A few money managers dominate U.S. DB and DC indexed assets

BlackRock managed $420.1 billion of defined benefit indexed assets as of June 30, down from $433.9 billion in 2018, according to an annual Pensions & Investments survey. State Street Global Advisors' DB assets under management grew to $338.6 billion from $295.8 billion during the same time frame.

The five money managers with the most indexed DB assets had $1.09 trillion of AUM, or about a 91% share of the assets for the entire 22 firms that responded to the survey. Five years ago, these managers had $988.2 billion of AUM, 88% of the $1.12 trillion total from 32 firms.

Vanguard Group's U.S. defined contribution indexed AUM was $1.74 trillion, double its 2018 figure. BlackRock, SSGA, Geode Capital Management and Northern Trust Asset Management had AUM ranging from $191.3 billion to $836.2 billion.

Vanguard held 45.6% of the U.S. DC indexed assets, up from about 40.2% in 2018 while BlackRock's share dropped to 22% from nearly 28%. The five largest asset managers held about 92% of the AUM up from about 90% in 2018.