The global asset management industry breaks records with 140 trillion dollars, as North America and passive investment set the course
17 NOV, 2025
By Joanna Piwko from RankiaPro Europe
The global asset management industry marks a new milestone by reaching 139.9 trillion US dollars in assets under management (AUM) at the end of 2024, according to the latest study by the Thinking Ahead Institute. The annual increase of 9.4% not only recovers the ground lost in 2022 and 2023, but also returns the sector to its all-time high in 2021, reinforcing a message of resilience in a context of high macroeconomic uncertainty.
The study highlights a strong regional contrast. North American managers grew 13% year-on-year, reaching 88.2 trillion dollars, which represents 63% of all assets managed by the 500 largest firms in the world. This concentration reflects both the structural weight of the US market and the ability of its large managers to capture flows in an environment of high rates and polarization in asset valuation.
At the opposite end, Japan records a 9.5% drop in AUM, a significant decline that shows difficulties in its domestic market, pressured by the weakness of the yen and less investor dynamism. The United Kingdom, for its part, risks losing historical leadership: if current trends persist, it could fall to the fourth global position, surpassed by France and Canada.
The largest asset managers in the world in Europe
Ranked by total assets under management (AUM), in millions of US dollars.
| Country | AUM (millions of $) |
|---|---|
| United Kingdom | 7,593,144 |
| France | 7,541,110 |
| Germany | 6,466,406 |
| Switzerland | 5,685,584 |
| Netherlands | 2,008,237 |
| Italy | 1,909,704 |
| Sweden | 952,757 |
| Spain | 880,927 |
| Finland | 570,966 |
| Belgium | 321,592 |
| Denmark | 295,188 |
| Norway | 286,702 |
| Luxembourg | 276,441 |
| Austria | 225,559 |
| Ireland | 167,952 |
| Portugal | 16,669 |
Passive management consolidates: it already represents 39% of the total
A structural change continues to gain traction: passive management now reaches 39% of assets, with a growth of 6.1% per year, while active management drops to 61%. This is a sustained rebalancing that reflects the preference of institutional investors for low-cost solutions, clear rules, and systematic market exposure, especially in volatile environments or with limited dispersion.
The concentration of the sector also intensifies. The 20 largest managers control 47% of global AUM, equivalent to 65.8 trillion dollars, with 15 American firms representing almost 84% of that volume. The podium remains without surprises: BlackRock, Vanguard, and Fidelity Investments lead the ranking, with BlackRock in the first position uninterruptedly since 2009.
Private markets: the accelerator of structural growth
The study highlights the unstoppable advance of specialists in private markets, whose growth far exceeds that of traditional managers. The most emblematic case is Brookfield, which has gone from 240,000 million in 2017 to 1.06 trillion in 2024, implying a compound annual growth of 20% and a rise of 46 positions in the ranking.
The growing demand in private credit, infrastructure, and real estate continues to reconfigure institutional portfolios and favor managers with vertical capabilities and preferential access to illiquid opportunities.
Middle East gains traction thanks to regulatory reforms
The study by the Thinking Ahead Institute identifies the Middle East as an emerging hub of attraction for the industry, driven by a modernizing regulatory environment, especially in the United Arab Emirates. Regulatory updates on digital assets and the Qualified Investment Funds regime are encouraging the arrival of global managers to centers such as the DIFC (Dubai International Financial Centre) and Abu Dhabi.
In addition, thematic investments —Shariah, ESG and digital assets— align with national strategies for economic transformation, consolidating the financial competitiveness of the region.
AI: present in strategy, emerging in investment
Artificial Intelligence emerges as a transformative vector. 47% of managers are already investing in AI to strengthen strategic, operational or customer relationship processes. However, this adoption is still preliminary: 78% dedicate less than 10% of their technology budget to AI. Even so, 61% plan to increase their investment in the next five years, despite 64% expressing concern about cybersecurity risks.
According to Jessica Gao, director of the Thinking Ahead Institute, the industry is at a “decisive moment”, where the expansion of passive strategies, the rise of private markets and the impact of AI converge: trends that “are redefining what it means to generate long-term value”.
