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The Money Management Institute (MMI) has announced the finalists for the 2024 MMI/Barron’s Industry Awards, a recognition of innovation and leadership in the investment advisory solutions industry. Now in their 16th year, these awards highlight the progress among wealth managers, asset managers, and solutions providers to drive change and enhance investment advice.
Craig Pfeiffer, President and CEO of MMI, described the finalists as an “impressive group of firms pushing the boundaries of what’s possible in investment advisory.”
The awards “recognize the innovation and leadership that are transforming our industry,” he said.
Industry Context and Growth
The global asset management industry continues to evolve rapidly, with a market size projected to reach $145 trillion by 2025, according to PwC. This growth is partly fueled by the expansion of alternative investments, which include private equity, hedge funds, and real estate, anticipated to exceed $17 trillion by 2025, according to Preqin. In this dynamic market, the MMI/Barron’s Industry Awards measures the contributions of leading firms.
Key Highlights and Categories
This year’s awards feature finalists across 13 categories, showcasing significant achievements in areas such as disruption, distribution excellence, and values-based investing.
Disruption: This category honors groundbreaking new products, services, or processes poised to redefine the delivery of advisory solutions. Notable finalists include BNY Mellon’s Pershing X for Wove, Calamos Investments’ Structured Protection ETFs, and Franklin Templeton’s Digital Assets initiative, reflecting the industry’s embrace of digital assets, projected to reach over $10 trillion by 2030.
Distribution Excellence: Recognizing innovative advisor sales support, finalists such as Blackstone’s Global Business Intelligence Platform, Halo Investing’s partnership strategies, and Morgan Stanley’s Field Engagement Initiative stand out for their innovative approaches to client engagement and revenue growth.
Values-Based Investing: This category highlights programs promoting awareness and adoption of values-based investing. Finalists include Domini Impact Investments’ The Domini Funds, Raymond James’ Real Stories campaign, and YourStake’s Values-Aligned Direct Index Solutions.
Recognizing Asset Management Excellence
The awards also recognize asset managers demonstrating innovation and excellence across different asset under management (AUM) categories:
Asset Manager of the Year (Retail Advisory AUM less than $25 billion): Finalists include BondBloxx Investment Management, North Square Investments, and StepStone Private Wealth, each recognized for their innovative fund expansions and contributions to better investor outcomes.
Asset Manager of the Year (Retail Advisory AUM $25 billion-$100 billion): Amundi U.S., Calamos Investments, and Clark Capital Management Group have been acknowledged for their strategic innovations and industry-defying trends.
Asset Manager of the Year (Retail Advisory AUM more than $100 billion): Blackstone, Blue Owl Capital, Federated Hermes, and Fidelity Investments are in the running for their continued growth and enhancement of product offerings.
Technological Advancements and Industry Trends
The role of technology is significant in the innovative approaches of many of the finalists. Leveraging digital solutions to improve client outcomes is a recurring theme this year, across the wealth and asset management ecosystem, as younger clients that prioritize digital engagement seek professional advice and personalized investment solutions, and the industry caters to evolving client preferences.
Winners will be announced at the 2024 MMI Annual Conference in October.
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