Vanguard Group had $1.78 trillion in U.S. defined contribution assets under management at the end of 2022, representing 21% of the $8.43 trillion in DC AUM, based on data collected by Pensions & Investments in its annual money manager survey. BlackRock followed with $1.16 trillion. The five largest managers of U.S. DC assets had 60% of the total and the top 10 accounted for 79%.
DC assets concentrated in a few money managers
The five DC managers with the most DC AUM had equity assets ranging from BlackRock's 59% to T. Rowe Price's 92%. BlackRock categorized 30% of its DC assets as other, which it defined as multiasset and alternatives.