Most of the 10 largest U.S. institutional tax-exempt money managers, representing about $9 trillion in assets under management, had the majority of their clients' money invested in equity at the end of 2020, based on data collected by Pensions & Investments. J.P. Morgan Asset Management, with 36% invested in stocks, was at the low end followed by Nuveen's 46%. The remaining eight asset management firms had a 60% to 92% weighting. Fixed-income allocations were between 8% and 38%, with cash ranging from zero to 14%.
U.S. institutional money manager allocations see changes over 5 years
Looking at those same firms five years ago, some had notably different allocations. For instance, Vanguard Group's 2015 asset mix had a 75% equity weighting, 15 percentage points higher than 2020. Equity holdings ranged from J.P. Morgan's 30% to T. Rowe Price Associate's 90%. Fixed-income weightings were 9% to 41%.