Highlights 

  • Top 500 asset managers’ global AUM rises 9.4% to 139.9T USD. 
  • Passive strategies now represent 39% of total assets under management. 
  • The top 20 managers control 47% of AUM, dominated by US-based firms. 

Willis Towers Watson Plc (NASDAQ:WTW) reported that total assets under management for the world’s 500 largest asset managers reached 139.9T USD at the end of 2024, marking a 9.4% increase from 2023. This surpasses the previous record set in 2021, driven primarily by North American managers, whose AUM grew 13% year-on-year to 88.2T USD, representing 63% of total AUM among the top 500 firms. 

Japan’s asset managers experienced a decline, with AUM falling 9.5% in 2024, reflecting regional differences in economic and investment performance. Projections indicate that the UK, previously the second-largest market in 2019, may fall to fourth place over the next five years, with France and Canada expected to overtake it. 

Growth of Passive Investments 
The study indicates a continued industry shift toward passive investment strategies, which now account for 39.0% of total AUM, up 6.1% from 2023. Actively managed assets decreased to 61% of total AUM, down 3.6% year-on-year. 

Concentration Among Top Asset Managers 
The top 20 global asset managers now control 47% of total AUM, up from 45.5% in 2023, with combined assets totaling 65.8T USD. Fifteen of these firms are based in the US. BlackRock, Vanguard, and Fidelity Investments remain the top three managers, with BlackRock maintaining the leading position since 2009. 

Private-market specialists also showed notable growth. Brookfield’s AUM rose from 240B USD in 2017 to 1,061B USD in 2024, representing 20% annualized growth and a rise of 46 ranking positions, driven by demand for private credit, infrastructure, and real estate strategies. 

Regional Developments and Technology Adoption 
The Middle East is becoming a strategic hub for asset managers following regulatory reforms in the UAE, including updates to digital asset rules and the Qualifying Investment Funds regime. The region has seen increased activity in Shariah-compliant investing, ESG, and digital assets. 

Artificial Intelligence adoption is expanding, with 47% of firms investing in AI for operational and strategic purposes. However, 78% of firms allocate less than 10% of technology budgets to AI. Sixty-one percent of firms expect AI spending to increase over the next five years, while 64% expressed concerns about AI-related cyber risks. 

Industry Insight 
Jessica Gao, Director of The Thinking Ahead Institute, said, “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 Artificial Intelligence. These trends are reshaping the very foundations of asset management.” 

Leading Global Asset Managers by AUM 

  • BlackRock: 11,551,251M 
  • Vanguard: 10,105,443M 
  • Fidelity Investments: 5,520,234M 
  • State Street Inv. Mgmt: 4,715,442M 
  • J.P. Morgan Chase: 4,045,000M