Asset managers have reached a broad consensus on the most promising avenues for future growth, with private markets and artificial intelligence consistently appearing at the forefront of strategic initiatives. However, a comprehensive new study released by Nasdaq, Inc., in partnership with research firm Escalent, reveals a significant industry-wide challenge: translating this alignment into successful products that can achieve meaningful scale in a highly competitive landscape. The 2026 Global Voice of the Issuer Study, which surveyed 406 senior investment product professionals across seven countries, highlights that while strategic vision is clear, the practical execution of bringing innovative products to market remains a formidable hurdle.
The study, which gathered insights from 356 asset managers and 50 insurance firms overseeing at least $25 billion in assets under management, paints a picture of an industry that has successfully identified its growth targets but is now grappling with the operational complexities and market dynamics required to achieve them. Emily Spurling, Global Head of Indexes at Nasdaq, articulated this sentiment, stating, "Asset managers have identified where they want to grow. The harder question is what it takes to get there." This underscores a critical inflection point for the industry, where strategic intent must now be matched by robust execution capabilities.
Private Markets Emerge as the Undisputed Growth Engine
Across both institutional and advisor-facing channels, private markets have firmly established themselves as the paramount growth priority for asset managers globally. This finding is corroborated by a wealth of recent industry data, which has consistently pointed to increasing investor appetite for alternative asset classes. The Nasdaq study reveals that within the Americas, a striking 82% of institutional-focused firms identified private markets as a top five demand area from clients. This demand is also robust in other major regions, with 71% of Asia-Pacific firms and 67% of European firms echoing this sentiment.
This surge in demand, however, is encountering significant structural obstacles. The study identified a substantial unmet need for reliable benchmarks in private markets, with 58% of respondents flagging this as the largest gap in current offerings. This is followed by a need for digital asset benchmarks, cited by 41% of participants. The absence of standardized and easily accessible benchmarks can impede investor confidence and complicate the due diligence process, creating a drag on the scalability of private market products.
For asset managers already actively engaged in the private markets space, the path to differentiation in an increasingly crowded field is also becoming more defined. Access to unique and differentiated data sources was identified as a critical factor by 27% of respondents. Equally important, the ability to articulate a clear and compelling investment narrative for these often complex strategies was also cited by 27% of respondents. These findings suggest that beyond simply offering access to private markets, success hinges on the quality of proprietary insights and the clarity of communication to potential investors.
Artificial Intelligence: Pervasive in Concept, Limited in Application
Artificial intelligence (AI) has transitioned from a nascent concept to an integrated component of product development for a significant majority of asset managers worldwide. The study indicates that a remarkable 80% of asset managers globally are now leveraging AI in some capacity during their product development cycles. This figure is even higher in the Asia-Pacific region, where 84% of firms report AI integration.
Despite this widespread adoption, the depth and breadth of AI deployment present a more nuanced picture. Only 26% of surveyed firms are utilizing AI across multiple stages of the product development process. The predominant application of AI is confined to the earlier phases, specifically idea generation (cited by 69% of respondents) and initial product design (61%). Later-stage functions, such as ongoing product management, risk assessment, or post-launch performance analysis, appear to be largely untouched by AI capabilities in many organizations.
For those asset managers who are still in the exploratory stages of AI adoption, several key barriers are hindering deeper integration. Compliance concerns were cited by 53% of these firms as a significant impediment, reflecting the regulatory scrutiny that surrounds the use of AI in financial services. A lack of internal expertise also emerged as a major hurdle for 53% of respondents, highlighting the need for upskilling and talent acquisition. Furthermore, questions surrounding the accuracy and transparency of AI-generated outputs were raised by 50% of firms, underscoring the importance of robust validation and explainability frameworks.
The industry also appears to be divided on the strategic use of AI in external communications. While 63% of asset managers believe that highlighting their use of AI can be a beneficial differentiator in their marketing and sales efforts, a significant minority, particularly concentrated in European markets, express reservations. These opponents worry that emphasizing AI use might be perceived as indicative of an experimental approach rather than a demonstration of established expertise, potentially undermining client confidence.
The Paramount Challenge: Achieving Scale in a Saturated Market
Perhaps the most critical finding of the 2026 Global Voice of the Issuer Study is the widespread difficulty asset managers are experiencing in achieving meaningful scale for their products. A substantial 71% of asset managers reported that it is becoming increasingly challenging to gain traction and stand out in an already crowded marketplace. Compounding this issue, 66% of firms indicated that a significant proportion of their new product innovations struggle to attract substantial assets under management.
The data suggests that the primary bottleneck is not necessarily in the design or conceptualization of new products, but rather in the foundational elements of brand, distribution, and the broader go-to-market infrastructure. Brand credibility and recognition were identified as the leading competitive differentiators globally, cited by 55% of respondents. This outranked unique product design (46%), competitive pricing (42%), and robust sales distribution capabilities (42%). This emphasis on brand suggests that in a market saturated with similar offerings, investor trust and established reputation play a pivotal role in asset allocation decisions.
Distribution constraints appear to be particularly acute in the Americas, where 54% of firms flagged distribution as a significant barrier to scaling their products. Furthermore, a substantial 58% of firms in this region still rely heavily on approvals from wealth channel home offices to gain access to the broader investor base and achieve meaningful asset accumulation. This reliance on intermediaries can add layers of complexity and time to the sales cycle, hindering rapid scaling.
In response to these challenges, firms are actively adapting their strategies. Data-driven targeting is becoming increasingly prevalent, with 54% of respondents citing its importance. The adoption of digital distribution channels is also on the rise, with 50% of firms increasing their utilization of these platforms. Additionally, expanded advisor education programs are being implemented by 43% of firms, reflecting a recognition of the need to equip intermediaries with the knowledge and tools to effectively present and sell new products.
Regional Divergences in Priorities and Obstacles
The Nasdaq study also illuminates significant regional variations in how asset managers perceive their priorities and the obstacles they face. These differences underscore the need for tailored strategies that account for local market dynamics, regulatory environments, and investor preferences.
In the Americas, there is a notably higher engagement with digital assets, with 32% of firms showing interest compared to 13% in Asia-Pacific. Similarly, options-based strategies are more prevalent in the Americas, with 48% of firms actively involved compared to 17% in Asia-Pacific. Decision-making processes in this region are also heavily influenced by distribution and sales teams, with 64% of firms directly involving these departments in go-to-market strategy discussions.
European firms, on the other hand, are primarily contending with regulatory complexity as their foremost barrier to product scale. Fifty-one percent of European respondents cited regulatory hurdles, a figure that reflects the intricate demands of frameworks such as MiFID II, the Sustainable Finance Disclosure Regulation (SFDR), and diverse national implementation standards. European firms also exhibit the highest expectations for speed-to-market among all geographies, indicating a drive to navigate regulatory landscapes efficiently.
In the Asia-Pacific region, AI adoption leads globally at 84%, signaling a strong embrace of technological innovation. This region also demonstrates the highest appetite for external research support, suggesting a reliance on specialized expertise to navigate its dynamic markets.
Evolving Expectations for Index Providers
The study also sheds light on the changing role of index providers, who are increasingly being asked to go beyond their traditional function of benchmark construction. Asset managers are now expecting index providers to offer earlier-stage engagement across research, product design, and launch support.
A significant 68% of asset managers indicated that they require index provider involvement during the product design phase, recognizing the value of their specialized knowledge in creating investable indices. Furthermore, 65% of respondents stated that it would be highly valuable for an index provider to act as an extension of their internal research teams, leveraging their market insights and data capabilities.
The most sought-after support from external partners, including index providers, is competitive intelligence, cited by 53% of respondents. This is followed by research and insights (45%) and global market coverage (39%). However, there is a notable gap between expectations and delivery regarding the speed of new product development. While 73% of asset managers expect a new index product to be developed within six months, only 62% report that this timeline is consistently met. This indicates an opportunity for index providers to streamline their processes and improve delivery times to better align with client needs.
The findings of the 2026 Global Voice of the Issuer Study from Nasdaq underscore a critical juncture for the asset management industry. While strategic clarity regarding growth areas like private markets and AI is evident, the overarching challenge lies in executing these strategies effectively to achieve sustainable scale. Success in this evolving landscape will likely depend on a firm’s ability to build robust distribution networks, cultivate strong brand credibility, and navigate the complexities of diverse regulatory environments, all while leveraging technology like AI strategically and efficiently.
The full 2026 Global Voice of the Issuer Study is available for review at https://a-nasdaq.vev.site/voice-of-the-issuer-2026.
