The research also shows further concentration of assets managed by the very largest organizations. The world’s top 20 asset managers are now responsible for over
In addition, the research reveals that BlackRock is both the world’s largest asset manager and the first to exceed
The dominance of
According to the research, passively managed funds grew by 12.1% during the year — faster than actively managed assets, which grew by 9.5% — and now account for over 29% of assets, hitting a record high. It also shows that equity and fixed income continued to make up the majority of assets, split by 46.5% and 33.9%, respectively. In addition, cash makes up 6.6%, alternatives 5.9% and other strategies 7.1% (which include liability-driven investment [LDI] and other specialist solutions).
“Investment managers are facing a combination of long-term headwinds from macroeconomic, geopolitical and climate risks — but are also spurred on by the driving factors of technology and industry innovation,” said
“Consolidation is an obvious symptom of a changing investment industry, but bigger is not always better. Specialism is still sought-after, with genuine boutiques and smaller global managers proving that standing out for the right reasons can be as strong a business model as offering standardization.
“Asset managers are adapting as organizations, and we’re seeing competitive pressures manifest in a reassessment of the skills and structures that drive success. For example, healthy scrutiny of sustainability claims is leading to enormous demand for climate and environmental specialists. Meanwhile, modern expectations for digital client service and a need for rigorous data-led investment processes is separately driving total reevaluations of operational technology. These trends mean we’re not seeing just a shift in the rankings but also a shift in what it means to be a successful asset manager.”
Following are additional research findings, from a subset of managers in the ranking:
- Assets allocated to environmental, social and governance principles increased by over four percentage points to reach over 60% of assets.
- Allocations to LDI strategies slowed marginally to around 13.9% of total assets invested in LDI strategies, from 14.2% a year before.
- A majority (56%) of managers increased the number of women, and those of other protected minority groups, in high positions.
- Technology and big data received additional resources among a strong majority (76%) of managers, while a similar 75% boosted their resources focused on cybersecurity.
- Product offerings are still expanding — with 72% increasing the number of investment products they offer to clients.
- Aggregate investment management fee levels decreased for a third (29%) and increased for 13% of managers.
The world’s largest money managers: Ranked by total AuM
Rank | Fund | Market | Total assets (US$ millions) | |
1 | BlackRock | |||
2 | ||||
3 | ||||
4 | State Street Global | |||
5 | ||||
6 | ||||
7 | ||||
8 | Goldman Sachs Group | |||
9 | BNY Mellon | |||
10 | Amundi | |||
11 | ||||
12 | Legal & General Group | |||
13 | Prudential Financial | |||
14 | T. Rowe Price Group | |||
15 | Invesco | |||
16 | Northern Trust | |||
17 | ||||
18 | Morgan Stanley Inv. Mgmt. | |||
19 | ||||
20 | Wellington Mgmt. |
Source: Thinking Ahead Institute: World’s Largest Asset Managers 2022 report
Notes to editors:
Figures are the latest available as of
About the
The Thinking Ahead Institute was established in
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