The largest managers of outsourced assets by source

U.S. institutional outsourced assets under management, in millions, as of March 31, 2021.
Defined benefit assets
RankManagerAssets
1Aon$93,782
2State Street Global$74,552
3Alan Biller and Assoc.$57,422
4Mercer$51,802
5Northern Trust$39,929
6Russell Investments$33,679
7BlackRock$24,257
8NEPC$19,844
9J.P. Morgan Asset Mgmt.$19,813
10Strategic Invest. Group$16,032
Defined contribution assets
RankManagerAssets
1Mercer$74,696
2Aon$44,266
3State Street Global$27,243
4NEPC$21,857
5Wilshire Advisors$13,375
6Russell Investments$11,531
7Callan$9,289
8Northern Trust$7,237
9Pentegra Investors$6,563
10Conrad Siegel$6,238
Foundation assets
RankManagerAssets
1Vanguard Group$23,730
2PNC Financial$16,677
3Northern Trust$6,291
4Global Endowment Mgmt.$6,110
5Agility$5,209
6Fund Evaluation Group*$4,997
7Fidelity Institutional$4,226
8Commonfund$3,867
9Russell Investments$3,790
10Aetos Alternatives$3,756
Endowment assets
RankManagerAssets
1Vanguard Group$10,791
2Mercer$9,930
3Commonfund$8,427
4Agility$6,590
5State Street Global$6,533
6Strategic Invest. Group$6,500
7Hirtle, Callaghan$6,200
8TIFF Advisory Services$5,215
9BlackRock$3,849
10NEPC$3,313
*As of Dec. 31, 2020.
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