A year on, however, it is apparent that while much has happened, the overall experiences of end-asset owners, as reflected in JPES’ latest proprietary study, have been much more positive than might have been expected.

Admittedly, this is partly attributable to improved market conditions, with the upheaval many expected failing to come to pass, markets rebounding when challenged, and strong performance being recorded by both equities and bonds.

Asset managers benefited from this trend, with satisfaction among asset owners towards the providers they employ returning to the highs recorded in JPES’ 2021 study. For a sector that has experienced numerous structural challenges in recent years, these green shoots of recovery should be considered good news.

This is not to say that asset managers can rest on their laurels. Many investors surveyed for this study plan to make asset allocation changes in the coming twelve months, with numerous factors including US exceptionalism, concentration risk, credit market concerns and a desire for greater portfolio diversification meaning that a significant proportion of assets are likely be on the move over the course of this year. 

At the same time, there is a strong sense among asset owners that managers could still do much more to demonstrate the quality and continuity of their investment teams, as well as their business culture and alignment with underlying investors. At a point where asset owners are increasingly placing a focus on the development of longer-term strategic partnerships with a smaller number of providers, whilst also seeking reassurance about managers’ ability to manage risk effectively and improve diversification, there clearly remains much work for asset managers to do.

The next 12 months will be critical for asset management businesses. JPES’ latest study suggests the industry is approaching a genuine inflection point, as asset owner priorities evolve and expectations sharpen.

JPES’ Asset Owner Report 2026 is based on interviews conducted with senior decision-makers representing 40 organisations across the UK and Europe, responsible for over $6 trillion of assets. Our survey universe includes major pension schemes, charities, insurers, investment consultants, wealth managers, fiduciary managers and fund platforms.

For more information and to discuss JPES’ proprietary research, please contact matt.rogers@jpespartners.com