By 2022, the world’s top 100 investment fund managers collectively handle over $100 trillion of client funds, a staggering amount that is higher than the combined annual expenditures of all the national governments in the world. While there are thousands of investment funds around, these top 100 firms manage the large bulk of the overall wealth that individuals and institutional investors entrust to their asset managers. In this article, we will take a closer look at these largest funds in the world.
Ranking Methodology
To collate the list of the top 100 funds, we researched and combined data from multiple sources in order to arrive at the most precise estimates. This is because relying on a single source was likely to result in missing at least some valuable pieces of information. We primarily researched investment fund information and the assets under management (AuM) statistics from three key sources:
- The October 2021 study on the 500 largest investment funds by the Thinking Ahead Institute, a global non-profit investment research organization
- Investment fund rankings maintained by the Sovereign Wealth Fund Institute (SWFI)
- Investment fund rankings by ADV Ratings, a prominent provider of financial industry statistics and ranking information
The lists of funds maintained by each of these three sources were somewhat different in terms of the included firms and sometimes contained slightly different AuM data for each fund. The differences in the companies on the list were most likely due to a slightly different methodology used by each source for determining which investment firms to include. In turn, the AuM differences were largely due to different measurement periods. Despite the time of measurement differences, all three sources contained data that was less than a year old.
We paid particular attention to cross-verifying the AuM data for the top 20 firms in the rankings. Where differences were evident, in most cases, we chose the larger figure to report as the larger figures were likely obtained in a more recent measurement.
The Top 100 Investment Funds – Overall Statistics
The largest 100 investment managers collectively have a total of $105 trillion in AuM. The chart below shows the number of funds among these top 100 for each AuM segment.
The Number of Funds per AuM Segment
The number of funds by AuM segment among the top 100 investment funds
As the chart indicates, the world’s top 7 investment funds each manage anywhere between $3 and $10 trillion. The world’s largest fund, BlackRock, has an AuM of around $9.6 billion.
Of the entire $105 trillion managed by the top 100 funds, nearly $45 trillion is under the management of the top 10 funds. Here are the world’s top 10 investment funds, with their respective AuM amounts.
The Top 10 Investment Funds and Their AuMs
The top 10 investment funds by AuM
In the chart above, the two largest funds, BlackRock and Vanguard, clearly stand out from the rest by the size of their AuMs. The Swiss-based UBS, 3rd in the overall ranking, is the largest asset manager located outside of the US.
In general, the US dominates the top 10 rankings, with 8 out of the 10 funds above located in the world’s largest economy. The two non-US funds in the top 10 are UBS and Germany’s very own Allianz Group.
America’s dominance in the rankings is not limited to the top 10 only. Forty-one out of the top 100 funds in our ranking are US-based.
The Top 100 Investment Funds by Country
The distribution of the top 100 investment funds by country of domicile
The US asset managers also have an edge in terms of the overall AuM share. American funds collectively manage slightly over 60% of the entire $105 trillion of the top 100 funds’ AuM.
The Share of the Top 100 Funds’ Total AuM by US vs Non-US Funds
Share of the top 100 funds’ total AuM by US vs Non-US funds
The Top 100 Investment Funds – The Complete List
Below, we provide our complete list of the world’s top 100 investment fund companies, showing their AuMs and domiciled countries. Naturally, since the investment fund industry is very dynamic, the AuM figures and the list’s composition might change quickly.
| Rank | Company Name | AuM (in million USD) | Country |
| 1 | BlackRock | $9,569,513 | U.S. |
| 2 | Vanguard Group | $8,500,000 | U.S. |
| 3 | UBS | $4,432,000 | Switzerland |
| 4 | State Street Global | $3,860,000 | U.S. |
| 5 | Fidelity Investments | $3,688,587 | U.S. |
| 6 | Morgan Stanley | $3,274,000 | U.S. |
| 7 | Capital Group | $3,099,186 | U.S. |
| 8 | J.P. Morgan Chase | $2,996,000 | U.S. |
| 9 | Allianz Group | $2,953,000 | Germany |
| 10 | Goldman Sachs Group | $2,372,000 | U.S. |
| 11 | BNY Mellon | $2,310,000 | U.S. |
| 12 | Amundi | $2,135,610 | France |
| 13 | Legal & General Group | $1,794,000 | U.K. |
| 14 | Prudential Financial | $1,727,000 | U.S. |
| 15 | T. Rowe Price | $1,687,800 | U.S. |
| 16 | Northern Trust | $1,532,000 | U.S. |
| 17 | Franklin Templeton | $1,497,955 | U.S. |
| 18 | Wells Fargo | $1,455,000 | U.S. |
| 19 | BNP Paribas | $1,430,900 | France |
| 20 | Natixis Investment Managers | $1,389,663 | France |
| 21 | Invesco | $1,349,925 | U.S. |
| 22 | Wellington Mgt. | $1,291,419 | U.S. |
| 23 | AXA Group | $1,267,651 | France |
| 24 | Nuveen | $1,155,591 | U.S. |
| 25 | Aegon Group | $1,126,920 | Netherlands |
| 26 | HSBC Holdings | $1,118,000 | U.K. |
| 27 | Sumitomo Mitsui Trust Holdings | $1,059,802 | Japan |
| 28 | Sun Life Financial | $975,154 | Canada |
| 29 | Deutsche Bank | $969,423 | Germany |
| 30 | Power Financial | $893,364 | Canada |
| 31 | Manulife | $887,691 | Canada |
| 32 | Ameriprise Financial | $886,000 | U.S. |
| 33 | Mitsubishi UFJ Financial Group | $852,892 | Japan |
| 34 | Principal Financial | $806,600 | U.S. |
| 35 | Schroders | $785,146 | U.K. |
| 36 | Nippon Life Insurance | $739,067 | Japan |
| 37 | Geode Capital Mgt. | $719,441 | U.S. |
| 38 | Affiliated Managers Group | $716,200 | U.S. |
| 39 | Generali Group | $706,975 | Italy |
| 40 | Fidelity International | $706,300 | U.K. |
| 41 | Royal Bank of Canada | $693,286 | Canada |
| 42 | AllianceBernstein | $685,924 | U.S. |
| 43 | New York Life Investments | $662,616 | U.S. |
| 44 | MetLife Investment | $659,600 | U.S. |
| 45 | Standard Life Aberdeen | $624,470 | U.K. |
| 46 | Federated Hermes | $619,430 | U.S. |
| 47 | Blackstone Group | $618,557 | U.S. |
| 48 | MassMutual | $616,000 | U.S. |
| 49 | Brookfield Asset Mgt. | $602,000 | Canada |
| 50 | Dimensional Fund Advisors | $600,760 | U.S. |
| 51 | Charles Schwab Investment | $586,729 | U.S. |
| 52 | Eaton Vance | $583,100 | U.S. |
| 53 | Nomura Asset Mgt. | $568,128 | Japan |
| 54 | Prudential | $558,300 | U.K. |
| 55 | Dai-ichi Life Holdings | $551,429 | Japan |
| 56 | Landesbank Baden-Württemberg | $550,479 | Germany |
| 57 | Credit Suisse | $546,983 | Switzerland |
| 58 | Asset Management One | $526,064 | Japan |
| 59 | Intesa Sanpaolo | $515,491 | Italy |
| 60 | Aviva | $499,992 | U.K. |
| 61 | Union Investment | $474,101 | Germany |
| 62 | Nordea | $434,551 | Denmark |
| 63 | Baillie Gifford | $430,926 | U.K. |
| 64 | Macquarie Group | $424,057 | Australia |
| 65 | MEAG | $413,520 | Germany |
| 66 | Neuberger Berman | $405,440 | U.S. |
| 67 | Janus Henderson Group | $401,600 | U.K. |
| 68 | Shinkin Central Bank1 | $380,492 | Japan |
| 69 | BMO Wealth Mgt.2 | $377,492 | Canada |
| 70 | Meiji Yasuda Life Insurance1 | $374,949 | Japan |
| 71 | NN Investment Partners | $368,472 | Netherlands |
| 72 | Voya Financial | $364,610 | U.S. |
| 73 | Mercer | $356,923 | U.S. |
| 74 | Sumitomo Life Insurance | $330,280 | Japan |
| 75 | Dodge & Cox | $325,309 | U.S. |
| 76 | Russell Investments | $323,655 | U.S. |
| 77 | E Fund Mgt. | $320,046 | China |
| 78 | Dubai Investment Fund (DIF) | $320,012 | UAE |
| 79 | TD Asset Mgt.2 | $319,056 | Canada |
| 80 | Societe Generale | $314,429 | France |
| 81 | Swiss Life Asset Managers | $305,427 | Switzerland |
| 82 | Zurich Financial Services | $303,433 | Switzerland |
| 83 | Dekabank Group | $301,920 | Germany |
| 84 | SEI Investments | $274,968 | U.S. |
| 85 | Agricultural Bank of China | $259,844 | China |
| 86 | Lazard | $258,642 | U.S. |
| 87 | SEB | $257,100 | Sweden |
| 88 | Samsung Group | $254,912 | South Korea |
| 89 | NISA Investment | $252,989 | U.S. |
| 90 | Pictet Asset Mgt. | $252,154 | Switzerland |
| 91 | Kohlberg Kravis Roberts | $251,679 | U.S. |
| 92 | Achmea | $249,333 | Netherlands |
| 93 | TCW Group | $247,616 | U.S. |
| 94 | Guggenheim Investments | $246,363 | U.S. |
| 95 | China Asset Mgt. | $243,973 | China |
| 96 | Anima Holding | $238,647 | Italy |
| 97 | Bosera Asset Mgt.3 | $237,200 | China |
| 98 | Banco do Brasil4 | $233,770 | Brazil |
| 99 | Harvest Fund Mgt. | $230,453 | China |
| 100 | Scotiabank2 | $228,192 | Canada |
