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The 10 largest investment managers by AUM
The Thinking Ahead Institute’s November 7, 2025 release ranks money managers by total AUM, reported in U.S. dollars at the end of 2024. The table preserves the source’s company names and market labels; trillion-dollar figures are rounded conversions of its reported amounts.
| Rank | Manager | Market shown | End-2024 AUM |
|---|---|---|---|
| 1 | BlackRock | U.S. | $11,551,251 million (about $11.55 trillion) |
| 2 | Vanguard Group | U.S. | $10,105,443 million (about $10.11 trillion) |
| 3 | Fidelity Investments | U.S. | $5,520,234 million (about $5.52 trillion) |
| 4 | State Street Inv. Mgmt | U.S. | $4,715,442 million (about $4.72 trillion) |
| 5 | J.P. Morgan Chase | U.S. | $4,045,000 million (about $4.05 trillion) |
| 6 | Goldman Sachs Group | U.S. | $3,137,000 million (about $3.14 trillion) |
| 7 | UBS | Switzerland | $2,860,700 million (about $2.86 trillion) |
| 8 | Capital Group | U.S. | $2,842,451 million (about $2.84 trillion) |
| 9 | Allianz Group | Germany | $2,549,739 million (about $2.55 trillion) |
| 10 | Amundi | France | $2,319,589 million (about $2.32 trillion) |
Source: Thinking Ahead Institute, “Top 20 world’s largest money managers,” November 7, 2025. The source labels the fourth-ranked firm “State Street Inv. Mgmt.”
What the ranking measures—and what it does not
AUM is the value of assets a firm manages for clients. Here it is a measure of organizational scale, using the ranking’s stated total-AUM figures and end-2024 measurement date. It is not a ranking of investment returns, fees, risk management, client satisfaction or service quality.
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Definitions can differ across rankings—for example, a source may count discretionary rather than total AUM, or report a parent group rather than an asset-management subsidiary. Use this list as a comparison within the Thinking Ahead Institute’s methodology, not as a universal league table. It also cannot establish whether a manager’s products are available to a particular investor or fit that investor’s goals.
What the ranking says about the industry
The joint 2025 study from the Thinking Ahead Institute and Pensions & Investments places the top ten in a much larger industry-wide picture:
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- The 500 managers in the study had $139.9 trillion in total discretionary AUM at the end of 2024, up 9.4% from the end of 2023.
- North American managers accounted for 63.0% of the top 500’s AUM, or $88.2 trillion, at the end of 2024.
- The top 20 managers held 47.0% of total AUM in 2024, compared with 45.5% in 2023. Their combined AUM was $65.8 trillion.
- Of the top 20, the 15 U.S. managers represented 83.9% of the group’s AUM. Eight of the ten managers in the ranking above are marked U.S.
- Passive investments represented 39.0% of AUM in the study’s 2024 data; actively managed assets represented 61.0%.
These are study-wide findings, not figures for any one of the ten firms. The study notes that some asset-class and strategy trend comparisons use only managers that supplied data for every year in the comparison, so those subset-based trends should not be read as covering every manager.
Commenting on broader industry shifts, Jessica Gao, Director of the Thinking Ahead Institute, said: “This study paints a vivid picture of an industry in transition. 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.”
Source: Thinking Ahead Institute and Pensions & Investments, 2025 study.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to use this list as an investor
A large AUM figure may help describe a manager’s scale, but it does not tell you which investment to choose. When assessing a fund or investment service, compare the specific product’s costs, holdings, risks, objective, eligibility rules and availability in your country. Those details vary by product and are not captured by a company-level AUM ranking.
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