KPMG Survey of 110 Asset Management CEOs Reveals 2025 Industry Priorities

Confidence among asset management and private equity leaders surged to its highest level in at least two years, with 83 percent of the 110 CEOs surveyed for KPMG's 2025 Asset Management and Private Equity CEO Outlook expressing confidence in the industry's growth prospects, up from 73 percent the previous year. Eighty percent were equally positive about their own company's outlook, with U.S. respondents registering slightly higher figures still.

The findings form the sector-focused chapter of KPMG's 11th annual Global CEO Outlook, which drew on responses from 1,350 CEOs across 11 markets and 12 industry sectors. All 110 asset management and private equity respondents in the sub-report oversee companies with annual revenues above US$500 million; one-third manage firms exceeding US$10 billion in annual revenue.

"Confidence is driving deployment and deployment is leading to greater disposals. Asset management leaders have good reason to be bullish," said Gavin Geminder, Global Head of Private Equity at KPMG International.

The bullishness translates directly into deal appetite. Eighty-four percent of respondents reported a moderate-to-high appetite for mergers and acquisitions, while 23 percent expected earnings growth exceeding 5 percent. The report attributes the optimism in part to record-high levels of dry powder, an increasingly active exit environment, and rising valuations across public markets.

AI sits at the center of the sector's value creation agenda. The report states that sector CEOs are clear on how AI will create competitive advantages for their funds, their organizations, and their portfolio companies, and that the vast majority are confident they have the skills and capabilities to convert those investments into tangible value. Cybersecurity, however, registers as a persistent concern: KPMG notes that AI is simultaneously creating new risks and new opportunities in that space, and that strong governance must underpin any deployment.

Workforce restructuring is following the AI buildout. People are being upskilled, workplace models are being updated, and new partnerships are being formed to support AI adoption and retraining, according to the report. Competition for top talent remains fierce, though the report notes CEOs are taking proactive steps to secure the capabilities needed to deliver alpha to investors.

The report's five strategic priorities for asset management and private equity leaders cover valuation gap closure, strategic M&A, AI-powered innovation, workforce transformation, and ESG as a financial lever. On sustainability, the KPMG findings are direct: sector leaders are increasingly focused on understanding and unlocking the financial value of their ESG initiatives, which means assessing the cost and value of sustainability investments and reporting on metrics that satisfy both investors and regulators.

Market conditions vary by geography. The report flags Australia as a distinct operating environment where margin expansion is constrained by labour market conditions and regulation, requiring genuine operating reform rather than macro-driven EBITDA lift. Integration discipline, the report notes, is front and centre for Australian managers pursuing deals.

With asset managers and private equity executives entering 2026 on firmer footing, KPMG's data suggests the sector's primary challenge is no longer confidence: it is execution.