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  "notes": "Includes comparison to North America benchmarks; data for 2022 is forecasted.",
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      "text": "APAC is an attractive market with high margins. Profit as a share of AUM (bps) and profit margin (%) remains higher than the North America average in 2022 (13.9bps and 32% respectively)",
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      "text": "APAC revenue margin remains high with a preference for active investment strategies. APAC revenue margins (bps) have consistently outperformed North America due to the preference for active investments (58.3bps vs. 43.9bps in 2022).",
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      "text": "Despite a higher cost base, APAC outperformed North America in terms of profitability. APAC experiences higher cost margins (bps of AUM) than in North America (36.3bps vs. 29.9bps in 2022). The key drivers include high regulatory set-up costs and investment in digital platforms.",
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      "text": "Note: 1 APAC profitability for 2022 is forecasted based on AUM and average revenue and profit margins from 2018-2021. 2 Revenue based on management fees excluding impact of performance fees and carried interest. Source: McKinsey; BCG; Statista; KPMG Analysis",
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