New York continues to have the most institutional asset managers and the largest amount of assets managed. At the end of 2015, there were 111 money managers in New York with more than $17.5 trillion in assets. Over the past two decades, the percentage of U.S.-based money managers based in New York has remained relatively constant, but the percentage of assets managed has increased significantly. BlackRock's rise to the largest asset manager in the world greatly contributed to the increase in percentage of assets managed. Massachusetts and California were second and third largest, respectively, by assets managed.