Franklin Templeton	80
8	DWS	80
10	Blackstone	75
10	Fidelity International	75
12	Amundi	70
12	PIMCO	70
12	Invesco	70
12	Carlyle Group	70
16	Union Investment	65
17	T. Rowe Price	60
17	Loomis, Sayles & Company	60
17	Janus Henderson Investors	60
20	Apollo	55
20	KKR	55
20	SEI	55
23	Federated Hermes	50
23	Allspring	50
23	Neuberger Berman	50
23	Western Asset	50
23	Ares Management	50
23	Barings	50
23	Russell Investments	50
23	Baillie Gifford	50
31	Ostrum Asset Management	45
32	Wellington Management	40
32	Lord, Abbett & Co.	40
34	Dimensional Fund Advisors	35
34	Brookfield	30
34	M&G plc	30
34	TCW	30
34	Bosera Funds	30
39	NISA	20
39	China Asset Management	20
39	ICBC Credit Suisse	20
39	China Southern Asset Management	20
39	Harvest Fund Management	20
44	Geode Capital Management	10
44	Affiliated Managers Group	10
44	Asset Management One	10
44	Dodge & Cox	10
44	E Fund Management	10
44	IGM Financial	10
44	Tianhong Asset Management	10

13 Mobile Apps

43% of investors use mobile apps to access their investments and the average smartphone user accesses 10 apps daily and 30 monthly. By 2025 the app market is expected to generate $613 billion in revenue. Asset management firms can leverage apps to boost customer engagement, give useful information or to streamline operations.

The financial services sector was already undergoing digital disruption due to the rise of fintech players before the COVID-19 pandemic. However, the pandemic accelerated the shift toward digital interactions, emphasizing the importance of mobile apps for maintaining a strong brand presence.

Convenience is a primary driver for users, with 66% using apps to simplify their lives. Apps help firms assist investors, build trust, whilst collecting valuable user data. Our research identified 30 customer satisfaction requirements, similar to Maslow's hierarchy of needs, covering functional aspects such as 'hassle-free experience,' 'time-saving,' and 'informative' and emotional needs like 'reducing anxiety.' Neglecting the convenience and accessibility of apps means disregarding market needs and risking losing out to client-centric competitors.

In 2023, global app downloads exceeded 299 billion, with a rise in popularity of 'super-apps' offering multiple functionalities in one platform. For asset management firms looking to grow digitally and improve their corporate social responsibility, investing in mobile apps is crucial.

Surprisingly, only 38% of top asset management firms invest in mobile apps on Google and Apple stores, despite their impressive ROI, which includes a three times higher conversion rate compared to mobile websites. There's also a strong correlation between AUM ranking and mobile app performance, with 8 of the top 10 firms offering apps on both platforms. Neglecting mobile app investment weakens digital effectiveness, with 90% of the bottom 20 firms exhibiting weak mobile app presence.

"54% of the top asset management firms do not have apps available in either the Apple or Google Play stores."

Firm Rankings

Pos	Firm	Score %
1	BlackRock	100
1	Vanguard	100
1	Fidelity Investments	100
1	Capital Group	100
1	Amundi	100
1	PIMCO	100
1	Franklin Templeton	100
1	T. Rowe Price	100
1	Schroders	100
1	DWS	100
1	Fidelity International	100
1	AllianceBernstein	100
1	KKR	100
1	M&G plc	100
1	Neuberger Berman	100
1	Western Asset	100
1	Ares Management	100
1	Janus Henderson Investors	100
1	ICBC Credit Suisse	100
20	Invesco	50
20	Federated Hermes	50
20	Union Investment	50
20	American Century Investments	50
24	Wellington Management	0
24	Geode Capital Management	0
24	Blackstone	0
24	Brookfield	0
24	Dimensional Fund Advisors	0
24	Affiliated Managers Group	0
24	Apollo	0
24	Ostrum Asset Management	0
24	Allspring	0
24	Asset Management One	0
24	NISA	0
24	SEI	0
24	Carlyle Group	0
24	Dodge & Cox	0
24	Barings	0
24	Loomis, Sayles & Company	0
24	E Fund Management	0
24	Russell Investments	0
24	IGM Financial	0
24	TCW	0
24	China Asset Management	0
24	Lord, Abbett & Co.	0
24	Baillie Gifford	0
24	Bosera Funds	0
24	Tianhong Asset Management	0
24	China Southern Asset Management	0
24	Harvest Fund Management	0

14 Website Platform Insights

Online experiences are vital for organizational success. Asset management firms must not only select the right platform but also ensure proper implementation and maximize platform capabilities for a healthy ROI. We examined website platform investments of leading firms and analyzed digital effectiveness trends.

Many top asset management firms have neglected the importance of website performance and platform selection and our tests revealed a variety of platforms being used, from Adobe to WordPress. However, regardless of the platform consistent issues like poor user experience, slow loading times, and search engine visibility were prevalent.

Adobe was the most popular choice, followed by Drupal and WordPress, highlighting significant differences in investment and technological sophistication. Surprisingly, many top firms opted for open-source platforms like WordPress, despite its history of security vulnerabilities. Although websites using Adobe held 50% of the top ten positions for digital maturity, 72% of firms using this sophisticated software failed basic Google core web vitals tests.

Website loading speeds were also a challenge, with Optimizely being the fastest at 1.7 seconds, while Sitecore and Adobe-based sites experienced delays exceeding 18 seconds.

When it comes to platforms an assessment by Gartner has shown Optimizely is on the rise, overtaking Sitecore and Acquia, but around 30% of top asset management firms invested in enterprise-level platforms but demonstrated poor digital effectiveness. We found no sign of any personalization and an overall poor performance, emphasizing the impact of poor implementation on ROI.

In terms of digital maturity scoring, the performance across the top asset management firms was low, with no firm scoring above 68.75%. There are obvious benefits to firms investing in website platforms that align to their needs and ambitions, however, failing to get the implementation right or maximize its potential can decrease digital effectiveness and risks falling behind competitors.

To showcase the ease of improvement, we integrated the top-performing features from our study into a digitally effective website for asset management firms. We used Optimizely, as this is regarded as a leader by Gartner, to demonstrate best practices, including features such as:

• Enhanced SEO features
• Exceptional mobile features
• AI driven personalisation
• Exceptionally for content marketing across all digital channels
• In built testing for campaign assets
• Competitive price tag
• Bulletproof security

This proof of concept is a 'must see' for any ambitious investment organisation. If you'd like a demo, contact us today.

Platform Usage Among Top Asset Management Firms

• Adobe Experience Manager (11)
• Wordpress (5)
• Sitecore (3)
• SDL Tridion (1)
• Episerver/Optimizely (2)
• Drupal (7)
• Genesys Cloud CX (1)
• Magnolia CMS (1)
• My Salesforce (4)
• Investis (1)
• eZ Systems (1)
• Other (13)

Gartner Magic Quadrant 2023 Leaders

Adobe, Optimizely, Acquia

Gartner Magic Quadrant 2023 Challengers

HCL Software, Open Text

Gartner Magic Quadrant 2023 Visionaries

Sitecore, Bloomreach, Magnolia

Gartner Magic Quadrant 2023 Niche Players

Liferay, Crownpeak, CoreMedia, Progress, Kentico, Squiz

15 The Next Steps in Digital Maturity

Our research confirmed that asset management firms are significantly behind other sectors and even other parts of the financial services sector in digital maturity. While some firms have started digital transformation, further improvements are needed to catch up with the evolving digital landscape.

Being slow to embrace digital innovation poses significant risk and gives competitors an advantage. Digital transformation is vital for improving client experiences, building trust, generating revenue, and attracting new clients.

Adopting these strategies enables marketers to swiftly adapt their approaches, effectively communicate with their audience, and deliver exceptional experiences on a large scale. Crafting intricate, personalized, end-to-end customer journeys can quickly become overwhelming without the necessary expertise, support, or tools to achieve your objectives.

The digital revolution shows no signs of slowing, demanding that asset management firms urgently accelerate their efforts to evolve in sync with the broader industry and the wider business landscape.