© Reuters. 2 Asset Management Stocks to Buy This Summer
With increasing demand for strategic asset management, asset management companies are growing rapidly. As individuals and institutions move to reorganize their finances as they recover from last year’s pandemic-driven recession, we think asset management concerns SEI Investments (SEIC) and Affiliated Managers Group (NYSE:) should perform well in the coming months.Asset management is one of the fastest growing industries because people are turning increasingly to professional services to manage their finances. Asset management firms have gained popularity among the younger generations over the past couple of years. And because millennials are forecasted to hold five times the wealth they hold now by 2030, the demand for wealth management will almost certainly grow. In fact, 47% of the younger generations are expected to engage wealth management firms.
As individuals and corporations sort their finances as they recover from the pandemic-led recession, the global wealth management market is expected to increase 8.7% year-over-year to $1.26 trillion in 2021.
Thus, we think the stocks of SEI Investments Company (NASDAQ:) and Affiliated Managers Group, Inc. (AMG) are attractive bets now.