500 Largest AMs - 2021

The world’s largest 500 asset managers
A Thinking Ahead Institute and Pensions & Investments joint study | October 2021
03 04
TAI / P&I 500
03
Thinking Ahead Executive
Institute 03
summary
03
11 29 36 38 27
03
Section 1 Section 2 Section 3 Section 4
Total value of assets Analysis of the largest Passive management Manager insights on the
20 asset managers industry
41 44
32
Section 5 Section 6
Definitions TAI/ P&I 500 ranking
56
Limitations of reliance
© 2021 Thinking Ahead Institute. All rights reserved.

02
The Thinking Ahead Institute
T h i n ki n g Ah ead I n sti tu te
Formed in 2015, the Thinking Ahead Institute is a global not-for-profit research and
innovation group whose aim is to mobilise capital for a sustainable future. The Institute’s members comprise
asset owners, investment managers and other groups that are similarly motivated. It is an outgrowth of Willis
Towers Watson Investments’ Thinking Ahead Group and more research is available on its website.
The Thinking Ahead Group research team
Tim Hodgson Marisa Hall Roger Urwin Jessica Gao Samar Khanna

03
TAI / P&I 500
Executive summary
Overview and key findings

04
Key fi n d i n g s Key findings
Investments is a fast changing industry: 221 names which
featured on the list of 500 largest asset managers ten years
ago are absent from our latest 2020 list. Over the past
decade, there seems to be a quickening of pace of
competition and consolidation, with some rebranding.
Clients find themselves in a relatively low-return world, and

have responded by increasing their risk appetite and
reducing costs.
This has led to mandate transitions in the form of growth of

passive and index tracking, factors, private markets and
solutions products.
Asset managers have been addressing growing complexity in

the industry and more sophisticated demands by asset
owners (OCIO, total portfolio approach) by evolving
processes to make them more streamlined and specialised.
05
Key findings
Key fi n d i n g s
The search for asset managers with more positive attributes to

diversity and inclusion (D&I) has become more deliberate.
Successful managers are taking decisive action to improve D&I
in their organisations.
Covid-19 has made the industry more aware of how the world is
more interconnected and uncertain today than ever before. The
pandemic has also driven certain types of innovation like hybrid
models of working.
Since launching in Dec 2020, the Net Zero Asset Managers

Initiative (NZAMI) has had 128 signatories which represent $43
trillion under management. This significant shift shows a
changing mindset amongst the major asset managers across
the globe.
The challenge for asset managers is now on the execution of

these net zero mandates. It is time to convert words to actions.
06
Key fi n d i n g s
Key findings
The 'ESG unstoppable train’ has picked up considerable pace
– not only in considerations around climate change but also
an increasing focus on the S (D&I), the G (engagement and
stewardship) and other sustainable development goals.
Active ownership has risen up on asset managers’ agendas

across the globe as they adopt approaches to drive change in
investee company governance, capital allocation and
business practices.
Engagement activity and proxy voting seasons have been

much more considerate than previously, as is the move to
more planning and reporting by asset managers.

07
Insights Assets managed by region
Execu ti ve su mmary
(US$ billion)
Europe
$34.8bn Japan
North
America
$6.2bn
$70.6bn
Rest
of the
world
$1.3bn
$7.9bn
$0.9bn
$0.8bn
Average
asset
allocation
in 2020 Dollar amount
invested in ESG
mandates
(US$ billion)
2018 2019 2020

08
Executive summary Top 500 managers

amounted US$ 119.5
Total discretionary assets under management (AUM) of the 500 managers included in trillion AuM at the
the ranking amounted to US$ 119.5 trillion at the end of 2020, up 14.5% from the end
end of 2020
of 2019.
BlackRock has retained its position as the largest asset manager in the ranking since
2009, Vanguard is second for the seventh consecutive year and Fidelity Investments Total growth,
reached the top three. compared to end of
2019 was 14.5%
AUM growth by region: North America experienced a 13.3% increase, Europe (incl
UK) and Japan grew by 16.7% and 10.2% respectively. Managers from rest of the
world saw their AUM grow by 19.4%.
AuM increased in
AUM for North America was US$ 70.6 trillion at the end of 2020, accounting for 59.1% every region,
of the total AUM in the top 500 managers; a slight decrease from last year but still varying from 19.4%
dominant. to 10.2%
Figures to end 2020, unless otherwise stated

09
Executive summary Top 20 managers’

share increased to
The top 20 managers’ share of the total assets increased from 43.0% in 2019 to 44.0%
in 2020. Their total AUM increased by 17.2% to US$ 52.6 trillion. 44%
There are 14 U.S. managers in the Top 20, accounting for 78.6% of the top 20 AUM, the
rest are European managers. Franklin Templeton from US and Natixis Investment
Managers from France are new members of the Top 20. Invesco (US) and Wellington There is one new
Asset Management (US) fell out of the top 20. manager from US and
one from France in the
Out of the Top 20, over half of them (11) are independent asset managers, followed by
Top 20
banks (7) and insurer-owned managers (2).
Traditional asset classes of equity and fixed income continued to make up the majority of
assets: 80.2% of all assets (44.1% equity, 36.1% fixed income), experiencing an Passive investments
increase of 16.4% during 2019.
increased by 16.2%
Passive investments represent 26.0%1 and increased by 16.2% compared to a 15.4%
growth in Actively managed AuM.
Figures to end 2020, unless otherwise stated
1 Based on a subset of 208 asset managers in the 2020 ranking who provided relevant data for all years since 2016.

10
TAI / P&I 500
Section 1 | Total
value of assets

11
10 Secti o n 1
To tal val u e o f assets
Total value of assets managed

Split by manager domicile
120,000
7,946 The AUM increase for
110,000
managers in Europe (inc.
100,000 6,655
5,418
U.K.), North America and
90,000
6,368
80,000 4,675
Japan were 16.7%, 13.3%
3,508 3,836 4,166 70,627
and 10.2% in 2020
US$ billion
70,000
3,583 62,321
3,292 3,308 54,549
60,000 51,791
42,020 44,458 43,990 47,399
50,000
33,520 35,905 Assets managed by firms in
33,143
40,000
5,623
6,197
the Rest of the world
30,000 4,517 4,501
4,820 4,560 3,902 4,023 3,748
20,000
4,963 5,278 category increased by 19.4%
34,771
29,275 29,789
10,000 22,935 21,361 23,987 26,340 25,950 24,655 25,344 28,291
during 2020
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Europe (inc U.K.) Japan North America Rest of the world

12
10 Secti o n 1
Total value of assets managed

Split by segment
100.0%
5.4% 5.2% 5.7% 6.1% 5.9% 5.9% 5.6% 5.9% 5.5% 5.4% The top 20 managers
90.0%
accounted for 44% of
80.0% 32.8% 31.0% 31.1% 29.5% 29.6% 29.4% 28.8% 30.0% 30.3% 29.3%
the AUM in the ranking,
70.0%
modestly above 2019’s
60.0%
22.8% 21.2% 21.2%
share of 43%
22.3% 22.2% 22.8% 23.1% 22.8% 21.9%
50.0% 23.1%
40.0%
Whereas managers
30.0%
ranked 51 to 250
20.0% 41.4% 41.0% 41.6% 41.4% 41.9% 42.8% 42.1% 43.0% 44.0%
38.7%
actually saw their share
10.0%
decline from 30.3% in
0.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2019 to 29.3% in 2020
Top 20 managers Managers 21-50 Managers 51-250 Managers 251-500 in the total AUM

13
10 Secti o n 1
Evolution of median assets under management

60,000 20.0%
50,000
15.0% Median assets under
management for the
40,000
10.0%
Top 500 reached US$
US$ billion
59bn in 2020, up
30,000
18.1% since 2019
5.0%
20,000
0.0%
10,000
0 -5.0%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
500 Median AUM 500 Growth Median growth

14
10 Secti o n 1
Distribution of assets by country

47.5%
Five-year intervals (2010 to 2020, in USD)

The last decade has seen 7.8% 7.8% 7.7%
7.3%
1.3%
4.3% 2.3% 2.8% 4.2%
1.4% 0.3% 0.9% 0.5% 0.7% 1.4% 1.2% 0.6%
an increase in the 2010
representation of
managers from U.S., 52.5%
Canada, China, Hong 8.6% 1.5%
Kong (16 bps) and India 1.5% 0.3% 0.7%

4.8% 1.7%
7.3% 5.4%
1.8%
5.2%
0.8% 2.1% 0.4% 0.7% 0.6%
4.0%
2015
(15 bps). In contrast,
some European countries 54.0%
and Japan have lost

market share during this 5.0% 2.9%
6.2% 5.6% 5.2%
7.2%
3.9%
1.8%
1.4% 0.1% 0.6% 1.5% 0.8% 2.2% 0.4% 0.6% 0.5%
period 2020

15
10 Secti o n 1
2015-2020 average annualized growth of AUM by market

US$ terms vs. local currency (LC) terms
25% 5yr CAGR to 2020 LC
5yr CAGR to 2020 USD 21.9%
21.2% 21.1%
20% 19.5%
18.4%
17.9%
15%
11.5% 11.7%
10.2% 10.3% 9.9% 9.9% 10.3%
10% 9.0% 8.7% 8.5% 8.5%
8.0% 8.0%
7.4% 7.6% 7.5% 7.2%
7.0%
6.2% 6.5% 6.5%
5.7% 5.3% 5.5%
4.9% 5.1%
5%
0%
Denmark Rest of Japan Switzerland Sweden Australia UK Hong Kong South Canada US South Brazil Norway China India
Europe Korea Africa
Currencies which appreciated against the US$ over 2015 – 2020 will show higher compound annual growth in US$
terms compared to local currency terms
16
10 Secti o n 1
Asset participation by asset allocation

75,000
Average asset allocation for 2020 was
70,000
44.1% to equity, 36.1% to fixed 65,000
4,363
income, 7.2% to cash, 6.4% to 60,000

5,067
3,783 4,486
alternatives and 6.2% to other* 55,000 4,281
3,802
50,000 3,441 3,746
3,668
Year-on-year AUM growth in 2020 was 45,000
2,986 3,144 3,769
25,375
3,361
US$ billion
led by alternative assets with 19.8%, 40,000 3,228
2,677 22,080
followed by Cash with 18.4% growth 35,000
19,856
and Equity (inc. REITS) with 17.6% 30,000
17,117
19,506
25,000
Other and Fixed Income had growths 20,000

30,974
of 15.3% and 14.9% respectively 15,000
23,412
26,336
10,000 19,043 21,060
5,000
0
2016 2017 2018 2019 2020
Equity (inc REITS) Fixed Income Alternatives Cash Other
*Other includes outsourced, overlay solutions, multi-manager or absolute-return multi asset
Based on a subset of 213 asset managers in the 2020 ranking who provided relevant data for all years since 2016
17
10 Secti o n 1
YoY% growth of asset classes

Equity (inc REITS) Fixed Income Alternatives
25.00%
15.00%
5.00%
-5.00% 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020
-15.00%
Cash Other Total
25.00%
15.00%
5.00%
-5.00% 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020
-15.00%

18
10 Secti o n 1
Performance of benchmark indices

Equities 40%
30%
Following sharp drawdowns 20%

due to the pandemic shock,
equities rebounded over the 10%
second half of 2020

0%
The Asian (ex Japan) and

-10%
US equities rallied strongly,
but European and World -20%
(Unhedged) lagged recovery
with negative returns of - -30%
7.3% and -1.0% respectively Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
in 2020 MSCI USA (Unhedged) MSCI Europe (Unhedged)

MSCI AC Asia ex Japan (Unhedged) MSCI EM (Emerging Markets) (Unhedged)
MSCI AC World (Unhedged)

19
10 Secti o n 1
Performance of benchmark indices

Bonds 10%
All bond indices experienced 5%
positive returns since November

2020 0%
The Bloomberg Barclays US -5%

Aggregate Index outperformed
the other benchmarks, -10%
experiencing returns of 3.7%
over 2020
-15%
On the other hand, JPMorgan

EMBI Global Core performed the -20%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
worst, with returns of -4.3% in JPMorgan EMBI Global Core USD Bloomberg Barclays US Aggregate (Unhedged)
2020 iBoxx $ Corporates (Unhedged) Bloomberg Barclays US Corporate High Yield (Unhedged)

20
10 Secti o n 1
Asset allocation by vehicle

40,000 Mutual Funds/UCITs comprised
35,000
1,939 70.6% of surveyed assets in
2020. Its participation has been
1,606
30,000
1,611
fairly stable during the last five
25,000
1,414 years, decreasing by 10bps in
2020
US$ billion
1,088
25,989
20,000
23,016
20,411
15,000
19,149 Year-on-year AUM growth in
17,119
2020 was 20.7% and 20.3% for
10,000 other pooled/commingled and
5,000
separate accounts, respectively.
8,874
6,001 7,166 6,689 7,377
Mutual Funds/UCITs also
0
2016 2017 2018 2019 2020
increased by 12.9%
Separate Accounts Mutual Funds/UCITs Other pooled/commingled
21
10 Secti o n 1
Asset participation by regional client exposure 2,033

1,548
60,000
1,772
3,467
1,240
1,351 5,742
1,429
50,000 1,503
1,541 2,910
1,119
1,203 1,228 4,939 8,731
2,831
1,272 996 2,374 941
40,000 4,650 1,692
7,239
4,387
US$ billion
1,927 817
6,856 1,487
3,996 6,553
30,000 1,332
5,482 1,254
1,112
20,000 39,432
33,831
28,795 27,679
24,510
10,000
0
2016 2017 2018 2019 2020
U.S. Canada Europe (ex U.K.) U.K. Japan Australia Other Asia (ex Japan)
22
10 Secti o n 1
Asset allocation based on client category

35,000
30,000
8,149
25,000
6,787
7,105
20,000 6,298
US$ billion
5,439
13,938
15,000 12,176
10,818
9,816 10,229
831
10,000 689
592 599
497 3,593
3,093
2,733 2,606
5,000 2,282
711 800 3,402 3,965
2,612 2,972 2,804 767 905 1,106
389 423 390 423 515
0
2016 2017 2018 2019 2020
Central banks Sovereign wealth funds Non-affiliated insurance companies Government retirement plans
Endowments & foundations Non-government retirement plans Other
23
10 Secti o n 1
Assets managed for high-net-worth individuals

2,500 35%
30%
1,983
2,000
25%
1,711
20%
1,500 1,414
US$ billion
1,316 15%
1,250
10%
1,000
5%
0%
500
-5%
0 -10%
2016 2017 2018 2019 2020
Dollar amounts managed for High-Net-Worth Individuals Growth Rate
24
10 Secti o n 1
Allocation to ESG principles

Amount invested in ESG Principles Assets allocated to ESG
2020 13,672
principles increased by
41.6% in 2020
2019 9,655
2018 7,285 25th 75th

N=114 Median Average
percentile percentile
US$ billion
Dispersion on ESG Principles allocation in 2020 2018 5.8% 38.8% 100.0% 48.3%
100%
80% 2019 7.1% 51.0% 100% 51.3%
60%
2020 12.9% 63.0% 100% 56.6%
40%
20%
0%
25
10 Secti o n 1
Allocation to ESG mandates

Dollar amount invested in ESG mandates Assets allocated to ESG
2020 1,331
mandates increased by
43.8% in 2020
2019 926
2018 806
25th 75th
N=40 Median Average
0 500 1,000 1,500 percentile percentile
US$ billion
Dispersion on ESG mandates allocation in 2020 2018 0.1% 1.9% 6.5% 11.0%
100%
80% 2019 0.3% 2.1% 7.5% 11.2%
60%
2020 1.2% 2.8% 12.8% 12.0%
40%
20%
0%
26
10 Secti o n 1
Allocation to LDI
Dollar amount invested in LDI Assets invested in LDI
2020 3,827 strategies increased by
17.8% in 2020
2019 3,249
2018 3,040
25th 75th
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 N=44 Median Average
US$ billion
percentile percentile
Dispersion on LDI in 2020 2018 0.9% 5.2% 17.8% 14.3%

100%
80% 2019 1.0% 5.2% 16.8% 13.9%

60%
40% 2020 1.0% 4.9% 17.7% 13.7%
20%
0%
27
10 Secti o n 1
Annualised change in exchange rates (LC against US$)

31 December 2015 to 31 December 2020
4.0% 3.8%
3.2% 3.1%
2.4% 2.4% 2.3%
2.0% 1.6% 1.6%
1.3%
1.0% 1.0%
0.5% 0.4%
0.0%
0.0% -0.1%
-2.0% -1.7%
-2.0%
-4.0%
-6.0% -5.6%

28
TAI / P&I 500
Section 2 | Analysis
of the largest 20
asset managers

29
10 Secti o n 1
L arg est 20 asset man ag ers
Total value of assets managed by Top 20

Split by manager domicile In 2020, there were 14 U.S.
managers in the Top 20 accounting
50,000
11,259
78.6% of the assets. The remaining
assets were managed by European
8,397
40,000
firms
10,817
10,220
30,000
Assets of U.S. top 20 companies
9,019
693 10,474 11,191 9,618 increased in 2020 by 13.3% (from
10,124
20,000 41,382
$36,524bn to $41,382bn)
8,040
36,524
29,325 28,084 Assets of European (including UK)
24,993
10,000 18,158
20,852 21,280 22,190
top companies increased 34.1%
15,679
(from $8,397bn to $11,259bn) over
0 2020
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
U.S. Europe (inc U.K.) Japan

30
10 Secti o n 1
Annual growth of 500 vs. growth of Top 20

In USD 18.0%
17.3% 17.2%
15.9%
11.9% 14.8% 14.5%

15.5%
10.8%
6.9%
8.3%
Growth of Top 500
3.7% 5.6% Growth of Top 20
-3.0%
2.2% -1.7%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
-2.5% -2.0%
-4.6%
-7.2%
In 6 of the last 10 years, the growth in assets managed by the largest 20 firms has exceeded the growth rate of the
broader group of 500 firms. In 2020, the top 20 managers had an increase of 17.2 % versus 14.5% of the top 500
The 10-year CAGR of the top 20 was 7.2% versus 6.3% of the top 500
31
10 Secti o n 1
Annual growth of AUM

Local currency and USD
Growth of top 500 Growth of top 20
18.0%
17.3% 17.2%
15.5%
14.8% 14.5% 17.4%
15.2%
14.7%
14.6%
7.9% 11.4% 8.5%

10.8% USD
8.5%
LC 6.9%
5.6%
-0.8%
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
-3.0%
-4.6%
5-year CAGR for the Top 500 5-year CAGR for the Top 20
in USD: 9.2% in USD: 10.6%
in local currency: 8.7% in local currency: 10.2%
Asset growth in local currency terms in 2020 was 11.4% for the Top 500 and 15.2% for the Top 20
32
10 Secti o n 1
Top 20 managers
By manager type
8 8 9 9 9 9 10 11 11 11 11
3 4 3 3 3 3
3 2 2
3 3
9 8 8 8 8 8 7 6 6 7 7
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Bank Insurer Independent
Over the last 10 years there has been an increase of independent managers in the Top 20
Distribution of assets vary by manager type, with independent managers dominating the Top 20, amounting to 66.3%
of assets ($34.9 trillion) even though they make up only 55% of the companies
Bank assets represent 24.8% of assets ($13.1 trillion) while making up 35% of the companies and insurers manage
8.8% of assets ($4.6 trillion) while representing 10% of companies
33
10 Secti o n 1
Growth in manager AUM 2015 – 2020

The fastest growing firms among the top 50 by CAGR
AUM % change in USD AUM % change in LC
Geode Capital Mgmt. 27.7% 27.7%
Manulife 23.4% 21.4%
Brookfield Asset Mgmt. 21.5% 19.5%
Fidelity International 20.9% 23.1%
Amundi 16.6% 13.9%
Vanguard Group 16.0% 16.0%
Morgan Stanley 15.7% 15.7%
Franklin Templeton 14.4% 14.4%
T. Rowe Price 14.0% 14.0%
BlackRock 13.3% 13.3%
Blackstone Group 13.0% 13.0%
Fidelity Investments 12.1% 12.1%
Invesco 11.7% 11.7%
Capital Group 11.4% 11.4%
Goldman Sachs Group 11.4% 11.4%
Schroders 11.2% 13.2%
Royal Bank of Canada 11.0% 9.2%
Sumitomo Mitsui Trust Holdings 10.6% 7.2%
Wells Fargo 10.3% 10.3%
Northern Trust 9.9% 9.9% Based on US$ asset growth

34
10 Secti o n 1
Growth in manager AUM 2015 – 2020

Largest ranking gains in the top 50
Manager Market Rank change Manager Market Rank change
Geode Capital Mgmt. U.S. +40 (77→37) Amundi Asset Management France +5 (15→10)
Manulife Canada +26 (57→31) Mitsubishi UFJ Financial Group Japan +4 (37→33)
Principal Financial U.S. +4 (38→34)
Fidelity International U.K. +25 (65→40)
Legal & General Group U.K. +3 (14→11)
Brookfield Asset Mgmt. Canada +25 (74→49)
Invesco U.S. +3 (24→21)
Morgan Stanley U.S. +14 (29→15)
Sun Life Financial Canada +3 (31→28)
Franklin Templeton U.S. +12 (26→14)
Capital Group U.S. +2 (9→7)
T. Rowe Price U.S. +11 (27→16)
Ameriprise Financial U.S. +2 (34→32)
Schroders U.K. +8 (43→35) Generali Group Italy +2 (41→39)
Sumitomo Mitsui Trust Holdings Japan +6 (33→27) Fidelity Investments U.S. +1 (4→3)
Royal Bank of Canada Canada +6 (47→41) Goldman Sachs Group U.S. +1 (10→9)
Blackstone Group U.S. +6 (53→47) Wells Fargo Asset Mgmt. U.S. +1 (18→17)
Note: Federated Hermes (U.S.), Power Financial (Canada) and Standard Life Aberdeen (UK) were not included, due to being accounted in 2015
as Federated Investors and Hermes Investment Mgmt., Great-West Lifeco Inc., and Standard Life plc and Aberdeen Asset Management, respectively
35
TAI / P&I 500
Section 3 | Passive
management

36
10 Secti o n 1
Passi ve man ag emen t
Passive management
Passive assets
Passive vs active split experienced a year-on-
35,000 year AUM increase of
16.2% in 2020, while
30,000
Active assets
25,000 experienced an increase
of 15.4%
20,000 23,712
20,543
19,532
15,000 18,245 Passive strategies were
16,416
10,000
implemented for 26.0%
of assets, increasing in
5,000
7,179 8,342 the last five years from
6,306 5,634
4,841
0
22.8% in 2016
2016 2017 2018 2019 2020
Passive Active
37
TAI / P&I 500
Section 4 | Manager
insights on the industry

38
10 Secti o n 1
Man ag er i n si g h ts
Manager insights on the industry

Level of client interest in sustainable investing, including voting 55% 35% 9%
Resources deployed to technology and big data 19% 59% 22%
Level of regulatory oversight 8% 51% 38% 3%
Resources deployed to cyber security 7% 59% 32% 1%
Number of product offerings across the firm 5% 65% 27% 3%
Aggregate investment management fee level across the firm 4% 16% 55% 25%
Percentage of minority and women at high positions 1% 49% 45% 4%
Significant decrease Significant Increase Moderate Increase Remained the same Moderate decrease
▪ 50% of managers increased the minorities or women at high positions

▪ Client interest in sustainable investing, including voting, increased across 91% of the firms surveyed
▪ 78% of managers increased resources deployed to technology and big data and 66% increased resources deployed to cyber security
▪ The number of product offerings during the year increased across 70% of surveyed firms
▪ Aggregate investment management fee levels decreased for 25% of the surveyed managers and increased for 21% of the managers
▪ 59% of managers surveyed experienced an increase in the level of regulatory oversight
Data relates to Non-U.S. managers only
39
10 Secti o n 1
Man ag er i n si g h ts
Manager insights on the industry
Minority 15% 9% 154 asset managers

Investment
ranked in this report

Female 16% 17%
provided Information on
the diversity of their
management
Minority 11% 8%
workforce
Senior
Female 21% 22%

The 2020 figures show
Minority 21% 18% that women and minority
Total
groups have low

Female 39% 39% representation in senior
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% management positions
Average Median

40
TAI / P&I 500
Section 5 | Definitions

41
10 Secti o n 1
Defi n i ti o n s
Definitions
▪ This analysis is focused on Discretionary assets under management. These refer to assets managers take
decisions on as opposed to assets they advise on.
▪ Examples of assets which would not be consistent with the term 'discretionary assets under management'
include the following:
▪ Saving/Current Accounts
▪ Assets under administration and custody
▪ Advisory portfolios
▪ Assets held for purely transactional purposes
▪ Company assets unrelated to investment business
▪ Alternatives can include Private equity (including venture capital), Hedge funds, Funds of funds, Real estate,
Infrastructure, Commodities, Real assets, Illiquid credit and Insurance-linked investments strategies.
▪ The asset class Other mainly includes Multi-Asset portfolios, Balanced strategies, Overlay mandates and
Absolute Return strategies.

42
10 Secti o n 1
Defi n i ti o n s
Definitions
▪ Factor based strategies are described as a rules-based strategy that selects securities according to fundamental
or technical characteristics identified through research. Examples of factors are size, value, momentum, volatility,
credit risk and quality. Factor-based strategies are sometimes called “Smart beta”. This definition excludes all
enhanced and market-cap weighted strategies.
▪ ESG Principles involve an investment approach where environmental, social and governance (ESG) criteria are
partially or exclusively used in security selection. Examples of ESG factors are climate change, child-labor policies
and executive pay. Includes socially responsible investing (SRI) and impact investing.
▪ Passive assets under management refers to those assets invested in any strategy where an index is being
tracked of any type, for example, the MSCI World, Barclays Global High Yield or Bloomberg Commodity Indices.

43
TAI / P&I 500
Section 6 | Thinking
Ahead Institute
(TAI) / Pensions and
Investments (P&I) 500
ranking

44
10
TAI / P&I 500 ran ki n g
TAI | P&I 500 ranking

(in US$ million)
Rank Manager Market Total assets Rank Manager Market Total assets
1. BlackRock U.S. $8,676,680 26. HSBC Holdings U.K. $1,118,000
2. Vanguard Group U.S. $7,148,807 27. Sumitomo Mitsui Trust Holdings Japan $1,059,802
3. Fidelity Investments U.S. $3,609,098 28. Sun Life Financial Canada $975,154
4. State Street Global U.S. $3,467,467 29. Deutsche Bank Germany $969,423
5. Allianz Group Germany $2,934,265 30. Power Financial Canada $893,364
6. J.P. Morgan Chase U.S. $2,716,000 31. Manulife Canada $887,691
7. Capital Group U.S. $2,383,707 32. Ameriprise Financial U.S. $886,000
8. BNY Mellon U.S. $2,210,574 33. Mitsubishi UFJ Financial Group Japan $852,892
9. Goldman Sachs Group U.S. $2,145,000 34. Principal Financial U.S. $806,600
10. Amundi France $2,126,391 35. Schroders U.K. $785,146
11. Legal & General Group U.K. $1,736,402 36. Nippon Life Insurance Japan $739,067
12. Prudential Financial U.S. $1,720,958 37. Geode Capital Mgmt. U.S. $719,441
13. UBS Switzerland $1,641,000 38. Affiliated Managers Group U.S. $716,200
14. Franklin Templeton U.S. $1,497,955 39. Generali Group Italy $706,975
15. Morgan Stanley U.S. $1,474,627 40. Fidelity International U.K. $706,300
16. T. Rowe Price U.S. $1,470,500 41. Royal Bank of Canada Canada $693,286
Secti o n 4
17. Wells Fargo U.S. $1,455,000 42. AllianceBernstein U.S. $685,924
18. BNP Paribas France $1,430,900 43. New York Life Investments U.S. $662,616
19. Northern Trust U.S. $1,405,300 44. MetLife Investment U.S. $659,600
20. Natixis Investment Managers France $1,389,663 45. Standard Life Aberdeen U.K. $624,470
21. Invesco U.S. $1,349,925 46. Federated Hermes U.S. $619,430
22. Wellington Mgmt. U.S. $1,291,419 47. Blackstone Group U.S. $618,557
23. AXA Group France $1,267,651 48. MassMutual U.S. $616,000
24. Nuveen U.S. $1,155,591 49. Brookfield Asset Mgmt. Canada $602,000
25. Aegon Group Netherlands $1,126,920 50. Dimensional Fund Advisors U.S. $600,760

45
10

(in US$ million)
51. Charles Schwab Investment U.S. $586,729 76. Russell Investments U.S. $323,655
52. Eaton Vance U.S. $583,100 77. E Fund Mgmt. China $320,046
53. Nomura Asset Mgmt. Japan $568,128 78. TD Asset Mgmt.2 Canada $319,056
54. Prudential U.K. $558,300 79. Societe Generale France $314,429
55. Dai-ichi Life Holdings Japan $551,429 80. Swiss Life Asset Managers Switzerland $305,427
56. Landesbank Baden-Württemberg Germany $550,479 81. Zurich Financial Services Switzerland $303,433
57. Credit Suisse Switzerland $546,983 82. Dekabank Group Germany $301,920
58. Asset Management One Japan $526,064 83. SEI Investments U.S. $274,968
59. Intesa Sanpaolo Italy $515,491 84. Agricultural Bank of China China $259,844
60. Aviva U.K. $499,992 85. Lazard U.S. $258,642
61. Union Investment Germany $474,101 86. SEB Sweden $257,100
62. Nordea Denmark $434,551 87. Samsung Group South Korea $254,912
63. Baillie Gifford U.K. $430,926 88. NISA Investment U.S. $252,989
64. Macquarie Group Australia $424,057 89. Pictet Asset Mgmt. Switzerland $252,154
65. MEAG Germany $413,520 90. Kohlberg Kravis Roberts U.S. $251,679
66. Neuberger Berman U.S. $405,440 91. Achmea Netherlands $249,333
Secti o n 4
67. Janus Henderson Group U.K. $401,600 92. TCW Group U.S. $247,616
68. Shinkin Central Bank1 Japan $380,492 93. Guggenheim Investments U.S. $246,363
69. BMO Wealth Mgmt.2 Canada $377,492 94. China Asset Mgmt. China $243,973
70. Meiji Yasuda Life Insurance1 Japan $374,949 95. Anima Holding Italy $238,647
71. NN Investment Partners Netherlands $368,472 96. Bosera Asset Mgmt.3 China $237,200
72. Voya Financial U.S. $364,610 97. Banco do Brasil4 Brazil $233,770
73. Mercer U.S. $356,923 98. Harvest Fund Mgmt. China $230,453
74. Sumitomo Life Insurance Japan $330,280 99. Scotiabank2 Canada $228,192
75. Dodge & Cox U.S. $325,309 100. Lord, Abbett U.S. $223,704

46
10

(in US$ million)
101. Banco Santander Spain $222,311 126. Landesbank Hessen-Thuringen Germany $165,198
102. China Southern Asset Mgmt.4 China $218,400 127. Danske Bank Denmark $164,740
103. CITIC Securities5 China $218,143 128. Fisher Investments U.S. $162,785
104. Zurcher Kantonalbank Switzerland $216,942 129. Talanx Group Germany $157,855
105. ICBC Credit Suisse Asset Mgmt. China $216,026 130. Artisan Partners U.S. $157,776
106. Robeco Group Netherlands $215,426 131. BrightSphere U.S. $156,700
107. American Century U.S. $212,712 132. China Universal Asset Mgmt.6 China $153,516
108. Resona Holdings1 Japan $211,024 133. IFM Investors Australia $151,338
109. CCB Principal Asset Mgmt. China $208,366 134. Itau Unibanco4 Brazil $150,377
110. Mn Services Netherlands $207,695 135. CIBC Asset Mgmt. Canada $148,923
111. Swedbank Sweden $204,850 136. Mesirow U.S. $147,858
112. Royal London Group U.K. $200,943 137. Victory Capital U.S. $147,241
113. Conning U.S. $197,738 138. AMP Capital Australia $145,395
114. Ares Mgmt. U.S. $196,980 139. Sumitomo Mitsui DS Asset Mgmt. Japan $143,923
115. Aon U.K. $183,700 140. PRIMECAP U.S. $142,895
116. EFG International Switzerland $179,799 141. Fiera Capital Canada $140,967
Secti o n 4
117. Ninety One South Africa $177,679 142. AQR Capital Mgmt. U.S. $140,320
118. China Merchants Fund China $177,237 143. GAM Holding Switzerland $138,161
119. St. James's Place U.K. $175,553 144. Yinhua Fund Mgmt. China $137,889
120. Robert W. Baird U.S. $173,571 145. Caixabank Spain $137,266
121. PNC Financial U.S. $169,833 146. Bayerischen Landesbank7 Germany $136,923
122. Raymond James U.S. $169,600 147. Resolute Investment U.S. $135,900
123. Union Bancaire Privee Switzerland $166,926 148. Wilmington Trust U.S. $135,801
124. Vontobel Asset Mgmt. Switzerland $166,360 149. Payden & Rygel U.S. $135,000
125. Willis Towers Watson Ireland $165,887 150. BBVA Spain $134,341

47
10

(in US$ million)
151. Arrowstreet Capital U.S. $133,621 176. Haitong Securities China $98,601
152. Groupama Asset Mgmt. France $133,387 177. Securian Financial U.S. $97,800
153. Penghua Fund Mgmt.4 China $132,633 178. Caixa Economica Federal4 Brazil $96,799
154. Virtus Investment Partners U.S. $132,194 179. Hanwha Group South Korea $96,271
155. Pacific Century Group Hong Kong $126,300 180. Northill Capital U.K. $95,100
156. Covea Group France $123,070 181. Ashmore Group U.K. $93,000
157. CBRE Global Investors U.S. $122,700 182. ASR Netherlands $91,648
158. Mirae Asset Financial Group South Korea $121,484 183. Fullgoal Fund Mgmt. China $90,087
159. NAB Asset Mgmt.6 Australia $120,744 184. Metzler Asset Mgmt. Germany $89,662
160. PFM Asset Mgmt. U.S. $120,619 185. New England Asset Mgmt. U.S. $88,553
161. Man Group U.K. $117,700 186. Income Research & Mgmt. U.S. $88,336
162. BCV Switzerland $116,824 187. Erste-Sparinvest Kapitalanlage8 Austria $86,652
163. Rothschild France $115,209 188. Credit Mutuel France $86,100
164. IDUNA Gruppe Germany $113,981 189. Guardian Life U.S. $85,500
165. Storebrand Group Norway $112,311 190. KB Asset Mgmt. South Korea $85,264
166. OP Financial Group Finland $109,468 191. RhumbLine Advisers U.S. $84,053
Secti o n 4
167. Brown Advisory U.S. $109,375 192. OFI AM France $82,292
168. Partners Group Switzerland $109,000 193. Hines U.S. $81,670
169. Sompo Holdings Japan $107,310 194. StepStone Group U.S. $80,490
170. F Van Lanschot Netherlands $106,243 195. Cohen & Steers U.S. $79,908
171. CI Financial Canada $105,648 196. Industrial Alliance Insurance Canada $79,523
172. LSV Asset Mgmt. U.S. $104,316 197. GF Securities China $79,022
173. Banco Bradesco4 Brazil $103,543 198. Jupiter Asset Mgmt. U.K. $78,571
174. Svenska Handelsbanken Sweden $103,280 199. Magellan Asset Mgmt. Australia $77,669
175. Swiss Re Switzerland $100,000 200. Bank of China Investment Mgmt. China $76,835

48
10

(in US$ million)
201. Hamilton Lane U.S. $75,777 226. Sanlam South Africa $69,486
202. Starwood Capital U.S. $75,662 227. Fort Washington U.S. $69,353
203. Old Mutual Investment Group South Africa $75,367 228. Tokio Marine Holdings4 Japan $69,100
204. Baloise Asset Mgmt. Switzerland $74,970 229. National Bank of Canada2 Canada $68,516
205. Ivy Investments U.S. $74,822 230. Connor, Clark & Lunn Financial Canada $67,881
206. Prologis U.S. $74,704 231. Mapfre Spain $67,777
207. Bank Degroof Petercam Belgium $74,677 232. Fukoku Mutual Life Insurance Japan $67,121
208. Record Currency Mgmt. U.K. $74,645 233. Mediolanum Italy $66,928
209. LGT Capital Partners Liechtenstein $74,201 234. State Bank of India India $65,768
210. Monte dei Paschi di Siena Italy $74,186 235. QIC Australia $65,371
211. Universal-Investment Germany $73,572 236. Challenger5 Australia $65,308
212. Banco BPM Italy $73,203 237. La Francaise4 France $65,097
213. BTG Pactual Brazil $72,497 238. Perpetual Australia $64,900
214. Pathway Capital U.S. $72,478 239. Mawer Investment Mgmt. Canada $63,991
215. Oddo France $71,729 240. La Poste France $63,623
216. Versicherungskammer Bayern Germany $71,434 241. Shinhan BNPParibas South Korea $63,319
Secti o n 4
217. ACTIAM Netherlands $71,361 242. D.E. Shaw Group U.S. $63,266
218. Lombard Odier Investment Switzerland $71,281 243. Grantham, Mayo v. Otterloo U.S. $62,943
219. Quintet Private Bank Luxembourg $70,869 244. GCM Grosvenor U.S. $61,943
220. LaSalle Investment U.S. $70,865 245. Desjardins Group Canada $60,606
221. Pendal Group6 Australia $70,796 246. Rabobank Group Netherlands $60,061
222. Pinnacle Investment Australia $70,500 247. River and Mercantile5 U.K. $60,011
223. Sterling Capital U.S. $70,078 248. Alan Biller and Associates U.S. $59,395
224. William Blair U.S. $69,691 249. Polen Capital U.S. $59,271
225. KLP Group Norway $69,577 250. Folksam Sweden $58,992

49
10

(in US$ million)
251. Mondrian Investment Partners U.K. $58,974 276. Colliers International Group Canada $45,000
252. Renaissance Technologies U.S. $58,719 277. Breckinridge Capital U.S. $44,815
253. Raiffeisen Zentralbank Austria $58,635 278. Gruppo Azimut Italy $44,596
254. Korea ITMC South Korea $58,379 279. Kiwoom AMC South Korea $44,362
255. Patrizia Immobilien Germany $57,727 280. HUK Coburg Germany $44,325
256. Shinsei Bank Japan $57,667 281. Adams Street Partners U.S. $43,948
257. Intermediate Capital Group U.K. $57,655 282. Thornburg Investment U.S. $43,516
258. J. Safra Sarasin Group Switzerland $57,338 283. Silchester International4 U.K. $43,475
259. Marathon-London U.K. $55,933 284. Heitman U.S. $43,448
260. HDFC Asset Mgmt. India $55,533 285. Pzena Investment U.S. $43,311
261. Gtja Allianz Fund Mgmt. China $55,447 286. Colchester Global Investors U.K. $43,008
262. Everbright Securities China $53,794 287. Angelo, Gordon U.S. $43,000
263. ICICI Prudential Mutual Fund India $53,442 288. Lexington Partners U.S. $42,721
264. Liberty Holdings South Africa $52,946 289. HuaAn Funds China $42,323
265. Asahi Mutual Life Insurance Japan $52,569 290. Alger U.S. $42,029
266. DNB Norway $51,810 291. Beutel, Goodman Canada $41,364
Secti o n 4
267. Westpac Banking6 Australia $51,659 292. Bankia Spain $40,923
268. Oak Hill Advisors U.S. $49,965 293. Coronation Fund Managers South Africa $40,535
269. Aristotle U.S. $47,900 294. Arca SGR Italy $40,519
270. Comgest7 France $47,656 295. PAG Hong Kong $40,000
271. NH Amundi Asset Mgmt. South Korea $45,847 296. Berenberg Group Germany $39,901
272. Causeway Capital U.S. $45,519 297. Nurnberger Germany $39,703
273. Carmignac France $45,445 298. Goodman Group Australia $39,689
274. SECOR Asset Mgmt. U.S. $45,294 299. Mirabaud Group Switzerland $39,523
275. Wiener Städtische Versicherung Austria $45,010 300. Royal Bank of Scotland U.K. $39,510

50
10

(in US$ million)
301. GoldenTree Asset Mgmt. U.S. $39,184 326. Vantagepoint Investment U.S. $31,498
302. Kyobo Life Insurance South Korea $38,968 327. Lindsell Train U.K. $31,436
303. Mitsui Fudosan Investment1 Japan $38,526 328. AGF Mgmt. Canada $30,860
304. Commerce Trust U.S. $38,298 329. Generation Investment Mgmt. U.K. $30,700
305. Parnassus Investments U.S. $38,144 330. Portfolio Advisors U.S. $30,640
306. Orbis Investments Bermuda $37,140 331. Kotak Mahindra Asset Mgmt. India $30,492
307. Regions Financial U.S. $37,140 332. Blue Sky Group Netherlands $30,073
308. Edmond de Rothschild Group Switzerland $36,727 333. MMI Holdings5 South Africa $29,768
309. Bank of Nanjing China $36,434 334. Los Angeles Capital U.S. $29,562
310. Guardian Capital Canada $35,972 335. Bank Syz Switzerland $29,444
311. Aditya Birla Sun Life Mutual India $35,759 336. CIM Group U.S. $29,304
312. Charter Hall Australia $35,551 337. Ruffer U.K. $28,512
313. Mitsubishi Estate Group1 Japan $35,429 338. Matthews Asia U.S. $28,445
314. Alte Leipziger Group Germany $35,059 339. Jackson Square Partners U.S. $28,276
315. Tikehau Capital France $35,005 340. Knights of Columbus Asset U.S. $28,275
316. Impax Asset Mgmt. U.K. $34,459 341. NFU Mutual U.K. $28,241
Secti o n 4
317. Huatai-PineBridge Investment4 China $33,000 342. Alexander Forbes6 South Africa $28,090
318. GAMCO Investors U.S. $32,561 343. Co-operators Group Canada $27,979
319. Hungkuk ITMC South Korea $32,512 344. Lendlease Investment Mgmt.5 Australia $27,583
320. Calamos Advisors U.S. $32,348 345. Vinva Australia $27,471
321. Eagle Capital U.S. $32,336 346. DuPont Capital U.S. $27,420
322. Wasatch Global Investors U.S. $32,261 347. Uniqa Finanz Group Austria $27,413
323. Laboral Kutxa Spain $32,114 348. Canyon Partners U.S. $27,381
324. Hotchkis & Wiley U.S. $31,687 349. Canso Investment Counsel Canada $27,379
325. Ibercaja Spain $31,581 350. Shenkman Group U.S. $27,276

51
10

(in US$ million)
351. One Investment Australia $26,817 376. Unigestion Switzerland $22,830
352. Kutxabank Spain $26,762 377. Yuanta Securities Investment Taiwan $22,750
353. Diamond Hill Capital U.S. $26,411 378. Sprucegrove Investment Canada $22,526
354. Minsheng Royal Fund China $26,373 379. Chandler Asset Mgmt. U.S. $22,280
355. First Pacific Advisors U.S. $26,142 380. Gruppo Credito Emiliano Italy $21,904
356. Axis Mutual Fund India $26,064 381. Luther King Capital U.S. $21,604
357. EARNEST Partners U.S. $25,870 382. QBE Australia $21,250
358. Polar Capital Holdings U.K. $25,797 383. Tactical Global Mgmt. Australia $21,087
359. Commonfund U.S. $25,712 384. EdgePoint Investment Group Canada $20,965
360. SCOR France $25,206 385. Bankinter Spain $20,891
361. Hayfin Capital U.K. $25,179 386. Stockbridge Capital Group U.S. $20,863
362. Triodos Bank Netherlands $24,933 387. Silvercrest Asset Mgmt. U.S. $20,700
363. DMFCO Netherlands $24,917 388. Carnegie Investment Sweden $20,265
364. Allan Gray Proprietary South Africa $24,695 389. XP Asset Mgmt.4 Brazil $20,234
365. Hunt U.S. $24,681 390. Grayscale Investments U.S. $20,200
366. Dexus Australia $24,595 391. Synovus Financial U.S. $20,200
Secti o n 4
367. China Galaxy Securities China $23,926 392. Bank of Comm. Schroder AM China $20,146
368. Sarofim Group U.S. $23,755 393. Manning & Napier U.S. $20,119
369. RWC Asset Mgmt. U.K. $23,673 394. Caixa Geral de Depositos Portugal $20,017
370. UTI Mutual Fund India $23,602 395. Lion Fund Mgmt. China $19,917
371. Capula Investment Mgmt. U.K. $23,450 396. Rockpoint Group U.S. $19,459
372. Davis Advisors U.S. $23,398 397. Woori Asset Mgmt. South Korea $19,456
373. Burgundy Asset Mgmt. Canada $23,201 398. SDIC UBS Fund Mgmt.3 China $19,075
374. Baring Private Equity Asia China $23,000 399. Champlain Investment U.S. $18,818
375. Segall Bryant & Hamill U.S. $22,891 400. GPT Group Australia $18,679

52
10

(in US$ million)
401. Affin Hwang Asset Mgmt. Malaysia $18,598 426. Sage Advisory Services U.S. $15,691
402. Brandes Investment U.S. $18,595 427. Beach Point Capital U.S. $15,652
403. Pacific Global Asset Mgmt. U.S. $18,500 428. Leith Wheeler Investment5 Canada $15,646
404. Brown Capital U.S. $18,484 429. Letko Brosseau2 Canada $15,646
405. Cantillon Capital Mgmt. U.S. $18,368 430. Troy Asset Mgmt.10 U.K. $15,614
406. King Street Capital U.S. $18,300 431. Lupus Alpha Asset Mgmt. Germany $15,500
407. Platinum Asset Mgmt. Australia $18,080 432. Cathay Securities Taiwan $15,419
408. CCLA Investment Mgmt. U.K. $17,922 433. Amalgamated Bank U.S. $15,393
409. Grupo Novo Banco Portugal $17,657 434. Opportunity4 Brazil $15,351
410. Independent Franchise U.K. $17,643 435. SWS MU Fund Mgmt.4 China $15,321
411. T&D Asset Mgmt. Japan $17,466 436. Johnson Investment Counsel U.S. $15,307
412. Royal & SunAlliance5 U.K. $17,452 437. Sit Investment U.S. $14,853
413. Westfield Capital U.S. $17,123 438. Capital Investment Trust Taiwan $14,816
414. Close Brothers Group9 U.K. $17,099 439. LFPI France $14,739
415. Capital Dynamics Switzerland $16,987 440. Longfellow Investment U.S. $14,714
416. Fiduciary Mgmt./Milwaukee U.S. $16,880 441. Ardea Investment Mgmt. Australia $14,703
Secti o n 4
417. IDFC Asset Mgmt. India $16,729 442. Ariel Investments U.S. $14,581
418. DB Asset Mgmt. South Korea $16,727 443. Callan U.S. $14,556
419. Garcia Hamilton U.S. $16,726 444. Polaris Capital U.S. $14,295
420. Stone Harbor Investment U.S. $16,669 445. Morrison Australia $14,250
421. IGIS Asset Mgmt. South Korea $16,332 446. IBK AMC South Korea $14,232
422. Congress Asset Mgmt. U.S. $16,269 447. Value Partners Hong Kong $14,166
423. Rongtong Fund Mgmt.4 China $15,964 448. SPARX Group Japan $14,141
424. Hyundai Investment AMC South Korea $15,824 449. Gruppo Banca Carige Italy $14,125
425. BOCI-Prudential Hong Kong $15,786 450. Belle Haven Investments U.S. $14,002

53
10

(in US$ million)
451. Adrian Lee & Partners U.K. $14,000 476. Great Lakes Advisors U.S. $11,180
452. London Co. U.S. $13,994 477. Majedie Asset Mgmt. U.K. $11,133
453. Jacobs Levy Equity U.S. $13,920 478. Gruppo Bancario Iccrea Italy $11,107
454. Boyd Watterson U.S. $13,824 479. Fuller & Thaler U.S. $11,080
455. Renta 4 Spain $13,824 480. Baoying Fund China $11,077
456. KGAL Germany $13,730 481. Yurie AMC South Korea $11,067
457. Reichmuth11 Switzerland $13,590 482. Mediobanca Italy $11,015
458. Fisch Asset Mgmt. Switzerland $13,420 483. Gulf International Bank4 U.K. $11,000
459. Navigator Global Investments Australia $13,150 484. FirstRand Group South Africa $10,942
460. KTB South Korea $13,083 485. Advent Capital U.S. $10,940
461. DSP Mutual Fund India $12,943 486. Global Endowment Mgmt. U.S. $10,900
462. PCCP U.S. $12,790 487. UNICAJA Spain $10,879
463. Jensen Investment U.S. $12,406 488. Intercontinental Real Estate U.S. $10,876
464. World Asset Mgmt. U.S. $12,371 489. WEDGE Capital U.S. $10,775
465. Driehaus Capital U.S. $12,320 490. Westwood Global U.S. $10,653
466. CenterSquare Investment U.S. $12,086 491. TISCO Asset Mgmt. Thailand $10,615
Secti o n 4
467. Walton Street Capital U.S. $11,810 492. Angel Oak Capital U.S. $10,610
468. KDB AMC South Korea $11,699 493. Gruppo Banca Sella Italy $10,558
469. Inland Group U.S. $11,600 494. V-I Asset Mgmt. South Korea $10,532
470. Fuh Hwa Securities Taiwan $11,559 495. Midas Asset AMC South Korea $10,440
471. Paradice Investment6 Australia $11,493 496. Mutua Madrilena Spain $10,381
472. Beacon Capital U.S. $11,467 497. Banco Sabadell Spain $10,300
473. Westbrook Partners U.S. $11,372 498. Chartwell Investment U.S. $10,263
474. Abbott Capital U.S. $11,257 499. CapitalatWork Foyer Group Luxembourg $10,219
475. Glenmede Investment U.S. $11,188 500. Rockwood Capital U.S. $10,213

54
10

(in US$ million)
Endnotes in ranking:
1 As of March 31, 2020

2 As of Oct. 31, 2020
3 As of June 30, 2021
US data was sourced from the P&I500, and
data for other regions were
4 As of March 31, 2021
sourced from annual reports, websites, and 5 As of June 30, 2020
direct communication with asset managers 6 As of Sept. 30, 2020
through Thinking Ahead Institute / Pensions 7 As of Jan. 31, 2021
& Investments Global Manager Survey 8 As of Feb. 28, 2021
9 As of July 31, 2020
10 As of April 30, 2020
11 As of April 30, 2021

55
TAI / P&I 500

56
Limitations of reliance – Thinking Ahead Group 2.0
This document has been written by members of the Thinking Ahead Group 2.0. Their role is to identify
and develop new investment thinking and opportunities not naturally covered under mainstream
research. They seek to encourage new ways of seeing the investment environment in ways that add
value to our clients.
The contents of individual documents are therefore more likely to be the opinions of the respective
authors rather than representing the formal view of the firm.
Limitations of reliance – Willis Towers Watson

Willis Towers Watson has prepared this material for general information purposes only and it should not
be considered a substitute for specific professional advice. In particular, its contents are not intended by
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500 Largest AMs - 2021

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The world’s largest 500 asset managers

© 2021 Thinking Ahead Institute. All rights reserved.

The Thinking Ahead Group research team

© 2021 Thinking Ahead Institute. All rights reserved.

© 2021 Thinking Ahead Institute. All rights reserved.

Clients find themselves in a relatively low-return world, and

This has led to mandate transitions in the form of growth of

Asset managers have been addressing growing complexity in

The search for asset managers with more positive attributes to

Since launching in Dec 2020, the Net Zero Asset Managers

The challenge for asset managers is now on the execution of

Active ownership has risen up on asset managers’ agendas

Engagement activity and proxy voting seasons have been

© 2021 Thinking Ahead Institute. All rights reserved.

© 2021 Thinking Ahead Institute. All rights reserved.

Executive summary Top 500 managers

Figures to end 2020, unless otherwise stated

Executive summary Top 20 managers’

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© 2021 Thinking Ahead Institute. All rights reserved.

Total value of assets managed

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Total value of assets managed

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Evolution of median assets under management

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Distribution of assets by country

Five-year intervals (2010 to 2020, in USD)

Canada, China, Hong 8.6% 1.5%

Kong (16 bps) and India 1.5% 0.3% 0.7%

and Japan have lost

© 2021 Thinking Ahead Institute. All rights reserved.

2015-2020 average annualized growth of AUM by market

Asset participation by asset allocation

income, 7.2% to cash, 6.4% to 60,000

Other and Fixed Income had growths 20,000

YoY% growth of asset classes

Cash Other Total

© 2021 Thinking Ahead Institute. All rights reserved.

Performance of benchmark indices

Following sharp drawdowns 20%

second half of 2020

The Asian (ex Japan) and

in 2020 MSCI USA (Unhedged) MSCI Europe (Unhedged)

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Performance of benchmark indices

All bond indices experienced 5%

positive returns since November

The Bloomberg Barclays US -5%

On the other hand, JPMorgan

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Asset allocation by vehicle

Asset participation by regional client exposure 2,033

Asset allocation based on client category

Assets managed for high-net-worth individuals

Allocation to ESG principles

2018 7,285 25th 75th

80% 2019 7.1% 51.0% 100% 51.3%

Allocation to ESG mandates

80% 2019 0.3% 2.1% 7.5% 11.2%