Largest asset managers by AUM in 2025

In the landscape of global finance, asset managers play a pivotal role, overseeing vast pools of capital that drive investment strategies and economic growth. Asset management companies typically offer a range of services, such as portfolio management, research, advisory, risk management, and performance measurement.

The size of an asset manager can be measured by its assets under management (AUM), which is the total market value of the assets it manages on behalf of its clients. AUM can vary depending on market conditions and the clients’ inflows and outflows.

In this article, we will examine the largest asset managers in the world by AUM based on the latest data from various sources. We will also highlight some key trends and developments in the global asset management industry.

Largest asset managers by AUM in 2025

The data was gathered through multiple sources, including Think Ahead Institute, company’s investor reports, company’s web pages, and others.

In 2024, the industry witnessed an expansion, with total assets under management (AUM) standing at €111.4 trillion, a 9.2% increase from the previous year’s €102 trillion. With over $11 trillion in assets under management, BlackRock tops the list as the largest asset manager globally. Vanguard, headquartered in Pennsylvania, takes second place with $10.4 trillion in AUM.

Most of the largest asset managers are focused on active or passive management of equities, fixed income, money markets, and multi-asset portfolios. The asset management industry continues to consolidate globally, with mergers and acquisitions leading to a concentration of assets among the largest firms.

Description of the top 5 asset managers

BlackRock is the world’s largest asset manager, with over $11.6 trillion in assets under management. Founded in 1988, the firm provides investment management, risk management, and advisory services worldwide to institutional, intermediary, and individual investors.

BlackRock offers a diverse range of active and passive investment strategies covering global equities, fixed income, real assets, and alternative investments.

The firm has pioneered the use of data, technology, and risk analytics to drive investment decision-making and portfolio construction. BlackRock operates globally with offices in 30 countries and clients in over 100 countries. The firm has over 16,000 employees worldwide.

Vanguard is one of the world’s largest investment management firms, offering low-cost mutual funds and ETFs. Founded in 1975, Vanguard manages over $10.4 trillion in global assets. The firm pioneered passive index investing for individual investors. Vanguard is owned by the funds themselves, aligning the interests of the company with fund shareholders.

Headquartered in Malvern, Pennsylvania, Vanguard offers over 200 domestic and international funds covering stocks, bonds, balanced portfolios, and money markets. The firm focuses on index funds, which track market benchmarks like the S&P 500. Vanguard also offers active management in select portfolios. The company is a leading provider of target-date funds for retirement savers.

Fidelity Investments is one of the largest mutual fund companies globally, with over $5.9 trillion in assets under management. Founded in 1946, Fidelity offers investment management, retirement, brokerage, and other financial services. The privately held firm is headquartered in Boston.

Fidelity provides investment products like mutual funds, ETFs, managed accounts, and workplace retirement plans. The firm focuses primarily on active management through its equity, fixed-income, and multi-asset funds. Top mutual funds include Fidelity Contrafund, Fidelity Low-Priced Stock, and Fidelity Total Bond.

Beyond asset management, Fidelity provides discount brokerage services, wealth management advice, and administration of workplace savings plans. The firm employs around 50,000 people worldwide.

State Street Global Advisors (SSGA) is the investment management division of State Street Corporation. Founded in 1978, SSGA manages over $4.72 trillion in assets. The firm is headquartered in Boston, Massachusetts. SSGA is a leading provider of ETFs, managing over $1 trillion in ETF assets globally.

Flagship ETFs include the SPDR S&P 500 (SPY), the first ETF created in 1993. SSGA manages ETFs across equities, fixed income, commodities, and other asset classes. Beyond ETFs, SSGA provides index strategies, active quantitative equity, fixed income, multi-asset solutions, alternatives, and real estate investment strategies. As one of the largest asset managers globally, SSGA leverages scale, risk analytics, and research to construct portfolios and investment solutions.

J.P. Morgan Asset Management is the asset management division of JPMorgan Chase, managing over $3.6 trillion in assets globally. The firm provides investment management services across equities, fixed-income, multi-asset solutions, alternatives, and liquidity.

Headquartered in New York City, J.P. Morgan Asset Management offers actively managed mutual funds, ETFs, separately managed accounts, and customised multi-asset solutions. Key offerings include equity funds such as the JPMorgan Growth Advantage Fund and fixed-income funds like the JPMorgan Core Bond Fund.

With heritage tracing to 1871, J.P. Morgan Asset Management leverages the firm’s global scale, resources, and proprietary research. The firm employs over 2,300 investment professionals worldwide, managing assets for institutions, financial intermediaries, and individual investors.

What are assets under management?

Assets under management (AUM) refers to the total market value of investments managed by a financial institution like an asset management firm, hedge fund or brokerage. AUM totals are reported regularly by firms and tracked by industry groups.

The calculation of AUM can vary slightly by company. Assets managed on a discretionary basis are typically included. Non-discretionary assets like advisory-only accounts may be excluded from AUM totals.

AUM totals rise or fall based on investment performance and net inflows/outflows. Market appreciation or depreciation directly impacts AUM. Net inflows occur when new client investments exceed withdrawals. Outflows are the opposite situation.

Assets under management are a key metric for assessing and comparing asset managers. AUM reflects an institution’s scale, growth trajectory, and competitive positioning. While AUM size is not everything, large asset managers can benefit from economies of scale that may translate to competitive advantages.

Conclusion

The largest asset managers hold privileged positions guiding the deployment of capital worldwide. Their investment decisions move markets and influence corporate behaviour.

BlackRock, Vanguard, State Street, and others on the top list wield tremendous economic power. Their views on portfolio strategy, risk management, ESG, and stewardship shape the investment landscape.

Yet, each asset manager has their own culture, philosophy, and approach. The diversity of the industry provides choices for clients with varying needs and preferences. Even among the giants, there is competition to attract client assets and demonstrate value.

In summary, the largest asset managers hold privileged positions in financial markets due to their trillion-dollar scale, advanced resources, and global footprint. Their size confers competitive advantages but also greater responsibility and public scrutiny.

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