Tools commonly used in the Asset Management industry for day-to-day tasks and operations.

• Portfolio management software
• Risk management software
• Financial modeling software
• Performance measurement tools
• Trading platforms
• Data analytics tools
• Compliance management software
• Customer relationship management (CRM) software
• Accounting software
• Research tools

Common products and services typical of NAICS Code 523940-02, illustrating the main business activities and contributions to the market.

• Wealth management
• Hedge funds
• Private equity firms
• Pension funds
• Endowment funds
• Insurance companies
• Sovereign wealth funds
• Mutual funds
• Exchange-traded funds (ETFs)
• Real estate investment trusts (REITs)

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Chartered Financial Analyst (CFA): A professional certification offered by the CFA Institute that measures and certifies the competence and integrity of financial analysts. It covers a broad range of topics relating to investment management, financial analysis, stocks, bonds, and derivatives. The CFA Institute is a global association of investment professionals that sets the standard for professional excellence.
• Certified Financial Planner (CFP): A certification offered by the Certified Financial Planner Board of Standards that certifies financial planners who have met the board's requirements for education, examination, experience, and ethics. It covers topics such as retirement planning, estate planning, tax planning, and investment management.
• Series 7: A license that allows individuals to sell securities products such as stocks, bonds, and mutual funds. It is administered by the Financial Industry Regulatory Authority (FINRA) and requires passing an exam.
• Series 63: A license that allows individuals to solicit orders for any type of security in a particular state. It is also administered by FINRA and requires passing an exam.
• Investment Adviser Representative (IAR): A license that allows individuals to provide investment advice to clients for a fee. It is regulated by the Securities and Exchange Commission (SEC) and requires passing the Series 65 exam or the Series 7 and 66 exams.

A concise historical narrative of NAICS Code 523940-02 covering global milestones and recent developments within the United States.

• The Asset Management industry has a long history dating back to the 18th century when the first mutual fund was created in the Netherlands. The industry has since grown to become a global powerhouse, with assets under management (AUM) reaching $110 trillion in 2020. Notable advancements in the industry include the introduction of exchange-traded funds (ETFs) in the 1990s, which have since grown to become a popular investment vehicle for both retail and institutional investors. In the United States, the industry has seen significant growth since the 1970s, with the passage of the Employee Retirement Income Security Act (ERISA) in 1974 leading to the growth of defined contribution plans such as 401(k)s. The industry has also seen consolidation in recent years, with large firms acquiring smaller ones to increase their AUM and expand their offerings.

The anticipated future trajectory of the NAICS 523940-02 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Stable

  The Asset Management industry in the USA is expected to continue growing in the coming years. The industry is expected to benefit from the increasing demand for investment advice and portfolio management services from the aging population. Additionally, the industry is expected to benefit from the growing popularity of passive investment strategies, which are expected to continue to gain market share from active strategies. However, the industry is also expected to face challenges from increasing competition, regulatory changes, and the growing popularity of robo-advisors. Overall, the industry is expected to continue growing, but firms will need to adapt to changing market conditions to remain competitive.

Recent groundbreaking advancements and milestones in the Asset Management industry, reflecting notable innovations that have reshaped its landscape.

• Artificial Intelligence and Machine Learning: Asset management firms are increasingly using artificial intelligence and machine learning to analyze large amounts of data and identify investment opportunities. These technologies can help firms to make more informed investment decisions and improve their overall performance.
• Environmental, Social, and Governance (ESG) Investing: ESG investing has become increasingly popular in recent years, and asset management firms are responding by offering more ESG-focused investment products. These products allow investors to align their investments with their values and can help to drive positive social and environmental outcomes.
• Alternative Investments: Asset management firms are increasingly offering alternative investment products, such as private equity, hedge funds, and real estate. These products can provide investors with diversification benefits and potentially higher returns than traditional investments.
• Digital Platforms: Asset management firms are increasingly using digital platforms to offer their services to clients. These platforms can provide clients with a more convenient and streamlined experience, and can help firms to reach new clients.
• Risk Management: Asset management firms are increasingly focused on risk management, and are using sophisticated tools and techniques to identify and manage risks. This can help to protect investors from losses and improve the overall performance of the firm.