The ten top asset managers worldwide as of November 2023 all had assets under management worth more than one trillion U.S. dollars. However, the leading firm - New York City-based BlackRock - managed assets much higher than this. The second largest firm in terms of assets under management was Vanguard Asset Management, BlackRock’s largest competitor, though their total assets under management are roughly two trillion U.S. dollars less than those of BlackRock.
What is asset management?
Asset management refers to financial assets managed by an investment firm on behalf of others. Asset management firms, like BlackRock and Vanguard, are just one type of provider of asset management. The service can also be performed by investment banks, private banks, or wealth managers – all kinds of financial institutions with the aim of growing investors’ portfolio of financial assets.
Global distribution of assets under management
Assets under management in North America accounted for almost half of the total value of global assets under management. North American assets under management was worth more than the total assets under management of Europe and Asia combined (excluding Japan), despite these two regions placing second and third globally in terms total value of assets under management.
