Industry Benchmarks · Top 10
Top 10 Sales KPIs in the Investment Management Industry in 2027
Direct answer
Revenue yield on assets under management is the top sales KPI for an investment manager in 2027, followed by net flows and organic growth. In Q3 2026 T. Rowe Price reported an investment advisory annualized effective fee rate of 37.8 bps and Invesco a net revenue yield of 21.5 bps, while BlackRock reported total net flows of $205,466 million. Where a firm did not publish a figure, this page says so. This is not investment advice.
At a glance
| # | Pick | Definition | Best for |
|---|---|---|---|
| 1 | Investment Management Revenue Yield on AUM | Revenue earned per dollar of average assets under management (AUM), stated in basis points; Invesco defines net revenue yield as net revenues divided by average AUM during the reporting period | Managers judging whether growth in assets is arriving at a higher or lower price per dollar |
| 2 | Investment Management Net Flows | Client money coming in less money going out over a period; Invesco reports long-term inflows less long-term outflows as net long-term flows, separate from money market flows | Managers measuring whether clients are choosing them before markets move the balance |
| 3 | Investment Management Organic Growth Rate | Invesco calculates its annualized long-term organic growth rate as net long-term flows (annualized) divided by average long-term AUM for the period | Managers comparing growth across firms of very different size |
| 4 | Investment Management Assets Under Management | Ending AUM is assets at the end of the period; average AUM is the average over the period and is the base for Invesco net revenue yield | Managers sizing the base on which fees are earned |
| 5 | Investment Management Adjusted Operating Margin | Invesco defines adjusted operating margin as adjusted operating income divided by net revenues; each firm sets its own adjustments | Managers testing whether new revenue is reaching profit |
| 6 | Investment Management Base Fee and Performance Fee Mix | Base fees are charged on assets; performance fees are earned when defined performance metrics are achieved and vary period over period, per Invesco | Managers separating steady fee income from results that can swing quarter to quarter |
| 7 | Investment Management Active ETF and Index Net Flows | Net flows split by investment style; BlackRock reports active, ETFs and non-ETF index separately | Managers deciding where sales effort earns the most fee per dollar gathered |
| 8 | Investment Management Gross Sales and Redemptions | Money gathered and money withdrawn before netting; AllianceBernstein reports sales/new accounts and redemptions/terminations by channel | Managers tracking client retention behind a net flow figure |
| 9 | Investment Management Share of Active AUM Beating Benchmark | The share of actively managed AUM above its benchmark or peer median over one, three and five years, which BlackRock reports by asset class; the data are preliminary and past performance does not predict results | Managers linking investment results to the flows that follow |
| 10 | Investment Management Fund Expense Ratios and Index Share | A fund's annual expenses as a percentage of its assets; the Investment Company Institute (ICI) reports asset-weighted averages | Managers setting prices against what clients actually pay across the industry |
Pick by what you want
Best overall
Investment Management Revenue Yield on AUM
Best for growth
Investment Management Organic Growth Rate
Best for profit
Investment Management Adjusted Operating Margin
Best for revenue quality
Investment Management Base Fee and Performance Fee Mix
Best for pricing pressure
Investment Management Fund Expense Ratios and Index Share
The ranking
1
Investment Management Revenue Yield on AUM
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Answrs VerdictThe headline sales KPI.
Definition: Revenue earned per dollar of average assets under management (AUM), stated in basis points; Invesco defines net revenue yield as net revenues divided by average AUM during the reporting periodT. Rowe Price, Q3 2026: Investment advisory annualized effective fee rate, excluding performance-based fees, of 37.8 bps versus 39.1 bps in Q3 2025 and 38.1 bps in Q2 2026, as client flows moved assets toward lower-fee products and asset classesInvesco, Q3 2026: Net revenue yield excluding performance fees of 21.5 bps versus 22.9 bps in Q3 2025; 22.3 bps for the nine months ended September 30, 2026 versus 23.2 bpsInvesco GAAP basis, Q3 2026: U.S. GAAP gross revenue yield of 31.7 bps versus 33.7 bps in Q3 2025; Invesco says this measure is not a good one because the numerator excludes some fees while the denominator includes the AUMOthers: Not published as a yield: the BlackRock, AllianceBernstein and Franklin Resources earnings releases read give fees and AUM but no basis-point yield, and this page does not compute one
Revenue yield on AUM is revenue per dollar of average assets, in basis points. T. Rowe Price reported 37.8 bps for Q3 2026 versus 39.1 bps a year earlier, and Invesco 21.5 bps versus 22.9 bps. Both cited a shift toward lower-fee products.
Go ifManagers judging whether growth in assets is arriving at a higher or lower price per dollar
Skip ifYou want one cross-firm number; T. Rowe Price and Invesco define their rates differently
Why #1 over #2: It prices the assets, where net flows only count them.
2
Investment Management Net Flows
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Answrs VerdictThe demand KPI.
Definition: Client money coming in less money going out over a period; Invesco reports long-term inflows less long-term outflows as net long-term flows, separate from money market flowsBlackRock, Q3 2026: Total net flows of $205,466 million, with long-term net flows of $175 billion; $869 billion of net inflows over the last twelve monthsInvesco, Q3 2026: Net long-term inflows of $35.1 billion versus $45.1 billion in Q2 2026 and $28.9 billion in Q3 2025, plus $52.9 billion of money market inflowsAllianceBernstein, Q3 2026: Firmwide net inflows of $6.6 billion versus net inflows of $0.8 billion in Q2 2026 and net outflows of $2.3 billion in Q3 2025T. Rowe Price, Q3 2026: Net client outflows of $28.3 billion, which includes $1.2 billion of manager-driven distributions
Net flows are client money in less money out. BlackRock reported total net flows of $205,466 million in Q3 2026, Invesco net long-term inflows of $35.1 billion, AllianceBernstein $6.6 billion, and T. Rowe Price net client outflows of $28.3 billion.
Go ifManagers measuring whether clients are choosing them before markets move the balance
Skip ifYou need a measure that adjusts for firm size; use the organic growth rate
Why #2 over #3: It shows raw client demand, where organic growth scales it by firm size.
3
Investment Management Organic Growth Rate
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Answrs VerdictThe growth KPI.
Definition: Invesco calculates its annualized long-term organic growth rate as net long-term flows (annualized) divided by average long-term AUM for the periodBlackRock, Q3 2026: 11% annualized organic base fee growth in the quarter and 10% organic base fee growth over the last twelve months; BlackRock measures it on base fees, not AUMInvesco, Q3 2026: Annualized long-term organic growth rate of 6.3% versus 8.5% in Q2 2026 and 7.9% in Q3 2025AllianceBernstein, Q3 2026: Annualized organic growth rate of approximately 3% on firmwide net inflows of $6.6 billionT. Rowe Price, Q3 2026: Not published: the earnings release reports net client outflows of $28.3 billion but no organic growth rate
Organic growth puts flows on a rate. BlackRock reported 11% annualized organic base fee growth, Invesco 6.3% annualized long-term organic growth and AllianceBernstein approximately 3%. T. Rowe Price did not publish a rate.
Go ifManagers comparing growth across firms of very different size
Skip ifYou need the dollars behind the rate; BlackRock and Invesco define the rate differently
Why #3 over #4: It compares firms of different size, which dollar flows cannot.
4
Investment Management Assets Under Management
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Answrs VerdictThe scale KPI.
Definition: Ending AUM is assets at the end of the period; average AUM is the average over the period and is the base for Invesco net revenue yieldBlackRock, September 30, 2026: AUM of $15,488,263 million versus $13,463,625 million a year earlier; Q3 2026 average AUM of $15,460,140 millionInvesco, September 30, 2026: Ending AUM of $2,537.8 billion versus $2,124.8 billion a year earlier; Q3 2026 average AUM of $2,510.2 billionT. Rowe Price, September 30, 2026: AUM of $1,862.7 billion versus $1,767.2 billion a year earlier; Q3 2026 average AUM of $1,887.2 billionFranklin Resources, June 30, 2026: Ending AUM of $1,791.6 billion versus $1,611.8 billion at June 30, 2025 (fiscal third quarter; the fiscal fourth quarter had not been released in the sources read)
AUM is the base on which fees are earned. BlackRock reported $15,488,263 million at September 30, 2026, Invesco $2,537.8 billion, T. Rowe Price $1,862.7 billion and Franklin Resources $1,791.6 billion at June 30, 2026.
Go ifManagers sizing the base on which fees are earned
Skip ifYou want growth that comes from clients; market moves also change AUM
Why #4 over #5: It sizes the business, where margin shows what is kept.
5
Investment Management Adjusted Operating Margin
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Answrs VerdictThe profit KPI.
Definition: Invesco defines adjusted operating margin as adjusted operating income divided by net revenues; each firm sets its own adjustmentsBlackRock, Q3 2026: Operating margin, as adjusted, of 47.8% versus 44.6% in Q3 2025; GAAP operating margin of 30.0%Invesco, Q3 2026: Adjusted operating margin of 40.7% versus 37.5% in Q2 2026 and 34.2% in Q3 2025; GAAP operating margin of 23.3%AllianceBernstein, Q3 2026: Adjusted operating margin of 33.5% versus 34.2% in Q3 2025 and 33.0% in Q2 2026; GAAP operating margin of 21.9%Franklin Resources, quarter ended June 30, 2026: Adjusted operating margin of 28.0% versus 27.1% for the quarter ended March 31, 2026 and 23.7% for June 30, 2025; GAAP operating margin of 9.2%
Adjusted operating margin shows how much of net revenue becomes operating profit. BlackRock reported 47.8% for Q3 2026, Invesco 40.7%, AllianceBernstein 33.5%, and Franklin Resources 28.0% for the quarter ended June 30, 2026.
Go ifManagers testing whether new revenue is reaching profit
Skip ifYou need identical definitions; the adjustments differ between firms
Why #5 over #6: It shows profit, where the fee mix shows the quality of the revenue.
6
Investment Management Base Fee and Performance Fee Mix
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Answrs VerdictThe revenue-quality KPI.
Definition: Base fees are charged on assets; performance fees are earned when defined performance metrics are achieved and vary period over period, per InvescoBlackRock, Q3 2026: Investment advisory and administration fees of $5,783 million and performance fees of $630 million versus $516 million in Q3 2025, within total revenue of $7,752 millionBlackRock, private markets: Private markets were $335,994 million of AUM, 2% of the total, and $668 million of base fees and securities lending revenue, 11% of the totalAllianceBernstein, Q3 2026: Base fees of $868,548 thousand and performance fees of $121,422 thousand versus $21,972 thousand in Q3 2025Invesco, Q3 2026: Investment management fees of $1,512.2 million and performance fees of $2.0 million versus $6.5 million in Q3 2025
Fee mix separates steady base fees from performance fees. BlackRock reported $5,783 million of advisory and administration fees against $630 million of performance fees, and private markets at 2% of AUM but 11% of base fees and securities lending revenue.
Go ifManagers separating steady fee income from results that can swing quarter to quarter
Skip ifYou need a single mix ratio; none of these firms states one
Why #6 over #7: It tests revenue quality, where product flows show where growth comes from.
7
Investment Management Active ETF and Index Net Flows
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Answrs VerdictThe product-mix KPI.
Definition: Net flows split by investment style; BlackRock reports active, ETFs and non-ETF index separatelyBlackRock, Q3 2026 flows: Active net flows of $66,405 million and ETFs of $134,509 million, against net outflows of $26,100 million for non-ETF indexBlackRock, share of AUM and fees: Active was 24% of AUM and 42% of base fees and securities lending revenue; ETFs 41% and 46%; non-ETF index 28% and 6%AllianceBernstein, Q3 2026: Active net inflows of $4.1 billion and passive of $2.5 billion, with active equity net outflows of $12.5 billionInvesco, Q3 2026: ETFs and Index net long-term inflows of $28.5 billion and QQQ of $6.7 billion, against net long-term outflows of $2.6 billion in Fundamental Fixed Income and $1.9 billion in Fundamental Equities
Style flows show where sales are landing. BlackRock reported active net flows of $66,405 million and ETFs of $134,509 million, against $26,100 million of non-ETF index outflows. Active was 24% of its AUM but 42% of base fees and securities lending revenue.
Go ifManagers deciding where sales effort earns the most fee per dollar gathered
Skip ifYou run a single product style; the split matters less
Why #7 over #8: It links flows to fees, where gross sales show what clients withdraw.
8
Investment Management Gross Sales and Redemptions
Photo: Michael Barera / CC BY-SA 4.0 via Wikimedia Commons
Answrs VerdictThe retention KPI.
Definition: Money gathered and money withdrawn before netting; AllianceBernstein reports sales/new accounts and redemptions/terminations by channelAllianceBernstein Retail, Q3 2026: Gross sales of $20.0 billion and redemptions of $25.0 billion, for net outflows of $8.4 billion; retail gross sales were $31.0 billion in Q2 2026AllianceBernstein Institutional, Q3 2026: Gross sales of $21.5 billion versus $8.3 billion in Q2 2026 and redemptions of $2.8 billion, for net inflows of $15.7 billionInvesco Retail, Q3 2026: Long-term inflows of $142.2 billion and outflows of $100.5 billion; Institutional inflows of $38.9 billion and outflows of $45.5 billionInvesco total, Q3 2026: Long-term inflows of $181.1 billion versus $138.4 billion in Q3 2025 and outflows of $146.0 billion versus $109.5 billion
Gross sales and redemptions show what sits behind a net number. AllianceBernstein Retail had $20.0 billion of gross sales and $25.0 billion of redemptions in Q3 2026, while Invesco Retail had $142.2 billion of long-term inflows and $100.5 billion of outflows.
Go ifManagers tracking client retention behind a net flow figure
Skip ifYou need a redemption rate; none of these releases states one
Why #8 over #9: It exposes retention, where performance statistics explain why clients move.
9
Investment Management Share of Active AUM Beating Benchmark
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Answrs VerdictThe track-record KPI.
Definition: The share of actively managed AUM above its benchmark or peer median over one, three and five years, which BlackRock reports by asset class; the data are preliminary and past performance does not predict resultsBlackRock fixed income, September 30, 2026: Taxable bonds at 71% over one year, 85% over three years and 84% over five years; tax-exempt at 56%, 58% and 47%BlackRock equity, September 30, 2026: Fundamental at 73%, 65% and 65%; systematic at 92%, 93% and 95%BlackRock index AUM: Within or above tolerance: fixed income at 98%, 99% and 100%; equity at 91%, 97% and 96%Others: Not published in the Invesco, AllianceBernstein, T. Rowe Price or Franklin earnings releases read
Investment results drive flows over time. BlackRock reported that 71% of taxable fixed income and 73% of fundamental equity actively managed AUM beat their benchmark or peer median over one year at September 30, 2026. The data are preliminary.
Go ifManagers linking investment results to the flows that follow
Skip ifYou need a cross-firm comparison; only BlackRock states it in the releases read
Why #9 over #10: It measures the product itself, where expense ratios measure its price.
10
Investment Management Fund Expense Ratios and Index Share
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Answrs VerdictThe pricing-pressure KPI.
Definition: A fund's annual expenses as a percentage of its assets; the Investment Company Institute (ICI) reports asset-weighted averagesICI, 2025 actively priced funds: Equity mutual funds averaged 0.40%, down from 1.04% in 1996; bond mutual funds 0.36%; money market funds 0.24%ICI, 2025 index funds: Index equity mutual funds averaged 0.05%, index equity ETFs 0.14% and index bond ETFs 0.09%ICI, index share: Index mutual funds and index ETFs held 52% of long-term fund assets at year-end 2025, up from 19% at year-end 2010, with total net assets of $19.3 trillionICI, no-load shift: 92% of 2025 gross sales of long-term mutual funds went to no-load funds without 12b-1 fees, versus 46% in 2000
Industry expense ratios set the price ceiling. ICI reported 2025 averages of 0.40% for equity mutual funds, 0.14% for index equity ETFs, and 52% of long-term fund assets in index funds at year-end 2025.
Go ifManagers setting prices against what clients actually pay across the industry
Skip ifYou need your own firm's fee rate; use the revenue yield
How we ranked these
We ranked ten sales KPIs for investment managers by how directly each measures sales and whether a public source states a figure for it. Firm data come from earnings releases and filings for the third quarter of 2026: BlackRock, Invesco (press release and 10-Q), T. Rowe Price and AllianceBernstein, all released in October 2026. Franklin Resources figures are for its fiscal third quarter ended June 30, 2026, released in July 2026, because the fiscal fourth quarter had not appeared in the sources read. Industry data come from the Investment Company Institute report Trends in the Expenses and Fees of Funds, 2025 (March 2026). Each firm defines its own adjusted measures, so margins and yields are not strictly comparable. Where no number is published we say so instead of estimating. This page is for information only and is not investment advice. Facts are taken from each maker's own published information; check the official site before you buy.
Questions people ask
What is revenue yield on AUM?
It is revenue earned per dollar of average assets under management, in basis points. Invesco reported a net revenue yield excluding performance fees of 21.5 bps in Q3 2026 versus 22.9 bps in Q3 2025.
What fee rate did T. Rowe Price report?
T. Rowe Price reported an investment advisory annualized effective fee rate, excluding performance-based fees, of 37.8 bps in Q3 2026 versus 39.1 bps in Q3 2025.
How big were BlackRock's net flows?
BlackRock reported total net flows of $205,466 million in Q3 2026 and $869 billion of net inflows over the last twelve months.
How profitable are the large managers?
In Q3 2026 BlackRock reported an adjusted operating margin of 47.8% and Invesco 40.7%; each firm sets its own adjustments.
Revenue yield on average AUM, basis points at a glance
Invesco net revenue yield excluding performance fees, Q3 202621.5 basis points
Invesco net revenue yield excluding performance fees, Q3 202522.9 basis points
T. Rowe Price investment advisory effective fee rate, Q3 202637.8 basis points
T. Rowe Price investment advisory effective fee rate, Q2 202638.1 basis points
T. Rowe Price investment advisory effective fee rate, Q3 202539.1 basis points
Official sites
- Investment Management Revenue Yield on AUM · sec.gov
- Investment Management Net Flows · sec.gov
- Investment Management Organic Growth Rate · sec.gov
- Investment Management Assets Under Management · sec.gov
- Investment Management Adjusted Operating Margin · sec.gov
- Investment Management Base Fee and Performance Fee Mix · sec.gov
- Investment Management Active ETF and Index Net Flows · sec.gov
- Investment Management Gross Sales and Redemptions · sec.gov
- Investment Management Share of Active AUM Beating Benchmark · sec.gov
- Investment Management Fund Expense Ratios and Index Share · ici.org
Sources
Prices, specs and availability change; confirm on the official site before you buy.