The Largest Asset Managers in the World
BlackRock is the largest asset manager in the world at roughly $13.9 trillion as of the first quarter of 2026, ahead of Vanguard and Fidelity. The fifteen largest together manage about $64 trillion.
World's largest: BlackRock (~$13.9T) · Top 15 combined: ~$64T · 15 firms · 3 countries
An asset manager is a firm that invests money on behalf of clients across public and private markets, earning fees on the assets under management (AUM) it oversees. As of 2026, BlackRock is the largest in the world at roughly $13.9 trillion, ahead of Vanguard and Fidelity; together the fifteen largest manage about $64 trillion.
The ranking below orders these firms by AUM, drawn from each manager's most recent published report or disclosure. They set the terms of global capital: the biggest run vast index and ETF franchises, and the same firms are expanding fast into private equity, private credit, infrastructure, and real estate. Every firm links to its Altss profile, where coverage and activity are tracked.
Largest asset managers by AUM
As of each firm's latest public report, 2025-2026
| # | Firm | AUM (USD) | Headquarters |
|---|---|---|---|
| 1 | BlackRockWorld's largest asset manager; iShares ETFs anchor the scale (Q1 2026) | $13.9T | New York, United States |
| 2 | VanguardIndex-fund pioneer; client-owned mutual structure (early 2026) | $11.6T | Malvern, United States |
| 3 | Fidelity Investments$7.1T in managed assets; administers roughly $18T in total client assets (2025) | $7.1T | Boston, United States |
| 4 | State Street Global AdvisorsState Street Investment Management (SSGA); record $5.7T and a top-three ETF sponsor (Dec 2025) | $5.7T | Boston, United States |
| 5 | J.P. Morgan Asset ManagementAsset management division of JPMorgan Chase (Dec 2025) | $4.1T | New York, United States |
| 6 | Goldman Sachs Asset ManagementRecord $3.6T in assets under supervision (Dec 2025) | $3.6T | New York, United States |
| 7 | Capital GroupHome of American Funds; active-management specialist (late 2025) | $3.2T | Los Angeles, United States |
| 8 | AmundiEurope's largest asset manager; EUR 2.38T as of December 2025 | $2.6T | Paris, France |
| 9 | PIMCOFixed-income specialist; owned by Allianz (Q1 2026) | $2.27T | Newport Beach, United States |
| 10 | InvescoSponsor of the QQQ ETF (Nov 2025) | $2.15T | Atlanta, United States |
| 11 | UBS Asset ManagementAsset management division of UBS, enlarged by the Credit Suisse integration (Dec 2025) | $2.1T | Zurich, Switzerland |
| 12 | T. Rowe PriceRetirement-focused active manager; two-thirds of assets are retirement-related (Dec 2025) | $1.78T | Baltimore, United States |
| 13 | Franklin TempletonOperated by Franklin Resources (Dec 2025) | $1.68T | San Mateo, United States |
| 14 | NuveenInvestment manager of TIAA; strong in real assets and fixed income (~$1.4T by Q1 2026) | $1.3T | Chicago, United States |
| 15 | Wellington ManagementIndependent private partnership (Dec 2025) | $1.29T | Boston, United States |
AUM figures are drawn from each firm's most recent public report or disclosure (2025-2026). Amundi reports EUR 2.38T, converted to USD at recent exchange rates. Goldman Sachs reports assets under supervision; Fidelity's figure is managed assets, distinct from the larger total it administers. AUM moves with markets and currency, so figures are point-in-time. Bars show relative size.
Four trends shaping the top of the table
A record $140 trillion industry
The world's 500 largest asset managers oversaw about $140 trillion at the end of 2024, an all-time high, and the total has climbed further through 2025. The top 20 firms control close to half of it, concentrating the industry at the very top.
The passives flywheel
BlackRock, Vanguard, State Street, and Fidelity built their scale on low-cost index funds and ETFs, where inflows compound and fees fall. BlackRock alone entered 2026 near $14 trillion after its strongest year of net inflows ever, led by iShares.
The push into private markets
The biggest managers are buying their way into private assets: BlackRock acquired Global Infrastructure Partners, HPS, and Preqin, and peers are following into private credit, infrastructure, and real estate. Public-market giants are becoming private-market allocators.
Managers as allocators
At this scale, the largest asset managers are also among the largest limited partners (LPs) in private funds, committing to private equity, private credit, and real assets. That dual role makes them central nodes for fund managers raising institutional capital.
How the largest asset managers are built
The firms at the top of this ranking fall into two broad camps. Index and ETF houses (BlackRock, Vanguard, State Street) run enormous, low-fee passive franchises where scale is the moat. Active managers (Capital Group, PIMCO, T. Rowe Price, Wellington) compete on investment performance and specialization, in equities, fixed income, or specific strategies. The bank-affiliated managers (J.P. Morgan, Goldman Sachs, UBS) sit across both and add wealth and institutional distribution.
The convergent trend is private markets. Every large manager is expanding into private equity, private credit, infrastructure, and real estate, where fees are higher and capital is stickier. For fund managers, that shift matters twice over: these firms are competitors for capital and, increasingly, limited partners themselves. Understanding each firm's strategy mix and decision-makers is central to navigating institutional capital, which is what Altss tracks across 150,000+ institutional entities.
How this ranking is built
Altss ranks asset managers by assets under management sourced from each firm's own published report or disclosure, not self-reported surveys. Figures are converted to USD at recent exchange rates and refreshed as new reports are published. Where a firm reports on a different basis, such as Goldman Sachs's assets under supervision or Fidelity's split of managed versus administered assets, the ranking uses the closest comparable AUM measure and notes it. This page was last reviewed in July 2026.
For managers raising institutional capital, each firm's profile tracks coverage, mandate activity, and personnel where publicly observable.
Largest asset managers — questions
What is the largest asset manager in the world?
What is the difference between an asset manager and an asset owner?
Which is bigger, BlackRock or Vanguard?
How are these asset managers ranked?
Where does Altss get asset manager data?
Sources
Figures are drawn from each firm's own reports and the following authoritative sources.
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