World’s largest asset managers’ AUM surges to record $140 trillion, driven by North America and passives
Rhea-AI Summary
WTW (NASDAQ: WTW) research finds total AUM at the world’s 500 largest asset managers reached USD 139.9 trillion at end-2024, a 9.4% increase year-on-year, recovering above the 2021 record.
Key drivers: North America AUM rose 13% to USD 88.2 trillion (63% of the top 500), passive strategies now represent 39.0% of AUM (+6.1%), and the top 20 managers control 47% of assets. Japan saw AUM fall 9.5%. Private-market specialists surged, exemplified by Brookfield rising to USD 1,061 billion in 2024.
Positive
- Total AUM reached USD 139.9 trillion (+9.4% YoY)
- North America AUM USD 88.2 trillion (+13% YoY)
- Passive strategies now 39.0% of total AUM (+6.1%)
- Top 20 managers control 47% of total AUM
- Brookfield AUM grew to USD 1,061 billion (20% annualized since 2017)
Negative
- Japan asset managers' AUM fell 9.5% in 2024
- Actively managed assets declined to 61% of AUM (‑3.6% YoY)
- UK risks falling to 4th largest market within five years
- Concentration risk: top 20 share increased from 45.5% to 47%
News Market Reaction – WTW
In the Nov 11 session, WTW gained 0.16%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Total assets under management (AUM) at the world’s 500 largest asset managers reached USD 139.9 trillion at the end of 2024, a
This marks a continued recovery for the asset management industry with total assets now back above the record that was last set in 2021. This recovery was driven largely by managers in North America who registered the fastest growth, up
Japan registered a decline from its asset managers, with AUM falling by
Strategically, the industry is continuing to undergo a significant shift to passive investment strategies, which now account for
The top 20 asset managers further consolidated their influence, now controlling
This study also highlights the rapid rise of private-market specialists, whose AUM growth has outpaced traditional managers. For example, Brookfield’s AUM grew from USD 240 billion in 2017 to USD 1,061 billion in 2024 - an impressive
Across the regions, the Middle East has gained prominence as a strategic hub for asset managers, as regulatory reforms in the UAE, including updates to digital assets rules and the Qualifying Investment Funds regime, are attracting global firms to financial centres like the Dubai International Financial Centre and Abu Dhabi. Moreover, thematic opportunities in Shariah-compliant investing, ESG, and digital assets are aligning with national transformation agendas, making the region increasingly competitive.
Elsewhere, Artificial Intelligence continues to become an enabler across the industry, with the study finding that
“This study paints a vivid picture of an industry in transition,” said Jessica Gao, Director of The Thinking Ahead Institute. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of Artificial Intelligence. These trends are reshaping the very foundations of asset management.
The scale of growth, particularly in North America, and the increasing concentration among the top 20 managers, signals both opportunity and responsibility. As stewards of nearly
The world’s largest money managers
Ranked by total AUM, in U.S. millions.
| Rank | Fund | Market | Total Assets (US$) | |
| 1. | BlackRock | U.S. | ||
| 2. | Vanguard Group | U.S. | ||
| 3. | Fidelity Investments | U.S. | ||
| 4. | State Street Inv. Mgmt | U.S. | ||
| 5. | J.P. Morgan Chase | U.S. | ||
| 6. | Goldman Sachs Group | U.S. | ||
| 7. | UBS | Switzerland | ||
| 8. | Capital Group | U.S. | ||
| 9. | Allianz Group | Germany | ||
| 10. | Amundi | France | ||
| 11. | BNY Investments | U.S. | ||
| 12. | Invesco | U.S. | ||
| 13. | Northern Trust | U.S. | ||
| 14. | T Rowe Price Group | U.S. | ||
| 15. | Morgan Stanley Inv. Mgmt | U.S. | ||
| 16. | Franklin Templeton | U.S. | ||
| 17. | Geode Capital Mgmt | U.S. | ||
| 18. | Prudential Financial | U.S. | ||
| 19. | BNP Paribas | France | ||
| 20. | Legal and General Group | UK | ||
About the Thinking Ahead Institute at WTW
The Thinking Ahead Institute is a global not-for-profit investment research and innovation network dedicated to helping investors navigate the future. Bringing together leading asset owners, asset managers and strategic partners, the Institute drives innovation through collaborative research and practical solutions. Since its founding in 2015, the Institute has convened more than 100 organizations to collaboratively design fit-for-purpose investment strategies, improve organizational effectiveness, and strengthen stakeholder trust. Learn more about how the Thinking Ahead Institute can support your organization at https://www.thinkingaheadinstitute.org/.
About WTW
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