Top 400 Asset Managers 2016: Global assets now €56.3trn
• Total AUM of the top 400 managers is €56.3trn (2015= €50.3trn; 2014= €42.7trn; 2013= €39.2trn; 2012= €36.3trn).
• European institutional AUM: €8.7trn (up 19.2%)
• European pension AUM: €3.3trn (up 15.6%)
• Increase in AUM of 11.9% over last year’s figures.
• BlackRock (€4.4trn) accounts for 7.8% of overall assets.
• Top 10 managers account for a third (33.6%) of all assets.
Assets managed by the leading global asset managers increased by nearly 12% over the course of last year, according to the 2016 IPE Top 400 Asset Managers survey. This is less than the 17.8% increase recorded over the course of 2014, although higher than 2013’s 8.9% increase.
Total assets managed for European pension funds, where stated by respondents, are some €3.3trn, while the total for all institutional investors is €8.7trn, up over 19%. Our survey shows that €5.7trn of institutional assets are managed on an active basis and €1.3trn passively.
For the first time, our survey breaks out alternative index (smart beta) investment assets: here the global total is €500bn, with €139bn managed for European institutions. We also calculate an European institutional ETF investment volume of €325bn and infrastructure assets of €58bn.
Legal & General Investment Management (LGIM) this year joins other managers of liability-driven investment strategies in stating an overall global AUM figure that includes notional derivative and advisory assets on which ad valorem fees are paid. This propels LGIM into the top 10 managers overall; this evolution of the methodology underlying our ranking is simply a reflection of changing reporting practice.
Top 400 Asset Managers 2016 (Top 25)
|Company||Country||Total 2016||Total 2015|
|31/12/15 (€m)||31/12/14 (€m)|
|2||Vanguard Asset Management||US/UK||3,091,979||2,577,380|
|3||State Street Global Advisors||US/UK||2,066,479||2,023,149|
|5||BNY Mellon Investment Management||US/UK||1,492,895||1,407,163|
|6||J.P. Morgan Asset Management||US/UK||1,361,178||1,266,805|
|10||Legal & General Investment Mngt.†||UK||1,012,389||893,900|
|11||Goldman Sachs Asset Management Int.||US/UK||996,651||846,182|
|14||Northern Trust Asset Management||US/UK||805,763||771,951|
|15||Natixis Global Asset Management||France/US||801,128||735,530|
|16||TIAA Global Asset Management||US||786,479||703,529|
|17||Deutsche Asset Management||Germany||777,091||721,747|
|19||Franklin Templeton Investments||US/UK||703,220||727,394|
|20||T. Rowe Price||UK||702,479||617,163|
|21||AXA Investment Managers||France||669,436||623,008|
|23||Sumitomo Mitsui Trust Bank||Japan||614,762||512,279|
|24||UBS Asset Management||Switzerland/UK||597,234||552,089|
|25||Affiliated Managers Group||US||578,310||512,635|
† Figures now include total value of assets on which LGIM earns ad valorem fees including notional derivative positions and advisory assets.
(To buy the Top 400 data, email Emma Morgan-Jones)
Our 2016 report on asset management opens with an assessment of the challenges facing the global investment management sector – in business models, investment, regulation, technology and client relationships. We also look at China, liquidity and multi-asset strategies. Articles on the role of asset management in boosting economic activity and the long-standing issue of trust round off the report.
Liam Kennedy, Editor, IPE
• In New York’s gilded age at the end of the nineteenth century, just 400 people were counted among the members of fashionable society – reputedly the number who could fit into Mrs Astor’s ballroom. In this spirit, since 2002 IPE has collected data on the leading 400 asset managers both globally and in Europe. The data is compiled by IPE, on the most part based on information provided by the individual companies and in a few cases based on information from public sources.