The Trillion Euro Club
24 managers make this year’s Trillion Euro Club out of the Top 200, with five based in Europe
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Top 50 rank | Company | HQ location | European AUM (bn) | highlight_group | company_url |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | BlackRock | USA | 2,749.7 | ||||||
| 2 | 2 | Amundi | France | 1,856.2 | ||||||
| 3 | 3 | UBS | Switzerland | 1,151.8 | https://funds-europe.com/ubs-asset-management/ | |||||
| 4 | 4 | L&G AM | UK | 956.1 | https://funds-europe.com/landg-asset-management/ | |||||
| 5 | 5 | DWS | Germany | 807.0 | ||||||
| 6 | 6 | Natixis IM (inc. Ostrum, Mirova)* | France | 619.8 | ||||||
| 7 | 7 | Schroders | UK | 601.5 | ||||||
| 8 | 8 | BNY (inc. Insight Investment)* | USA | 561.9 | ||||||
| 9 | 9 | Union Investment | Germany | 534.6 | ||||||
| 10 | 10 | Insight Investment (BNY) | UK | 513.5 | ||||||
| 11 | 11 | Generali Investments | Italy | 510.9 | ||||||
| 12 | 12 | J.P. Morgan AM | USA | 494.3 | ||||||
| 13 | 13 | HSBC AM | UK | 425.9 | https://funds-europe.com/hsbc-asset-management/ | |||||
| 14 | 14 | Eurizon Capital SGR S.p.a. | Italy | 411.2 | ||||||
| 15 | 15 | Ostrum AM (Natixis) | France | 381.4 | ||||||
| 16 | 16 | Aberdeen Investments | UK | 372.1 | ||||||
| 17 | 17 | Zrcher Kantonalbank | Switzerland | 350.0 | ||||||
| 18 | 18 | Robeco | Netherlands | 337.2 | ||||||
| 19 | 19 | Nordea | Sweden | 324.8 | ||||||
| 20 | 20 | Swiss Life AM | Switzerland | 309.9 | ||||||
| 21 | 21 | KBC AM | Belgium | 300.0 | ||||||
| 22 | 22 | Aviva Investors | UK | 291.3 | ||||||
| 23 | 23 | Invesco | USA | 288.5 | ||||||
| 24 | 24 | Fidelity International | Bermuda | 276.8 |
There are 24 asset management firms that make the Trillion Euro Club in this edition, with assets totalling €67,770bn.
This represents an increase of four in number but 20% proportionately compared to the last edition. Two of the additional names have come from the US – Blackstone and Wellington – and two from Europe – BNP Paribas AM (included as its AUM rose significantly following the merger with Axa) and DWS.
Total assets under management have risen by 23%, although average AUM has risen a lesser 2%, from €2,764bn to €2,824bn. Two constituents are now over €10,000bn AUM – BlackRock and Vanguard.
Six of the trillionaires came from Europe, including both EU and non-EU based firms, accounting for 14% of the total AUM, or €9,524bn. Of these, four were EU based, representing 9%, or €6,389bn AUM, while two were non-EU, representing 5%, or €3,135bn AUM.
As a share of total AUM, the increased number of European managers took their share of total AUM from 12% to 14%, compared to the last edition.
Average AUM of European trillionaires fell slightly to €1,567bn from €1,606bn. However, the story was not uniform, as while average AUM for EU-based managers was down to €1,597bn from €1,746bn, the average AUM for non-EU-based managers edged upwards to €1,568bn from €1,467bn.
Thus, while the number of EU-based managers increased, to four from two, and their proportion of total AUM increased, their average AUM did not rise. In contrast, the number of European non-EU managers stayed the same, but saw their AUM increase on average.
The number of managers from the US in the Trillion Euro Club also increased by two, taking the total from that country to 18. This made it the biggest single source of trillionaires, although their collective AUM at 86% of the total was down slightly from a share of 88% in the last edition.
The average AUM of US managers increased to €3,236bn from €3,054bn, or roughly twice the average AUM of European constituents. This reflects the heavy weighting towards the biggest constituents as defined by their global AUM. Of the total constituents, the US continues to dominate by rankings.
Only one European is in the top 10 constituents, with Amundi ranked eighth.
France remains the biggest source of European trillionaires with three managers, as ranked by AUM: Amundi, BNP Paribas AM (including Axa) and Natixis IM. These represent 8% of the total AUM, for an average of €1,768bn.
Against the last edition, France has gained one trillionaire, with its share of total AUM up from 6%.
Switzerland, the UK and Germany are the source of one manager each in the Club: UBS AM, L&G AM and DWS respectively. In turn, they represent 3%, 2% and 2% shares of the total AUM, or €1,785bn, €1,349bn and €1,085bn.
The Europeans, so far, tend to inhabit the lower half of the full set of trillionaires.
Excluding Amundi (eighth) and UBS AM (12th), these are BNP Paribas AM (including Axa) (13th), L&G AM (17th), Natixis IM (18th) and DWS (24th).
Still, this list of European constituents shows growth in numbers compared to the last edition, indicating that it is possible for more European firms to join the Trillion Euro Club, as indeed it is for US firms. Blackstone, Wellington and DWS were all noted previously as being outside the cutoff, but with potential to join.
Looking ahead, on the basis of the latest Top 200 rankings for 2026, it could be that Sumitomo Mitsui DS AM becomes the first Japanese constituent in this club, which would represent a key broadening of the geographical origination of the largest managers ranked by their AUM.