AUM of World’s 500 Largest Asset Managers Nears $140T

The 500 largest asset management firms in the world collectively managed $139.9 trillion at the end of 2024, according to new research from WTW’s thinking Ahead Institute. This represented a 9.4% rise in assets from the end of 2023, when AUM stood at $128 trillion. 

Asset growth was largest (13%) among North America-based managers—which account for approximately $88.2 trillion in assets, 63% of that controlled by the largest 500 managers. 

European managers in the study accounted for $35.2 trillion in assets. Japanese managers accounted for $5.2 trillion, while the rest of the world was responsible for $11.3 trillion.  

WTW noted that Japan was the only region in which managers’ AUM declined, by 9.5%, in 2024. The survey also noted that the U.K., which has been the second-largest asset manager market since 2019, could be overtaken by France and Canada over the next five years. European managers saw a 3.9% increase in AUM in 2024.  

The largest 20 managers collectively managed 47% of all assets of the largest 500 managers. Of this group, 15 were based in the U.S., and five were based in Europe. BlackRock has remained in the top spot since 2009, while Vanguard and Fidelity have remained in the top three for five consecutive years. 

Of the top 20, 12 were independent managers; six were bank-owned; and two were insurer-owned managers.

Source: Thinking Ahead Institute, Ranked by total AUM, in US$ millions.

While WTW’s data only covered the 2024 calendar year, asset manager AUM has continued to grow significantly. At the end of 2024, BlackRock, the world’s largest asset manager, managed $11.5 trillion. The firm now manages $13.5 trillion through the third quarter of the year.  

WTW noted that increased demand for private market specialists drove AUM growth. For example, Brookfield saw its assets under management grow to $1.061 billion in 2024 from $240 billion in 2017—which also led to a 46-place improvement in WTW’s rankings, to 27th, a result of increased demand for private credit, infrastructure and real estate.  

WTW noted that private markets specialists are growing their AUM faster than asset managers in traditional asset classes.  

“Part of what’s driving this divergence is the different economics in private markets,” the report stated. “Private -market firms tend to benefit from higher fees, longer lock-ups of capital, and less frequent liquidity demands. The big firms are also starting to expand into wealth and retail channels including via [defined contribution plans as] sources of funds.” 

Source: Thinking Ahead Institute, Ranked by total AUM, in US$ millions.

According to WTW, equities accounted for 50% of the AUM of 175 select managers that provided data for all relevant years since 2020. Fixed income accounted for 27% of AUM, followed by cash (8%), alternatives (8%) and other assets (7%).  

The survey found that AUM in passive strategies is growing, rising 6.1 percentage points in 2024 to 39% of total AUM, while actively managed assets declined 3.6 percentage points to 61% at the end of last year.  

WTW also noted the increasing growth of managers in the Middle East, because “the region’s appeal lies not only in capital but also in thematic opportunity and competitive positioning,” the summary stated. “International firms are establishing local offices, competing with regional institutions and vying for allocators’ attention.” 

The survey found that asset managers are increasingly adopting artificial intelligence, although take-up remains in the early stages. According to WTW, 47% of asset managers are allocating less than 10% of their technology budgets to AI, and 61% expect AI spending to grow over the next five years.  

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