World’s largest investment managers see assets hit $128 trillion in return to growth
According to WTW's Thinking Ahead Institute, total assets under management (AUM) of the world's 500 largest asset managers reached $128.0 trillion at the end of 2023, marking a 12.5% annual growth. This represents a significant recovery from the $18 trillion drop in 2022. Passive investment strategies now account for 33.7% of AUM among the largest firms, while core equity and fixed income comprise 77.3% of total AUM.
North America experienced the largest growth in AUM with a 15.0% increase, now accounting for 60.8% of the total AUM. BlackRock remains the world's largest asset manager with AUM above $10 trillion, followed by Vanguard Group at nearly $8.6 trillion. The research also highlights notable risers in the rankings, including Charles Schwab Investment and Geode Capital Management.
Secondo il Thinking Ahead Institute di WTW, il totale degli attivi sotto gestione (AUM) dei 500 maggiori gestori di attivi del mondo ha raggiunto 128,0 trilioni di dollari alla fine del 2023, segnando una crescita annua del 12,5%. Questo rappresenta una significativa ripresa rispetto al calo di 18 trilioni di dollari nel 2022. Le strategie di investimento passive ora costituiscono il 33,7% dell'AUM tra le maggiori aziende, mentre azioni core e reddito fisso comprendono 77,3% dell'AUM totale.
Il Nord America ha registrato la più grande crescita dell'AUM con un incremento del 15,0%, ora rappresentando il 60,8% dell'AUM totale. BlackRock rimane il più grande gestore di attivi del mondo con AUM oltre 10 trilioni di dollari, seguito dal Vanguard Group con quasi 8,6 trilioni di dollari. La ricerca evidenzia anche notevoli risalite nelle classifiche, tra cui Charles Schwab Investment e Geode Capital Management.
Según el Thinking Ahead Institute de WTW, los activos totales bajo gestión (AUM) de los 500 mayores gestores de activos del mundo alcanzaron 128,0 billones de dólares a finales de 2023, marcando un crecimiento anual del 12,5%. Esto representa una recuperación significativa desde la caída de 18 billones de dólares en 2022. Las estrategias de inversión pasiva ahora representan el 33,7% del AUM entre las empresas más grandes, mientras que acciones centrales y renta fija comprenden 77,3% del AUM total.
América del Norte experimentó el mayor crecimiento en AUM con un incremento del 15,0%, ahora representando el 60,8% del AUM total. BlackRock sigue siendo el mayor gestor de activos del mundo con AUM superior a 10 billones de dólares, seguido por Vanguard Group con casi 8,6 billones de dólares. La investigación también destaca notables ascensos en los rankings, incluyendo Charles Schwab Investment y Geode Capital Management.
WTW의 Thinking Ahead Institute에 따르면, 세계 500대 자산 운용사의 총 자산 관리(AUM)는 2023년 말 기준으로 128.0조 달러에 달하며, 연간 12.5% 성장률을 기록했습니다. 이는 2022년 18조 달러의 감소에서 상당한 회복을 나타냅니다. 패시브 투자 전략은 이제 상위 기업의 AUM 중 33.7%를 차지하며, 핵심 주식 및 고정 수익은 총 AUM의 77.3%를 구성합니다.
북미는 AUM에서 가장 큰 성장을 경험하며 15.0% 증가를 기록했으며, 현재 총 AUM의 60.8%를 차지하고 있습니다. 블랙록은 AUM이 10조 달러를 초과하여 세계 최대 자산 운용사로 남아 있으며, 이어서 뱅가드 그룹이 거의 8.6조 달러로 뒤를 잇고 있습니다. 이 연구는 또한 찰스 슈왑 투자 및 지오드 캐피탈 관리와 같은 순위에서의 주목할 만한 상승을 강조합니다.
Selon le Thinking Ahead Institute de WTW, les actifs totaux sous gestion (AUM) des 500 plus grands gestionnaires d'actifs du monde ont atteint 128,0 trillions de dollars à la fin de 2023, marquant une croissance annuelle de 12,5%. Cela représente une reprise significative par rapport à la chute de 18 trillions de dollars en 2022. Les stratégies d'investissement passives représentent désormais 33,7% des AUM parmi les plus grandes entreprises, tandis que les actions de base et le revenu fixe constituent 77,3% du total des AUM.
North America a connu la plus forte croissance en AUM avec une augmentation de 15,0%, représentant désormais 60,8% du total des AUM. BlackRock reste le plus grand gestionnaire d'actifs au monde avec un AUM supérieur à 10 trillions de dollars, suivi par Vanguard Group avec près de 8,6 trillions de dollars. La recherche met également en lumière des progressions notables dans les classements, y compris Charles Schwab Investment et Geode Capital Management.
Laut dem Thinking Ahead Institute von WTW betrugen die zum verwalteten Vermögen (AUM) der 500 größten Vermögensverwalter der Welt am Ende des Jahres 2023 128,0 Billionen Dollar und verzeichneten ein jährliches Wachstum von 12,5%. Dies stellt eine signifikante Erholung von dem Rückgang um 18 Billionen Dollar im Jahr 2022 dar. Passive Investitionsstrategien machen nun 33,7% des AUM der größten Unternehmen aus, während Basisaktien und festverzinsliche Anlagen 77,3% des gesamten AUM ausmachen.
Nordamerika verzeichnete das größte Wachstum bei AUM mit einem 15,0% Anstieg und macht nun 60,8% des gesamten AUM aus. BlackRock bleibt der größte Vermögensverwalter der Welt mit einem AUM von über 10 Billionen Dollar, gefolgt von der Vanguard Group mit fast 8,6 Billionen Dollar. Die Forschung hebt auch bemerkenswerte Aufsteiger in den Rang listen hervor, darunter Charles Schwab Investment und Geode Capital Management.
- Total AUM of top 500 asset managers reached $128.0 trillion, a 12.5% annual growth
- Passive investment strategies now account for 33.7% of AUM among largest firms
- North America experienced 15.0% increase in AUM, now representing 60.8% of total AUM
- BlackRock remains world's largest asset manager with AUM above $10 trillion
- Notable risers in rankings include Charles Schwab Investment and Geode Capital Management
- AUM has not yet reached 2021 levels despite recovery
- Japan saw a slight decline in AUM, decreasing by 0.7%
- Asset managers face pressure to evolve business models due to increased competition and fee compression
Insights
The asset management industry's recovery to
North America's dominance, accounting for
The continued growth of alternative investments, particularly in private markets, signals investors' search for yield in a challenging interest rate environment. This trend could lead to increased competition and potentially lower returns in private equity and other illiquid assets as more capital flows into these sectors.
The asset management landscape is evolving rapidly, with technology and changing client expectations driving transformation. The success of independent asset managers over bank-linked counterparts suggests a shift in investor preferences towards more specialized and agile firms.
The rise of passive strategies to over one-third of AUM among top managers is a significant milestone, reflecting the ongoing debate between active and passive management. This trend may pressure fees across the industry, potentially impacting WTW's revenue from investment consulting services.
Geopolitical uncertainties and upcoming major elections pose risks to market stability. For WTW, this environment could increase demand for risk management and advisory services, particularly in areas like geopolitical risk assessment and portfolio stress testing.
NEW YORK, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Total assets under management (AUM) at the world’s 500 largest asset managers reached USD 128.0 trillion at the end of 2023, according to new research from leading global advisory, broking and solutions company WTW’s (NASDAQ: WTW) Thinking Ahead Institute.
Despite not yet reaching 2021 levels, this amounts to
The research also reveals the continued evolution of active vs. passive assets under management among the largest investment managers. For the first time, passive investment strategies now account for more than one third of AUM among the 500 largest firms (
Asset class allocations have also evolved, with renewed growth of private markets. Core equity and fixed income remain the dominant asset classes, comprising
Partly down to the recent dominance of US equities as performance drivers, North America experienced the largest growth in AUM with a
At the very top of the rankings, U.S. managers make up 14 of the top 20, and account for
Turning to individual asset managers, the research shows that BlackRock remains the world’s largest asset manager, with its assets now above
Notable risers in the full rankings in the last 5 years include Charles Schwab Investment, up 34 places to reach 25th place from 59th place. Geode Capital Management, also U.S. based, is up 31 places to reach 23rd place from 54, while Canada’s Brookfield Asset Management is up 29 places from 60th to 31st.
“Asset managers have experienced a year of consolidation and change. While there has been a return to strong market performance, the last year has also seen forces of change,” said Jessica Gao, director at the Thinking Ahead Institute. “Macro factors have played a key part in the story, with notable highs in interest rates during 2023 exerting varied pressure on different asset classes, geographies and investment styles. As this now gradually switches to a rate cutting environment, equity markets are beginning to return positive performance also driven by improving expectations of earnings growth. Uncertainties looking ahead are now focused on geopolitical events and several major elections.
“We have continued to see net flows into passive strategies as they continue to offer a compelling value proposition, particularly in terms of lower fees and simplicity. Yet growing market volatility and issues with concentration, which typically highlights the need for expertise to outperform benchmarks, may be a source of caution from some allocators to passive market trackers.
“Meanwhile, asset managers continue to face major pressure to evolve their own business models. Investment in technology remains essential not just to maintain a market edge, but also to meet evolving client requirements and expectation in reporting and customer service. Increased competition, fee compression, and the growing demand for more personalised, technology-driven investment solutions are challenging traditional structures. We have witnessed notable successes of independent asset managers versus many of the more affiliated insurer-linked vs bank-linked asset managers,” concluded Gao.
The world’s largest money managers as of December 31, 2023
Ranked by total AUM, in U.S. millions.
| Rank | Fund | Market | Total Assets (US$) | |
| 1. | BlackRock | U.S. | ||
| 2. | Vanguard Group | U.S. | ||
| 3. | Fidelity Investments | U.S. | ||
| 4. | State Street Global | U.S. | ||
| 5. | J.P. Morgan Chase | U.S. | ||
| 6. | Goldman Sachs Group | U.S. | ||
| 7. | UBS | Switzerland | ||
| 8. | Capital Group | U.S. | ||
| 9. | Allianz Group | Germany | ||
| 10. | Amundi | France | ||
| 11. | BNY Investments | U.S. | ||
| 12. | Invesco | U.S. | ||
| 13. | Legal & General Group | U.K. | ||
| 14. | Franklin Templeton | U.S. | ||
| 15. | Prudential Financial | U.S. | ||
| 16. | T. Rowe Price Group | U.S. | ||
| 17. | Northern Trust | U.S. | ||
| 18. | Morgan Stanley Inv. Mgmt | U.S. | ||
| 19. | BNP Paribas | France | ||
| 20. | Natixis Investment Managers | France | ||
Notes to editors:
Figures were the latest available as of Dec. 31, 2023
About the Thinking Ahead Institute
The Thinking Ahead Institute was established in January 2015 and is a global not-for-profit investment research and innovation member group made up of engaged institutional asset owners and service providers committed to changing and improving the investment industry for the benefit of the end saver. It has over 55 members around the world and is an outgrowth of WTW Investments’ Thinking Ahead Group, which was set up in 2002.
About WTW Investments
WTW’s Investments is an investment advisory and asset management firm focused on creating financial value for institutional investors through its expertise in risk assessment, strategic asset allocation, fiduciary management and investment manager selection. It has over 900 colleagues worldwide, more than 1,000 investment clients globally, assets under advisory of over US
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
Learn more at wtwco.com
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