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The Thinking Ahead Institute World’s Largest Asset Managers Study 2023: Top 500 with $111.7 Trillion AUM, Top 20 with $50.2 Trillion AUM Representing 44.2% of Total Assets, Top 10 Asset Managers BlackRock, Vanguard, Fidelity Investments, State Street, JP Morgan Chase, Goldman Sachs, Allianz, Capital Group, Amundi & UBS

Dec 8, 2023

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The Thinking Ahead Institute World’s Largest Asset Managers Study 2023: Top 500 with $111.7 Trillion AUM, Top 20 with $50.2 Trillion AUM Representing 44.2% of Total Assets, Top 10 Asset Managers BlackRock, Vanguard, Fidelity Investments, State Street, JP Morgan Chase, Goldman Sachs, Allianz, Capital Group, Amundi & UBS

8th December 2023 | Hong Kong

The Thinking Ahead Institute (WTW) and Pensions & Investments have released The World’s Largest Joint Study 2023, providing key insights into the world’s largest 500 asset managers. In 2022, the Top 500 Asset Managers have a total AUM of $111.7 trillion (-13.7%), and the top 20 Asset Managers AUM is $50.2 trillion (44.2% of total assets). The Top 10 Asset Managers are BlackRock $8.59 trillion, Vanguard $7.25 trillion, Fidelity Investments $3.65 trillion, State Street $3.48 trillion, JP Morgan Chase $2.76 trillion, Goldman Sachs $2.54 trillion, Allianz $2.28 trillion, Capital Group $2.17 trillion, Amundi $2.03 trillion, UBS $1.84 trillion. The Top 5 Asset Managers AUM by Country are United States 53.3%, France 7.7%, United Kingdom 7.4%, Germany 5.8%, Canada 4.9%. Top 5 Countries Fastest AUM Growth (2017 to 2022) – China +28.6%, Norway +15.2%, India + 14.9%, Brazil +10%, Hong Kong +8.9%. Top 20 Fastest Growing Firms (CAGR, 2017 to 2022) – Fidelity International +43.7%, Brookfield Asset Mgmt +22.8%, Geode Capital Mgmt +19.2%, Charles Schwab Investment +16%, Franklin Templeton +13%. 2022 AUM by Asset Allocation (%) – Equity 45.1%, Fixed Income 32.3%, Alternatives 7.1%, Cash 7.9%, Other 7.6%. 2022 AUM by Asset Allocation – Equity $28.5 trillion, Fixed Income $20.4 trillion, Alternatives $4.8 trillion, Cash $5 trillion, Other $5.1 trillion. Traditional equities & fixed income asset – 77.4% of total assets (Equities 45.1%, Fixed Income 32.3%). Allocation to ESG Principles – $10.6 trillion, Allocation to ESG Mandates – $1.4 trillion, Allocation to Liability-Driven Investment (LDI)– $3.5 trillion, Asset Manager Vehicles – Mutual Funds / UCITs $23.9 trillion (69.9%), Separate Accounts $7.7 trillion (22.4%), Pooled / commingled $2.6 trillion (7.5%). Key Asset Management Industry Insights include Concerns about inflation and growth remain elevated, Expect a higher for longer regime in interest rates, Heightened geopolitical tensions, Asset management business with considerable stress with costs on a natural rise & more. View key findings & summary below | View report here

“ Top 500 with $111.7 Trillion AUM, Top 20 with $50.2 Trillion AUM Representing 44.2% of Total Assets, Top 10 Asset Managers BlackRock, Vanguard, Fidelity Investments, State Street, JP Morgan Chase, Goldman Sachs, Allianz, Capital Group, Amundi & UBS “

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The Thinking Ahead Institute World’s Largest Asset Managers Study 2023

The Thinking Ahead Institute (WTW) and Pensions & Investments have released The World’s Largest Joint Study 2023, providing key insights into the world’s largest 500 asset managers.

Summary:

2022 AUM Top 500 Asset Managers – $111.7 trillion (-13.7%)
Median AUM – $56 trillion
Top 20 Asset Managers AUM – $50.2 trillion (44.2% of total assets)
Top 21 to 50 AUM – 20.6% of total assets
Top 51 to 250 AUM – 29.6% of total assets
Top 251 to 500 AUM – 5.6% of total assets
Top 20 Asset Managers – 12 independent asset managers, 6 banks, 2 insurers
Top 20 Asset Managers – 14 United States with $40.2 trillion AUM, 6 Europe with $10 trillion AUM
Top 10 Asset Managers – BlackRock $8.59 trillion, Vanguard $7.25 trillion, Fidelity Investments $3.65 trillion, State Street $3.48 trillion, JP Morgan Chase $2.76 trillion, Goldman Sachs $2.54 trillion, Allianz $2.28 trillion, Capital Group $2.17 trillion, Amundi $2.03 trillion, UBS $1.84 trillion
Top 5 Asset Managers AUM by Country – United States 53.3%, France 7.7%, United Kingdom 7.4%, Germany 5.8%, Canada 4.9%
Top 5 Countries Fastest AUM Annualized Growth (2017 to 2022) – China +28.6%, Norway +15.2%, India + 14.9%, Brazil +10%, Hong Kong +8.9%
Top 20 Fastest Growing Firms (CAGR, 2017 to 2022) – Fidelity International +43.7%, Brookfield Asset Mgmt +22.8%, Geode Capital Mgmt +19.2%, Charles Schwab Investment +16%, Franklin Templeton +13%

AUM by Asset Allocation:

2022 AUM by Asset Allocation (%) – Equity 45.1%, Fixed Income 32.3%, Alternatives 7.1%, Cash 7.9%, Other 7.6%
2022 AUM by Asset Allocation – Equity $28.5 trillion, Fixed Income $20.4 trillion, Alternatives $4.8 trillion, Cash $5 trillion, Other $5.1 trillion
Traditional Equities & Fixed Income Asset – 77.4% of total assets (Equities 45.1%, Fixed Income 32.3%)
Actively managed assets – $18.8 trillion (65.3% of assets)
Passively managed assets (strategies) – $9.9 trillion (34.7% of assets)
Allocation to ESG Principles – $10.6 trillion
Allocation to ESG Mandates – $1.4 trillion
Allocation to Liability-Driven Investment (LDI)– $3.5 trillion
Asset Manager Vehicles – Mutual Funds / UCITs $23.9 trillion (69.9%), Separate Accounts $7.7 trillion (22.4%), Pooled / commingled $2.6 trillion (7.5%)

Asset Management Industry Insights:

Concerns about inflation and growth remain elevated.
Expect a higher for longer regime in interest rates
Heightened geopolitical tensions
Asset management business with considerable stress with costs on a natural rise
Margin pressure led asset managers to adopt bigger change profiles (Eg. private markets, increased personalisation and use of technology)
Potential for a single event to trigger widespread market disruption remains a constant concern.
Investment environment has become increasingly complex
Sustainability & ESG factors integral to investment programs
Challenged with politicisation & increasing levels of regulation
Standardisation of sustainability reporting (ISSB issuing global sustainability disclosure standards).
Climate risk, Emissions reporting & management
Artificial intelligence & automation can benefit asset managers in building resilience and meeting current challenges.
Technologies have potential to significantly improve efficiency and operational performance, an opportunity to build a strategic advantage.
AI risks should also be considered and managed.
AI regulatory uncertainty.
Competition for talent in technology roles has rocketed.
Increase – Level of client interest in sustainable investing, Resources deployed to technology, big data & cyber security, product offerings, regulatory oversight
Remain the same – Aggregate investment management fee level

The Thinking Ahead Institute The World’s Largest Asset Managers Study 2023

1) Top 500 Asset Managers AUM

2022 Discretionary AUM

Total AUM – $111.7 trillion (-13.7%)
Median AUM – $56 trillion

AUM refers to Discretionary AUM. Excludes:

▪ Saving/Current Accounts
▪ Assets under administration & custody
▪ Advisory portfolios
▪ Assets held for purely transactional purposes
▪ Company assets unrelated to investment business

2022 AUM by Region:

North America – $67.6 trillion
Europe – $30.1 trillion
Rest of World & APAC ex-Japan – $10.1 trillion
Japan – $5.79 trillion
Total AUM – $111.7 trillion

AUM by Top Asset Managers:

Top 20 managers – 44.2% of AUM
Top 21 to 50 – 20.6%
Top 51 to 250 – 29.6%
Top 251 to 500 – 5.6%

Top 20 Asset Managers Insights:

United States – 14 asset managers with $40.2 trillion AUM
Europe – 6 asset managers with $10 trillion AUM
Top 20 Asset Managers AUM – 44.2% of total assets ($50.2 trillion)
Top 20 Asset Managers – 12 independent asset managers, 6 banks, 2 insurers

Asset Manager Clients:

Non-government retirement plans – $8.9 trillion
Government retirement plans – $3.1 trillion
Non-affiliated insurance companies – $4.1 trillion
Sovereign wealth funds – $868 billion
Endowments & foundations – $810 billion
Central banks – $320 billion
Other – $8.5 trillion

Top 10 Asset Managers:

BlackRock – $8.59 trillion
Vanguard – $7.25 trillion
Fidelity Investments – $3.65 trillion
State Street – $3.48 trillion
JP Morgan Chase – $2.76 trillion
Goldman Sachs – $2.54 trillion
Allianz – $2.28 trillion
Capital Group – $2.17 trillion
Amundi – $2.03 trillion
UBS – $1.84 trillion

Top 16 Asset Managers AUM by Country:

United States – 53.3%
France – 7.7%
United Kingdom – 7.4%
Germany – 5.8%
Canada – 4.9%
Japan 4.8%
China – 1.7%
Italy – 5.6%
Switzerland – 4%
Netherlands – 2%
Australia – 1.4%
Brazil – 0.9%
South Korea – 0.8%
Spain – 0.7%
Sweden – 0.5%
South Africa – 0.5%

2) AUM Growth

Top 20 Fastest Growing Firms (CAGR, AUM Change in USD from 2017 to 2022):

Fidelity International: +43.7%
Brookfield Asset Mgmt: +22.8%
Geode Capital Mgmt: +19.2%
Charles Schwab Investment: +16%
Franklin Templeton: +13%
Goldman Sachs Group: +11.3%
Schroders: +8.5%
Invesco: +8.5%
Fidelity Investments: +8.3%
Macquarie Group: +8%
UBS: +8%
Vanguard Group: +8%
Royal Bank of Canada: +7.4%
BlackRock: +6.4%
J.P. Morgan Chase: +6.3%
Ameriprise Financial: +6%
Morgan Stanley Inv. Mgmt: +5.7%
T. Rowe Price Group: +5.2%
Sun Life Financial: +4.7%
State Street Global: +4.6%

Compound annual growth rate (CAGR)

Top 17 Countries Fastest AUM Annualized Growth (USD, 2017 to 2022):

China: +28.6%
Norway: +15.2%
India: + 14.9%
Brazil: +10%
Hong Kong: +8.9%
South Korea: +8.8%
Japan: +8.5%
South Africa: +8.4%
Australia: +8.2%
Canada: +7.6%
Sweden: +5.8%
Liechtenstein: +5.6%
United States: +4.2%
Denmark: +4.1%
Switzerland: +2.6%
United Kingdom: +2.5%
Eurozone: +2.1%

3) AUM by Investment Allocation

2022 AUM by Asset Allocation (%):

Equity – 45.1%
Fixed Income – 32.3%
Alternatives – 7.1%
Cash – 7.9%
Other* – 7.6%

2022 AUM by Asset Allocation:

Equity – $28.5 trillion
Fixed Income – $20.4 trillion
Alternatives – $4.8 trillion
Cash – $5 trillion
Other* – $5.1 trillion

* balanced funds / strategies, multi-asset funds, infrastructure, commodities, private debt, derivatives, currency, transition accounts, structured products

Managed Assets:

Actively managed assets – $18.8 trillion (65.3% of assets)
Passively managed assets (strategies) – $9.9 trillion (34.7% of assets)

Asset Manager Vehicles:

Mutual Funds / UCITs – $23.9 trillion (69.9%)
Separate Accounts – $7.7 trillion (22.4%)
Pooled / commingled – $2.6 trillion (7.5%)

2022 Benchmark Indices Performance:

United States equities: -9.6%
MSCI Asian (ex Japan): -13.1%
MSCI EM (Emerging Markets): -13.7%
JPMorgan EMBI Global Core index (Fixed Income): -18.3%
Bloomberg Barclays US Corporate High Yield index: +6.7%

Allocation to ESG Principles:

2020 – $10.1 trillion
2021 – $12.3 trillion
2022 – $10.6 trillion

Allocation to ESG Mandates:

2020 – $2 trillion
2021 – $2.1 trillion
2022 – $1.4 trillion

Allocation to Liability-Driven Investment (LDI):

2020 – $2.7 trillion
2021 – $3.7 trillion
2022 – $3.5 trillion

4) Asset Management Trends

Industry Trends – Economy & Investment:

High inflation and interest rates disrupted the markets worldwide
Heightened geopolitical tensions
Expect a higher for longer regime in interest rates
Concerns about inflation and growth remain elevated.
Asset management business with considerable stress with costs on a natural rise
Margin pressure led asset managers to adopt bigger change profiles (Eg. private markets, increased personalisation and use of technology)
Potential for a single event to trigger widespread market disruption remains a constant concern.
Systemic risk puts emphasis on the need for forward thinking and re-positioning strategy with investment processes that are able to model, measure and adapt to systemic risk.
Investment environment has become increasingly complex, with a multitude of factors influencing investment decisions and investors having to navigate geopolitical events, technological developments and regulatory changes, in addition to economic indicators.

Industry Trends – Sustainability:

Sustainability & ESG factors integral to investment programs
Challenged with politicisation & increasing levels of regulation
Standardisation of sustainability reporting (ISSB issuing global sustainability disclosure standards).
Climate risk, Emissions reporting & management
Rightsizing of sustainability efforts with investment organisations to balance regulatory compliance, enable positive sustainability impacts, navigate challenge of net-zero commitments and maintain fiduciary integrity.
Transition to a sustainable investment organisation critically needs strong culture and enhanced capabilities
Unvestment organisations have an ESG knowledge and skills gap to fill and will have to improve ESG data practices to make it decision-useful.
Stewardship is an important element of the new emerging investment model
Sustainability resourcing involves thinking through motivations, strategy and ambition
Collaboration within & across organisations can make available resources more productive and help achieve positive outcomes which for many asset managers includes real-world impact outcomes.
Industry Trends – Technology & AI (Artificial Intelligence):
Artificial intelligence & automation can benefit asset managers in building resilience and meeting current challenges.
Technologies have potential to significantly improve efficiency and operational performance, an opportunity to build a strategic advantage.
Generative AI and large language models (LLMs) significantly enhanced scope of technological application at asset manager organisations (for clients).
AI risks should also be considered and managed.
AI regulatory uncertainty.
Challenges in explaining, documenting the workings & outputs of complex models, ensuring appropriate governance around using such models are all new risks
Requires controls & frameworks to be managed effectively.
Technology affects all asset management roles with likely redundancy over time particularly in the operational & distribution areas.
Front-line investment professionals must adapt to the opportunities for technology to improve efficiency but are as yet less at risk from being replaced.
Competition for talent in technology roles has rocketed.
Attracting talent is evolving into a dynamic interplay of factors which include compensation, flexibility, empowerment and creating the right culture.

5) Asset Manager Insights

Increase:

Level of client interest in sustainable investing, including voting – 89% increase
Resources deployed to technology & big data – 76% increase
Resources deployed to cyber security – 66% increase
Number of product offerings across your firm – 69% increase
Level of regulatory oversight – 57% increase
Percentage of minority and women at high positions – 52% increase

Remain the same:

Aggregate investment management fee level across your firm – 74% remain the same

Average Female Workforce:

Senior Management – 24% females
Investment Team – 18% females
All employees – 38% females

6) Top 50 Asset Managers AUM

2022 Ranking / AUM:

BlackRock – $8.59 trillion
Vanguard – $7.25 trillion
Fidelity Investments – $3.65 trillion
State Street – $3.48 trillion
JP Morgan Chase – $2.76 trillion
Goldman Sachs – $2.54 trillion
Allianz – $2.28 trillion
Capital Group – $2.17 trillion
Amundi – $2.03 trillion
UBS – $1.84 trillion
BNY Mellon – $1.83 trillion
Legal & General – $1.44 trillion
Invesco – $1.4 trillion
Franklin Templeton – $1.38 trillion
Prudential Financial – $1.37 trillion
T. Rowe Price – $1.27 trillion
BNP Paribas – $1.26 trillion
Northern Trust – $1.24 trillion
Morgan Stanley Inv. Mgmt – $1.23 trillion
Natixis Investment Managers – $1.15 trillion
Wellington Mgmt – $1.09 trillion
Nuveen – $1.09 trillion
HSBC – $1.08 trillion
AXA Group – $995 billion
Sun Life Financial – $978 billion
Ameriprise Financial – $956 billion
Power Financial – $917 billion
Schroders – $887 billion
Deutsche Bank – $876 billion
Geode Capital Mgmt – $866 billion
Sumitomo Mitsui Trust Holdings – $855 billion
Manulife – $844 billion
Aegon Group – $797 billion
Brookfield Asset Mgmt – $790 billion
Charles Schwab Investment – $757 billion
Royal Bank of Canada – $737 billion
Mitsubishi UFJ Financial Group – $728 billion
Postal Savings Bank of China – $715 billion
Federated Hermes – $668 billion
Fidelity International – $663 billion
New York Life Investments – $653 billion
Affiliated Managers Group – $650 billion
AllianceBernstein – $646 billion
Nippon Life Insurance – $642 billion
Principal Financial – $635 billion
Dimensional Fund Advisors – $583 billion
MetLife – $579 billion
Macquarie Group – $542 billion
Generali Group – $538 billion
Dai-ichi Life – $538 billion

The Thinking Ahead Institute

The Thinking Ahead Institute (TAI) is a not-for-profit research and innovation network motivated to influence the investment industry for the good of savers worldwide and to mobilise capital for a sustainable future. Since its establishment in 2015, almost 90 investment organisations have collaborated to bring this vision to light through designing fit-for-purpose investment strategies, working towards better organisational effectiveness and strengthening stakeholder legitimacy.

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