Asset Managers of 2026
IPE 2026: BlackRock leads at €11.96T, Vanguard at €10.20T; China Life AM ranks #29 globally and #1 in Asia.
Main table: IPE 2026 global AUM
Compiled 2026-08-12. Ranked by Investment & Pensions Europe Top 500 Asset Managers 2026 using AUM as of 31 Dec 2025 in euros. This is disclosed assets under management, not bank group assets or custody.
| # | Manager | HQ | AUM (EUR) | Note |
|---|---|---|---|---|
| 1 | BlackRock | USA | €11.96T | Still #1; top-five order unchanged |
| 2 | Vanguard | USA | €10.20T | Index / low-fee franchise |
| 3 | Fidelity Investments | USA | €6.03T | Held #3 |
| 4 | State Street Investment Management | USA | €4.82T | ETF / passive heavy |
| 5 | J.P. Morgan Asset Management | USA | €3.57T | Closes the top five |
| 6 | Goldman Sachs Asset Management | USA | €2.86T | Alternatives fundraising rising |
| 7 | Capital Group | USA | €2.84T | Active equity specialist |
| 8 | Amundi | France | €2.38T | Europe’s scale leader cohort |
| 9 | PIMCO | USA / Germany | €1.92T | Fixed-income specialist; Allianz |
| 10 | BNY Investments | USA | €1.86T | Into the top 10 |
The top five are all US firms and unchanged in order. The €1T club grew from 25 to 27 names; the top 30 rose about 5.0% vs about 4.0% for the full Top 500.
China and Asia
| Slice | Name / scope | Figure | Note |
|---|---|---|---|
| #29 globally | China Life Asset Management | €841.8B | Only Asian name in the global top 30; Asia #1 |
| China entrants | 65 firms | 27 mutual funds / 18 wealth / 15 insurance AM / 5 brokers | 8 first-time entrants |
| China total | 65 firms, RMB AUM | ~RMB 103.8T | Comparable firms ~21.7% simple-average RMB growth |
| Mutual-fund peers | E Fund ~#57; ChinaAMC ~#72 | — | All of China’s top 10 sit inside the global top 100 |
EUR strengthened about 13% vs USD in 2025, which compresses euro-denominated league-table growth even when local-currency AUM rose with markets.
USD league table and passives
| Slice | Figure | Lens |
|---|---|---|
| TAI / P&I Top 500 (end-2024) | $139.9T total (+9.4%) | Thinking Ahead Institute 2025 study |
| Same study top three (USD) | BlackRock $11.55T / Vanguard $10.11T / Fidelity $5.52T | North America ~63% of Top 500 |
| BlackRock company disclosure | ~$14.04T at end-2025 | Company results; not the same column as IPE EUR |
| Passive share (TAI subset) | ~39% passive / ~61% active | End-2024; passive still rising |
Company USD disclosures, IPE euro conversions, and TAI year-end USD snapshots are different rulers. The main table follows IPE 2026 so China Life and peers sit on the same board.
How we ranked
Primary sort is IPE Top 500 Asset Managers 2026 (YE2025, EUR AUM). Secondary tables cover China / Asia and the TAI–P&I USD lens. Board defaults to S–D. China mutual-fund AUM has a separate queue piece.
| Source | When | Used for |
|---|---|---|
| Caijian IPE 2026 Top 500 reprint | 2026-06 | Top-20+ EUR AUM; China Life #29 |
| STCN China Asia #1 coverage | 2026-06 | 65 China firms; RMB 103.8T; FX note |
| TAI $140T news | 2025-11 | End-2024 USD top 20; passives |
| TAI / P&I 500 key findings | 2025 | $139.9T; NA 63%; top 20 at 47% |
| ALTSS largest managers 2026 | 2026 | Company-reported USD cross-check |
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