Total assets under management (AUM) at the world’s 500 largest asset managers reached $139.9 trillion at the end of 2024, a 9.4% increase from the previous year according to new research released Monday from WTW’s Thinking Ahead Institute.
A press release about the research notes these latest figures mark a continued recovery for the asset management industry, with total assets now back above the record that was last set in 2021. It goes on to say the recovery was driven largely by managers in North America who registered the fastest growth, up 13% year-on-year and accounting for $88.2 trillion, or 63% of total AUM among the top 500 firms.
The top 20 asset managers further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. Their combined assets rose to $65.8 trillion, with 15 US-based firms representing 83.9% of this segment. Among these, BlackRock $11.6 trillion, Vanguard ($10.1 trillion), and Fidelity Investments ($5.5 trillion) retained their positions as the top three global managers, with BlackRock holding the top spot since 2009. In October, BlackRock reported its AUM reached a new high of $13.5 trillion.
In addition to managing institutional assets (pension funds, sovereign wealth, endowments), retail brokerage/wealth accounts, mutual funds and ETFs, and alternative/private markets, the top firms are major defined contribution plan recordkeepers and investment providers, with Fidelity typically cited as the top U.S. 401(k) recordkeeper, providing retirement plan services for tens of thousands of employers.
Beyond those top three, the Thinking Ahead Institute report’s next three largest global asset managers are all headquartered in the U.S. as well: State Street Investment Management ($4.7 trillion); J.P. Morgan Chase ($4.0 trillion); and Goldman Sachs Group ($3.1 trillion).
The rest of the world’s largest money managers include Switzerland’s UBS ($2.9 trillion) in 7th; U.S.’s Capital Group ($2.8 trillion) in 8th; Germany’s Allianz Group ($2.5 trillion) in 9th; and France’s Amundi ($2.3 trillion) in 10th.
U.S.-based BNY Investments, Invesco, Northern Trust, T. Rowe Price Group, Morgan Stanley Investment Management, Franklin Templeton, Geode Capital Management, and Prudential Financial ranked 11th through 18th.
Industry undergoing strategic shift
Japan registered a decline from its asset managers, with AUM 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.
“We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of Artificial Intelligence.”
Jessica Gao, The Thinking Ahead Institute
Strategically, the industry is continuing to undergo a significant shift to passive investment strategies, which now account for 39.0% of total AUM, a 6.1% increase from the previous year. Meanwhile, actively managed assets declined to 61%, down 3.6% year-on-year.
“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,” said Jessica Gao, Director of The Thinking Ahead Institute.
“The scale of growth, particularly in North America, and the increasing concentration among the top 20 managers, signals both opportunity and responsibility,” Gao added. “As stewards of nearly $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.”
The study also highlights the rapid rise of private-market specialists, whose AUM growth has outpaced traditional managers. For example, Brookfield’s AUM grew from $240 billion in 2017 to $1,061 billion in 2024—an impressive 20% annualized 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 centers like the Dubai International Financial Centre and Abu Dhabi. Moreover, thematic opportunities in Shariah-compliant investing, ESG, and digital assets are aligning with national transformation agendas, making the region increasingly competitive.
Elsewhere, 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, the study did find 61% expect AI spending to grow over the next five years, while a similar number (64%) expressed concern about AI-related cyber risks.
The Thinking Ahead Institute was established in 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.
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