Higher, further, faster
The Funds Europe Top 50 took a step forward this edition with the addition of BlackRock, yet advances in AUM were seen across the board.
| 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 | ||||||
| 25 | 25 | M&G | UK | 249.6 | ||||||
| 26 | 26 | Pictet AM | Switzerland | 242.4 | ||||||
| 27 | 27 | Anima Holding | Italy | 212.0 | ||||||
| 28 | 28 | Royal London AM | UK | 198.7 | ||||||
| 29 | 29 | Aegon AM | Netherlands | 183.6 | ||||||
| 30 | 30 | Van Lanschot Kempen IM | Netherlands | 180.0 | ||||||
| 31 | 31 | Vontobel | Switzerland | 177.6 | ||||||
| 32 | 32 | Mercer Investments | USA | 170.1 | ||||||
| 33 | 33 | Northern Trust AM | USA | 160.4 | ||||||
| 34 | 34 | Santander AM | Spain | 150.4 | ||||||
| 35 | 35 | Franklin Templeton | USA | 136.1 | ||||||
| 36 | 36 | Storebrand AM | Norway | 135.8 | ||||||
| 37 | 37 | a.s.r. vermogensbeheer | Netherlands | 134.3 | ||||||
| 38 | 38 | Edmond de Rothschild AM | Switzerland | 112.0 | https://funds-europe.com/edmond-de-rothschild-asset-management/ | |||||
| 39 | 39 | Groupama AM | France | 107.6 | ||||||
| 40 | 40 | DNB AM | Norway | 106.5 | ||||||
| 41 | 41 | Erste AM | Austria | 103.9 | ||||||
| 42 | 42 | Baillie Gifford | UK | 98.3 | ||||||
| 43 | 43 | BBVA AM | Spain | 98.3 | ||||||
| 44 | 44 | Partners Group | Switzerland | 91.1 | ||||||
| 45 | 45 | Janus Henderson | UK | 89.9 | ||||||
| 46 | 46 | Assenagon AM S.A. | Luxembourg | 83.2 | ||||||
| 47 | 47 | Universal Investment | Germany | 77.0 | ||||||
| 48 | 48 | Mediolanum International Funds Limited | Ireland | 76.9 | https://funds-europe.com/mediolanum-international-funds-limited/ | |||||
| 49 | 49 | Nykredit AM | Denmark | 75.9 | ||||||
| 50 | 50 | Neuberger Berman | USA | 74.3 | ||||||
| 51 | 52 | RBC BlueBay AM | France | 66.4 | blue-even | https://funds-europe.com/rbc-bluebay-asset-management/ | ||||
| 52 | 53 | LBP AM Group | USA | 62.0 | blue-odd | |||||
| 53 | 54 | Dimensional Fund Advisors | UK | 59.6 | blue-even | |||||
| 54 | 55 | Barings | Switzerland | 53.3 | blue-odd | |||||
| 55 | 56 | Bank J. Safra Sarasin Ltd. | USA | 52.9 | blue-even | |||||
| 56 | 57 | AllianceBernstein | USA | 52.4 | blue-odd | |||||
| 57 | 58 | Fisher Investments | Belgium | 51.7 | blue-even | |||||
| 58 | 59 | DPAM | Luxembourg | 50.0 | blue-odd | |||||
| 59 | 60 | ING Solutions IM | Germany | 49.1 | blue-even | |||||
| 60 | 61 | Patrizia | USA | 49.0 | blue-odd | |||||
| 61 | 62 | Lazard AM | USA | 45.6 | blue-even | |||||
| 62 | 63 | Federated Hermes | USA | 45.4 | blue-odd | |||||
| 63 | 64 | WisdomTree | Australia | 42.9 | blue-even | |||||
| 64 | 65 | First Sentier Investors | France | 40.9 | blue-odd | |||||
| 65 | 51 | Carmignac Gestion | Canada | 69.0 | blue-odd | |||||
| 66 | 66 | Artemis IM | UK | 39.9 | blue-even | |||||
| 67 | 67 | MFS IM | USA | 38.6 | blue-odd | |||||
| 68 | 68 | Mirova (Natixis) | France | 34.0 | blue-even | |||||
| 69 | 69 | SCOR Investment Partners | France | 27.4 | blue-odd | |||||
| 70 | 70 | Payden & Rygel | USA | 27.4 | blue-even | |||||
| 71 | 71 | VanEck | USA | 27.3 | blue-odd | |||||
| 72 | 72 | Bantleon | Switzerland | 26.1 | blue-even | |||||
| 73 | 73 | Union Bancaire Privee | Switzerland | 22.6 | blue-odd | |||||
| 74 | 74 | ABN AMRO Investment Solutions | France | 21.6 | blue-even | |||||
| 75 | 75 | Allspring Global Investments | USA | 19.5 | blue-odd | |||||
| 76 | 76 | Boston Partners Global Investors, inc. | USA | 16.7 | blue-even | |||||
| 77 | 77 | Liontrust AM | UK | 15.7 | blue-odd | |||||
| 78 | 78 | GQG Partners LLC | USA | 10.8 | green-odd | |||||
| 79 | 79 | Fiera Capital Corporation | Canada | 9.4 | green-even | |||||
| 80 | 80 | iM Global Partner | France | 3.3 | green-odd | |||||
| 81 | 81 | Tokio Marine | Japan | 0.6 | green-even | |||||
| 82 | 82 | Thornburg IM | USA | 0.4 | green-odd | https://funds-europe.com/thornburg-investment-management/ | ||||
| 83 | 83 | Asset Management One Intl. | UK | 0.3 | green-even | |||||
| 84 | 84 | MUFG AM | Japan | 0.3 | green-odd | |||||
| 85 | 85 | Sumitomo Mitsui Trust AM | Japan | 0.2 | green-even |
* Includes other firms also listed in the Top 50+
With BlackRock being listed as a constituent in the Top 50 for the first time – determined by its decision to provide data – it was no surprise to see it ranked in first place, with European AUM of €2.75 trillion, some €900 billion higher than second placed Amundi (€1.86 trillion). BlackRock alone accounts for 15% of the European Top 50 European AUM.
Unfortunately, due to the BNP/Axa merger, BNP were unable to take part this year. In last year’s Top 50 BNP were 8th and Axa 6th, with European AUM of €591 billion and €616 billion, respectively. This would have given a combined European AUM of €1,207 billion last year and this AUM would have put them 3rd in our Top 50 list this year, behind Amundi and just ahead of UBS.
It is worth noting that UBS include Credit Suisse figures in their European AUM this year (they couldn’t in the last research cycle), this helps to move them up from 11th place into 3rd. BlackRock aside, unlike the Top 200, the upper ranks of the Top 50 are dominated by European firms. The only other non-European firm in the Top 50 is BNY, and their European AUM is largely made up of UK-based Insight Investment’s €513.5 billion in European AUM.
For most firms in the Top 10 of the Top 50, the majority of their AUM is European AUM. The exceptions to this are US-based BlackRock (77% non-European) and BNY (70% non-European) and French firm, Natixis (52% non-European).
Summary points
The total European AUM of firms in the Top 50 is €18,057 billion, €4.7 billion higher than last year (35%). This is largely due to firms such as BlackRock and J.P. Morgan taking part for the first time this year, and UBS’ inclusion of Credit Suisse European AUM in their figures this year.
Average European AUM has increased €88 billion, from €273 billion in the previous annual research, to €361 billion this year.
There is a clear size difference between firms in the Top 50 (average European AUM €361 billion), and the Challengers (€40 billion) and Emerging (€2 billion) lists.
Looking at the Top 50 split by quintiles, the top 10 account for over half of all of the European AUM in the Top 50 and have an average European AUM of €1,035 billion, which is considerably higher than the overall Top 50 average of €361 billion.
Top 50 weight
The Top 50 has a much higher proportion of European firms in it (82%) and European AUM (European-based firms represent 76% of all European AUM in the top 50) than the Challenger (50% and 50%, respectively) or Emerging (29% and 25%) lists, that are included in the broader Top 50+.
The inclusion of a number of large American firms with high European AUM – that is to say, BlackRock, J.P. Morgan AM, Northern Trust AM, Mercer Investments – this year has led to the proportion of total Top 50 European AUM sitting with European based firms falling from 95% to 76% year-on-year. It also means the average AUM of US based firms has gone from €59 billion last year to €515 billion in this year’s edition.
European AUM for Europeans
In the Top 50, European firms have 73% of their overall global AUM as European AUM, much higher than the rest of the world, for whom 19% of their global AUM is European AUM.
Within these European firms, EU-based firms are more likely to be focused on Europe, with 77% of their global AUM being in Europe, while for European non-EU based firms this figure is lower, 70%, indicating their focus is still on Europe, but more global looking than for EU firms.
The big year-on year change in proportion of Top 50 global AUM based in Europe (55% of Top 50 AUM last year, and only 43% this year), is largely because BlackRock and other large US-based firms took part this year and not last. For context, BlackRock’s AUM is 23% in Europe and 77% non-European.
BlackRock represents 29% of Top 50 global AUM and 15% of Top 50 European AUM. These figures significantly skew the averages. If we remove BlackRock, then European AUM is 52% of total AUM, which is much closer to the previous year’s figure of 55%.
The combined BNP & Axa entity not being able to submit a single figure this year also skews things, as both had a high proportion of AUM in Europe last edition (100% for BNP), together they represented circa €1.2 trillion of European AUM. Their not being in depresses this year’s percentage of AUM that is European.
This points to a change that is largely driven by which firms are taking part, not a real shift that’s happened with AUM.
Challengers
This edition of the research has seen additional data made available, which has facilitated adding another two further sub-groups beyond the Top 50 ranked managers.
The first of these additional cohorts have been defined as ‘Challengers’ as a number of them are close to having the AUM sufficient to challenge for a spot in the Top 50.
Among these firms, those that are EU-based have nearly all their AUM in Europe. In general, this suggests that they are a bit more specialist than the EU-based firms in the Top 50.
The rest of the world firms are larger firms that focus more globally, thus, the Challengers group is made up of two distinct types of firm: European firms that are smaller and tend to be European focused, and firms from outside of Europe, which are much larger firms and focus more on opportunities outside of Europe.
Emerging
Following on from the Challengers is the second sub-group titled ‘Emerging’.
Here, the AUM figures reported may at first glance look relatively low. However, a key characteristic of firms in this cohort is that they can be large, just not focused on Europe.
On average, just 1% of their global AUM is based in Europe, with 4 of the 7 having global AUMs of over €100bn. As a group, they have an average global AUM of €321 billion, which is considerably higher than the average global AUM of the Challenger firms’ €216 billion.
The Emerging group also sticks out because of the prevalence of Japanese managers. On a European AUM basis, they have a toehold through strategies providing exposure to Japanese assets, but they have the size to potentially scale up in the Europe region.
Country basis
Reviewing the spread of AUM on a country-by-country basis, US-based firms have the highest total amount of European AUM, despite their focus being much more global (only 19% of AUM is in Europe) than Top 50 firms based in European countries. Between them, US-based firms in the Top 50 have over €4 trillion in European AUM.
The next highest for European AUM is UK-based firms, which accounts for €3.8 trillion of the Top 50 AUM and French- based firms with €2.6 trillion. Although Switzerland comes in slightly behind France with €2.4 trillion, in reality, and if BNP were able to take part, France and the UK seem likely to be on a par for European AUM, although the UK would still lead France in terms of overall, or global AUM.
The UK and France are the two large European countries with the lowest percentage of European AUM as a proportion of global (66-68%), compared to other big European players such as Switzerland, Germany, Italy and the Netherlands, all of which have between 75% and 85% of AUM based in Europe.
Most prevalent
Reviewing from where managers in the Top 50 come, the UK has the most entrants in the Top 50 (10), followed by the USA (8) and then Switzerland (7).
Despite the high European AUM of firms based in France, only 4 actually make the Top 50 US-based firms account for 23% of the European AUM in the Top 50, followed by the UK (21%) and then France and Switzerland (14% and 13%, respectively), although, as mentioned, if BNP were able to take part, France and the UK would be largely on a par, with Switzerland a distant fourth.