Illustration by Harry Campbell | Design and development by Elizabeth Davis
JPMAM CEO sees exclusive active focus paying off in passive era
J.P. Morgan Asset Management's George Gatch sees his firm's focus on active paying off despite, or even helped by, growing demand for passive.
Managers ranked by total worldwide institutional assets under management
(Assets in millions as of Dec. 31, 2022)
| # | Name | 2022 | 2021 | Percent change |
|---|---|---|---|---|
| 1 | Vanguard Group | $5,024,824 | $5,407,000 | -7.07% |
| 2 | BlackRock | $4,834,449 | $5,694,077 | -15.10% |
| 3 | State Street Global | $2,414,580 | $2,905,408 | -16.89% |
| 4 | Fidelity Investments | $1,731,599 | $2,032,626 | -14.81% |
| 5 | BNY Mellon | $1,447,404 | $1,954,467 | -25.94% |
| 6 | Goldman Sachs Group | $1,441,249 | $1,361,008 | 5.90% |
| 7 | J.P. Morgan Asset & Wealth | $1,411,863 | $1,616,643 | -12.67% |
| 8 | Legal & General Investment | $1,376,967 | $1,845,640 | -25.39% |
| 9 | Wellington Mgmt. | $1,147,946 | $1,423,435 | -19.35% |
| 10 | Amundi | $1,119,793 | $1,300,933 | -13.92% |
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.
Top managers of defined contribution assets
U.S. institutional, tax-exempt assets, in millions, as of Dec. 31, 2022.
| # | Name | 2022 | 2021 | Percent change |
|---|---|---|---|---|
| 1 | Vanguard Group | $1,783,523 | $2,045,911 | -12.82% |
| 2 | BlackRock | $1,164,308 | $1,390,708 | -16.28% |
| 3 | Fidelity Investments | $987,774 | $1,198,640 | -17.59% |
| 4 | State Street Global | $554,967 | $613,747 | -9.58% |
| 5 | T. Rowe Price Associates | $542,720 | $694,021 | -21.80% |
| 6 | Nuveen | $510,463 | $604,160 | -15.51% |
| 7 | Capital Group | $483,269 | $587,643 | -17.76% |
| 8 | J.P. Morgan Asset & Wealth | $245,802 | $287,140 | -14.40% |
| 9 | Prudential Financial | $201,425 | $299,383 | -32.72% |
| 10 | Northern Trust Asset Mgmt. | $183,178 | $240,011 | -23.68% |
Top managers of defined benefit assets
U.S. institutional, tax-exempt assets managed internally, in millions, as of Dec. 31, 2022.
| # | Name | 2022 | 2021 | Percent change |
|---|---|---|---|---|
| 1 | BlackRock | $549,775 | $708,157 | -22.37% |
| 2 | State Street Global | $385,473 | $470,311 | -18.04% |
| 3 | BNY Mellon | $218,128 | $270,856 | -19.47% |
| 4 | NISA Investment | $217,274 | $292,479 | -25.71% |
| 5 | PIMCO | $189,216 | $188,218 | 0.53% |
| 6 | Prudential Financial | $184,892 | $222,147 | -16.77% |
| 7 | J.P. Morgan Asset & Wealth | $136,120 | $167,618 | -18.79% |
| 8 | Northern Trust Asset Mgmt. | $118,622 | $156,455 | -24.18% |
| 9 | Morgan Stanley Inv. Mgmt. | $96,219 | $107,034 | -10.10% |
| 10 | Wellington Mgmt. | $86,010 | $116,650 | -26.27% |
Vanguard takes institutional lead over BlackRock
Vanguard Group surpassed BlackRock as the largest worldwide institutional money manager. BlackRock remains the world's largest asset manager overall.
BlackRock vs. Vanguard institutional
Institutional assets in billions for years ended Dec. 31
Bond managers see resurgent interest after being rocked by rising rates
Fixed-income managers suffered through a painful 2022, but yield makes a comeback after a dormant decade.
Fixed-income assets by strategy
U.S. institutional tax-exempt assets in millions for the years ended Dec. 31
BNY Mellon CEO works to bolster firm's affiliates
Hanneke Smits, CEO of the $1.91 trillion BNY Mellon Investment Management, doesn't play favorites with firm's seven affiliates.
Sophie Baker in conversation with BNY Mellon IM CEO Hanneke Smits
P&I's Sophie Baker sat down with BNY Mellon Investment Management CEO Hanneke Smits for a wide-ranging interview.
Asset mix
Total worldwide assets under management, weighted average, as of De. 31
Private markets continue increase in AUM, but write-downs are coming
Most private market managers saw AUM increases, with much of it due to a long lag in writing down asset values.
Real estate equity assets
U.S. institutional tax-exempt assets in billions for the years ended Dec. 31
Money managers diverge regionally on ESG approach
Increased politicization of ESG in the U.S. is creating regional divides but having less impact on mandates.
Worldwide assets managed under ESG principles
Assets in billions for the years ended Dec. 31
Low-cost, active ETFs prove to be a bright spot
JPMAM, Dimensional and American Century scored big last year with active ETFs below 40 basis points.
Invesco tops list of institutional assets in sponsored ETFs
Institutions had $52.4 billion invested in Invesco ETFs at the end of 2022, according to data.
Diversity of managers' U.S.-based employees
Average percentage of female and minority employees as of Dec. 31
Insourcing gathers pace among retirement funds
New drivers — including rising interest rates and ESG rules — as well as cost pressures mean asset owners are moving more assets in-house.
P&I marks milestone – and managers' pain
The 50th anniversary of P&I's money manager special report highlights long-term trends dominating the industry.
How P&I compiled the manager data
Some 434 investment management firms responded to an online questionnaire for this P&I's special report on the largest managers of U.S. institutional tax-exempt assets.
