A ranking of European management companies (or ManCos) has ranked JP Morgan AM as the top Manco, Universal-Investment as the top AIFM and Carne Group as the top third-party ManCo.
The rankings appear in the Observatory for Management Companies 2025 Barometer, an annual report published by PwC.
The report found that four AIFMs had appeared in the top 20 ManCos since 2017, with average assets managed by the top 20 ManCos of 185,057m euros – an increase of 23% since 2023.
The top three ManCos (JP Morgan AM Europe, DWS Investment and Amundi) managed 1.26tn euros between them. The threshold to be part of the Top 20 Mancos was 93,102m euros, a rise of 20% since 2023.
Among AIFMs, 40% of alternative assets are managed by the Top 10 AIFMs, the report found.
Among the top 10 third-party ManCos, five have acquired at least one fund administrator since 2022.
Reacting to Carne’s listing as the top third-party ManCo, the group’s Chief Business Development Officer Mark Stockley, said: “Up from 2nd place the previous year and an increase of 48% AuM from December 2023 in Luxembourg and globally – this is the highest climb based on all the top management companies by AuM.
“Luxembourg continues to attract attention as a place to do business. Recent research by Carne found that nine in ten fund managers surveyed expect the fund management industry to grow in Luxembourg over the next five years, fuelled by a rise in private market investing as investors turn to diversification in a bid to weather continued volatility.
“The institutional investors we surveyed noted major improvements in the levels of governance following the successful introduction of the Individual Accountability framework in Luxembourg in 2023, which streamlined processes and reduced administrative burdens. For Luxembourg, 72% of respondents say governance is excellent compared to 55% last year.”
