There are 20 asset management firms that make our ‘Trillionaires’ list, with an aggregate amount of assets totaling €55,289 billion. Average assets under management (AUM) for these firms, therefore, is €2,764 billion each..

The figures were mostly converted to euros from dollars. Some 17 firms (85%) reported their AUM in dollars, with the remainder reporting in euros and sterling.

Four of the Trillionaires were based in Europe and their AUM accounts for 12% of total AUM, or €6,425 billion.

Most of the Trillionaire assets belong to firms based in the US. These firms shared €48,864 billion of assets, an 88% proportion of the total.

Average AUM for US firms was just over €3,000 billion each, which compares to €1,606 billion for the four European firms in our survey.

Of the four European firms that make the Trillionaires, France has two – Amundi and Natixis Asset Management. Meanwhile, Switzerland (UBS Asset Management) and the UK (Legal & General Investment Management) shared one a piece. The UBS global AUM figure includes the assets acquired from Credit Suisse, the rival Swiss bank & asset manager that UBS bought in 2013.

US firms dominate the top 10, with just one non-US firm appearing. This is the France-based asset manager, Amundi, which ranks at number eight.

Just outside the top 10 we see Switzerland’s UBS AM appear at number 11.

Several US firms follow UBS AM until the appearance of Legal & General Investment Management, based in the UK, in 16th position.

France’s Natixis Asset Management rounds off the four appearances by European firms, at number 18. The figures for Natixis AM include its subsidiary Ostrum Asset Management.

BlackRock, having become the first asset manager to have crossed the $10 trillion threshold in 2021 (as measured by the The Thinking Ahead Institute Pensions & Investments 500) clearly retains the lead, with Vanguard in second place and AUM of more than €9 trillion. A significant gap follows until we see Fidelity Investments in third place with €4.434 trillion.

Nuveen is the final firm in the top 20, though comfortably over the €1 trillion mark, with €1.111 trillion.

Were we to venture just outside of the Trillionaires, we would find two more US firms (Blackstone and Wellington Management International) and also two more European firms, namely DWS from Germany and Schroders from the UK.

Schroders has the least assets of these firms, at €913 billion.