Signal Top 20 asset managers reach 47% of global assets under management

Summary

The twenty largest asset managers controlled 47% of global assets under management in 2024. That was up from 45.5% in 2023, according to research from the Thinking Ahead Institute. EY reads the figure as evidence that the biggest firms keep gaining scale even as the industry's costs rise quickly and operating margins stay thin. The pressure is pushing firms toward portfolio rebalancing, exits from non-core businesses and mega-partnerships spanning private equity, insurance and wealth management. EY links these shifts to a possible broadening of where capital is allocated.