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
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 New York City, United States
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:
AUM by Asset Allocation:
Asset Management Industry Insights:
Potential for a single event to trigger widespread market disruption remains a constant concern.
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:
Top 10 Asset Managers:
Top 16 Asset Managers AUM by Country:
2) AUM Growth
Top 20 Fastest Growing Firms (CAGR, AUM Change in USD from 2017 to 2022):
Compound annual growth rate (CAGR)
Top 17 Countries Fastest AUM Annualized Growth (USD, 2017 to 2022):
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:
Industry Trends – Sustainability:
5) Asset Manager Insights
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:
The Thinking Ahead Institute
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