In the vast ecosystem of asset management, multiple players have emerged to democratize access to financial markets. The COVID-19 epidemic, while causing markets to plummet, also spurred an unprecedented wave of individual investment. Confined, with time on their hands and sometimes with extra funds from government assistance programs, many individuals turned to investing. Once seen as an activity reserved for the elite, this period saw a remarkable increase in the number of people opening their first account with online brokers.
The abolition or reduction of commissions on financial products played a crucial role in this transformation, making investment more accessible to all. Although this movement was slower to take shape in France, in the USA it rapidly gained momentum in the 90s with the digitization of the global financial system. The sector is currently undergoing a second revolution, initiated by online brokers who, thanks to their low or non-existent fees, are able to reach a wide audience.
Online Brokerage
These online platforms offer greater flexibility for investors and are often very simple to use, enabling them to manage their portfolios from anywhere,
- Interactive Brokers: a MarketScreener partner, IBKR has outperformed expectations this year. Its share price has risen by 130% since January. With estimated sales of $5.1 billion in 2024, net income should be around $738 million. The number of customer accounts rose by an impressive 28% in the third quarter, reaching a total of 3.12 million. At the same time, customer net worth jumped 46% to $541.5 billion.
- Robinhood: another online broker on the U.S. market, Robinhood is also experiencing dazzling growth this year, recording a 194% rise in its share price. Sales are estimated at $2.61 billion, with net income of around $658 million. This should be the company's first year of profitability.
- flatexDEGIRO: better known as Degiro, this European online broker is expanding steadily across the continent. Its strong performance has been crowned by a 35% rise in its share price since January 1.
- Futu Holdings: this US-listed online brokerage actually serves customers in China and Hong Kong. Like China Galaxy Securities Co and CSC Financials, these companies are targeting the large Chinese market, and by extension the Asian market. They peaked on the stock market last October following the announcement of China's economic stimulus package. However, as large as the market is, we must not forget the very considerable political risks, particularly in mainland China, a country run by a Communist party that may take a dim view of its population investing in the stock market.
Other online brokers: Charles Schwab, Plus500, Swissquote Group

Traditional asset managers
Asset managers manage their clients' investments in exchange for management fees based on a percentage of assets under management (AUM). These fees can vary according to the type of service provided, from mutual funds to pension funds, private banking mandates and hedge funds. The asset management industry is constantly evolving, with a growing trend towards low-cost products such as index funds and ETFs (Exchange-Traded Funds). Today, falling costs are driving the sector to consolidate, as size is the only way to achieve viable profitability.
- Amundi: Created in 2010 through the merger of the asset management activities of Société Générale and Crédit Agricole (still 68.9% owned by the latter), the company has consolidated. After a series of consolidations, including the acquisition of Pioneer Investments,Unicredit's asset management subsidiary, and then in 2021 of Lyxor Asset Management, a Société Générale subsidiary. Amundi is now Europe's largest asset manager, ahead of BNP Paribas AM, with over 2,000 billion in AUM. Amundi is also the largest issuer of ETFs in Europe.
- Blackrock: Amundi's American counterpart, Blackrock is the world's largest asset manager, with over 10,000 billion in AUM. It is also the world's largest ETF issuer. Unlike Blackstone, whose subsidiary it was, BlackRock is neither a pension fund nor a hedge fund. It collects money from institutional investors and invests it in the financial markets on their behalf. The company relies on a digital risk management platform called Aladdin (Asset, Debt and Derivative Investment Network), a highly sophisticated tool that enables the company to monitor $18,000 billion every day.
- 3i Group, Hargreaves Lansdown, St. James's Place: to illustrate the cyclical nature of asset management companies, the British example speaks for itself. Asset managers have enjoyed a boom this year, driven by investor fears about the UK government's forthcoming budget, which has stimulated demand for client advisors in the country. Asset managers have the wind in their sails in times of growth, while in times of market stress, the trend can be reversed.
Other major fund managers often include banks or insurance companies:
USA: Blackstone, Morgan Stanley, Goldman Sach, T. Rowe Price Group, Ameriprise Financial Canada: AGF Management, CI Financials, IGM Financials Europe: BNP Paribas, Barclays, UBS, Allianz
Alternative asset managers
Alternative asset managers specialize in managing investments that fall outside the scope of traditional investments such as equities, bonds and mutual funds. These alternative asset managers include a wide range of investment products and strategies, including hedge funds, private equity, venture capital, real estate, commodities, infrastructure, private debt and precious metals.
Holding companies:
- Berkshire Hathaway: Warren Buffet's holding company is sitting on a mountain of cash. Investors await its next move. Share price up 29% this year.
- Pershing Square: financial magnate Bill Ackman's holding company is performing well this year. A fan of big bets, his Amsterdam-listed holding company is suffering from the usual holding company discount.
Diversified managers:
- Ares Management Corporation: Ares offers its clients complementary primary and secondary investment solutions in various asset classes (credit, private equity, real estate, etc.). Share price up 48%.
- Apollo Global Management: this asset manager operates in three sectors: asset management and retirement services. The share price has almost doubled since the beginning of the year, with a performance of +85%.
Other diversified managers: Brookfield Asset Management, Bridgepoint, Ashmore group, Eurazeo
Trading firms:
- State Street Corporation: Jane Street is a trading firm particularly renowned for its collaborative corporate culture and generous compensation. Although discreet, Jane Street weighs in on the markets with a 10.4% share of North American equity trading in 2023, according to figures reported by the Financial Times. The hedge fund posted net trading revenues of $6.1 billion in the first half of 2024, following a total of $10.5 billion in 2023 and a profit margin in excess of 70%.
- Glencore: although originally a producer, Glencore is now one of the world's leading commodity trading companies. Its activities include trading in metals, minerals, energy and agricultural products.

Exchanges and market operators
These companies operate platforms for buying and selling financial securities, including shares, bonds and other financial instruments. As listed entities, they offer investors the opportunity to participate directly in their financial success. These operators not only provide trading infrastructures; they also offer a range of services, such as market data management, clearing and settlement services, as well as technology solutions for market participants. In addition, they play a key role in market regulation and transparency, contributing to stability and investor confidence.
North America:
- CME Group: thanks to its diversification into derivatives and commodities, our USA Portfolio position enjoys a competitive advantage and superior pricing power, enabling it to offer great diversity and complementarity in its product portfolio.
- Nasdaq, Inc. is the world's leading stock exchange, with a global presence. It has established itself as a leader in its field, emphasizing its growth abroad. Its share price has risen by 39% since the beginning of the year
- . Intercontinental Exchange: it operates regulated futures and over-the-counter markets in commodities and financial products (agricultural products, energy products, equities, currencies and credit derivatives), and is benefiting from rising volumes in derivatives. Valued at 89 billion USD, its share price rose by 21% in 2024.
- Tradeweb Markets: is a global operator of electronic markets for interest rates, credit, equities and money markets. Its share price soared by over 53% this year.
Other high-potential operators with capitalizations of between $2 and $13 billion: Cboe Global Markets, Virtu Financial, MarketAxess Holdings, StoneX, Marex Group, TMX Group..
Europe:
- Euronext and London Stock Exchange Group: the two European and British stock exchange groups performed extremely well this year, with share prices up 36% and 23% respectively. Both companies are included in our Europe Portfolio.
- Deutsche Börse: the German stock exchange is also performing well this year, riding the wave of rising volumes. The share price has risen by 20% since January.
Asia:
- Singapore Exchange Limited: a position in our Asia Portfolio, Singapore's market infrastructure has delivered noteworthy performances, boosting the share by 30% this year.
- Australian Stock Exchange (+8%) and Johannesburg Stock Exchange, B3 SA Brasil Bolsa Balcao, Tel Aviv Stock Exchange, Bursa Malaysia, Philippine Stock Exchange, Dubai Financial Market
Other emerging exchanges: Johannesburg Stock Exchange, B3 SA Brasil Bolsa Balcao, Tel Aviv Stock Exchange, Bursa Malaysia, Philippine Stock Exchange, Dubai Financial Market

Finally, here are a few ETFs tracking companies in the sectors covered in this analysis:
- iShares U.S. Broker-Dealers & Securities Exchanges ETF (IAI ): this ETF aims to track the performance of an index composed of shares of U.S. companies involved in financial and data exchange businesses (51%), and investment banking and brokerage firms (48.51%). With assets under management of $1.3 billion and fees of 0.4%, 2024 performance was up 38%.
- SPDR S&P Capital Markets ETF: this index fund tracks the S&P Capital Markets Select Industry Index, which in turn seeks to provide exposure to the capital markets segment that includes the following sub-industries: Asset Management and Custodian Banks, Diversified Capital Markets, Exchanges and Financial Data, and Investment Banking and Brokerage. With $534 million in assets under management and fees of 0.35%, annualized performance stands at 41%.
- FlexShares Listed Private Equity UCITS ETF: this tracker seeks to replicate the Foxberry Listed Private Equity SDG Screened index. The Foxberry Listed Private Equity SDG Screened index tracks companies investing in private equity. With ?262 million in assets under management and fees of 0.4%, the index performed very well this year, gaining 40%.
