World's largest asset managers' AUM surges to record $140 trillion, driven by North America and passives

NEW YORK, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Total assets under management (AUM) 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 leading global advisory, broking and solutions company, WTW's (NASDAQ:WTW) Thinking Ahead Institute.

This marks a continued recovery for the asset management industry with total assets now back above the record that was last set in 2021. This recovery was driven largely by managers in North America who registered the fastest growth, up 13% year-on-year and accounting for USD 88.2 trillion, or 63% of total AUM among the top 500 firms.

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.

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.

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 USD 65.8 trillion, with 15 US-based firms representing 83.9% of this segment. Among these, BlackRock, Vanguard, and Fidelity Investments retained their positions as the top three global managers, with BlackRock holding the top spot since 2009.

This study also highlights the rapid rise of private-market specialists, whose AUM growth has outpaced traditional managers. For example, Brookfield's AUM grew from USD 240 billion in 2017 to USD 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 centres 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, whilst a similar number (64%) expressed concern about AI-related cyber risks.

"This study paints a vivid picture of an industry in transition," said Jessica Gao, Director of The Thinking Ahead Institute. 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 among the top 20 managers, signals both opportunity and responsibility. 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 world's largest money managers

Ranked by total AUM, in U.S. millions.

Rank	Fund	Market	Total Assets (US$)
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

About the Thinking Ahead Institute at WTW

The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers and strategic partners, the Institute drives innovation through collaborative research and practical solutions.  Since its founding in 2015, the Institute has convened more than 100 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organization at https://www.thinkingaheadinstitute.org/.

About WTW

At WTW (NASDAQ:WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com

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