Largest Money Managers 2022

Stories Overview BlackRock vs. Vanguard Alternatives ESG LDI ETF Stable value Uncertainty Best places to work Charts BlackRock vs. Vanguard Diversity of managers' U.S.-based employees Non-retirement plan institutional AUM Growth of sponsored active exchange-traded funds/notes Growth vs. Value Asset mix Top 10 Get the Data Poll About the Survey Additional Resources Managers look back with nostalgia at 2021 A strong 2021 for money managers marked the end of a decadelong period when managers could consider the U.S. Federal Reserve as a friend. Read More Managers ranked by total worldwide institutional assets under management (Assets in billions as of Dec. 31, 2021) # Name 2021 2020 Percent change 1 BlackRock $5,694.1 $5,150.1 10.6% 2 Vanguard Group $5,407 $4,761.8 13.6% 3 State Street Global $2,905.4 $2,517.9 15.4% 4 Fidelity Investments $2,032.6 $1,747.6 16.3% 5 BNY Mellon $1,954.5 $1,784.7 9.5% 6 Legal & General Investment $1,845.6 $1,684.5 9.6% 7 J.P. Morgan Asset Management $1,594.6 $1,422.7 12.1% 8 Wellington Management $1,423.4 $1,289.5 10.4% 9 Goldman Sachs Group $1,361 $1,190.7 14.3% 10 Amundi $1,300.9 $1,280.4 1.6% View the Full List Take a deeper dive into the data with the P&I Research Center Asset allocations. Historical trends. Competitive intelligence. This customizable, easy-to-use analytical tool provides detailed profiles and data on pension funds, money managers, investment consultants and defined contribution record keepers. Get Access Top managers of defined contribution assets (Assets in billions) # Name 2021 2020 Percent change 1 Vanguard Group $2,045.9 $1,736 17.9% 2 BlackRock $1,390.7 $1,205.9 15.3% 3 Fidelity Investments $1,198.6 $1,036.3 15.7% 4 T. Rowe Price Associates $694 $611.6 13.5% 5 State Street Global $613.7 $464 32.3% 6 Nuveen $604.2 $563 7.3% 7 Capital Group $587.6 $523 12.4% 8 Prudential Financial $299.4 $288.3 3.8% 9 J.P. Morgan Asset Management $287.1 $269.8 6.4% 10 Northern Trust Asset Management $240 $217 10.6% Top managers of defined benefit assets (Assets in billions) # Name 2021 2020 Percent change 1 BlackRock $708.2 $692.2 2.3% 2 State Street Global $470.3 $424.1 10.9% 3 NISA Investment $292.5 $216.2 35.3% 4 BNY Mellon $270.9 $241.9 5.4% 5 Prudential Financial $222.1 $210.8 5.4% 6 PIMCO $188.2 $209.1 -10% 7 J.P. Morgan Asset Management $167.6 $162.3 3.3% 8 Northern Trust Asset Management $156.5 $139.1 12.5% 9 Wellington Management $116.7 $108.7 7.3% 10 Legal & General Investment $112.3 $101.9 10.1% Vanguard is edging closer to BlackRock in institutional Vanguard is rapidly closing in on BlackRock in institutional AUM, with higher growth rates in many key investment strategies, P&I survey data show. Read More BlackRock vs. Vanguard Worldwide institutional assets in billions for years ended Dec. 31 Video: 2022 Largest money managers Each year P&I collects data from the largest money managers. With data animation, viewers can easily compare size, scope and changes in allocations. Alts may face dry spell in 2022 after 10-year ride Alternative investments’ assets under management increased in most sectors last year but that decadelong trend could reverse in 2022. Read More Investors put new weight behind ESG mandates Investors are putting new pressure on asset managers to deliver not just strong financial performance but big thinking when it comes to ESG. Read More Diversity of managers' U.S.-based employees Average percentage of female and minority employees as of Dec. 31 LDI market reaches maturity, but growth opportunities remain LDI money managers anticipate more entrants into the market as interest rates rise. Read More Non-retirement plan institutional AUM Assets in millions for years ended Sept. 30. JPMAM, other managers find success with active ETFs Actively managed exchange-traded funds are seen as a key area of growth for midtier ETF firms. Read More Growth of sponsored active exchange-traded funds/notes Total worldwide assets in U.S. $ billions as of Dec. 31 Slumping equity markets could help stable value Stable value investing depends on how participants perceive the stock market, bond market, money markets and interest rates. Read More Managers adjust for newly uncertain business environment Managers, after years of solid policy support, face the need to adjust for a more uncertain environment, but active opportunities are seen. Read More Growth vs. Value Growth of active domestic large-cap growth vs. growth of active domestic large-cap value equity. Assets in billions as of Dec. 31 Deadlines nears to sign up for Best Places to Work Registration for the annual Best Places to Work in Money Management program ends June 10. Read More Asset mix Total worldwide assets under management, weighted average, as of Dec. 31 How P&I compiled the managers data This issue marks the 49th year Pensions & Investments has profiled the largest managers of U.S. institutional tax-exempt assets. Read More Additional Resources 2021 Rankings Research Center

Largest Money Managers 2022

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