IPE institutional market survey: Investment grade credit managers 2025

January/February 2025 (Magazine)

IPE’s 2025 Investment Grade Credit Survey covers 55 managers with a total of €3.6trn in assets managed in investment-grade credit strategies globaly.

This summary, collected from leading global managers specialising in credit, includes our European institutional league table with aggregate mandates by asset manager from European pension funds and insurance companies. See below for details on how to access the full data set or follow the QR code on this page.

• AXA IM, Generali Investments and Aviva Investors dominate

Globally, the 55 leading managers in our survey manage €3.6trn in investment-grade credit strategies, of which over a third (€1.28trn) is managed on behalf of European institutional clients.

• Pension funds: €322.5bn.
• Insurance companies: €391.5bn.
• Other institutional assets: €205.7bn.

Segregated accounts dominate, with €1.63trn, followed by pooled funds at €943bn. Major players include AXA IM (€166.9bn), Generali Investments (€165.5bn), and Aviva Investors (€106.1bn).

• European institutional assets in IG credit grow over 13% in five years
• Assets in investment-grade strategies grew steadily, from €3.44 trillion in 2021 to €3.6 trillion in 2025.
• The largest managers globally include PGIM (€526bn), State Street Global Advisors (€474bn), and BlackRock (€418bn).
• European institutional client assets rose from €1.13 trillion in 2021 to €1.28 trillion in 2025.

Access the full dataset
This summary shows headline data. The full dataset includes detailed strategy level data and information 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 [e-mail]