KPMG, which advises fund firms on a range of issues from technology to staffing, taxes and regulation, said many firms were outdated and at danger of being swallowed up by peers and new entrants including tech companies and retailers.
"We are on the verge of the biggest shake-up the industry has experienced; and the message to asset managers is clear - Adapt to change or your business won't survive," said Tom Brown, global head of investment management at KPMG.
That will come amid a greater focus on saving in the developed world and a growing ability to invest on the part of the middle classes in China, Mexico, India, Nigeria and other developing economies.
The younger and more diverse client base would require new platforms and a greater focus in online and social media networks. As a result, there was a opportunity for new, tech-savvy companies to enter the industry.
"Trusted brands that resonate and appeal to a more diverse client base, as well as the younger generation, may be able to build scale quickly," said Brown. "We could see the Apples , Googles or large retailers of the world becoming the next big powerhouses in investment management.
"As such, we expect to see mass consolidation in the industry and predict that within 15 years there will be half the number of players currently in the market."