Total AuM at world’s largest asset managers hit record $140trn

Written by Adam Cadle

10/11/2025

Total AuM at the world’s 500 largest asset managers reached US$139.9trn at the end of 2024, a 9.4% increase from the previous year, according to new research from the Thinking Ahead Institute.

This marks a continued recovery for the asset management industry with total assets now back above the record that was last set in 2021. This recovery was driven largely by managers in North America who registered the fastest growth, up 13% year-on-year and accounting for US$88.2trn, or 63% of total AuM among the top 500 firms.

Japan registered a decline from its asset managers, with AuM falling by 9.5% in 2024, highlighting regional disparities in economic and investment performance. On current growth rates, the UK, which was the second largest asset management market in 2019, now looks likely to fall to fourth position in the next five years, with France and Canada set to overtake it.

Strategically, the industry is continuing to undergo a significant shift to passive investment strategies, which now account for 39% of total AuM, a 6.1% increase from the previous year. Meanwhile, actively managed assets declined to 61%, down 3.6% year-on-year.

The top 20 asset managers further consolidated their influence, now controlling 47% of total AuM, up from 45.5% in 2023. Their combined assets rose to US$65.8trn, with 15 US-based firms representing 83.9% of this segment. Among these, BlackRock, Vanguard, and Fidelity Investments retained their positions as the top three global managers, with BlackRock holding the top spot since 2009.

This study also highlighted the rapid rise of private-market specialists, whose AuM growth has outpaced traditional managers. For example, Brookfield’s AuM grew from US$240bn in 2017 to US$1,061bn in 2024 - an impressive 20% annualised increase over eight years and a rise of 46 places in the rankings, driven by investor demand for private credit, infrastructure, and real estate strategies.

Across the regions, the Middle East has gained prominence as a strategic hub for asset managers, as regulatory reforms in the UAE, including updates to digital assets rules and the Qualifying Investment Funds regime, are attracting global firms to financial centres like the Dubai International Financial Centre and Abu Dhabi. Moreover, thematic opportunities in Shariah-compliant investing, ESG, and digital assets are aligning with national transformation agendas, making the region increasingly competitive.

Elsewhere, artificial intelligence (AI) continues to become an enabler across the industry, with the study finding that 47% of firms are investing in AI for strategic, operational customer improvement purposes. However, adoption remains in its early stages, with 78% of firms allocating less than 10% of their tech budgets to AI. Despite this, the study did find 61% expect AI spending to grow over the next five years, whilst a similar number (64%) expressed concern about AI-related cyber risks.

Jessica Gao, director of the Thinking Ahead Institute commented: “This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.

“The scale of growth, particularly in North America, and the increasing concentration among the top 20 managers, signals both opportunity and responsibility. As stewards of nearly $140trn in assets, the industry must now balance performance with purpose, agility with accountability. This is a pivotal moment to redefine what long-term value means, not just for investors, but for society at large.”

Related Articles