Wealth / PB Review 3Q25/9m25

The aggregate operating revenue reached $11bn in 9m25, 11% y/y. The mass-affluent segment ($200k-$1m) recorded the fastest growth; this was driven by strong transactional revenues, the fastest-growing revenue segment across the peer group. Regionally, AMER and APAC outpaced EMEA. AuM jumped 17% y/y, with several banks in the peer group reporting record net new money inflows.

Aggregate operating revenue rose to $11bn in 9m25, up 11% y/y. The Mass-Affluent segment ($200k–$1m) delivered the strongest expansion, fuelled by robust transactional revenues – the fastest-growing revenue stream across peers. Regionally, AMER and APAC outperformed EMEA. AuM climbed 17% y/y, with multiple banks in the peer group reporting record net new money inflows.

Amid market volatility, US-based advisors are increasing their allocations to active strategies. Active ETFs, in particular, are in demand: the vast majority of ETFs launched in 2025 are actively managed, and active ETFs now account for close to 40% of total ETF inflows in the US. The arrival of dual-share fund classes – funds with both mutual fund and ETF share classes – may not turn into a flood of new ETFs. Likely tax advantages for investors notwithstanding, the transition to an ETF at a custodian is not straightforward and besides, funds that are less liquid and/or with high concentration of holdings may wish to preserve their ability to close to new investors.