The ten biggest investment managers in the world, ranked by total assets under management at the end of 2024 in the P&I / Thinking Ahead Institute World 500.
Quick answer: 1. BlackRock, 2. Vanguard Group, 3. Fidelity Investments, 4. State Street Investment Management, 5. J.P. Morgan Chase, 6. Goldman Sachs Group, 7. UBS, 8. Capital Group, 9. Allianz Group, 10. Amundi.
Asset managers invest money on behalf of pension funds, insurers, governments and individual savers. The largest now oversee more money than the annual output of most countries. The world's 500 biggest managers held a record 139.9 trillion dollars at the end of 2024, up 9.4% in a year. This list ranks the ten largest by total assets under management (AUM). BlackRock and Vanguard each manage more than 10 trillion dollars, about twice as much as third-placed Fidelity. Seven of the ten are American; the other three are in Switzerland, Germany and France. The list describes company size only and is not investment advice.
BlackRock managed 11.55 trillion dollars at the end of 2024, up from about 10 trillion a year earlier. Its iShares ETFs and index funds make it the world's largest asset manager.
Vanguard managed 10.11 trillion dollars, up from 8.6 trillion a year earlier. It is owned by its US funds, and through them by the funds' investors, which makes it unique among the biggest managers. It is a leader in low-cost index investing.
Fidelity managed 5.52 trillion dollars, about half as much as either of the top two. It is controlled by the Johnson family, which makes it the largest family-controlled manager on the list, and one of the biggest providers of US workplace retirement plans.
State Street's asset-management arm managed 4.72 trillion dollars. It launched the SPDR S&P 500 ETF in 1993, the first US-listed ETF.
The largest US bank reported 4.05 trillion dollars under management across its asset and wealth management businesses. It is the highest-ranked bank-owned manager.
Goldman Sachs reported 3.14 trillion dollars under management. It has expanded its asset and wealth management business as a steadier source of fees alongside investment banking.
UBS managed 2.86 trillion dollars, the most of any manager outside the US. The total includes assets from Credit Suisse, which UBS took over in 2023.
Capital Group, the privately owned manager behind the American Funds range, managed 2.84 trillion dollars. That is only about 18 billion dollars behind UBS.
The German insurer managed 2.55 trillion dollars, mostly through its two investment businesses, PIMCO and Allianz Global Investors. It is the largest manager based in the European Union.
Amundi managed 2.32 trillion dollars and is the largest manager based in France. It is majority-owned by the French banking group Credit Agricole.
| # | Name | Headquarters | AUM (end-2024) | Ownership |
|---|---|---|---|---|
| 1 | BlackRock | New York, US | $11.55T | Publicly listed |
| 2 | Vanguard Group | Malvern, Pennsylvania, US | $10.11T | Owned by its funds |
| 3 | Fidelity Investments | Boston, US | $5.52T | Private |
| 4 | State Street Investment Management | Boston, US | $4.72T | Publicly listed |
| 5 | J.P. Morgan Chase | New York, US | $4.05T | Publicly listed |
| 6 | Goldman Sachs Group | New York, US | $3.14T | Publicly listed |
| 7 | UBS | Zurich, Switzerland | $2.86T | Publicly listed |
| 8 | Capital Group | Los Angeles, US | $2.84T | Private |
| 9 | Allianz Group | Munich, Germany | $2.55T | Publicly listed |
| 10 | Amundi | Paris, France | $2.32T | Publicly listed |
Ranked by total assets under management in US dollars as of 31 December 2024, the most recent year-end in the P&I / Thinking Ahead Institute World 500 ranking, published in November 2025. Using one ranking means every manager is measured on the same date and definition. Figures are as reported by each firm to Pensions & Investments. AUM is counted at group level, so banks and insurers such as J.P. Morgan Chase, Goldman Sachs, UBS and Allianz include all of their asset-management businesses. Many firms have since reported larger totals in their quarterly results. Those later figures are not mixed in, because they use different dates and sometimes different definitions. The list is a ranking of company size only. It is not an assessment of performance and not a recommendation.
BlackRock, with 11.55 trillion dollars under management at the end of 2024, according to the P&I / Thinking Ahead Institute World 500. Vanguard is second with 10.11 trillion dollars.
AUM is the total market value of the investments a firm manages for its clients. Most of that money belongs to the clients, such as pension funds, insurers and individual savers, not to the firm. AUM rises when markets go up and when clients add money, and falls when either goes the other way.
The P&I / Thinking Ahead Institute ranking measures every firm at the same year-end and on the same basis. Its most recent edition, published in November 2025, covers 31 December 2024. Newer quarterly figures published by individual firms are usually higher, but they are not directly comparable.
139.9 trillion dollars at the end of 2024, up 9.4% on 2023 and above the previous record set in 2021. North American managers held 88.2 trillion dollars of it, about 63%.
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