Still in the lead &#8211; top 200 2026

Still in the lead

The latest snapshot of industry AUM globally shows that US firms still dominate by heft of assets, although there are more European managers present in the Top 200 list published by Funds Europe, note Luke Beacon and Jonathan Boyd.

highlight_group	wdt_ID	Top 200 rank	Company	Country based in	Global AUM (billions)	company_url
	201	1	BlackRock	USA	11,954.08
	202	2	Vanguard	USA	10,215.71
	203	3	Fidelity Investments	USA	6,044.29
	204	4	State Street Global Advisors	USA	4,818.41
	205	5	J.P. Morgan AM	USA	3,505.93
	206	6	Goldman Sachs **	USA	2,809.32
	207	7	Capital Group	USA	2,724.19
	208	8	Amundi	France	2,380.00
	209	9	Pimco	USA	1,923.96
	210	10	BNY (inc. Insight Investment, BNY Investments Newton)*	USA	1,872.88
	211	11	Invesco	USA	1,847.23
	212	12	UBS AM	Switzerland	1,785.19	https://funds-europe.com/ubs-asset-management/
	213	13	BNP Paribas AM (including Axa)	France	1,624.00
	214	14	Morgan Stanley IM	USA	1,613.23
	215	15	T. Rowe Price	USA	1,532.36
	216	16	Franklin Templeton (inc. Clearbridge, Putnam)*	USA	1,433.57
	217	17	L&G AM	UK	1,349.34	https://funds-europe.com/landg-asset-management/
	218	18	Natixis IM (inc. Ostrum, Mirova)*	France	1,300.00
	219	19	PGIM	USA	1,276.96
	220	20	Northern Trust AM	USA	1,269.44
	221	21	Nuveen	USA	1,191.83
	222	22	Blackstone	USA	1,106.70
	223	23	Wellington Management International	USA	1,106.70
	224	24	DWS	Germany	1,085.00
	225	25	Schroders	UK	944.31
	226	26	Sumitomo Mitsui DS AM	Japan	895.52
	227	27	Dimensional Fund Advisors	USA	803.98
	228	28	Apollo Global Management	USA	798.53
	229	29	Federated Hermes IM	USA	768.39
	230	30	HSBC AM	UK	751.61	https://funds-europe.com/hsbc-asset-management/
	231	31	AllianceBernstein	USA	737.99
	232	32	Insight Investment (BNY)	UK	724.42
	233	33	AMG	USA	692.11
	234	34	New York Life Investments (inc. Mackay Shields, Candriam)*	USA	687.86
	235	35	MUFG AM	Japan	678.06
	236	36	Generali Investments	Italy	660.97
	237	37	KKR	USA	658.91
	238	38	Fidelity International	Bermuda	647.51
	239	39	MetLife IM/Pinebridge Investments	USA	631.67
	240	40	Allianz Global Investors	Germany	591.00
	241	41	Nomura AM	Japan	589.97
	242	42	Mercer Investments	USA	589.02
	243	43	Eurizon Capital SGR (inc. Penghua)	Italy	578.00
	244	44	Columbia Threadneedle	USA	577.19
	245	45	MFS	USA	554.29
	246	46	Macquarie	Australia	552.46
	247	47	Union Investment	Germany	534.60
	248	48	Ares Management	USA	530.37
	249	49	Principal Global Investors	USA	505.51
	250	50	RBC Bluebay AM	Canada	486.95	https://funds-europe.com/rbc-bluebay-asset-management/
blue-odd	251	51	Neuberger Berman	USA	478.87
blue-even	252	52	Allspring	USA	475.03
blue-odd	253	53	Aberdeen Investments	UK	447.50
blue-even	254	54	DekaBank	Germany	440.00
blue-odd	255	55	American Century Investments	UK	434.17	https://funds-europe.com/america-century-investments/
blue-even	256	56	Janus Henderson Investors	UK	419.70
blue-odd	257	57	Barings	UK	410.27
blue-even	258	58	Dodge & Cox	USA	397.56
blue-odd	259	59	China AMC	China	395.43
blue-even	260	60	M&G Investments	UK	394.89
blue-odd	261	61	Ostrum AM (Natixis)	France	384.42
blue-even	262	62	MEAG	Germany	368.00
blue-odd	263	63	ZKB / Swisscanto	Switzerland	349.99
blue-even	264	64	Robeco	Netherlands	337.22
blue-odd	265	65	Fisher Investments	USA	329.05
blue-even	266	66	Aegon AM	Netherlands	325.29
blue-odd	267	67	Nordea AM	Sweden	324.83
blue-even	268	68	Russell Investments	USA	320.94
blue-odd	269	69	Swiss Life AM	Switzerland	309.90
blue-even	270	70	Voya IM	USA	306.47
blue-odd	271	71	Aviva Investors	UK	300.62
blue-even	272	72	KBC AM	Belgium	300.00
blue-odd	273	73	Pictet AM	Switzerland	287.76
blue-even	274	74	Victory Capital Management	USA	278.46
blue-odd	275	75	Mirae Asset Global Investments	South Korea	276.68
blue-even	276	76	SEB	Sweden	268.75
blue-odd	277	77	American Century Investments	USA	260.50	https://funds-europe.com/america-century-investments/
blue-even	278	78	Vontobel	Switzerland	259.08
	279	79	Santander AM	Spain	255.88
	280	80	Arrowstreet Capital	USA	242.62
	281	81	Swedbank AM	Sweden	237.38
	282	82	Eastspring Investments	Singapore	236.66
	283	83	Raymond James IM	USA	234.02
	284	84	Amova AM (previously Nikko AM)	Japan	233.51
	285	85	Baillie Gifford IM	UK	232.00
	286	86	BBVA AM	Spain	230.91
	287	87	Royal London AM	UK	228.37
	288	88	Achmea IM	Netherlands	226.00
	289	89	Anima Holding	Italy	212.00
	290	90	Guggenheim Investments	USA	211.47
	291	91	Lord Abbett & Co.	USA	211.12
	292	92	CVC Capital Partners	Luxembourg	205.00
	293	93	Manulife AM	Canada	199.55
	294	94	Prologis	USA	195.80
	295	95	Man Group	UK	193.76
	296	96	Oaktree Capital Management	USA	189.84
	297	97	OFI AM	France	188.00
	298	98	Itau AM	Brazil	186.45
	299	99	Sura AM	Columbia	185.59
	300	100	Ninety One AM	UK	183.20
	301	101	Van Lanschot Kempen IM	Netherlands	180.00
	302	102	Clearbridge Investments (Franklin Templeton)	USA	178.77
	303	103	Lazard AM	USA	174.80
	304	104	Candriam Investors Group (New York Life)	Luxembourg	163.00
	305	105	AQR Capital	USA	160.90
	306	106	Artisan Partners	USA	160.47
	307	107	Mackenzie Investments	Canada	159.14
	308	108	VanEck	USA	159.02
	309	109	Partners Group	Switzerland	157.49
	310	110	First Eagle IM	USA	154.09
	311	111	Acadian AM	USA	151.53
	312	112	BRAM (Bradesco AM)	Brazil	144.50
	313	113	Payden & Rygel Global	USA	141.83
	314	114	GQG Partners	USA	139.50
	315	115	Putnam Investments (Franklin Templeton)	USA	137.91
	316	116	Storebrand AM	Norway	135.82
	317	117	Virtus	USA	135.78
	318	118	Mackay Shields (New York Life)	USA	135.36
	319	119	a.s.r. Vermogensbeheer	Netherlands	134.29
	320	120	CBRE IM	USA	132.38
	321	121	Irish Life IM	Ireland	131.00
	322	122	HarbourVest Partners	USA	127.70
	323	123	CaixaBank AM	Spain	125.80
	324	124	WisdomTree	USA	121.43
	325	125	Danske Bank AM	Denmark	117.82
	326	126	First Sentier Investments	Australia	116.80
	327	127	Edmond de Rothschild AM	Switzerland	112.00	https://funds-europe.com/edmond-de-rothschild-asset-management/
	328	128	Handelsbanken Fonder AB	Sweden	111.98
	329	129	Connor, Clark and Lunn Financial Group	Canada	111.27
	330	130	Intermediate Capital Group	UK	108.12
	331	131	Boston Partners Global Investors, inc.	USA	108.12
	332	132	Groupama AM	France	107.57
	333	133	DNB AM	Norway	106.53
	334	134	Erste AM	Austria	103.90
	335	135	Fiera Capital	Canada	102.00
	336	136	Record Currency Mgmt.	UK	98.67
	337	137	BayernInvest	Germany	98.00
	338	138	BNY Investments Newton (BNY)	UK	96.07
	339	139	LGT Capital Partners	Switzerland	93.64
	340	140	LSV AM	USA	89.39
	341	141	Covea Finance	France	86.80
	342	142	OP Financial Group	Finland	85.60
	343	143	Assenagon AM S.A.	Luxembourg	83.22
	344	144	BBH IM	USA	78.15
	345	145	Universal Investment Group	Germany	77.00
	346	146	Metzler AM	Germany	77.00
	347	147	Queensland Investment Corporation	Australia	76.96
	348	148	BGO	USA	76.96
	349	149	Mediolanum International Fund	Ireland	76.90	https://funds-europe.com/mediolanum-international-funds-limited/
	350	150	Nykredit AM	Denmark	76.12
	351	151	LBBW AM	USA	76.00
	352	152	LaSalle IM	France	73.55
	353	153	AEW Capital	USA	73.13
	354	154	Flossbach von Storch	Germany	70.00
	355	155	Pantheon	UK	69.81
	356	156	LBP AM	France	66.51
	357	157	Oddo BHF AM SAS	France	64.00
	358	158	Lombard Odier IM	Switzerland	63.85
	359	159	Jupiter AM	UK	61.91
	360	160	Baloise AM	Switzerland	57.30
	361	161	Patrizia	Germany	56.20
	362	162	William Blair	USA	55.76
	363	163	Adams Street Partners	USA	55.34
	364	164	Bank J Safra Sarasin	Switzerland	53.26
	365	165	Tokio Marine AM	Japan	52.98
	366	166	Degroof Petercam AM	Belgium	51.70
	367	167	DPAM	Belgium	51.70
	368	168	Barrow Hanley Mewhinney & Strauss	USA	50.25
	369	169	ING Solutions IM	Luxembourg	50.00
	370	170	AGF Management	Canada	48.10
	371	171	Raiffeisen Capital Management	Austria	46.70
	372	172	Thornburg IM	USA	45.38	https://funds-europe.com/thornburg-investment-management/
	373	173	Ashmore Group	UK	44.69
	374	174	Mondrian Investment Partners ***	UK	42.57
	375	175	Artemis IM	UK	41.85
	376	176	Fineco AM	Ireland	41.40
	377	177	Calamos Investments	USA	41.20
	378	178	Carmignac	France	40.91
	379	179	Heitman	USA	40.01
	380	180	Coronation Fund Managers	South Africa	40.01
	381	181	Arca Fondi	Italy	40.00
	382	182	AMP Investments	Australia	39.91
	383	183	IM Global Partners	France	39.48
	384	184	Berenberg	USA	39.00
	385	185	Rothschild & Co AM	France	38.00
	386	186	Hayfin	UK	38.00
	387	187	Mirova (Natixis)	France	36.40
	388	188	Muzinich	USA	35.75
	389	189	Tetragon - TFG AM	UK	35.16
	390	190	W&W AM	Germany	35.00
	391	191	Union Bancaire Privee	Switzerland	34.83
	392	192	Polar Capital	UK	32.56
	393	193	Lendlease IM	Australia	27.88
	394	194	Impax AM	UK	27.79
	395	195	Fundsmith	UK	27.51
	396	196	SCOR Investment Partners	France	27.43
	397	197	Bantleon	Switzerland	26.10
	398	198	Liontrust AM	UK	24.60
	399	199	Comgest	France	23.70
	400	200	BCV	Switzerland	22.58

* Includes other firms also listed in the Top 200

** Reports Assets Under Supervision (AUS) rather than AUM

*** Reports AUMA rather than AUM

The Top 200 ranked asset managers this year represent some €106 trillion in AUM. That is nearly €11 trillion (and 11%) higher than the last Top 200 ranking, reflecting both organic and acquired growth in assets over the period since the last ranking was compiled.

It is notable that average AUM per Top 200 constituent also increased, from €476 billion in 2025 to €530 billion in 2026.

Europe vs US

Delving further into the data, it shows that while Europe-based firms make up around half of the Top 200 (51%) by number ranked, they account for just 25% of the total AUM.

By contrast, while North American-based firms (largely USA) make up 40% of the Top 200, they constitute some 70% of the AUM. This finding, that they are considerably larger on average (€921 billion AUM for North American-based firms versus €264 billion for European-based firms), is not that surprising per se, as many studies by European industry regulators and trade associations alike have pointed to a size discrepancy at both entity and fund product level.

That said, the list is dominated by North American and European firms. The next most prominent region is Asia, with just eight firms in the Top 200 (4% of the Top 200) and representing only 3% of the total AUM. However, on average, firms based in Asia have a higher average AUM (€420 billion) than any other region outside North America.

€106trn:

Country ranking

As noted, on a country basis the USA dominates the Top 200 as a source of managers, with 37% of firms in the Top 200 based there, accounting for 68% of the total AUM.

The next highest is the UK, with 14% of firms based there and 7% of AUM. This makes the UK the premier European country on this basis, ahead of France with 8% of Top 200 firms, although the share of AUM of the latter (6%) is only slightly less than that of the UK. This means Top 200 firms based in France have a higher average AUM than those in the UK.

Firms based in France have the third-highest average AUM behind those based in the US and Japan.

Following France, the next-ranked country by total AUM is Switzerland (€3,613 billion, or 3% of total Top 200 AUM). As such, only three countries host Top 200 firms with a combined AUM of more than €4 trillion: the USA, UK and France.

Of the top five countries by total AUM, four are in Europe, with two outside the EU (UK and Switzerland) and two inside the EU (France and Germany).

EU in Europe

Of the 102 Europe-based firms in the Top 200, 58 are based in the EU and 44 are not.

Overall, EU-based firms make up 57% of the Top 200 European AUM, compared with non-EU firms, which account for 43%. Average AUM is exactly the same for EU-based and non-EU-based firms, at €264 billion.

Europe splits

The UK constitutes 27% of firms based in Europe and 29% of European-based AUM. This puts it ahead of France (16% of firms and 22% of AUM), Switzerland (14% of firms and 13% of AUM), and Germany (11% of firms and 13% of AUM).

These four countries account for 68% of European firms and 77% of global AUM for European-based firms in the Top 200.

Italy follows in the ranking of European countries, with 4% of firms and 6% of AUM.

By average AUM, France ranks highest at €379 billion, followed by Italy (€373 billion) and Germany (€312 billion). Following on are the UK and Switzerland, with noticeably lower average AUM (€277 billion and €258 billion respectively).

Switzerland is next after the UK (16 firms, 15%). France and Germany (both with 14 firms, 13%) are the other big players. After that the number of firms per country falls significantly to the Netherlands (6, 6%).

Quartiles

When analysed by quartiles, it becomes clear that the growth in the Top 200 is skewed towards the largest firms.

The total AUM of the top 10 firms was €48,223 billion, which is up 17% on the previous ranking and represents 46% of the total Top 200 AUM.

There appears to be a direct correlation between firm size by AUM and growth of AUM year-on-year. The top quartile (top 50) increased AUM by 14% year-on-year, while the second quartile (firms ranked 51-100) increased by 9%.

However, both the third (101-150) and fourth (151-200) quartiles saw year-on-year declines, falling by 2% and 8% respectively.

TOP FUND MANAGERS IN EUROPE