The world’s largest 500 asset managers
A Thinking Ahead Institute and Pensions & Investments joint study | October 2022

T A I / P&I 5 0 0

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Thinking Ahead
InstituteExecutive summary

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Section 1

Section 2
Analysis of the largest 20
asset managers

Total value of assets

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37
Section 3

Passive management

39

27

Section 4
Manager insights on theindustry

45
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Section 5

Section 6

Definitions

TAI/ P&I 500 ranking

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Limitations of reliance© 2022 Thinking Ahead Institute. All rights reserved.

02

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

The Thinking Ahead Institute
Formed in 2015, the Thinking Ahead Institute is a global not-for-profit research and innovation group whose aim is tomobilise capital for a sustainable future. The Institute’s members comprise around 60 asset owners and asset managers
with collective responsibility for over USD 16 trillion. It is an outgrowth of WTW Investments’ Thinking Ahead Group andmore research is available on its website.

The Thinking Ahead Group research team

Tim Hodgson

Marisa Hall

Roger Urwin

Paul
Deane-Williams© 2022 Thinking Ahead Institute. All rights reserved.

Jessica Gao

Isabella

Anastassia

MartinJohnson03

T A I / P&I 5 0 0

Executive summary
Overview and key findings© 2022 Thinking Ahead Institute. All rights reserved.

04

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 131.7 trillion at the end of 2021, up 10.2% from the end of 2020.
BlackRock has retained its position as the largest asset manager in the ranking since 2009,
Vanguard is second for the ninth consecutive year and Fidelity Investments remains in the top
three.
AuM growth by region: North America experienced a 11.7% increase, Europe (incl U.K.) only grewby 4.1%, and Japan decreased by 1.1%. Managers from the rest of the world had a strong year
and saw their AuM grow by 32.4%.
AuM for North America accounted for 59.9% of the total AuM in the top 500 managers, with
USD 78.9 trillion at the end of 2021.

Top 500 managers
amounted USD 131.7
trillion AuM at theend of 2021

Total growth,compared to end of2020 was 10.2%

AuM varied by region
from -1.1% to 32.4%

Figures to end 2021, unless otherwise stated© 2022 Thinking Ahead Institute. All rights reserved.

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E x ec u t i ve s u mmar y

Executive summary
The top 20 managers’ share of the total assets increased from 44.0% in 2020 to 45.2% in 2021. Their
total AuM increased by 13.0% to USD 59.5 trillion.
There are 15 U.S. managers in the Top 20, accounting for 81.9% of the top 20 AuM, the rest are
European managers. Invesco and Wellington Management from the U.S. are new members of theTop 20.

Top 20 managers’ share
increased to 45.2%

There are two new
managers in the Top

Of the Top 20, over half of them (12) are independent asset managers, followed by banks (6) andinsurer-owned managers (2).

20

Traditional asset classes of equity and fixed income continued to make up the majority of assets:
80.4% of all assets (46.5% equity, 33.9% fixed income), experiencing an increase of 12.4%
during 20211.

Passive investments
increased by 12.1%

Passive investments represent 29.1% and increased by 12.1% compared to a 9.5% growth in actively
managed AuM2.
Figures to end 2021, unless otherwise stated
1Based on a subset of 194 asset managers in the 2021 ranking who provided relevant data for all years since 2017.
2Based on a subset of 198 asset managers in the 2021 ranking who provided relevant data for all years since 2017.

© 2022 Thinking Ahead Institute. All rights reserved.

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m aryE xe cu t ive su mKey
data

Key data

Assets managed by region (USD trillion)

Europe
Japan

$36.2

North
America

$6.1
$78.9

Rest of
the
world
$10.5
$7.6

Averageasset
allocationin 2021$6.8

Dollar amount invested in
ESG mandates(USD trillion)
2019© 2022 Thinking Ahead Institute. All rights reserved.

$7.6

2020

2021

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Asset management industry trends

Asset management industry trends
1. The macro is complex and uncertain
Investments is a fast-changing industry: 218 names which featured on the list of 500 largest asset managers
ten years ago are absent from our latest list. In the past decade, the pace of competition, consolidation andsome rebranding seems to have quickened.
Inflation and interest rates have become a paramount topic. Opinions differ on its long-term outlook, but
inflation has been rising rapidly driven by a perfect storm of issues: food and energy prices hitting record
highs; supply chain disruptions; Russia’s invasion of Ukraine; the pandemic-related stimulus; the energy crisis;and demand recovering post-pandemic.
After 2021’s stellar market performance, asset managers find themselves having to weather through a bearmarket in 2022. The global macroeconomic conditions remain volatile as geopolitical tensions intensify,
teetering on the edge of a synchronised recession. The radical uncertainty combined with climate-relatedrisks contributes to increased systemic risk exposure for most asset manager clients. Mandate transitions are
evolving to match client thinking and – in the relatively low-return world – there continues to be a growth inpassive and index tracking, factor investing, private markets investing and solutions products.

© 2022 Thinking Ahead Institute. All rights reserved.

08

Asset management industry trends

Asset management industry trends
2. Sustainability stays top of mind

The Net Zero Asset Managers Initiative signatories have more than doubled(reaching 273 signatories) with USD 61.3 trillion in AuM. Global growth of
the sustainable investment universe has remained strong despite the EU
taxonomy update, which has led to negative growth in Europe.
ESG regulation has become more rigorous and more prescriptive with asset
managers facing growing pressure to provide more data and havetransparent and effective reports. Reporting organisations have been
seeking to standardise these requirements to address the growing sense of
survey fatigue.
Traditional asset managers have been expanding into the ESG market
through M&A activities to harness the benefits of scale.

© 2022 Thinking Ahead Institute. All rights reserved.

09Asset management industry trends

Asset management industry trends
3. Technology and digital transformation drive asset management’s future
Asset managers have been adopting more effective cloud-based solutions
to achieve better internal collaboration, improved accessibility andtransparency, greater centralisation of data and ability to meet newsustainability reporting requirements.
The continued downward pressure on asset manager fees continues todrive digital transformation as a way to improve operational efficiency.
Hybrid working continues to gain ground and keeps evolving with thedevelopment of technology. Organisational leadership is faced with newchallenges of maintaining and rebuilding corporate culture while competingfor talent in a global market.

© 2022 Thinking Ahead Institute. All rights reserved.

10Asset management industry trends

Asset management industry trends
4. Local market trends
After years of expansion in the U.K., allocations to liability-driven investment(LDI) have slowed down. Most recently, asset managers with LDI funds were
under pressure as pension funds were being hit with margin calls due to theextreme volatility in gilt yields. The likelihood of regime shift, and its impact oninterest rate structures, hangs as a dark cloud.
Diversity, equity and inclusion (DEI) continues to be high on the agenda for asset
managers, especially in the U.S., in line with a growing demand for detailed andtransparent reports about DEI policies and measurement.

© 2022 Thinking Ahead Institute. All rights reserved.

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T A I / P&I 5 0 0

Section 1 | Total valueof assets© 2022 Thinking Ahead Institute. All rights reserved.

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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
The AuM variation for managers
6,127
6,197
5,623

USD billion

4,517

4,820

4,560

3,902

3,508

3,836

26,34025,950

3,583

4,023
4,166
24,655

3,748
4,675

5,418
29,27525,344

4,501
6,368

10,524

7,946
36,1996,655

35,90542,020

2012

2013

2014

43,99047,3992015

2016

North America© 2022 Thinking Ahead Institute. All rights reserved.

Europe (inc U.K.)

U.K.) and Japan were 11.7%, 4.1%
and -1.1% in 2021.

34,771
29,789Assets managed by firms in the

28,291

Rest of the world category

23,98744,458in North America, Europe (inc.

54,54951,791

20172018

Rest of the world

62,321

2019

70,627

2020

78,877increased by 32.4% during 2021.

2021

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
5.2%

5.7%

6.1%

5.9%

5.9%

5.6%

5.9%

5.5%

5.4%

5.3%

31.0%

31.1%

29.5%

29.6%

29.4%

28.8%

30.0%

30.3%

29.3%

29.1%

22.3%

22.2%

22.8%

23.1%

22.8%

22.8%

21.9%

21.2%

21.2%

20.4%

41.4%

41.0%

41.6%

41.4%

41.9%

42.8%

42.1%

43.0%

44.0%

45.2%

2012

2013

2014

Top 20 managers

2015

2016

Managers 21-50© 2022 Thinking Ahead Institute. All rights reserved.

2017

2018

Managers 51-250

2019

2020

2021

The top 20 managers accounted for 45.2%of the AuM in the ranking, a modest
increase from last year.

Whereas managers ranked 21 to 50 saw
their share decline from 21.2% in 2020 to
20.4% in 2021 in the total AuM for thesecond consecutive year.
For managers ranked 51 to 250 and 251 to
500, their participation remained largely
stable.

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
60,00020.0%

50,00015.0%

management for the Top 500 reached

40,000
10.0%

USD billion

Median assets under
USD 62 billion in 2021, up 5.1% since
2020.

30,000
5.0%
20,0000.0%

10,000

0

-5.0%
2012

2013

2014

2015

500 Median AUM© 2022 Thinking Ahead Institute. All rights reserved.

2016

2017

500 Growth

2018

2019

2020

2021

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 (2011 to 2021, in USD)
The last decade has seen an

1.6%

0.3%

1.1%

4.7%

0.3%

47.8%

6.9%

7.0%

2.3%

8.4%

0.7%

3.3%

1.2%

1.2%

0.6%

1.6%

3.8% 7.2%

2011

increase in assets from U.S.,

Canada, China, Switzerland,

53.5%

South Korea, Hong Kong (15bps) and India (17 bps). In

1.5%
1.4%

0.2%

0.9%

4.9%

1.9%

7.2%

5.5%

1.7%

4.6%

0.8%

2.4%

0.4%

0.7%

0.5%

4.0%

7.8%

2016

contrast, many European
countries and Japan have lost

54.7%

market share during thisperiod.

1.4%

0.1%

0.6%

5.2%

4.2%

5.8%

5.2%

1.4%

4.7%

0.8%

1.9%

0.4%

0.6%

0.6%

3.9% 6.6%

1.9%

2021

© 2022 Thinking Ahead Institute. All rights reserved.

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Se ct io n 1

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

2016-2021 average annualised growth of AuM by market
USD terms vs. local currency (LC) terms
29.5%
27.3%

5 yr CAGR to USD
23.3%

5 yr CAGR to LC

22.9% 23.4%

21.1%

14.3%
12.4%
8.9% 8.6%
6.7%

6.7%
4.7%

8.1%

10.3% 10.0% 10.4% 10.3%

10.1%

9.8%

9.7%

7.5%

10.7% 10.7% 10.7% 10.6% 10.8%

11.4%

10.3%

11.5% 11.6%

7.8%

5.2%

0.7%

Currencies which appreciated against the USD over 2016 – 2021 will show higher compound annual growth in USD terms
compared to local currency terms.
© 2022 Thinking Ahead Institute. All rights reserved.

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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
5,318

Average asset allocation for 2021 was 46.5% toEquity, 33.9% to Fixed Income, 6.6% Cash, 5.9% toAlternatives and 7.1% to Other*.

Fixed Income and cash had growths of 3.8% and3.7% respectively.

USD billion

Year-on-year AuM growth in 2021 was led by
Equity (inc. REITS) with 19.7%, followed by Other
with 14.2% growth and Alternatives with 13.8%.

*Other includes balanced funds/strategies, alternatives, multi-asset funds, infrastructure,commodities, private debt, derivatives, currency, structured products and more.
Based on a subset of 213 asset managers in the 2021 ranking who provided relevant data for
all years since 2017.

© 2022 Thinking Ahead Institute. All rights reserved.

4,901

4,664

3,852
3,370
2,825

4,055
3,935
3,268

3,624
3,449
2,985

4,396

4,735
3,868

25,43024,50021,30819,17918,75022,261

19,94520172018
Equity (inc REITS)

25,052

2019
Fixed Income

Alternatives

34,892

29,159

2020
Cash

2021
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
Fixed Income

Equity (inc REITS)

Alternatives

30.00%
20.00%

10.00%
0.00%-10.00%

2018

2019

2020

2021

2018

2019

2020

2021

2018

2019

2021

2020

2021

Total

Other

Cash

2020

30.00%
20.00%
10.00%
0.00%-10.00%

2018

2019

2020

2021

2018

2019

2020

2021

2018

2019

Year-on-year (YoY) growth, based on a subset of 213 asset managers in the 2021 ranking who provided relevant data for all years since 2017.

© 2022 Thinking Ahead Institute. All rights reserved.

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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
35%

U.S. equities had positive returnsof 15.3% on average.
The MSCI Asian (ex Japan) and
MSCI EM (Emerging Markets)
indices lagged recovery withnegative average returns of -2.8%
and -0.9% respectively in 2021.

30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
Jan-21

Feb-21 Mar-21 Apr-21 May-21 Jun-21

Jul-21

Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

MSCI Europe (Unhedged)

MSCI AC Asia ex Japan (Unhedged)

MSCI EM (Emerging Markets) (Unhedged)

MSCI AC World (Unhedged)

MSCI USA (Unhedged)© 2022 Thinking Ahead Institute. All rights reserved.

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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
The Bloomberg Barclays U.S.
Corporate High Yield Index
outperformed the otherbenchmarks, experiencing an
average return of 2.6% over 2021.

6%
5%
4%
3%
2%
1%
0%
-1%

On the other hand, JPMorgan
EMBI Global Core and Bloomberg
Barclays U.S. Aggregate indices
lagged behind with average
returns of around -1.0% in 2021.

© 2022 Thinking Ahead Institute. All rights reserved.

-2%
-3%
-4%
Jan-21

Feb-21

Mar-21

Apr-21

May-21

Jun-21

Jul-21

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

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
2,237
1,917
1,617

USD billions

1,670
1,368
5,984

7,288

7,177

6,121

Mutual Funds/UCITs comprised
74.9% of surveyed assets in 2021. Its
participation has been relatively
stable during the last five years,
increasing by 17bps in 2021.

5,456

28,353
22,101

19,392

18,28220172018
Mutual Funds/UCITs

2019
Separate Accounts

24,762

2020

YoY AuM growth in 2021 was 16.7%
and 1.5% for otherpooled/commingled and separate
accounts, respectively. Mutual
Funds/UCITs also increased by
14.5%.

2021

Other pooled/commingled

Based on a subset of 139 asset managers in the 2021 ranking who provided relevant data for all years since 2017.
© 2022 Thinking Ahead Institute. All rights reserved.

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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
2,437

1,813

USD billions

1,475
2,819
4,355

1,852
944

7,146

1,531
2,344
4,156

2,816
4,747

1,205
883

1,446

3,333

1,167

3,517

5,549

5,191

10,135

9,660

1,888

1,609

7,837
1,415

7,147
1,170

1,249

1,334
1,047

2,093

1,932
1,059

44,158
38,10632,75927,94726,809

2017

2018
U.S.

Canada2019
Europe (ex U.K.)

U.K.

Japan

2020
Australia

Other

2021
Asia (ex Japan)

Based on a subset of 156 asset managers in the 2021 ranking who provided relevant data for all years since 2017.
© 2022 Thinking Ahead Institute. All rights reserved.

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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
7,288

USD billions

6,704
5,870
6,016
743
2,547

5,303
294
580

676
2,386

257
582

849
3,004
3,024

274
677

950

336
815

1,057

378
947

3,921

3,770
3,956

3,502

2,658

2,531

8,276

9,739

10,72012,034

8,838

2017

2018

2019

2020

2021

Non-government retirement plans

Government retirement plans

Non-affiliated insurance companies

Endowments & foundations

Central banks

Other

Sovereign wealth funds

Based on a subset of 154 asset managers in the 2021 ranking who provided relevant data for all years since 2017.
© 2022 Thinking Ahead Institute. All rights reserved.

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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 invested in ESG Principles
2021

24,5182020

Assets allocated to ESG principles
increased by 4.4% in 2021.

23,4782019

18,581

USD billions

Dispersion on ESG Principles allocation in 2021

N=121

25th
percentile

Median75th
percentile

Average

2019

3.0%

45.4%

100.0%

54.7%

2020

10.4%

62.2%

100.0%

59.7%

2021

9.1%

63.2%

100.0%

60.6%

100%
80%
60%
40%
20%
0%
Based on a subset of 121 asset managers in the 2021 ranking who provided relevant data for all years since 2019.
© 2022 Thinking Ahead Institute. All rights reserved.

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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 invested in ESG mandates
2021

7,584

2020

7,602

2019

Assets allocated to ESG mandates
decreased by 0.2% in 2021.

6,762

USD billions

Dispersion on ESG mandates allocation in 2021

N=57

25th
percentile

Median75th
percentile

Average

2019

0.2%

1.7%

7.3%

18.4%

2020

0.4%

2.3%

7.7%

18.7%

2021

0.5%

2.8%

7.0%

18.9%

100%
80%
60%
40%
20%

0%
Based on a subset of 57 asset managers in the 2021 ranking who provided relevant data for all years since 2019.
© 2022 Thinking Ahead Institute. All rights reserved.

26

ESG vendors

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

Managers’ choice of ESG vendors varied but themost widely used providers were MSCI, Sustainalytics, ISS,
Bloomberg, RepRisk, S&P and CDP.

Based on a subset of 110 asset managers in the 2021 ranking who provided relevant data.

27© 2022 Thinking Ahead Institute. All rights reserved.

10

Se ct io n 1

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

Allocation to LDI
Dollar amount invested in LDI
2021

3,665

2020

The increase in assets invested in LDI strategies slowed
down to 3.9% in 2021.

3,528

2019

3,190

N=45

25th
percentile

Median75th
percentile

Average

2019

1.0%

5.0%

17.0%

14.3%

2020

1.0%

4.5%

20.9%

14.2%

2021

0.9%

3.8%

21.7%

13.9%

USD billions

Dispersion on LDI in 2021
100%
80%
60%
40%
20%
0%
Based on a subset of 45 asset managers in the 2021 ranking who provided relevant data for all years since 2019.
© 2022 Thinking Ahead Institute. All rights reserved.

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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 2016 to 31 December 2021

4.0%

3.1%
2.2%

2.0%

1.9%

1.7%

1.5%

1.4%

1.4%

1.4%

1.1%

0.3%

0.2%

0.1%

0.1%

0.0%
-0.1%

-2.0%

-0.4%
-1.8%
-3.0%

-4.0%
-6.0%
-8.0%
-10.0%-10.4%-12.0%© 2022 Thinking Ahead Institute. All rights reserved.

29

T A I / P&I 5 0 0

Section 2 | Analysis of
the largest 20 asset
managers© 2022 Thinking Ahead Institute. All rights reserved.

30

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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
11,259In 2021, there were 15 U.S. managers in
the Top 20 accounting 81.9% of the assets.
The remaining assets were managed by
European firms.

8,397
10,817
10,474

11,191

10,220

9,019

9,618

48,726

10,12436,524
18,158

2012

20,852

21,28022,190

2013

2014

2015

24,9932016

U.S.
© 2022 Thinking Ahead Institute. All rights reserved.

29,32528,084

2017

2018

2019

41,3822020

Assets of U.S. top 20 companies increased
in 2021 by 17.7% (from USD 41,382 billion
to USD 48,726 billion).
Assets of European (including U.K.) top
companies suffered a hit, decreased by
4.4% (from USD 11,259 billion to USD
10,768 billion) over 2021.

2021

Europe (inc U.K.)
31

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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
41.4%

41.0%

41.6%

41.4%

41.9%

42.8%

42.1%

18.0%

15.9%

43.0%

44.0%

17.3%

17.2%

Growth of Top 500
13.0%

10.8%

11.9%

45.2%

6.9%

15.5%

14.8%

3.7%

8.3%

-2.0%

Share Top 20/ Top500

14.5%
10.2%

-4.6%

5.6%

Growth of Top 20

2.2%
-1.7%
2012

2013

2014

2015

-3.0%
2016

2017

2018

2019

2020

2021

In seven of the last ten years, the growth in assets managed by the largest 20 firms has exceeded the growth rate of the broader
group of 500 firms. In 2021, the top 20 managers had an increase of 13.0 % versus 10.2% of the top 500.
The 10-year CAGR of the top 20 was 9.3% versus 7.6% of the top 500.
© 2022 Thinking Ahead Institute. All rights reserved.

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Se ct io n 1

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
18.0%

15.5%

14.8%

14.5%

12.7%

17.3%

14.7%

17.2%
14.27%
15.2%

14.6%
11.4%

10.8%

17.4%

10.2%

13.00%

USD
8.5%

LC
-0.8%

2017

2018

2019

-3.0%
5-year CAGR for the Top 500
in USD: 10.2%
in local currency: 9.6%

2020

2021

2017

2018

2019

2020

2021

-4.6%
5-year CAGR for the Top 20
in USD: 11.8%
in local currency: 11.3%

Asset growth in local currency terms in 2021 was 12.7% for the Top 500 and 14.3% for the Top 20.
© 2022 Thinking Ahead Institute. All rights reserved.

33

10

Se ct io n 1

Lar ges t 2 0 as s et man ager s

Top 20 managers
By manager type
8

9

9

9

9

10

11

11

11

11

12

4

3

3

3

3

3

3

3

2

2

2

8

8

8

8

8

7

6

6

7

7

6

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

InsurerIndependent

BankOver 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 70.1% of the top
20 total assets and 60% of the companies. Bank assets represent 22% of assets while making up 30% of the companies and insurers
manage 7.9% of assets while representing 10% of the companies.
The average independent managers had USD3.5 trillion in AuM as of the end of 2021, while the average insurers were USD2.3 trillion
and banks on average had USD2.2 trillion.

© 2022 Thinking Ahead Institute. All rights reserved.

34

10

Se ct io n 1

Lar ges t 2 0 as s et man ager s

Growth in manager AuM 2016 – 2021
The fastest growing firms among the top 50 by CAGR
AUM % change in USD
Geode Capital Mgmt.
Fidelity International
Brookfield Asset Mgmt.
Blackstone
Charles Schwab Investment
Franklin Templeton
Vanguard Group
T. Rowe Price Group
AmundiFidelity Investments
InvescoBlackRockMorgan Stanley Inv. Mgmt.
Royal Bank of Canada
Ameriprise Financial
Capital Group
Goldman Sachs Group
J.P. Morgan Chase
UBS
Legal & General Group© 2022 Thinking Ahead Institute. All rights reserved.

AUM % change in LC
31.0%

31.0%

23.9%
23.5%
19.2%
17.4%
17.0%
16.4%
15.8%
15.4%
14.7%
14.7%
14.2%
13.9%
13.4%
13.2%
12.9%
12.4%
11.9%
11.9%
11.8%

26.2%
37.6%
19.2%
17.4%
17.0%
16.4%
15.8%
17.1%
14.7%
14.7%
14.2%
13.9%
26.4%
13.2%
12.9%
12.4%
11.9%
10.4%
13.8%

Ranking is based on AuM% change in USD

35

10

Se ct io n 1

Lar ges t 2 0 as s et man ager s

Growth in manager AuM 2016 – 2021
Largest ranking gains in the top 50+38 (68→30)ManagerRoyal Bank of Canada

MarketCanadaCanada+30 (73→43)

InvescoU.S.

+7 (22→15)

Fidelity International

U.K.

+27 (64→37)

Sun Life Financial

Canada+7 (34→27)

Blackstone

U.S.

+17 (50→33)

Mitsubishi UFJ Financial GroupJapan+5 (39→34)

Franklin Templeton

U.S.

+12 (29→17)

AmundiFrance+4 (14→10)

Ameriprise Financial

U.S.

+12 (37→25)

Manulife

Canada+4 (35→31)Charles Schwab Investment

U.S.

+12 (58→46)

Legal & General GroupU.K.

+3 (15→12)

Sumitomo Mitsui Trust HoldingsJapan+3 (31→28)

T. Rowe Price GroupU.S.

+9 (23→14)

Capital GroupU.S.

+2 (9→7)

SchrodersU.K.

+9 (44→35)

Goldman Sachs GroupU.S.

+2 (10→8)

Morgan Stanley Inv. Mgmt.

U.S+8 (26→18)

UBS

Switzerland+2 (13→11)ManagerMarketRank change

Geode Capital Mgmt.

U.S.

Brookfield Asset Mgmt.

Rank change+8 (46→38)

Note: Federated Hermes (U.S.), Power Financial (Canada), Standard Life Aberdeen (U.K.) and Postal Savings Bank of China were not included, due to being accounted in2016 as Federated Investors and Hermes Investment Mgmt.; Great-West Lifeco Inc.; Standard Life plc and Aberdeen Asset Management, and China Post Fund respectively.

© 2022 Thinking Ahead Institute. All rights reserved.

36

T A I / P&I 5 0 0

Section 3 | Passive
management© 2022 Thinking Ahead Institute. All rights reserved.

37

10

Se ct io n 1

Pas s i ve man agemen t

Passive management
Passive vs active split

22,367

Passive assets increased 12.1%
in 2021, while Active assets
increased of 9.5%.

Passive strategies accounted for
29.1% of assets, an increase
from 27.7% in 2017.

20,42016,85618,016
15,723

6,471

7,272

8,195

9,188

5,702

2017

2018

2019

2020

2021

Passive

ActiveBased on a subset of 198 asset managers in the 2021 ranking who provided relevant data for all years since 2017.
© 2022 Thinking Ahead Institute. All rights reserved.

38

T A I / P&I 5 0 0

Section 4 | Manager insights
on the industry© 2022 Thinking Ahead Institute. All rights reserved.

39

10

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

47%

Resources deployed to technology and big data

16%

Resources deployed to cyber security

12%

Level of regulatory oversight11%

Number of product offerings across the firm

8%

Percentage of minority and women at high positions

5%

Aggregate investment management fee level across the firm
Significant Increase

45%
61%

24%

63%
53%

24%
32%

64%
51%

1% 12%

Moderate Increase8%

Remained the same

5%
26%

41%
57%
Moderate decrease

1%

1%
3%

29%
Significant decrease▪ Client interest in sustainable investing, including voting, increased across 92% of the firms surveyed.
▪ 76% of managers increased resources deployed to technology and big data and 75% to cyber security.
▪ 63% of managers surveyed experienced an increase in the level of regulatory oversight.
▪ The number of product offerings during the year increased across 72% of surveyed firms.
▪ 56% of managers increased the minorities and women at high positions.
▪ Aggregate investment management fee levels decreased for 29% of the surveyed managers and increased for 13% of the managers.
Based on a subset of 76 non-US asset managers who provided relevant data.
© 2022 Thinking Ahead Institute. All rights reserved.

40

10

Se ct io n 1

Man ager i n s i gh t s

Manager insights on the industry
38%

39%

164 asset managers ranked in this report provided
Information on the diversity of their workforce,increasing from 154 managers in last year’s report.
23%
21%

22%

19%

19%

19%

Women and minority groups still have a low

17%
13%

12%

only marginal improvement from 2020.

9%

FemaleMinority

Female

Total

Senior management

Average© 2022 Thinking Ahead Institute. All rights reserved.

Minority

representation in senior management positions, with

FemaleMinority
Investment

Median41

T A I / P&I 5 0 0

Section 5 | Definitions© 2022 Thinking Ahead Institute. All rights reserved.

42

10

Se ct io n 1

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.

© 2022 Thinking Ahead Institute. All rights reserved.

43

10

Se ct io n 1

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.

© 2022 Thinking Ahead Institute. All rights reserved.

44

T A I / P&I 5 0 0

Section 6 | Thinking Ahead
Institute(TAI) / Pensions and Investments(P&I) 500 ranking© 2022 Thinking Ahead Institute. All rights reserved.

45

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.Allianz Group
7.Capital Group
8.Goldman Sachs Group
9.BNY Mellon
10.Amundi
11.UBS
12.Legal & General Group
13.Prudential Financial
14.T. Rowe Price Group
15.Invesco
16.Northern Trust
17.Franklin Templeton
18.Morgan Stanley Inv. Mgmt.
19.BNP Paribas
20.Wellington Mgmt.
21.Natixis Investment Managers
22.Nuveen
23.HSBC Holdings
24.AXA Group
25.Ameriprise Financial© 2022 Thinking Ahead Institute. All rights reserved.

Market
U.S.
U.S.
U.S.
U.S.
U.S.
Germany
U.S.
U.S.
U.S.
FranceSwitzerland
U.K.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
FranceU.S.
FranceU.S.
U.K.
FranceU.S.

Total assets Rank Manager$10,010,143
26.Aegon Group
$8,466,372
27.Sun Life Financial$4,233,825
28.Sumitomo Mitsui Trust Holdings$4,138,172
29.Deutsche Bank
$3,113,000
30.Geode Capital Mgmt.
$2,954,432
31.Manulife$2,715,178
32.Power Financial$2,470,000
33.Blackstone$2,434,330
34.Mitsubishi UFJ Financial Group$2,332,454
35.Schroders$2,124,000
36.Affiliated Managers Group$1,917,486
37.Fidelity International$1,742,326
38.Royal Bank of Canada$1,687,800
39.AllianceBernstein$1,610,915
40.Nippon Life Insurance$1,607,100
41.Principal Financial$1,578,124
42.New York Life Investments$1,492,849
43.Brookfield Asset Mgmt.
$1,439,280
44.Postal Savings Bank of China$1,425,481
45.Dimensional Fund Advisors$1,416,336
46.Charles Schwab Investment$1,261,741
47.MetLife Investment Mgmt.
$1,191,000
48.Federated Hermes$1,190,209
49.Generali Group$1,171,000
50.abrdn

MarketNetherlands
CanadaJapan
Germany
U.S.
CanadaCanada
U.S.
Japan
U.K.
U.S.
U.K.
Canada
U.S.
Japan
U.S.
U.S.
Canada
China
U.S.
U.S.
U.S.
U.S.
Italy
U.K.

Total assets$1,158,507$1,130,370$1,065,607$1,054,813$1,008,798$968,746$967,841$880,902$877,800$829,868$813,800$812,800$812,007$778,570$716,108$713,900$710,455$688,138$682,298$679,480$674,664$669,000$668,873$651,470$627,891

46

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
51.Credit Suisse
52.Dai-ichi Life Holdings1
53.Allspring Global Investments
54.Nomura Asset Mgmt.
55.Macquarie Group
56.LBBW
57.Asset Management One
58.Intesa Sanpaolo
59.Ping An Bank
60.Kohlberg Kravis Roberts
61.Nordea
62.Union Investment
63.Neuberger Berman
64.MassMutual
65.Baillie Gifford
66.Janus Henderson Group
67.E Fund Mgmt.
68.U.S. Bancorp
69.Mercer
70.BMO Wealth Mgmt.2
71.Voya Financial
72.MEAG
73.TD Asset Mgmt.2
74.Dodge & Cox
75.Shinkin Central Bank1© 2022 Thinking Ahead Institute. All rights reserved.

MarketSwitzerland
Japan
U.S.
Japan
Australia
Germany
Japan
Italy
China
U.S.
Denmark
Germany
U.S.
U.S.
U.K.
U.K.
China
U.S.
U.S.
CanadaU.S.
Germany
CanadaU.S.
Japan

Total assets Rank Manager$575,321
76.Meiji Yasuda Life Insurance1$574,417
77.Aviva$574,319
78.Jackson Financial$568,219
79.Societe Generale$545,700
80.NN Investment Partners$520,196
81.Russell Investments$512,172
82.NISA Investment$507,471
83.Dekabank Group$499,355
84.Sumitomo Life Insurance$470,555
85.SEI Investments$465,756
86.Ares Mgmt.
$461,394
87.Swiss Life Asset Managers$460,476
88.Prudential$460,000
89.SEB$440,864
90.Zurich Financial Services$432,345
91.Agricultural Bank of China$425,644
92.Harvest Fund Mgmt.
$420,000
93.Pictet Asset Mgmt.
$415,327
94.Lazard$409,412
95.Guggenheim Investments$405,285
96.China Asset Mgmt.
$390,053
97.China Southern Asset Mgmt.3$375,089
98.Scotiabank2$371,287
99.ICBC Credit Suisse Asset Mgmt.
$370,698
100.TCW Group

Market
Japan
U.K.
U.S.
FranceNetherlands
U.S.
U.S.
Germany
Japan
U.S.
U.S.
Switzerland
U.K.
SwedenSwitzerland
China
China
Switzerland
U.S.
U.S.
China
China
CanadaChina
U.S.

Total assets$364,816$361,216$359,454$348,779$340,852$340,773$333,607$313,715$311,240$306,164$305,774$301,863$299,400$296,388$295,007$289,716$289,198$284,138$273,739$271,680$271,102$271,000$270,528$269,868$264,472

47

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
101.Banco do Brasil4
102.CITIC Securities
103.Samsung Group
104.Achmea
105.Bosera Asset Mgmt.5
106.American Century
107.GF Securities
108.Mirae Asset Financial Group
109.Anima Holding
110.Robeco Group
111.Zurcher Kantonalbank
112.Swedbank
113.Royal London Group
114.Banco Santander
115.Conning
116.CCB Principal Asset Mgmt.
117.China Merchants Fund
118.Resona Holdings1
119.Fisher Investments
120.St. James's Place
121.Landesbank Hessen-Thuringen
122.Robert W. Baird
123.Raymond James
124.Mn Services
125.Danske Bank
© 2022 Thinking Ahead Institute. All rights reserved.

MarketBrazilChina
South Korea
Netherlands
China
U.S.
China
South Korea
Italy
Netherlands
Switzerland
Sweden
U.K.
Spain
U.S.
China
China
Japan
U.S.
U.K.
Germany
U.S.
U.S.
Netherlands
Denmark

Total assets Rank Manager$261,859
126.China Universal Asset Mgmt.
$255,078
127.PNC Financial$252,099
128.Ninety One$249,128
129.EFG International$248,373
130.Virtus Investment Partners$246,845
131.Caixabank$242,762
132.WTW$235,200
133.Victory Capital$231,000
134.Union Bancaire Privee$228,267
135.Artisan Partners$222,796
136.Mesirow$222,788
137.Vontobel Asset Mgmt.
$221,226
138.CIBC Asset Mgmt.
$219,686
139.Wilmington Trust$214,887
140.Penghua Fund Mgmt.
$213,384
141.Arrowstreet Capital$211,815
142.Talanx Group$208,560
143.PRIMECAP$208,359
144.Payden & Rygel$207,737
145.Aon5$207,342
146.Itau Unibanco4$204,714
147.Fiera Capital$203,200
148.Pacific Century Group5$201,454
149.Man Group$196,880
150.CBRE Investment Mgmt.

MarketChina
U.S.
South Africa
Switzerland
U.S.
Spain
IrelandU.S.
Switzerland
U.S.
U.S.
Switzerland
Canada
U.S.
China
U.S.
Germany
U.S.
U.S.
U.K.
BrazilCanadaHong Kong
U.K.
U.S.

Total assets$193,000$191,961$191,959$187,869$187,186$186,848$186,776$183,654$175,240$174,754$174,528$174,148$167,604$165,600$161,411$157,410$154,089$153,658$151,600$149,588$148,654$147,328$146,000$144,100$141,900

48

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
151.Yinhua Fund Mgmt.
152.Fullgoal Fund Mgmt.
153.Rothschild154.Bayerischen Landesbank
155.BBVA
156.Groupama Asset Mgmt.
157.IFM Investors
158.Sumitomo Mitsui Financial Group5
159.AMP Capital
160.MLC Asset Mgmt.6
161.Partners Group
162.StepStone Group
163.OP Financial Group
164.Storebrand Group
165.Poste Italiane
166.AQR Capital Mgmt.
167.BCV
168.Swiss Re
169.CI Financial
170.Svenska Handelsbanken
171.BrightSphere
172.Covea Group
173.IDUNA Gruppe
174.Starwood Capital
175.Banco Bradesco© 2022 Thinking Ahead Institute. All rights reserved.

MarketChina
China
FranceGermany
Spain
FranceAustralia
Japan
Australia
Australia
Switzerland
U.S.
Finland
NorwayItaly
U.S.
Switzerland
Switzerland
CanadaSwedenU.S.
FranceGermany
U.S.
BrazilTotal assets Rank Manager$141,210
176.GAM Holding$139,594
177.LSV Asset Mgmt.
$138,379
178.F Van Lanschot$136,073
179.Cohen & Steers$135,103
180.KB Asset Mgmt.
$132,717
181.Securian Financial$130,574
182.Caixa Economica Federal4$129,000
183.Sompo Holdings$128,990
184.Pendal Group7$127,704
185.Hamilton Lane
$127,400
186.RhumbLine Advisers$127,008
187.Income Research & Mgmt.
$126,643
188.Prologis$124,448
189.Haitong Securities$123,774
190.Pathway Capital$123,459
191.National Bank of Canada2$123,331
192.Hanwha Group$121,200
193.Metzler Asset Mgmt.
$119,028
194.Hines$118,798
195.LGT Capital Partners$117,200
196.Northill Capital$116,524
197.Resolute Investment5$116,524
198.Ashmore Group$113,892
199.Industrial Alliance Insurance$110,683
200.ASR

MarketSwitzerland
U.S.
Netherlands
U.S.
South Korea
U.S.
BrazilJapan
Australia
U.S.
U.S.
U.S.
U.S.
China
U.S.
CanadaSouth Korea
Germany
U.S.
Liechtenstein
U.K.
U.S.
U.K.
CanadaNetherlands

Total assets$109,143$108,805$108,484$106,629$106,536$106,100$105,580$102,141$101,002$98,088$96,224$95,995$95,411$94,977$92,424$91,687$91,359$90,592$90,348$89,707$88,900$88,100$87,300$87,220$85,68749

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
201.State Bank of India
202.Record Currency Mgmt.
203.New England Asset Mgmt.
204.Credit Mutuel
205.Connor, Clark & Lunn Financial
206.Polen Capital
207.Erste-Sparinvest Kapitalanlage5
208.Sanlam
209.Jupiter Asset Mgmt.
210.Old Mutual Investment Group
211.Challenger6
212.William Blair
213.OFI AM
214.Bank Degroof Petercam
215.Bank of China Investment Mgmt.
216.Fort Washington
217.LaSalle Investment
218.KLP Group
219.Everbright Securities
220.Lombard Odier Investment7
221.Sterling Capital
222.Quintet Private Bank
223.Banco BPM
224.Monte dei Paschi di Siena
225.Oddo© 2022 Thinking Ahead Institute. All rights reserved.

Market
India
U.K.
U.S.
FranceCanadaU.S.
AustriaSouth Africa
U.K.
South Africa
Australia
U.S.
FranceBelgium
China
U.S.
U.S.
NorwayChina
Switzerland
U.S.
Luxembourg
Italy
Italy
FranceTotal assets Rank Manager$85,535
226.GCM Grosvenor$85,310227.Baloise Asset Mgmt.
$84,686
228.Desjardins Group$84,137
229.Rabobank Group$83,839
230.Mediolanum$83,553
231.Mawer Investment Mgmt.
$83,311232.Magellan Asset Mgmt.
$82,771
233.Grantham, Mayo v. Otterloo$81,889234.Perpetual$79,817235.J. Safra Sarasin Group
$79,786
236.Alan Biller and Associates$79,622
237.Versicherungskammer Bayern$79,268
238.La Poste$79,042
239.Pinnacle Investment$78,340240.Raiffeisen Zentralbank$78,334
241.Nykredit Asset Mgmt.
$77,762242.QIC6$75,908
243.Aristotle$75,874
244.BTG Pactual4$75,384
245.Mapfre$75,308
246.Tokio Marine Holdings5$74,059
247.Zhong Ou Asset Mgmt.7$73,946
248.River and Mercantile6$73,929249.Fukoku Mutual Life Insurance$73,606
250.La Francaise

MarketU.S.
Switzerland
CanadaNetherlands
Italy
CanadaAustralia
U.S.
Australia
Switzerland
U.S.
Germany
FranceAustralia
Austria
Denmark
Australia
U.S.
Brazil
Spain
Japan
China
U.K.
Japan
FranceTotal assets$72,130$71,779$71,401$70,775$70,413$69,634$69,288$69,027$68,976$68,926$68,649$68,529$67,944$67,862$67,763$67,677$67,045$66,800$66,470$65,673$65,400$64,690$64,210$62,662$62,282

50

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
251.DNB
252.Universal-Investment5
253.Folksam
254.ICICI Prudential Mutual Fund
255.Guotai Junan
256.HuaAn Funds
257.Intermediate Capital Group1
258.HDFC Asset Mgmt.
259.Shinhan BNPParibas
260.Mondrian Investment Partners
261.Westpac Banking7
262.Liberty Holdings
263.Patrizia Immobilien
264.Lexington Partners
265.Korea ITMC
266.Pzena Investment
267.Marathon-London5
268.Adams Street Partners7
269.Shinsei Bank
270.Angelo, Gordon
271.Colliers International Group
272.Berenberg Group
273.Heitman
274.PAG8
275.Goodman Group6© 2022 Thinking Ahead Institute. All rights reserved.

MarketNorwayGermany
Sweden
India
China
China
U.K.
India
South Korea
U.K.
Australia
South Africa
Germany
U.S.
South Korea
U.S.
U.K.
U.S.
Japan
U.S.
CanadaGermany
U.S.
Hong Kong
Australia

Total assets Rank Manager$61,739276.Impax Asset Mgmt.7$61,489
277.SECOR Asset Mgmt.
$61,408
278.Asahi Mutual Life Insurance$61,314279.Carmignac$60,285
280.Thornburg Investment$59,936
281.GoldenTree Asset Mgmt.
$59,600
282.Breckinridge Capital$59,218
283.Gruppo Azimut$57,063284.Comgest$56,088285.Beutel, Goodman$55,897286.Fortis5$55,651
287.Causeway Capital$55,035
288.Guardian Capital$53,622
289.Alger Associates$53,241
290.Calamos Advisors$52,521291.Grayscale Investments$52,000
292.Muzinich$51,251
293.Kiwoom AMC$51,143
294.Commerce Trust$51,000
295.HUK Coburg$51,000
296.Mirabaud Group$50,732
297.Wiener Städtische Versicherung$50,652
298.Silchester International5$50,000
299.Coronation Fund Managers$49,485
300.Royal Bank of Scotland

Market
U.K.
U.S.
Japan
France
U.S.
U.S.
U.S.
Italy
FranceCanadaCanadaU.S.
Canada
U.S.
U.S.
U.S.
U.S.
South Korea
U.S.
Germany
Switzerland
Austria
U.K.
South Africa
U.K.

Total assets$49,177$47,494$47,448$47,221$47,005$46,818$46,725$46,647$46,113$46,000$45,380$45,172$44,082$43,803$43,738$43,600$43,266$43,213$42,889$42,738$42,488$42,200$42,062$41,549$40,738

51

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
301.Colchester Global Investors
302.Wasatch Global Investors
303.Caitong Fund Mgmt.5
304.Kyobo Life Insurance
305.Generation Investment Mgmt.
306.Edmond de Rothschild Group
307.Tikehau Capital
308.Nurnberger
309.Aditya Birla Sun Life Mutual
310.Arca SGR
311.Portfolio Advisors
312.Charter Hall6
313.Mitsui Fudosan Investment1
314.Kotak Mahindra Asset Mgmt.
315.Los Angeles Capital
316.Highland Associates
317.Orbis Investments
318.Gothaer Versicherungsgruppe
319.Ibercaja
320.Eagle Capital
321.GAMCO Investors
322.Hotchkis & Wiley
323.Warburg Gruppe
324.MissionSquare Investments
325.Huatai-PineBridge Investment7© 2022 Thinking Ahead Institute. All rights reserved.

Market
U.K.
U.S.
China
South Korea
U.K.
Switzerland
FranceGermany
India
Italy
U.S.
Australia
Japan
India
U.S.
U.S.
BermudaGermany
Spain
U.S.
U.S.
U.S.
Germany
U.S.
China

Total assets Rank Manager$40,373
326.AGF Mgmt.
$39,479
327.Axis Mutual Fund
$39,225
328.Alte Leipziger Group$39,124
329.Sarofim Group$39,000
330.Polar Capital Holdings$38,883
331.Dexus$38,841
332.Ruffer$38,823333.Mitsubishi Estate Group1$38,348
334.Laboral Kutxa$38,335
335.Blue Sky Group$38,290
336.Co-operators Group
$37,940
337.CIM Group
$37,802
338.Diamond Hill Capital$36,696
339.MMI Holdings6$36,596
340.Shenkman Group$36,496
341.Hungkuk ITMC
$35,709342.Lindsell Train$35,405
343.RWC Asset Mgmt.5$35,061
344.Bank Syz$35,024
345.Bank of Nanjing$34,982346.Carnegie Investment$34,902347.NFU Mutual$34,765
348.Lendlease Investment Mgmt.
$34,234
349.First Pacific Advisors$34,000
350.Knights of Columbus Asset

MarketCanadaIndia
Germany
U.S.
U.K.
Australia
U.K.
Japan
Spain
Netherlands
CanadaU.S.
U.S.
South Africa
U.S.
South Korea
U.K.
U.K.
Switzerland
China
SwedenU.K.
Australia
U.S.
U.S.

Total assets$33,939$33,901$33,481$32,900$32,893$32,869$32,375$32,240$32,051$32,028$31,296$31,152$31,028$30,896$30,882$30,824$30,543$30,486$30,154$30,139$29,948$29,946$29,700$29,378$29,24052

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
351.Alexander Forbes7
352.UTI Mutual Fund
353.QBE
354.Canso Investment Counsel5
355.Kutxabank
356.Intact Financial
357.EARNEST Partners
358.Commonfund
359.Stockbridge Capital Group
360.First Seafront Fund Mgmt.5
361.Yuanta Securities Investment
362.DMFCO
363.Triodos Bank
364.Luther King Capital
365.GPT Group
366.Canyon Partners
367.DuPont Capital
368.Hayfin Capital Mgmt.9
369.SCOR
370.One Investment
371.ANZ Banking Group5
372.Matthews Asia
373.Capula Investment Mgmt.
374.Silvercrest Asset Mgmt.
375.ACTIAM7© 2022 Thinking Ahead Institute. All rights reserved.

MarketSouth Africa
India
Australia
CanadaSpain
Canada
U.S.
U.S.
U.S.
China
TaiwanNetherlands
Netherlands
U.S.
Australia
U.S.
U.S.
U.K.
FranceAustralia
Australia
U.S.
U.K.
U.S.
Netherlands

Total assets Rank Manager$29,185376.Uniqa Finanz Group$29,038
377.XP Asset Mgmt.4$28,967
378.Gruppo Credito Emiliano$28,949379.Sprucegrove Investment$28,725
380.Davis Advisors$28,699
381.Rockpoint Group$28,639
382.Allan Gray Proprietary$28,216383.Burgundy Asset Mgmt.
$27,983384.Bankinter$27,944385.Woori Asset Mgmt.
$27,604
386.Minsheng Royal Fund
$27,593
387.Manning & Napier$27,404
388.Champlain Investment$26,943
389.EdgePoint Investment Group$26,900
390.Synovus Financial$26,534
391.Unigestion$26,390392.Navigator Global Investments7$26,045
393.Close Brothers Group10$25,744394.Baring Private Equity Asia
$25,396
395.King Street Capital$25,192
396.Yarra Capital Management$25,188
397.Congress Asset Mgmt.
$25,130
398.Caixa Geral de Depositos$25,073
399.Lion Fund Mgmt.
$24,913400.Brandes Investment

MarketAustria
BrazilItaly
CanadaU.S.
U.S.
South Africa
CanadaSpain
South Korea
China
U.S.
U.S.
CanadaU.S.
Switzerland
Australia
U.K.
China
U.S.
Australia
U.S.
Portugal
China
U.S.

Total assets$24,669$24,572$24,543$24,479$24,128$23,786$23,620$23,538$23,432$23,006$22,796$22,543$22,495$22,142$22,000$21,800$21,500$21,027$21,000$21,000$20,926$20,797$20,481$20,397$20,16453

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
401.CQS
402.Cantillon Capital Mgmt.
403.China Galaxy Securities
404.UNICAJA
405.PSG Konsult11
406.Tactical Global Mgmt.
407.Alphinity Investment
408.SDIC UBS Fund Mgmt.
409.SWS MU Fund Mgmt.
410.Affin Hwang Asset Mgmt.
411.CCLA Investment Mgmt.
412.Garcia Hamilton
413.Independent Franchise
414.Troy Asset Mgmt.12
415.Johnson Investment Counsel
416.IGIS Asset Mgmt.
417.Safra Asset Mgmt.
418.Bank of Comm. Schroder AM
419.Rongtong Fund Mgmt.
420.Leith Wheeler Investment5
421.Ariel Investments
422.Pacific Asset Mgmt.
423.Cathay Securities
424.Longfellow Investment
425.Callan© 2022 Thinking Ahead Institute. All rights reserved.

Market
U.K.
U.S.
China
Spain
South Africa
Australia
Australia
China
China
Malaysia
U.K.
U.S.
U.K.
U.K.
U.S.
South Korea
BrazilChina
China
CanadaU.S.
U.S.
TaiwanU.S.
U.S.

Total assets Rank Manager$20,000
426.Ardea Investment Mgmt.
$19,869
427.Fiduciary Mgmt./Milwaukee$19,851428.Fuller & Thaler$19,781429.Brown Capital$19,741
430.Sage Advisory Services$19,506
431.Beach Point Capital$19,430
432.Boyd Watterson$19,361
433.Sit Investment$19,361434.London Co.
$19,324
435.Westfield Capital$18,750
436.Adrian Lee & Partners$18,740
437.Lupus Alpha Asset Mgmt.
$18,739438.PCCP$18,615
439.Baoying Fund
$18,528440.Grupo Novo Banco$18,414441.IBK AMC$18,370442.IDFC Asset Mgmt.
$18,367
443.Polaris Capital$18,342444.Morrison$18,308445.Platinum Asset Mgmt.
$18,300
446.Belle Haven Investments$18,287
447.Changsheng Fund Mgmt.
$18,168
448.Hyundai Investment AMC$18,160
449.Letko Brosseau$18,086450.BOCI-Prudential

MarketAustralia
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
U.K.
Germany
U.S.
China
Portugal
South Korea
India
U.S.
Australia
Australia
U.S.
China
South Korea
CanadaHong Kong

Total assets$18,083$17,722$17,584$17,576$17,544$17,346$17,316$17,265$17,079$17,023$17,000$16,986$16,775$16,745$16,545$16,332$16,229$16,199$16,180$15,963$15,957$15,690$15,658$15,648$15,51254

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

10

TAI | P&I 500 ranking(in USD million)
Rank Manager
451.CenterSquare Investment
452.Capital Investment Trust
453.Renta 4
454.Driehaus Capital
455.Amalgamated Bank
456.Crestline Investors
457.Yousif Capital
458.Abbott Capital7
459.T&D Asset Mgmt.
460.Jackson Square Partners
461.Stone Harbor Investment
462.Jacobs Levy Equity
463.Jensen Investment
464.Opportunity4465.DSP Mutual Fund
466.SPARX Group467.Daol Financial Group
468.Reichmuth13
469.Angel Oak Capital
470.Intercontinental Real Estate
471.KGAL
472.Glenmede Investment
473.Banca Cesare Ponti
474.LFPI
475.Paradice Investment© 2022 Thinking Ahead Institute. All rights reserved.

MarketU.S.
Taiwan
Spain
U.S.
U.S.
U.S.
U.S.
U.S.
Japan
U.S.
U.S.
U.S.
U.S.
BrazilIndia
Japan
South Korea
Switzerland
U.S.
U.S.
Germany
U.S.
Italy
FranceAustralia

Total assets Rank Manager$15,475
476.DB Asset Mgmt.
$15,299
477.Zacks Investment$15,278478.Chuangjin Hexin Fund Mgmt.
$15,145479.Beacon Capital$15,062
480.CornerStone Partners$14,972481.Fuh Hwa Securities$14,868482.Fubon Group
$14,792
483.Midas Asset AMC$14,773
484.Walton Street Capital$14,745
485.Great Lakes Advisors$14,688486.Fisch Asset Mgmt.
$14,677
487.Systematica Investments$14,495
488.Global Endowment Mgmt.
$14,460
489.V-I Asset Mgmt.
$14,372490.FirstRand Group
$14,344
491.Rockwood Capital$14,291
492.Gruppo Bancario Iccrea$14,203493.Cooke & Bieler$14,128
494.Mediobanca$14,080495.Pareto Asset Mgmt.
$14,077
496.Edelweiss Asset Mgmt.
$13,967
497.Pugh Capital$13,740
498.KDB AMC$13,589
499.American Realty Advisors$13,561
500.D.F. Dent

MarketSouth Korea
U.S.
China
U.S.
U.S.
TaiwanTaiwanSouth Korea
U.S.
U.S.
Switzerland
JerseyU.S.
South Korea
South Africa
U.S.
Italy
U.S.
Italy
NorwayIndia
U.S.
South Korea
U.S.
U.S.

Total assets$13,328$13,133$13,007$12,968$12,898$12,846$12,822$12,698$12,666$12,569$12,525$12,500$12,400$12,354$12,304$12,132$11,956$11,943$11,886$11,803$11,669$11,662$11,534$11,414$11,400

55

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

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TAI | P&I 500 ranking(in USD million)
Endnotes in ranking:
1As of March 31, 2021
2As of Oct. 31, 2021

3As of June 30, 2022
4As of May 31, 2022

U.S. data was sourced from the P&I500, anddata for other regions weresourced from annual reports, websites, anddirect communication with asset managers
through Thinking Ahead Institute / Pensions& Investments Global Manager Survey.

5As of March 31, 2022
6As of June 30, 2021
7As of Sept. 30, 2021
8As of March 15, 2022
9As of March 24, 2022
10As of July 31, 2021
11As of Feb. 28, 2022
12As of April 30, 2021
13As of Jan. 25, 2022

© 2022 Thinking Ahead Institute. All rights reserved.

56

T A I / P&I 5 0 0

Limitations of reliance© 2022 Thinking Ahead Institute. All rights reserved.

57

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 to encourage 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 theformal view of the firm.
Limitations of reliance – Willis Towers Watson
WTW has prepared this material for general information purposes only and it should not be considered a substitute for specific professional
advice. In particular, its contents are not intended by WTW to be construed as the provision of investment, legal, accounting, tax or otherprofessional advice or recommendations of any kind, or to form the basis of any decision to do or to refrain from doing anything. As such,
this material should not be relied upon for investment 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 of subsequent developments afterthat date. In preparing this material
we have relied upon data supplied to us by third parties. Whilst reasonable care has been taken to gauge the reliability 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 andemployees 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 the contrary, WTW and its affiliates andtheir respective directors, officers and employees accept no responsibility and will not be liable for any consequences howsoever arisingfrom any use of or reliance on this material or the opinions we have expressed.
Contact details
Jess Gao
Jessica.Gao@wtwco.com
Website: www.thinkingaheadinstitute.org
LinkedIn: Thinking Ahead Institute
Twitter: @InstituteTAG
Please contact us at largeam@willistowerswatson.com if you would like to be considered for participation in this study.

58© 2022 Thinking Ahead Institute. All rights reserved.