Ranking of the 20 fund management companies with the most assets in the world
Updated:
24 NOV, 2025
The assets under management of the world's 500 largest managers reached 139.9 trillion USD at the end of 2024, up 9.4% on an annual basis and again above the 2021 record, according to new research from The Thinking Ahead Institute. The recovery was driven by North American players, while strong regional divergences and an acceleration of passive management emerge.
How did we prepare this ranking?
The data comes from the Thinking Ahead Institute, a global not-for-profit investment research organization, and is based on their report The World’s Largest Asset Managers – 2025 (as of November 10, 2025).
As for individual managers, the report highlights that BlackRock remains the largest asset manager in the world, with a total of assets exceeding 11.5 trillion dollars compared to 10 trillion in 2023. Vanguard Group maintains second place, with more than 10 trillion dollars compared to 8.6 trillion in 2023, both far ahead of Fidelity Investments and State Street Global, which respectively occupy the third and fourth place with 5.5 and 4.7 trillion.
Ranking of the 20 largest Asset Managers in the World
| Ranking | Asset manager | Mercato | AUM totale |
| 1 | BlackRock | U.S. | 11,551,251 |
| 2 | Vanguard Group | U.S. | 10,105,443 |
| 3 | Fidelity Investments | U.S. | 5,520,234 |
| 4 | State Street Inv. Mgmt | U.S. | 4,715,442 |
| 5 | J.P. Morgan Chase | U.S. | 4,045,000 |
| 6 | Goldman Sachs Group | U.S. | 3,137,000 |
| 7 | UBS | Switzerland | 2,860,700 |
| 8 | Capital Group | U.S. | 2,842,451 |
| 9 | Allianz Group | Germany | 2,549,739 |
| 10 | Amundi | France | 2,319,589 |
| 11 | BNY Investments | U.S. | 2,029,054 |
| 12 | Invesco | U.S. | 1,845,995 |
| 13 | Northern Trust | U.S. | 1,610,400 |
| 14 | T Rowe Price Group | U.S. | 1,606,600 |
| 15 | Morgan Stanley Inv. Mgmt | U.S. | 1,577,807 |
| 16 | Franklin Templeton | U.S. | 1,575,734 |
| 17 | Geode Capital Mgmt | U.S. | 1,529,507 |
| 18 | Prudential Financial | U.S. | 1,512,483 |
| 19 | BNP Paribas | France | 1,434,124 |
| 20 | Legal and General Group | UK | 1,404,364 |
Source: Thinking Ahead Institute as of November 10, 2025. Ranked by total assets managed (in millions of US dollars).
Regional recovery: North America accelerating, Japan declining, and new hubs in the Gulf
North American managers recorded the fastest growth: +13% year on year, for a total of 88.2 trillion USD, equivalent to 63% of the total assets held by the top 500 operators. This data consolidates the area's role as the center of gravity of the sector in the post-2022 recovery phase.
In contrast, Japan, where assets under management fell by 9.5% in 2024, signaling macro-financial fragility. The United Kingdom, the second market in 2019, risks slipping to fourth place within five years, overtaken by France and Canada.
In the meantime, the Middle East is establishing itself as a strategic hub thanks to regulatory reforms in the UAE (including updates on the rules for digital assets and the Qualifying Investment Funds regime), which are attracting large houses to centers such as the Dubai International Financial Centre and Abu Dhabi. Themes such as Shariah-compliant investments, ESG and digital assets align with national transformation programs, increasing the competitiveness of the area.
Strategies and market structure: passive on the rise, concentration at the top and push to private
The strategic rebalancing towards the passive continues: indexed strategies now represent 39.0% of total assets, up 6.1% from the previous year. Active management drops to 61%, with a decrease of 3.6% on an annual basis.
The concentration at the top intensifies: the top 20 managers control 47% of total assets (from 45.5% in 2023), for 65.8 trillion USD. Fifteen groups based in the United States account for 83.9% of this segment. BlackRock, Vanguard and Fidelity Investments maintain the top three global positions, with BlackRock at the top since 2009.
In the private market, rapidly growing specialists emerge. Brookfield has seen assets go from 240 billion USD in 2017 to 1.061 trillion in 2024, with a compound annual growth of 20% in eight years and a jump of 46 positions in the ranking, driven by demand for private credit, infrastructure and real estate.
Technological innovation advances but is still in its early stages: 47% of companies are investing in Artificial Intelligence for strategic, operational and customer experience purposes; however, 78% allocate less than 10% of the IT budget to AI. 61% foresee an increase in spending in the next five years, while 64% report fears about cyber risks related to AI.
This study paints a vivid picture of a sector in transition. We are witnessing 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.
Jessica Gao, Director, Thinking Ahead Institute
This article is for informational purposes only and does not constitute financial advice.
