.png&w=3840&q=75 "World's Largest Asset Managers Hit Record USD 139.9 Trillion In Assets")
Total assets under management at the world's 500 largest asset managers reached USD 139.9 trillion at the end of 2024, a 9.4% increase from the previous year, according to new research from WTW's Thinking Ahead Institute.
Global Topp 500 Asset Managers: source Thinking Ahead Institute
The figures mark a continued recovery for the asset management industry, with total assets now surpassing the record last set in 2021. WTW is a global advisory, broking and solutions company listed on NASDAQ under the ticker WTW.
The recovery was driven largely by managers in North America, who registered the fastest growth at 13% year-on-year, accounting for USD 88.2 trillion, or 63% of total assets under management amongst the top 500 firms.
Japan registered a decline from its asset managers, with assets under management falling by 9.5% in 2024, highlighting regional disparities in economic and investment performance. On current growth rates, the UK, which was the second largest asset management market in 2019, now looks likely to fall to fourth position in the next five years, with France and Canada set to overtake it.
The industry is continuing to undergo a significant shift to passive investment strategies, which now account for 39.0% of total assets under management, a 6.1% increase from the previous year. Meanwhile, actively managed assets declined to 61%, down 3.6% year-on-year.
The top 20 asset managers further consolidated their influence, now controlling 47% of total assets under management, up from 45.5% in 2023. Their combined assets rose to USD 65.8 trillion, with 15 US-based firms representing 83.9% of this segment. BlackRock, Vanguard, and Fidelity Investments retained their positions as the top three global managers, with BlackRock holding the top spot since 2009.
The study also highlights the rapid rise of private-market specialists, whose assets under management growth has outpaced traditional managers. Brookfield's assets under management grew from USD 240 billion in 2017 to USD 1,061 billion in 2024, representing a 20% annualised increase over eight years and a rise of 46 places in the rankings, driven by investor demand for private credit, infrastructure, and real estate strategies.
Across the regions, the Middle East has gained prominence as a strategic hub for asset managers, as regulatory reforms in the UAE, including updates to digital assets rules and the Qualifying Investment Funds regime, are attracting global firms to financial centres such as the Dubai International Financial Centre and Abu Dhabi. Thematic opportunities in Shariah-compliant investing, ESG, and digital assets are aligning with national transformation agendas, making the region increasingly competitive.
Artificial intelligence continues to become an enabler across the industry, with the study finding that 47% of firms are investing in AI for strategic, operational customer improvement purposes. However, adoption remains in its early stages, with 78% of firms allocating less than 10% of their tech budgets to AI. Despite this, 61% expect AI spending to grow over the next five years, whilst a similar number at 64% expressed concern about AI-related cyber risks.
The state of AI in asset management and the vision of the future
The Thinking Ahead Institute conducted an industry-wide AI survey with responses from a broad cross-section of asset management firms, representing over 350 funds. The findings highlight both the progress and still early-stage nature of AI adoption in the sector:
🔹 Results show that AI practices are unevenly spread but developing quickly. Total current adoption is estimated at 83%, with nearly half of firms (47%) pursuing AI for a mix of strategic, competitive, cost-saving and customer experience reasons.
🔹 Currently, 78% of organisations allocate less than 10% of their technology budgets to AI, while 10% invest more than 20%. There is strong optimism for growth: 61% expect AI budgets to “grow somewhat” and 18% to “grow significantly” over the next five years.
🔹 Over the next three to five years, the strongest use case for AI is expected to be in reporting and communication, followed by applications in support functions. There is also growing support for direct applications in portfolio management and sustainability.
🔹 Looking ahead, most respondents envision a “human-dominant, AI-assisting” model (46%), positioning AI as an enabler rather than a pure disruptor. However, a number of concerns remain, with 64% believing AI could increase cyber risks.
Source: Thinking Ahead Institute
Jessica Gao, Director, Thinking Ahead Institute
“This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of artificial intelligence. These trends are reshaping the very foundations of asset management.”
“The scale of growth, particularly in North America, and the increasing concentration amongst the top 20 managers, signals both opportunity and responsibility. As stewards of nearly USD 140 trillion in assets, the industry must now balance performance with purpose, agility with accountability. This is a pivotal moment to redefine what long-term value means, not just for investors, but for society at large.”
Jessica Gao, Director of the Thinking Ahead Institute
The world’s largest money managers
Ranked by total assets under management (AUM), in USD billions:
| Rank | Asset Manager | Country | AUM (USD billions) |
|---|---|---|---|
| 1 | BlackRock | US | $11,551.3 billion |
| 2 | Vanguard Group | US | $10,105.4 billion |
| 3 | Fidelity Investments | US | $5,520.2 billion |
| 4 | State Street Inv. Mgmt | US | $4,715.4 billion |
| 5 | J.P. Morgan Chase | US | $4,045.0 billion |
| 6 | Goldman Sachs Group | US | $3,137.0 billion |
| 7 | UBS | Switzerland | $2,860.7 billion |
| 8 | Capital Group | US | $2,842.5 billion |
| 9 | Allianz Group | Germany | $2,549.7 billion |
| 10 | Amundi | France | $2,319.6 billion |
| 11 | BNY Investments | US | $2,029.1 billion |
| 12 | Invesco | US | $1,846.0 billion |
| 13 | Northern Trust | US | $1,610.4 billion |
| 14 | T. Rowe Price Group | US | $1,606.6 billion |
| 15 | Morgan Stanley Inv. Mgmt | US | $1,577.8 billion |
| 16 | Franklin Templeton | US | $1,575.7 billion |
| 17 | Geode Capital Mgmt | US | $1,529.5 billion |
| 18 | Prudential Financial | US | $1,512.5 billion |
| 19 | BNP Paribas | France | $1,434.1 billion |
| 20 | Legal & General Group | UK | $1,404.4 billion |
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