IPE institutional market survey: High yield bonds and loans managers 2026
Global assets held in high yield bond and loan strategies are down about 2.7% since last year, according to IPE’s survey of 42 global managers, while managers of high yield and loan strategies saw their European institutional AUM increase by 4% during 2025
However, European institutional assets in high yield and loan strategies are €8bn down from a peak of €162bn in 2024. At a global level, BlackRock and PGIM have been going head-to-head in the ranking of leading managers in terms of AUM, but PGIM tops the highly-competitive ranking of European institutional managers by a few millions, with BNP Paribas AM reaching the second spot after its merger with AXA Investment Managers last year.
Full data access
This summary shows headline data. The full dataset includes more detailed data on individual managers and is available to subscribers at ipe.com/research. To subscribe to IPE visit ipe.com/membership and for further information about the research or to participate in future surveys, contact dominic.gane@ipe.com.
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IPE covers a good variety of very current and relevant topics. It is good to read the high-level, independent and objective perspectives from pension funds in other European countries; many of them are dealing with the same issues as we are, so it is interesting to learn from their experiences, especially when they are ahead of where we are on the curve.
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