The global asset management sector is undergoing a fundamental shift in strategy as firms adapt to persistent market volatility, interest rate uncertainty, and heightened political and regulatory uncertainty. Amid a competitive environment, managers are rethinking traditional portfolio construction, responding to increased client demand for private markets access, tax-optimized solutions, and customized strategies. At the same time, AI and automation are reshaping research, distribution, and client service models, offering new opportunities for scale and personalization. The growth of retail investing and the shift toward multi-asset, outcome-oriented strategies are also prompting a redefinition of value in both active and passive approaches. How are US asset managers positioning themselves to lead in this evolving environment? What innovations and structural shifts are likely to define the next decade of growth and client trust?