New Delhi, Oct. 19 -- Private markets are expected to generate 39 per cent of global asset management industry revenue by 2030 despite accounting for only 15 per cent of assets under management (AUM), as revenue growth increasingly shifts towards specialised investment products, according to a joint research report by Morgan Stanley and Oliver Wyman.

The report said the changing revenue mix would make product selection increasingly important for asset managers seeking to outperform the industry.

"AUM is not the measure of success," the report said, noting that global asset management revenues are expected to grow at 7 per cent annually through 2030, compared with 9 per cent growth in AUM. Average fees are projected to decline from aroun...