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 “
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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