The world’s largest 500 asset managers
A Thinking Ahead Institute and Pensions & Investments joint study | October 2023

T A I / P&I 5 0 0

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Thinking Ahead
InstituteExecutive summary

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28
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Section 1

Section 2
Analysis of the largest 20
asset managers

Total value of assets

41

35
Section 3
Passive management

37
Section 4
Manager insights on theindustry

44
32

Section 5

Section 6

Definitions

TAI/ P&I 500 ranking

56
Limitations of reliance© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

2T h i n ki ng A h ead I n s t i t ut e

The Thinking Ahead Institute
The Thinking Ahead Institute (TAI) is a not-for-profit research and innovation network motivated to influence theinvestment industry for the good of savers worldwide and to mobilise capital for a sustainable future. Since its
establishment in 2015, almost 90 investment organisations have collaborated to bring this vision to light throughdesigning fit-for-purpose investment strategies, working towards better organisational effectiveness and strengthening
stakeholder legitimacy.

The Thinking Ahead Group research teamMarisaTim

Roger

JessicaAndreaIsabella

Anastassia

Hall

Hodgson

Urwin

Gao

Caloisi

MartinJohnson© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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T A I / P&I 5 0 0

Executive summary
Overview and key findings© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

4E x ec u t i ve s u mmar y

Executive summary
Total discretionary assets under management (AUM) of the 500 managers included in the ranking
amounted to USD 113.7 trillion at the end of 2022, down by 13.7% from the end of 2021.
BlackRock has held its position as the largest asset manager in the ranking since 2009, Vanguard
has remained second in the last decade, and Fidelity Investments maintains its top three status
for the third consecutive year.
AUM change by region: Japan saw a 5.5% decrease, followed by North America with a 14.2%
decrease, and Europe (incl the U.K.) experienced a 16.8% decrease. Managers from the rest of theworld category had a relatively more resilient year, with their AUM decreasing by 3.6%.
AUM for North America accounted for 59.5% of the total AUM in the top 500 managers, with USD
67.7 trillion at the end of 2022.

Top 500 managers
amounted USD 113.7
trillion AUM at theend of 2022

Total AUM decreased by
13.7% compared to end
of 2021

AUM decreased in all
regions ranging from 16.8% to -3.6%

Figures to end 2022, unless otherwise stated© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

5E x ec u t i ve s u mmar y

Executive summary
The top 20 managers’ share of the total assets decreased from 45.2% in 2021 to 44.2% in 2022. Their
total AUM decreased by 15.5% to USD 50.3 trillion.

Top 20 managers’ AUM

share is 44.2%

There are 14 U.S. managers in the Top 20, accounting for 80.1% of the top 20 AUM, the rest are
European managers.
Top 20 consists of 14 U.S.
Of the Top 20, over half of them (12) are independent asset managers, followed by banks (6) andinsurer-owned managers (2).
Traditional equity and fixed income continued to make up most assets, accounting for 77.4% of all
assets (45.1% equity and 32.3% fixed income). This represents a 2.4% decrease from the previous
year.1
Investment in passive strategies now accounts for 34.7% of the total, marking a 4.0% increase in its
share of investments, while actively managed assets represent 65.3%, experiencing a 2.0% decrease
compared to the previous year.2

managers, the remaining
being European

Passive investments
participation in total
investments increased by

4.0%

Figures to end 2022, unless otherwise stated
1Based on a subset of 191 asset managers in the 2022 ranking who provided relevant data for all years since 2018.
2Based on a subset of 189 asset managers in the 2022 ranking who provided relevant data for all years since 2018.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

6Key data
Key data

Assets managed by region (USD trillion)

Europe$30.1

NorthAmerica

Japan
$5.8

$67.7

Rest of
the
world
$10.1

Averageasset
allocationin 2022© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

7

Asset management industry trends

Asset management industry trends
Macro uncertainty complicated by systemic risk
▪ Throughout 2022, major stock markets witnessed considerable turbulence and uncertainty,
effectively erasing most of the gains achieved in the record-breaking year of 2021. High inflationand interest rates disrupted the markets worldwide, also influenced by heightened geopoliticaltensions. While macro uncertainty remains high, a common theme was to expect a higher for
longer regime in interest rates in which concerns about inflation and growth remain elevated.
▪ With the removal of tailwind conditions for asset values, the asset management business has had
to deal with considerable stress with costs on a natural rise. This margin pressure has led to asset
managers adopting bigger change profiles in which a focus on private markets, increased
personalisation and use of technology are common strategies.
▪ The potential for a single event to trigger widespread market disruption remains a constantconcern. Systemic risk puts emphasis on the need for forward thinking and re-positioning
strategy with investment processes that are able to model, measure and adapt to systemicrisk. Risk systems are under pressure to respond to these new circumstances. The investment
environment has become increasingly complex, with a multitude of factors influencing investment
decisions and investors having to navigate geopolitical events, technological developments andregulatory changes in addition to economic indicators.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

8Asset management industry trends

Asset management industry trends
Sustainability stays top of mind
▪

▪

▪

▪

Sustainability and ESG factors continue to be integral to investment programs, eventhough the journey is increasingly challenged with politicisation and increasinglevels of regulation. Standardisation of sustainability reporting has been a theme
and has received a boost from the ISSB issuing global sustainability disclosure
standards. The other main theme is increasing attention given to climate risk andemissions reporting and management
Rightsizing of sustainability efforts has received more attention, with investment
organisations needing to balance regulatory compliance, enabling positive
sustainability impacts and navigating through the challenge of net-zerocommitments, while also maintaining fiduciary integrity.
Making the transition to a sustainable investment organisation critically needs
strong culture and enhanced capabilities. Most investment organisations havean ESG knowledge and skills gap to fill and will have to improve ESG datapractices to make it decision-useful.
Stewardship is an important element of the new emerging investment model,
where sustainability resourcing involves thinking through motivations, strategy andambition. Collaboration within and across organisations can make available
resources more productive and help achieve positive outcomes which for many
asset managers includes real-world impact outcomes.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

9Asset management industry trends

Asset management industry trends
Emerging influence of technology and AI▪ There are promising technological advancements in the development of artificial intelligence(AI) and automation, which can benefit asset managers in building resilience and meetingcurrent challenges. These technologies have potential to significantly improve efficiency andoperational performance, giving leaders in this area an opportunity to build a strategic
advantage. The use of generative AI and large language models (LLMs) has significantly
enhanced the scope of technological application at asset manager organisations and in respectof their clients.
▪ There are many benefits AI brings to the investment industry; however, risks should also be
considered and managed. Regulatory uncertainty, challenges in explaining and documenting
the workings and outputs of complex models and ensuring appropriate governance aroundusing such models are all new risks that require controls and frameworks to be managed
effectively.
▪ Technology affects all asset management roles with likely redundancy over time particularly inthe operational and distribution areas. The front-line investment professionals must adapt tothe opportunities for technology to improve efficiency but are as yet less at risk from being
replaced. The competition for talent in technology roles has rocketed. In this hypercompetitive landscape, attracting talent is evolving into a dynamic interplay of factors which
include compensation, flexibility, but also empowerment and creating the right culture.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

10T A I / P&I 5 0 0

Section 1 | Total valueof assets© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Total value of assets managed
Split by manager domicile
6,127
6,197
5,623

USD billion

4,517
4,560

3,902

3,508

3,836

26,34025,95042,02044,458

4,023
4,166
24,65543,990

3,748
4,675

5,418
29,27525,34447,39954,549

4,501
6,368

10,524The AUM variation for managers in
5,791

Europe (inc. the U.K.), North

10,144

America and Japan were -16.8%, -30,133

14.2% and -5.5% respectively in

7,946
36,1996,655
34,771
29,7892022.

28,291

51,791

62,321

70,62778,87767,651

Assets managed by firms in the
Rest of the world category

decreased by 3.6% during 2022.
2013

2014

2015
North America

2016

2017

Europe (inc U.K.)© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

2018

2019

Rest of the world

2020

2021

2022

Japan

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Se ct io n 1

T o t al val u e o f as s et s

Total value of assets managed
Split by segment
5.7%

6.1%

5.9%

5.9%

5.6%

5.9%

5.5%

5.4%

5.3%

5.6%

31.1%

29.5%

29.6%

29.4%

28.8%

30.0%

30.3%

29.3%

29.1%

29.6%

22.2%

22.8%

23.1%

22.8%

22.8%

21.9%

21.2%

21.2%

20.4%

20.6%

41.0%

41.6%

41.4%

41.9%

42.8%

42.1%

43.0%

44.0%

45.2%

44.2%

2013

2014

2015

2016

Top 20 managers

2017Managers 21-50© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

2018

2019

Managers 51-250

2020

2021

2022

The top 20 retained a substantial
portion of the AUM, accounting for44.2% of the total, a decrease from
2021.

Conversely, managers ranked 21 to 50
saw their AUM share increase from
20.4% in 2021 to 20.6% in 2022. This
marks the first increase since 2015.
Similarly, managers ranked 51 to 250
and 251 to 500, saw their participation
increase by 0.5% and 0.3% in 2022.

Managers 251-500

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Se ct io n 1

T o t al val u e o f as s et s

Evolution of median AUM
70,00020.0%

60,000

15.0%
10.0%

50,000For 2022, there is a significant
downturn, with the total AUM growthdecreasing -13.7%.

USD billion

5.0%
40,0000.0%Median AUM for the Top 500 landed-5.0%

at USD 56 trillion in 2022, down 9.4%

30,000since 2021.

20,000-10.0%

10,000-15.0%

0-20.0%
2013

2014

2015

2016

2017

500 Median AUM© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

2018

500 Growth

2019

2020

2021

2022

Median growth

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Se ct io n 1

T o t al val u e o f as s et s

Distribution of assets by countryFive-year intervals (2012 to 2022, in USD)
48.7%

The last decade has seen an

1.5%

0.3%

1.1%

3.9%

0.6%

7.7%

7.9%

2.2%

7.1%

0.7%

2.4%

1.2%

1.2%

0.6%

4.3%

7.4%

1.3%

increase in assets mostly from2012

U.S., Canada, China, South
53.3%

Korea, India (33 bps), Hong
Kong and Liechtenstein (18

1.4%

0.1%

0.9%

4.9%

1.7%

7.7%

5.8%

1.6%

4.8%

0.8%

2.0%

0.5%

0.7%

0.5%

4.0%

7.4%

1.8%

2017

bps). In contrast, many
European countries and Japan

54.1%

have lost market share during
this period.

1.5%

0.2%

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

0.7%

5.4%

4.7%

5.9%

5.0%

1.4%

5.1%

0.9%

1.5%

0.4%

0.6%

0.5%

4.0%

6.2%

2.1%

2022

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Se ct io n 1

T o t al val u e o f as s et s

2017-2022 average annualised growth of AUM by market
USD terms vs. local currency (LC) terms

28.6%
27.0%

5 yr CAGR to USD
5 yr CAGR to LC

15.2%

14.9%
11.1%

10.0%

8.8%

8.5%
6.8%

5.1%

2.5%
0.2%

2.1%

4.1%
1.8%

0.3%

5.6%

5.1%
3.8%

5.3%

8.9%

8.4%

8.2%

8.9%

6.0%

5.8%
4.2%

7.6%

9.1%

4.2%

2.6%
0.8%

1.8%

Regions with a higher compound annual growth in Local Currency terms indicate depreciation of their currencies against the USD
over the period 2017-2022.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Annualised change in exchange rates (LC against USD)
31 December 2017 to 31 December 2022

4.0%
2.0%

1.1%
0.0%

0.0%
-2.0%

-0.7%

-1.2%
-2.2%

-4.0%

-2.3%

-2.3%

-1.6%

-1.2%

-1.5%
-3.1%

-2.7%

-3.4%
-4.7%

-6.0%

-3.6%
-5.1%
-6.1%

-8.0%
-8.9%

-10.0%© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

AUM by asset allocation
5,178

Average asset allocation for 2022 was 45.1% toEquity, 32.3% to Fixed Income, 7.9% to Cash, 7.1%
to Alternatives and 7.6% to Other*.

4,914

USD billion

Year-on-year AUM decrease in 2022 was led by
Equity (inc. REITS) with a 19.6% drop, followed by
Fixed Income with a 14.5% drop and alternatives
with a 7.2% drop.

4,654

3,594
3,649
3,517

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

4,843
5,017

4,299

4,493
23,92323,026

20,45817,70820,280

Based on a subset of 191 asset managers in the 2022 ranking who provided relevant data for
all years since 2018.

4,844

20,094

Other and cash had declines of 6.5% and 1.3%
respectively.

*Other includes balanced funds/strategies, multi-asset funds, infrastructure, commodities,
private debt, derivatives, currency, transition accounts, structured products and more.

3,926
4,137
3,791

5,084

2018

25,4272019

Equity (inc REITS)

29,7092020
Fixed Income

Alternatives

35,52928,548

2021
Cash

2022
Other*

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Se ct io n 1

T o t al val u e o f as s et s

Growth of asset classes
Equity (inc. REITS)Fixed Income

Alternatives

30.00%
20.00%
10.00%
0.00%-10.00%

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2022

Total

Other

Cash

2021

30.00%
20.00%
10.00%

0.00%-10.00%

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2021

2022

Year-on-year (YoY) growth, based on a subset of 191 asset managers in the 2022 ranking who provided relevant data for all years since 2018.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Performance of benchmark indices
Equities

5%0%

U.S. equities had negative
returns of -9.6% on average.

The MSCI Asian (ex Japan)
and MSCI EM (Emerging
Markets) indices lagged
recovery with negative
average returns of -13.1%
and -13.7% respectively in
2022.

-5%
-10%
-15%
-20%
-25%
-30%
-35%

Jan-22

Feb-22Mar-22

Apr-22

May-22MSCI Europe (Unhedged)
MSCI EM (Emerging Markets) (Unhedged)
MSCI USA (Unhedged)© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

Jun-22

Jul-22Aug-22

Sep-22Oct-22

Nov-22

Dec-22MSCI AC Asia ex Japan (Unhedged)
MSCI AC World (Unhedged)

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Se ct io n 1

T o t al val u e o f as s et s

Performance of benchmark indicesFixed income

0%-5%

All selected indices had
negative returns, with the
JPMorgan EMBI Global Core
index, experiencing a decreaseof 18.3% over the year,
showing the most significant
decline.
On the other hand, theBloomberg Barclays US
Corporate High Yield index had
the best performance withaverage negative returns of
6.7% in 2022.

-10%
-15%
-20%
-25%
-30%

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

Jan-22

Feb-22Mar-22

Apr-22

May-22Jun-22

Jul-22Aug-22

Sep-22Oct-22

Nov-22

Dec-22

JPMorgan EMBI Global Core USD

Bloomberg Barclays US Aggregate (Unhedged)iBoxx $ Corporates (Unhedged)

Bloomberg Barclays US Corporate High Yield (Unhedged)

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Se ct io n 1

T o t al val u e o f as s et s

Asset allocation by vehicle
3,037
2,830
9,627
2,439

USD billions

2,032

2,600

8,918

7,707

7,633

6,787

19,0372018

25,69922,8572019

Mutual Funds/UCITs

2020

Separate Accounts

29,082
23,9782021

Mutual Funds/UCITs comprised 69.9%
of surveyed assets in 2022. Its
participation has been relatively stable
during the last five years, increasing by
27bps in 2022.
YoY AUM growth in 2022 was -14.4%
and -19.9% for otherpooled/commingled and separate
accounts, respectively. Mutual
Funds/UCITs also decreased by 17.6%.

2022

Other pooled/commingled

Based on a subset of 135 asset managers in the 2022 ranking who provided relevant data for all years since 2018.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Asset participation by regional client exposure
950

847

724

2,331
1,518
2,615

1,942
1,418
2,253

5,638

1,669
1,261
1,829
4,528

5,181

11,904

9,741

1,515

8,762

1,343

6,078
948

2,411
1,593
2,356

12,564

4,684

1,756

10,366

USD billions

903

2,700
2,007
2,820

1,474

1,113

44,24238,44433,03838,12527,180

2018
U.S.

2019
CanadaEurope (ex U.K.)

2020
Axis
U.K.Title

Japan

2021
Australia

Other

2022
Asia (ex Japan)

Based on a subset of 151 asset managers in the 2022 ranking who provided relevant data for all years since 2018.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Asset allocation based on client category
11,148

US$ billions

9,659
8,461
7,497
642
2,766

276

576

2,314

830
3,460

295
673

2,672

907
4,285
3,009

365
818

970

408
940

8,504

868

4,485

320
810

4,152
3,500
3,102

7,760

9,068

10,115

10,785

2018

2019

2020

2021

Non-government retirement plans

Government retirement plans

Non-affiliated insurance companies

Endowments & foundations

Central banks

Other

8,983

2022
Sovereign wealth funds

Based on a subset of 146 asset managers in the 2022 ranking who provided relevant data for all years since 2018.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Allocation to ESG principles

Amount allocated to ESG principles decreased by
13.4% in 2022.

Amount invested in ESG Principles
2022

10,6902021

12,3422020

Despite this decrease in ESG investments to 10,690bn,
their proportion within the portfolio surged to 26.4%,
marking the highest level across these three years.

10,135
USD billions

N=111

25th
percentile

Median75th
percentile

Average

2022

12.1%

62.4%

100.0%

55.8%

2021

10.1%

63.9%

100.0%

55.5%

2020

10.6%

50.9%

100.0%

53.4%

Dispersion on ESG Principles allocation in 2022
100%

80%
60%
40%
20%
0%
Based on a subset of 111 asset managers in the 2022 ranking who provided relevant data for all years since 2020.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

T o t al val u e o f as s et s

Allocation to ESG mandates

Dollar amount allocated to ESG mandates decreasedby 3.9% in 2022.

Amount invested in ESG mandates
2022

2,057

2021

2,141

2020

Despite this decrease in ESG mandates to 2,057 bn,
their participation in total investments surged to 6.3%,
the highest level observed across these three years.

1,435
USD billions

Dispersion on ESG mandates allocation in 2022
100%
80%

N=59

25th
percentile

Median75th
percentile

Average

2022

1.1%

3.7%

10.5%

12.1%

2021

0.6%

3.9%

10.1%

11.4%

2020

0.5%

2.5%

7.8%

10.1%

60%
40%
20%
0%
Based on a subset of 59 asset managers in the 2022 ranking who provided relevant data for all years since 2020.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

26

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Se ct io n 1

T o t al val u e o f as s et s

Allocation to LDIAssets amount invested in LDI saw a 25.1% decreasein 2022, in contrast with the 6% increase in theprevious year.

Amount invested in LDI
2022

2,794

2021

3,733

2020

3,521
USD billions

100%

Dispersion on LDI in 2022

N=44

25th
percentile

Median75th
percentile

Average

2022

0.9%

3.8%

11.1%

13.8%

2021

1.0%

4.1%

11.3%

14.0%

2020

1.0%

4.6%

13.0%

13.6%

80%
60%
40%
20%
0%
Based on a subset of 44 asset managers in the 2022 ranking who provided relevant data for all years since 2020.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

27

T A I / P&I 5 0 0

Section 2 | Analysis of
the largest 20 and 50
asset managers© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

28

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Se ct io n 1

Lar ges t 2 0 as s et man ager s

Total value of assets managed by Top 20
Split by manager domicile
10,768
11,25910,027

8,397
10,817

Assets of U.S. top 20 companies decreased
in 2022 by 17.4% (from USD 48,726 billion
to USD 40,242 billion).

10,2209,019
10,474

11,191

9,618
48,726
41,38240,24236,52420,852

21,28022,190

2013

2014

2015

24,993

2016
U.S.

29,32528,084

2017

2018

2019

2020

2021

In 2022, there were 14 U.S. managers in
the Top 20 accounting for 80.1% of theassets. The remaining assets weremanaged by European firms.

Assets of European (including U.K.) top
companies also suffered a hit, decreasing
by 6.9% (from USD 10,768 billion to USD
10,027 billion) over 2022.

2022

Europe (inc U.K.)© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

29

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Se ct io n 1

Lar ges t 2 0 as s et man ager s

Annual growth of 500 vs. growth of Top 20
In USD
41.0%

41.6%

41.9%

41.4%

42.8%

42.1%

18.0%

43.0%

44.0%

17.3%

17.2%

44.2%

13.0%

11.9%
6.9%

3.7%
10.8%

-1.7%

15.5%

-2.0%

2014

2015

2016
Growth of Top 500

14.8%

14.5%
10.2%

-3.0%

5.6%

2.2%

2013

45.2%

2017

-4.6%

-13.7%

2018-15.5%
2022

Growth of Top 20

2019

2020

2021

Share Top 20/ Top500

In six of the last ten years, the growth in assets managed by the largest 20 firms has exceeded the growth rate of the broader groupof 500 firms. In 2022, the top 20 managers had a decrease of 15.5 % versus a decrease of 13.7% for the top 500.
The 10-year CAGR of the top 20 was 5.9% versus 5.2% of the top 500.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Lar ges t 2 0 as s et man ager s

Annual growth of AUM
Local currency and USD
Growth of top 500

Growth of top 20
17.4%

14.8%

14.5%

12.7%

11.4%
-0.8%

14.3%

USD

14.7%

17.2%

17.3%

LC

15.2%

13.0%

10.2%
-3.4%
-10.7%

-3.0%

-4.6%
-14.5%-13.7%
2018

2019

2020
5-year CAGR for the Top 500
in USD: 3.9%
in local currency: 5.0%

2021

2022

-15.5%
2018

2019

2020

2021

2022

5-year CAGR for the Top 20
in USD: 4.6%
in local currency: 5.0%

Asset decrease in local currency terms in 2022 was 10.7% for the Top 500 and 14.5% for the Top 20.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Lar ges t 2 0 as s et man ager s

Top 20 managers
By manager type
9

9

9

3

3

3

10

3

8

8

8

7

2013

2014

2015

2016
Bank

11

11

11

11

3

3

2

2

6

6

7
2019

2017
Insurer

2018
Independent Manager

12

12

2

2

7

6

6

2020

2021

2022

Over the last 10 years, there has been an increase of independent managers in the Top 20.

The distribution of assets varies by manager type, with independent managers dominating the Top 20, amounting to 69.8% of the top
20 total assets and 60% of the companies. Bank assets represent 22.9% of assets while making up 30% of the companies and insurers
manage 7.3% of assets while representing 10% of the companies.
The average independent managers had USD2.9 trillion in AUM as of the end of 2022, while the average insurers were USD1.8 trillion
and banks on average had USD1.9 trillion.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Lar ges t 2 0 as s et man ager s

Growth in manager AUM 2017 – 2022
The fastest growing firms among the top 50 by CAGR
AUM % change in USD
Fidelity International
Brookfield Asset Mgmt.
Geode Capital Mgmt.
Charles Schwab Investment
Franklin Templeton
Goldman Sachs Group
Schroders
InvescoFidelity Investments
Macquarie Group
UBS
Vanguard GroupRoyal Bank of CanadaBlackRockJ.P. Morgan Chase
Ameriprise Financial
Morgan Stanley Inv. Mgmt.
T. Rowe Price GroupSun Life Financial
State Street Global

AUM % change in LC

43.7%
22.8%
19.2%
16.0%
13.0%
11.3%
8.5%
8.5%
8.3%
8.0%
8.0%
8.0%
7.4%
6.4%
6.3%
6.0%
5.7%
5.2%
4.7%
4.6%

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

46.9%
24.7%

19.2%
16.0%
13.0%
11.3%
11.0%
8.5%
8.3%
11.1%
6.8%
8.0%
9.1%
6.4%
6.3%
6.0%
5.7%
5.2%
6.3%
4.6%

Ranking is based on AUM% change in USD

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Lar ges t 2 0 as s et man ager s

Growth in manager AUM 2017 – 2022
Largest ranking gains in the top 50
ManagerMarketRank change

Fidelity International

U.K.

Brookfield Asset Mgmt.
Geode Capital Mgmt.
Charles Schwab Investment
Franklin Templeton
Schroders
InvescoRoyal Bank of Canada
Ameriprise Financial
Macquarie GroupMorgan Stanley Inv. Mgmt.

Canada
U.S.
U.S.
U.S.
U.K.
U.S.
CanadaU.S.
Australia
U.S.

+102 (142→40)Manager
Sun Life Financial

MarketCanadaRank change+6 (31→25)+37 (71→34)+30 (60→30)+24 (59→35)+21 (35→14)+13 (41→28)+11 (24→13)+11 (47→36)+10 (36→26)+10 (58→48)+6 (25→19)

Goldman Sachs GroupUBS
T. Rowe Price GroupNew York Life Investments
Legal & General Group
Manulife
Mitsubishi UFJ Financial Group
Fidelity Investments
J.P. Morgan Chase
AmundiU.S.
Switzerland
U.S.
U.S.
U.K.
Canada
Japan
U.S.
U.S.
France+5 (11→6)+5 (15→10)+4 (20→16)+4 (45→41)+2 (14→12)+2 (34→32)+2 (39→37)+1 (4→3)+1 (6→5)+1 (10→9)

Note: Power Financial (Canada), Postal Savings Bank of China and Federated Hermes (U.S.) were not included, due to being accounted in 2017 as Great-West Lifeco Inc.;
Federated Investors and Hermes Investment Mgmt.; and China Post Fund respectively.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

34

T A I / P&I 5 0 0

Section 3 | Passive
management© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Pas s i ve man agemen t

Passive management
Passive vs active split
Passive strategies accounted for
34.7% of assets, an increase of
4.0% from last year participation(of 33.3%).
23,151
22,133

18,83019,362
16,887

6,875

8,550

9,453

2018

2019

2020
Passive

11,573

9,991

2021

2022

Overall, Active assets decreased
19.0%, while Passive assets
decreased 13.7% in 2022.

ActiveBased on a subset of 189 asset managers in the 2022 ranking who provided relevant data for all years since 2018.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

36

T A I / P&I 5 0 0

Section 4 | Manager insights
on the industry© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Se ct io n 1

Man ager i n s i gh t s

Manager insights on the industry
Level of client interest in sustainable investing, including voting

41%

Resources deployed to technology and big data

9%

Resources deployed to cyber security

8%

Level of regulatory oversight6%

Number of product offerings across your firm

6%

Percentage of minority and women at high positions

2%

Aggregate investment management fee level across your firm

5%

Significant Increase

Moderate Increase

48%

11%

67%

24%

58%

32%

51%

43%
63%

50%

29%
45%

74%

Remained the same

2%

Moderate decrease

2%
3%

18%

3%

Significant decrease▪ Client interest in sustainable investing, including voting, increased across 89% of the firms surveyed.
▪ 77% of managers increased resources deployed to technology and big data and 66% to cyber security.
▪ 57% of managers surveyed experienced an increase in the level of regulatory oversight.
▪ The number of product offerings during the year increased across 69% of surveyed firms.

▪ 52% of managers increased the minorities and women at high positions.
▪ Aggregate investment management fee levels decreased for 21% of the surveyed managers and increased for 5% of the managers.
Based on a subset of 63 non-US asset managers who provided relevant data.
© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

38

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Man ager i n s i gh t s

Manager insights on the industry
38%

39%

157 asset managers ranked in this report provided
Information on the diversity of their workforce,
22%

22%

24%

23%
19%

19%

decreasing from 164 managers in last year’s report.

18%
15%

15%
12%

FemaleMinority
Total

FemaleMinority

Senior management
Average© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

Women and minority groups still have a relatively
FemaleMinority
Investment

low representation in senior management positions,despite seeing a marginal increase since 2021.

Median39

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Se ct io n 1

Quotes from the top 20 managers▪ 17 of the top 20 asset managers discussed the significance ofartificial intelligence and technology investments▪ 6 companies recognised the vital importance of integrating newtechnologies into their operations and acknowledged that a wellequipped workforce is key to staying competitive▪ 4 companies emphasised the strategic importance of technology
investments, recognising technology as a catalyst for innovation▪ 2 companies committed to guiding their clients through digitaltransformation, offering tailored solutions that optimise
processes, enhance customer experiences, and boost overall
efficiency.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

Man ager i n s i gh t s

Investment in Technology"BNY Mellon to Establish Global Digital R&D Hub in Dublin. Bank will drive
innovation in the areas of artificial intelligence (AI), machine learning, anddata analytics for clients globally (…)” BNY Mellon"Around USD 4bn spent on technology in 2022” UBS

Data and AI Governance"We strive for a responsible use of Artificial Intelligence (AI) in our businessactivities based on a strong AI Governance Framework“ Allianz Group

AI's Impact on Business Efficiency“The resulting cost savings could boost profit margins — companies withhigh staffing costs or a large share of tasks that could be automated standto benefit the most. But they could also get left behind if they don't adapt“BlackRock“Generative Artificial Intelligence has enormous economic potential, and it
could raise global labor productivity growth by over one percentage point
per year in the decade following widespread adoption” Goldman Sachs

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T A I / P&I 5 0 0

Section 5 | Definitions© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Def i n i t i o ns

Definitions▪ This analysis is focused on Discretionary AUM. These refer to assets managers take decisions on as opposed to assets they
advise on.
▪ Examples of assets which would not be consistent with the term 'discretionary AUM' include the following:▪ Saving/Current Accounts▪ Assets under administration and custody▪ Advisory portfolios▪ Assets held for purely transactional purposes▪ Company assets unrelated to investment business▪ Alternatives can include Private equity (including venture capital), Hedge funds, Funds of funds, Real estate, Infrastructure,
Commodities, Real assets, Illiquid credit and Insurance-linked investments strategies.
▪ The asset class Other mainly includes Multi-Asset portfolios, Balanced strategies, Overlay mandates and Absolute Return
strategies.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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Def i n i t i o ns

Definitions▪ ESG Principles involve an investment approach where environmental, social and governance (ESG) criteria are partially or
exclusively used in security selection. Examples of ESG factors are climate change, child-labor policies and executive pay. Includes
socially responsible investing (SRI) and impact investing.
▪ Passive AUM refers to those assets invested in any strategy where an index is being tracked of any type, for example, the MSCIWorld, Barclays Global High Yield or Bloomberg Commodity Indices.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

43

T A I / P&I 5 0 0

Section 6 | Thinking Ahead
Institute(TAI) / Pensions andInvestments (P&I) 500
ranking© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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T AI / P &I 5 0 0 ran kin g

10

TAI | P&I 500 ranking(in USD million)
Rank

Manager
1.BlackRock
2.Vanguard Group
3.Fidelity Investments
4.State Street Global
5.J.P. Morgan Chase
6.Goldman Sachs Group
7.Allianz Group
8.Capital Group
9.Amundi
10.UBS
11.BNY Mellon
12.Legal & General Group
13.Invesco
14.Franklin Templeton
15.Prudential Financial
16.T. Rowe Price Group
17.BNP Paribas
18.Northern Trust
19.Morgan Stanley Inv. Mgmt.
20.Natixis Investment Managers
21.Wellington Mgmt.
22.Nuveen
23.HSBC Holdings
24.AXA Group
25.Sun Life Financial© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

Market
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
Germany
U.S.
FranceSwitzerland
U.S.
U.K.
U.S.
U.S.
U.S.
U.S.
FranceU.S.
U.S.
France
U.S.
U.S.
U.K.
FranceCanadaTotal assets$8,594,488$7,252,612$3,655,574$3,481,473$2,766,000$2,547,000$2,285,496$2,175,965$2,031,753$1,845,000$1,836,032$1,444,393$1,409,204$1,387,686$1,377,417$1,274,700$1,269,246$1,249,500$1,234,226$1,151,280$1,149,360$1,090,174$1,087,000$995,407$978,776

Rank Manager
26.Ameriprise Financial
27.Power Financial
28.Schroders
29.Deutsche Bank
30.Geode Capital Mgmt.
31.Sumitomo Mitsui Trust Holdings
32.Manulife
33.Aegon Group
34.Brookfield Asset Mgmt.
35.Charles Schwab Investment
36.Royal Bank of Canada 1
37.Mitsubishi UFJ Financial Group
38.Postal Savings Bank of China 2
39.Federated Hermes
40.Fidelity International
41.New York Life Investments
42.Affiliated Managers Group
43.AllianceBernstein
44.Nippon Life Insurance 3
45.Principal Financial
46.Dimensional Fund Advisors
47.MetLife Investment Mgmt.
48.Macquarie Group49.Generali Group
50.Dai-ichi Life Holdings

MarketU.S.
CanadaU.K.
Germany
U.S.
Japan
CanadaNetherlands
CanadaU.S.
Canada
Japan
China
U.S.
U.K.
U.S.
U.S.
U.S.
Japan
U.S.
U.S.
U.S.
Australia
Italy
Japan

Total assets$956,300$917,607$887,227$876,789$866,352$855,024$844,776$797,852$790,000$757,647$737,999$728,633$715,966$668,901$663,100$653,638$650,800$646,400$642,528$635,300$583,714$579,837$542,791$538,762$538,289

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TAI | P&I 500 ranking(in USD million)
RankManager
51.Ping An Bank
52.KKR
53.Credit Suisse
54.Nomura Asset Mgmt.
55.MassMutual
56.Allspring Global Investments
57.Asset Management One
58.abrdn
59.Union Investment
60.Voya Financial
61.Neuberger Berman
3
62.Zenkyoren
63.Intesa Sanpaolo
64.LBBW
65.E Fund Mgmt.
66.U.S. Bancorp 467.Nordea
68.Ares Mgmt.
69.Mercer
3
70.Meiji Yasuda Life Insurance
71.MEAG
72.TD Asset Mgmt. 1
3
73.Shinkin Central Bank
74.Dodge & Cox
75.Agricultural Bank of China© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketChina
U.S.
Switzerland
Japan
U.S.
U.S.
Japan
U.K.
Germany
U.S.
U.S.
Japan
Italy
Germany
China
U.S.
Denmark
U.S.
U.S.
Japan
Germany
Canada
Japan
U.S.
China

Total assets$517,931$503,897$477,259$468,829$466,000$464,898$459,526$452,400$440,996$438,964$427,269$424,700$414,514$404,763$397,881$390,000$383,122$351,997$344,915$329,510$327,956$326,073$323,492$322,933$317,636

RankManager
76.SEI Investments
77.Jackson Financial
78.Janus Henderson Group
79.Russell Investments
80.Banco do Brasil 5
81.Societe Generale
82.Swiss Life Asset Managers
83.Dekabank Group
84.Baillie Gifford
85.Harvest Fund Mgmt. 6
86.Aviva
87.China Southern Asset Mgmt.
88.Prudential
89.NISA Investment
90.China Asset Mgmt.
91.Sumitomo Life Insurance
92.ICBC Credit Suisse Asset Mgmt.
93.Resona Holdings 3
94.Pictet Asset Mgmt.
95.GF Securities
96.Samsung Group 7
97.Zurich Financial Services
98.Scotiabank 1
99.Zurcher Kantonalbank
100.BMO Wealth Mgmt. 1

Market
U.S.
U.S.
U.K.
U.S.
BrazilFranceSwitzerland
Germany
U.K.
China
U.K.
China
U.K.
U.S.
China
Japan
China
Japan
Switzerland
China
South Korea
Switzerland
CanadaSwitzerland
CanadaTotal assets$315,612$290,549$287,290$276,485$274,013$273,277$270,767$270,554$268,705$268,275$267,766$264,000$259,800$259,207$256,824$256,597$248,334$241,356$236,705$235,116$234,958$231,976$229,660$225,839$225,498

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TAI | P&I 500 ranking(in USD million)
RankManager
101.Bosera Asset Mgmt.
102.Guggenheim Investments
103.Lazard
104.China Merchants Fund
105.TCW Group
106.CCB Principal Asset Mgmt.
107.CITIC Securities
108.SEB
109.American Century
110.Banco Santander
111.Mirae Asset Financial Group 7
112.Conning
113.Anima Holding
114.Raymond James
115.Robeco Group
116.Mesirow
117.St. James's Place
118.Royal London Group
119.Achmea
120.Robert W. Baird
121.Fisher Investments
122.PNC Financial
123.Landesbank Hessen-Thuringen
124.OFI AM
125.Itau Unibanco 5© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

Market
China
U.S.
U.S.
China
U.S.
China
China
SwedenU.S.
SpainSouth Korea
U.S.
Italy
U.S.
Netherlands
U.S.
U.K.
U.K.
Netherlands
U.S.
U.S.
U.S.
Germany
FranceBrazilTotal assets$218,606$217,928$216,125$213,682$205,174$205,020$204,701$203,298$201,805$200,688$198,000$190,954$189,019$186,000$182,623$180,781$178,944$177,497$177,203$177,104$173,042$172,502$169,731$168,770$166,608

RankManager
126.Swedbank
127.Wilmington Trust
128.Caixabank
129.WTW
130.China Universal Asset Mgmt.
131.Penghua Fund Mgmt.
132.Ninety One
133.EFG International
134.Danske Bank
135.Victory Capital
136.Union Bancaire Privee
137.Virtus Investment Partners
138.CBRE Investment Mgmt.
139.Man Group
140.IFM Investors
141.Pacific Century Group
142.Mn Services
143.CVC Capital Partners
144.CIBC Asset Mgmt.
145.Arrowstreet Capital
146.Talanx Group
147.Credit Mutuel148.Partners Group
149.Vontobel Asset Mgmt.
150.StepStone Group

MarketSwedenU.S.
Spain
Ireland
China
ChinaSouth Africa
Switzerland
Denmark
U.S.
Switzerland
U.S.
U.S.
U.K.
Australia
Hong Kong
Netherlands
Luxembourg
CanadaU.S.
Germany
FranceSwitzerland
Switzerland
U.S.

Total assets$165,282$165,219$163,344$163,007$161,000$160,810$159,294$154,974$153,680$152,952$152,012$149,376$149,300$143,300$143,169$143,100$143,044$141,976$140,907$138,246$137,278$136,212$135,400$134,906$134,001

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TAI | P&I 500 ranking(in USD million)
RankManager
151.BBVA
152.Payden & Rygel
153.Rothschild154.Yinhua Fund Mgmt.
155.Artisan Partners
156.Starwood Capital
157.Brown Advisory Group
158.Dierickx Leys
159.Aon
160.Sumitomo Mitsui Financial Group
161.BCV
162.PRIMECAP
163.Bayerischen Landesbank
164.Fiera Capital
165.F Van Lanschot
166.Caixa Economica Federal 5
167.Banco Bradesco
168.Hamilton Lane
169.IDUNA Gruppe
170.Swiss Re
171.OP Financial Group
172.Pendal Group 4
173.KB Asset Mgmt. 7
174.Hightower Advisors
175.Storebrand Group© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketSpain
U.S.
France
China
U.S.
U.S.
U.S.
Belgium
U.K.
Japan
Switzerland
U.S.
Germany
CanadaNetherlands
BrazilBrazilU.S.
Germany
Switzerland
Finland
Australia
South Korea
U.S.
NorwayTotal assets$133,010$133,000$132,903$129,942$127,892$125,324$122,000$120,093$119,057$119,014$117,884$117,232$117,008$117,008$115,075$114,016$110,960$107,530$107,519$105,700$104,855$104,500$104,421$104,306$103,376

RankManager
176.Groupama Asset Mgmt.
177.MLC Asset Mgmt.
178.Poste Italiane
179.Colliers International Group
180.Zhong Ou Asset Mgmt.
181.Hines
182.AQR Capital Mgmt.
183.BrightSphere
184.Prologis
185.LSV Asset Mgmt.
186.Sompo Holdings
187.Income Research & Mgmt.
188.Shinhan BNPParibas 7
189.RhumbLine Advisers
190.Svenska Handelsbanken
191.Pathway Capital
192.CI Financial
193.State Bank of India
194.LGT Capital Partners
195.Covea Group 7
196.Record Currency Mgmt.
197.Fullgoal Fund Mgmt.
198.AMP Capital
199.Hanwha Group 7
200.National Bank of Canada 1

MarketFranceAustralia
Italy
Canada
China
U.S.
U.S.
U.S.
U.S.
U.S.
Japan
U.S.
South Korea
U.S.
SwedenU.S.
CanadaIndia
LiechtensteinFranceU.K.
China
Australia
South Korea
CanadaTotal assets$99,810$98,465$98,077$98,000$97,000$95,789$94,834$93,600$91,628$91,100$89,379$88,998$88,433$88,016$87,620$87,223$86,962$86,707$86,366$86,339$86,011$84,500$84,340$83,731$82,936

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TAI | P&I 500 ranking(in USD million)
RankManager
201.GAM Holding
202.Cohen & Steers
203.Securian Financial
204.LaSalle Investment
205.Connor, Clark & Lunn Financial
206.Industrial Alliance Insurance
207.Haitong Securities
208.Intermediate Capital Group
209.Tokio Marine Holdings
210.Flossbach Von Storch
211.Resolute Investment
212.Erste-Sparinvest Kapitalanlage
213.GCM Grosvenor
214.Metzler Asset Mgmt.
215.New England Asset Mgmt.
216.Alan Biller and Associates
217.Old Mutual Investment Group
218.Edmond de Rothschild Group
219.Fort Washington
220.Bank of China Investment Mgmt.
221.ASR
222.Everbright Securities
223.Lombard Odier Investment
224.Challenger
2
225.QIC© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketSwitzerland
U.S.
U.S.
U.S.
CanadaCanada
China
U.K.
Japan
Germany
U.S.
AustriaU.S.
Germany
U.S.
U.S.
South Africa
Switzerland
U.S.
China
Netherlands
China
Switzerland
Australia
Australia

Total assets$81,203$80,425$78,500$78,451$76,446$75,820$75,814$75,000$74,800$74,724$74,100$74,030$73,667$73,657$72,907$72,630$72,308$71,719$71,609$70,169$69,387$68,107$67,746$67,500$67,024

RankManager
226.BTG Pactual
227.Versicherungskammer Bayern
228.KLP Group
229.Bank Degroof Petercam
230.Banco BPM
231.Sterling Capital
232.Guotai Junan
233.Sanlam
234.Monte dei Paschi di Siena
235.Mawer Investment Mgmt.
236.Quintet Private Bank
237.Jupiter Asset Mgmt.
238.Baloise Asset Mgmt.
239.Mediolanum
240.Charter Hall
241.Gruppo Azimut
242.La Poste 2
243.ICICI Prudential Mutual Fund
244.Perpetual
245.Nykredit Asset Mgmt.
246.Pinnacle Investment
247.Oddo
248.Grantham, Mayo v. Otterloo
249.Ashmore Group
250.Desjardins Group

MarketBrazilGermany
NorwayBelgium
Italy
U.S.
China
South Africa
Italy
CanadaLuxembourg
U.K.
Switzerland
Italy
Australia
Italy
FranceIndia
Australia
Denmark
Australia
FranceU.S.
U.K.
CanadaTotal assets$66,981$66,220$64,965$63,622$63,409$62,842$62,569$62,561$61,630$61,000$60,847$60,532$60,415$60,205$59,758$58,819$58,712$58,612$58,535$58,279$57,761$57,644$57,627$57,200$56,22949

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10

TAI | P&I 500 ranking(in USD million)
RankManager
251.Mapfre
252.William Blair
253.Raiffeisen Zentralbank
254.J. Safra Sarasin Group
255.Patrizia Immobilien
256.Polen Capital
257.Universal-Investment
258.HDFC Asset Mgmt.
259.Aristotle
260.Goodman Group
261.Rabobank Group
262.Fukoku Mutual Life Insurance
263.Heitman
264.Angelo, Gordon
265.Adams Street Partners
266.La Francaise
267.Liberty Holdings
268.Pzena Investment
269.Folksam
270.PAG271.DNB
272.HuaAn Funds
273.GoldenTree Asset Mgmt.
274.Fortis
275.Tianhong Asset Mgmt.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketSpain
U.S.
Austria
Switzerland
Germany
U.S.
Germany
India
U.S.
Australia
Netherlands
Japan
U.S.
U.S.
U.S.
FranceSouth Africa
U.S.
SwedenHong Kong
NorwayChina
U.S.
CanadaChina

Total assets$56,165$55,930$55,640$55,552$55,400$54,833$54,442$54,127$54,120$53,986$53,908$53,608$53,268$53,000$52,536$52,307$51,367$51,366$50,442$50,000$49,966$48,050$47,933$47,246$46,347

RankManager
276.Shinsei Bank
277.Magellan Asset Mgmt.
278.Westpac Banking 4279.Beutel, Goodman
280.Mondrian Investment Partners
281.Huatai-PineBridge Investment
282.Korea ITMC 7
283.Dexus
284.Breckinridge Capital
285.Impax Asset Mgmt. 4
286.Mitsubishi Estate Group 4287.HUK Coburg
288.Tikehau Capital
289.Berenberg Group
290.Portfolio Advisors
291.Silchester International 8292.Asahi Mutual Life Insurance
293.Kiwoom AMC 7
294.Marathon-London 8
295.Causeway Capital
296.Thornburg Investment
297.Commerce Trust
298.Providence
299.Wiener Städtische Versicherung
300.Guardian CapitalMarketJapan
Australia
Australia
CanadaU.K.
ChinaSouth Korea
Australia
U.S.
U.K.
Japan
Germany
FranceGermany
U.S.
U.K.
Japan
South Korea
U.K.
U.S.
U.S.
U.S.
U.S.
Austria
CanadaTotal assets$45,789$45,322$44,548$43,600$43,300$43,000$42,636$42,306$42,249$41,756$41,690$41,506$41,419$41,098$40,830$40,300$39,653$39,491$39,000$38,701$38,696$37,285$37,184$36,721$36,606

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TAI | P&I 500 ranking(in USD million)
RankManager
301.Coronation Fund Managers
302.Calamos Advisors
303.Mitsui Fudosan Investment 3
304.Caitong Fund Mgmt.
305.Carmignac306.Gothaer Versicherungsgruppe
307.Nurnberger
308.SDIC UBS Fund Mgmt.
309.Royal Bank of Scotland
310.Mirabaud Group
311.SECOR Asset Mgmt.
312.Arca SGR
313.Kyobo Life Insurance 7
314.Stockbridge Capital Group
315.Kotak Mahindra Asset Mgmt.
316.Aditya Birla Sun Life Mutual
317.Lendlease Investment Mgmt.
318.Kutxabank 2
319.CIM Group 4
320.Alte Leipziger Group
321.MMI Holdings
322.Ruffer 9323.Orbis Investments
324.Colchester Global Investors
325.MissionSquare Investments© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketSouth Africa
U.S.
Japan
China
FranceGermany
Germany
China
U.K.
Switzerland
U.S.
Italy
South Korea
U.S.
India
India
Australia
Spain
U.S.
GermanySouth Africa
U.K.
BermudaU.K.
U.S.

Total assets$35,395$35,372$34,868$34,651$34,266$34,234$34,233$34,222$34,125$34,105$33,931$33,789$33,787$33,724$33,295$33,255$32,595$32,558$32,554$32,232$31,983$31,954$31,378$31,222$30,704

RankManager
326.Laboral Kutxa
327.Generation Investment Mgmt.
328.Yuanta Securities Investment
329.Ibercaja
330.NN Investment Partners
331.AGF Mgmt.
332.Comgest
333.GAMCO Investors
334.Hungkuk ITMC 7
335.XP Asset Mgmt. 5336.Shenkman Group
337.Bank of Nanjing
338.Carnegie Investment
339.Hotchkis & Wiley
340.UTI Mutual Fund
341.QBE
342.Los Angeles Capital
343.DMFCO 4
344.Axis Mutual Fund
345.Alexander Forbes 4
346.Blue Sky Group
347.Intact Financial
348.EARNEST Partners
349.Rockpoint Group
350.Canso Investment Counsel

MarketSpain
U.K.
TaiwanSpain
Netherlands
CanadaFranceU.S.
South Korea
BrazilU.S.
China
SwedenU.S.
India
Australia
U.S.
Netherlands
IndiaSouth Africa
Netherlands
CanadaU.S.
U.S.
CanadaTotal assets$30,355$30,000$29,918$29,795$29,676$29,529$29,491$29,261$29,204$29,027$28,842$28,552$28,536$28,329$28,223$28,167$28,058$27,755$27,485$26,755$26,687$26,281$26,237$25,840$25,838

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TAI | P&I 500 ranking(in USD million)
RankManager
351.Knights of Columbus Asset
352.Commonfund
353.Co-operators Group
354.Bank Syz
355.Capula Investment Mgmt. 2
356.Hayfin Capital Mgmt.
357.Sarofim Group358.Diamond Hill Capital
359.Zheshang Fund Mgmt.
360.Navigator Global Investments
361.Woori Asset Mgmt. 7
362.Triodos Bank
363.Canyon Partners
364.Eagle Capital
365.RWC Asset Mgmt.
366.One Investment
367.SCOR
368.Luther King Capital
369.LFPI
370.NFU Mutual
371.Wasatch Global Investors
372.Polar Capital Holdings
373.King Street Capital
374.Allan Gray Proprietary
375.IBK AMC 7© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketU.S.
U.S.
CanadaSwitzerland
U.K.
U.K.
U.S.
U.S.
China
Australia
South Korea
Netherlands
U.S.
U.S.
U.K.
Australia
FranceU.S.
France
U.K.
U.S.
U.K.
U.S.
South Africa
South Korea

Total assets$25,778$25,310$25,247$25,011$25,000$25,000$25,000$24,763$24,545$24,500$24,431$24,118$23,962$23,915$23,875$23,767$23,676$23,593$23,485$23,152$22,398$22,319$22,200$22,126$22,086

RankManager
376.GPT Group
377.Baring Private Equity Asia
378.Lindsell Train
379.First Seafront Fund Mgmt.
380.Alger Associates
381.Lion Fund Mgmt.
382.Madison Investments
383.ACORE Capital
384.IGIS Asset Mgmt. 7385.PCCP
386.Silvercrest Asset Mgmt.
387.Bankinter388.PSG Konsult 5
389.ANZ Banking Group 4
390.Pacific Asset Mgmt.
391.DuPont Capital
392.Gruppo Credito Emiliano
393.Uniqa Finanz Group
394.EdgePoint Investment Group
395.Callodine Group
396.Cathay Securities
397.Ziraat Portfoy
398.Safra Asset Mgmt.
399.Close Brothers Group 10
400.Unigestion

MarketAustralia
China
U.K.
China
U.S.
China
U.S.
U.S.
South Korea
U.S.
U.S.
Spain
South Africa
Australia
U.S.
U.S.
Italy
Austria
CanadaU.S.
TaiwanTurkeyBrazilU.K.
Switzerland

Total assets$22,002$22,000$21,992$21,989$21,698$21,657$21,622$21,169$21,093$20,868$20,851$20,848$20,829$20,531$20,214$20,144$20,063$19,669$19,637$19,359$19,098$19,098$18,707$18,451$18,39152

T AI / P &I 5 0 0 ran kin g

10

TAI | P&I 500 ranking(in USD million)
RankManager
401.ACTIAM 2
402.Morrison
403.Burgundy Asset Mgmt. 2
404.Minsheng Royal Fund
405.Troy Asset Mgmt.
406.Boyd Watterson
407.China Galaxy Securities
408.Sage Advisory Services
409.Systematica Investments
410.Davis Advisors
411.Leith Wheeler Investment 3
412.Angel Oak Capital
413.Brandes Investment
414.Intech
415.Bahl & Gaynor
416.UNICAJA
417.Adrian Lee & Partners
418.Caixa Geral de Depositos
419.London Co.
420.Crestline Investors
421.Sprucegrove Investment
422.Longfellow Investment
3423.CCLA Investment Mgmt.
424.Garcia Hamilton
425.Hyundai Investment AMC 7© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketNetherlands
Australia
Canada
China
U.K.
U.S.
China
U.S.
JerseyU.S.
Canada
U.S.
U.S.
U.S.
U.S.
Spain
U.K.
Portugal
U.S.
U.S.
Canada
U.S.
U.K.
U.S.
South Korea

Total assets$18,329$18,277$18,233$17,843$17,763$17,707$17,443$17,322$17,300$17,274$17,274$17,252$17,238$17,107$17,103$17,059$17,000$16,983$16,903$16,860$16,802$16,792$16,780$16,764$16,692

RankManager
426.Axiom Investors
427.Fuller & Thaler
428.Baoying Fund
429.Ariel Investments
430.Johnson Investment Counsel
431.Champlain Investment
432.Rongtong Fund Mgmt.
433.Callan
434.Ardea Investment Mgmt.
435.Sit Investment
436.Walton Street Capital
437.Cantillon Capital Mgmt.
438.Jacobs Levy Equity
439.SWS MU Fund Mgmt.
440.Belle Haven Investments
441.Intercontinental Real Estate
442.Grayscale Investments
443.Independent Franchise
444.Opportunity 5
445.Beacon Capital
446.Lupus Alpha Asset Mgmt.
447.Beach Point Capital
11
448.Reichmuth
449.Cliffwater
450.Bandhan Mutual Fund

Market
U.S.
U.S.
China
U.S.
U.S.
U.S.
China
U.S.
Australia
U.S.
U.S.
U.S.
U.S.
China
U.S.
U.S.
U.S.
U.K.
BrazilU.S.
Germany
U.S.
Switzerland
U.S.
India

Total assets$16,581$16,360$16,218$16,185$16,130$15,983$15,925$15,421$15,236$15,223$15,176$15,040$15,039$14,960$14,717$14,714$14,600$14,519$14,449$14,429$14,411$14,397$14,075$14,074$13,951

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T AI / P &I 5 0 0 ran kin g

10

TAI | P&I 500 ranking(in USD million)
RankManager
451.Letko Brosseau 4452.Zacks Investment
453.KGAL
454.BOCI-Prudential
455.DSP Mutual Fund
456.Chuangjin Hexin Fund Mgmt.
457.Amalgamated Bank
458.Capital Investment Trust
459.Westfield Capital
460.Fiduciary Mgmt./Milwaukee
461.Abbott Capital
462.CenterSquare Investment
463.Jensen Investment
464.American Realty Advisors
465.Daol Financial Group 7
466.Matthews Asia
467.Platinum Asset Mgmt. 9468.Renta 4
469.Fubon Group
470.Yarra Capital Mgmt.
471.Driehaus Capital
472.Grupo Novo Banco473.Polaris Capital
474.T&D Asset Mgmt.
475.VINCI PARTNERS© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

MarketCanadaU.S.
Germany
Hong Kong
India
China
U.S.
Taiwan
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
South Korea
U.S.
Australia
Spain
TaiwanAustralia
U.S.
Portugal
U.S.
Japan
BrazilTotal assets$13,900$13,884$13,854$13,776$13,650$13,586$13,439$13,328$13,316$13,199$13,145$13,096$13,067$13,062$12,976$12,966$12,902$12,821$12,785$12,732$12,672$12,524$12,425$12,108$11,932

RankManager
476.TATA Financial Services 8477.Edelweiss Asset Mgmt.
478.Yousif Capital
479.Waterfall Asset Mgmt.
480.CornerStone Partners
481.Ak Asset Mgmt.
482.Westbrook Partners
483.Alphinity Investment 2
484.KDB AMC 7
485.FirstRand Group
486.Glenmede Investment
487.V-I Asset Mgmt. 7
488.Midas Asset AMC 7
489.SPARX Group
490.SPX 5
491.Global Endowment Mgmt.
492.Mediobanca
493.TISCO Asset Mgmt.
494.Chinatrust Financial Holding
495.Cooke & Bieler
496.Brown Capital
497.Great Lakes Advisors
498.DB Asset Mgmt. 7
499.Gruppo Bancario Iccrea
500.SulAmerica Investimentos 4

Market
India
India
U.S.
U.S.
U.S.
TurkeyU.S.
Australia
South Korea
South Africa
U.S.
South Korea
South Korea
Japan
BrazilU.S.
Italy
ThailandTaiwan
U.S.
U.S.
U.S.
South Korea
Italy
BrazilTotal assets$11,859$11,840$11,738$11,600$11,567$11,507$11,480$11,408$11,318$11,295$11,285$11,246$11,185$11,182$10,928$10,901$10,895$10,807$10,755$10,678$10,615$10,509$10,438$10,334$10,324

54

T AI / P &I 5 0 0 ran kin g

10

TAI | P&I 500 ranking(in USD million)
Endnotes in ranking:
1 As of Oct. 31, 2022
2 As of June 30, 2022
3 As of March 31, 2022

U.S. data was sourced from the Money
P&I500,and data forManagers
Surveyotherofregions
Pensionwere&
sourced fromand
Investments,
annualdatareports,
for other
websites,regions anddirectsourced
werecommunicationfrom annual
withreports,
asset managers
through Thinking
websites,and direct
Ahead
communication
Institute / with
Pensions
asset
managers& Investments
through Global
Thinking
Manager
Ahead
Survey. / Pensions & Investments Global
InstituteManager Survey.

© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

4 As of Sept. 30, 2022
5 As of Feb. 28, 2023
6 As of March 20, 2023
7 As of Dec. 30, 2022
8 As of March 31, 2023
9 As of Jan. 31, 2023

10 As of July 31, 2022
11 As of Jan. 3, 2023

55

T A I / P&I 5 0 0

Limitations of reliance© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

56

Limitations of reliance and contact details
Limitations of reliance – Thinking Ahead Group 2.0
This document has been written by members of the Thinking Ahead Group 2.0. Their role is to identify and develop
new investment thinking and opportunities not naturally covered under mainstream research. They seek toencourage new ways of seeing the investment environment in ways that add value to our clients.
The contents of individual documents are therefore more likely to be the opinions of the respective authors rather
than representing the formal view of the firm.
Limitations of reliance – WTW
WTW has prepared this material for general information purposes only and it should not be considered a substitutefor specific professional advice. In particular, its contents are not intended by WTW to be construed as the provisionof investment, legal, accounting, tax or other professional advice or recommendations of any kind, or to form thebasis of any decision to do or to refrain from doing anything. As such, this material should not be relied upon forinvestment or other financial decisions and no such decisions should be taken on the basis of its contents without
seeking specific advice.
This material is based on information available to WTW at the date of this material and takes no account ofsubsequent developments after that date. In preparing this material
we have relied upon data supplied to us by third parties. Whilst reasonable care has been taken to gauge thereliability of this data, we provide no guarantee as to the accuracy or completeness of this data and WTW and its
affiliates and their respective directors, officers and employees accept no responsibility and will not be liable for any
errors or misrepresentations in the data made by any third party.
This material may not be reproduced or distributed to any other party, whether in whole or in part, without WTW’s
prior written permission, except as may be required by law. In the absence of our express written agreement to thecontrary, WTW and its affiliates and their respective directors, officers and employees accept no responsibility andwill not be liable for any consequences howsoever arising from any use of or reliance on this material or the opinions
we have expressed.
Contact Details
Jessica Gao
jessica.gao@wtwco.com
Website: www.thinkingaheadinstitute.org/en
LinkedIn: Thinking Ahead Institute© 2023 Thinking Ahead Institute. All rights reserved. Proprietary and Confidential.

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