The global asset management industry collected $150 billion in long-term net cash flows last year – down from about $1 trillion in both 2010 and 2009.

Yet, despite the aggregate compression of long-term cash contributions, the top 0.5% of blockbuster products in 2011 collected $725 billion in new money – almost the same as in 2010.

Call it the blockbuster phenomenon. More and more money going to fewer managers and fewer products.

This winner takes all approach worldwide makes it ever more important to

a) produce a global blockbuster

b) get a decent operating margin on that blockbuster (i.e. rather less cash flows but higher profitability) and

c) protect that blockbuster and the business from concentration risk.

#GlobalAssetManagementSuccess2012.