The 2025 Thinking Ahead Institute report reveals the industry’s rapid growth to a record US$139.9 trillion AUM, driven mainly by North American firms, regional disparities, a shift toward passive investing, private markets expansion, and early AI integration amid evolving global dynamics.
The 2025 report from the Thinking Ahead Institute presents a comprehensive overview of the asset management industry’s evolving landscape, revealing robust growth and significant structural shifts. According to the research, the total assets under management (AUM) for the world’s 500 largest asset managers reached a record US$139.9 trillion by the end of 2024, representing a 9.4% increase from the previous year.
North American asset managers were the primary catalysts for this expansion, driving a remarkable 13% year-on-year increase and collectively managing US$88.2 trillion – accounting for 63% of total AUM among the top firms. This highlights North America’s continued dominance in the global asset management sector. However, the report also underscores notable regional disparities. For instance, Japan’s asset managers faced a 9.5% decline in AUM during 2024, reflecting some geographical challenges within the industry. Additionally, the United Kingdom, previously the world’s second-largest asset management market in 2019, is now predicted to fall to fourth place over the next five years, trailing behind France and Canada.
An emerging highlight from the report is the Middle East’s growing significance as a strategic hub for asset managers. Regulatory reforms in the United Arab Emirates, such as updates to digital asset regulations and the Qualifying Investment Funds regime, have attracted global firms to financial centres including the Dubai International Financial Centre and Abu Dhabi. The region’s appeal is further boosted by thematic growth opportunities in Shariah-compliant investments, environmental, social, and governance (ESG) criteria, and digital assets, all aligning with broader national transformation agendas.
The report identifies a marked industry-wide shift from active to passive investment strategies. Passive investments now constitute 39% of the total AUM, a 6.1% increase from the previous year, while actively managed assets have declined to 61%, down 3.6% since last year. This shift reflects investors’ growing preference for lower-cost, index-tracking products. Complementing this trend is the rise of private-market specialisation, which has outpaced AUM growth in traditional asset management. Illustrative of this growth is Brookfield’s AUM, which soared from US$240 billion in 2017 to an impressive US$1.061 trillion in 2024. This sustained 20% annualised increase over eight years is largely attributed to investor appetite for private credit, infrastructure, and real estate strategies.
Consolidation among the industry’s top players continues apace, with the 20 largest asset managers now controlling nearly half (47%) of all assets under management, up from 45.5% in 2023. U.S.-based firms dominate this segment, representing 83.9% of assets managed by the top 20 firms. Industry giants BlackRock, Vanguard, and Fidelity Investments have maintained their positions as the top three managers globally, with BlackRock holding the premier rank since 2009.
The report also emphasises the increasing influence of artificial intelligence (AI) within the asset management industry. Nearly half (47%) of asset management firms are investing in AI technologies aimed at strategic, operational, and consumer improvements. Despite this enthusiasm, AI implementation remains nascent, with 78% of firms allocating less than 10% of their technology budgets to AI initiatives. Nonetheless, a majority (61%) of organisations forecast growth in AI spending over the next five years, pointing to a sustained trend of deeper integration of AI into core business processes. Alongside this optimism, 64% of firms expressed concerns regarding AI-related cyber security risks, underscoring the need for vigilance as technology and asset management become more intertwined.
Jessica Gao, Director at the Thinking Ahead Institute, reflected on the report’s findings, stating, “This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.” She further highlighted the dual nature of the moment: “The scale of growth, particularly in North America, and the increasing concentration among the top 20 managers, signals both opportunity and responsibility. As stewards of nearly $140 trillion in assets, the industry must now balance performance with purpose, agility with accountability. This is a pivotal moment to redefine what long-term value means, not just for investors, but for society at large.”
Together, these insights from the Thinking Ahead Institute’s 2025 report underscore a pivotal phase in asset management, a sector characterised by impressive growth, evolving regional dynamics, strategic shifts in investment approaches, and the early yet critical deployment of AI technologies, all set against the backdrop of increasingly complex global financial landscapes.
- https://www.financialstandard.com.au/news/largest-managers-assets-climb-9-4-research-179810559 – Please view link – unable to able to access data
- https://www.thinkingaheadinstitute.org/news/article/worlds-largest-asset-managers-aum-surges-to-record-140-trillion-driven-by-north-america-and-passives/ – The Thinking Ahead Institute’s 2025 report reveals that the world’s 500 largest asset managers’ total assets under management (AUM) reached US$139.9 trillion by the end of 2024, marking a 9.4% increase from the previous year. North American managers led this growth with a 13% year-on-year increase, accounting for US$88.2 trillion, or 63% of the total AUM among the top 500 firms. In contrast, Japan’s asset managers experienced a 9.5% decline in AUM for 2024. The report also highlights a significant shift towards passive investment strategies, now comprising 39% of total AUM, a 6.1% increase from the previous year. Additionally, the top 20 asset managers have further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. The study underscores the growing prominence of artificial intelligence (AI) in the industry, with 47% of firms investing in AI for strategic, operational, and consumer improvement purposes, although implementation remains in its infancy, with 78% of firms allocating less than 10% of their tech budgets to AI initiatives. The report also notes that 61% of organisations expect AI spending to grow over the next five years, indicating a sustained trend for its integration in fundamental business approaches. Similarly, 64% of firms are concerned about AI-related cyber risks. Jessica Gao, Director at The Thinking Ahead Institute, commented on the study, stating, ‘This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.’
- https://www.wtwco.com/en-gb/news/2025/11/worlds-largest-asset-managers-aum-surges-to-record-dollars-140-trillion-driven-by-north-america – According to a press release by WTW, the Thinking Ahead Institute’s 2025 report indicates that the world’s 500 largest asset managers’ total assets under management (AUM) reached US$139.9 trillion by the end of 2024, marking a 9.4% increase from the previous year. North American managers led this growth with a 13% year-on-year increase, accounting for US$88.2 trillion, or 63% of the total AUM among the top 500 firms. In contrast, Japan’s asset managers experienced a 9.5% decline in AUM for 2024. The report also highlights a significant shift towards passive investment strategies, now comprising 39% of total AUM, a 6.1% increase from the previous year. Additionally, the top 20 asset managers have further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. The study underscores the growing prominence of artificial intelligence (AI) in the industry, with 47% of firms investing in AI for strategic, operational, and consumer improvement purposes, although implementation remains in its infancy, with 78% of firms allocating less than 10% of their tech budgets to AI initiatives. The report also notes that 61% of organisations expect AI spending to grow over the next five years, indicating a sustained trend for its integration in fundamental business approaches. Similarly, 64% of firms are concerned about AI-related cyber risks. Jessica Gao, Director at The Thinking Ahead Institute, commented on the study, stating, ‘This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.’
- https://www.globenewswire.com/news-release/2025/11/10/3185106/0/en/index.html – A press release by GlobeNewswire highlights the Thinking Ahead Institute’s 2025 report, which reveals that the world’s 500 largest asset managers’ total assets under management (AUM) reached US$139.9 trillion by the end of 2024, marking a 9.4% increase from the previous year. North American managers led this growth with a 13% year-on-year increase, accounting for US$88.2 trillion, or 63% of the total AUM among the top 500 firms. In contrast, Japan’s asset managers experienced a 9.5% decline in AUM for 2024. The report also highlights a significant shift towards passive investment strategies, now comprising 39% of total AUM, a 6.1% increase from the previous year. Additionally, the top 20 asset managers have further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. The study underscores the growing prominence of artificial intelligence (AI) in the industry, with 47% of firms investing in AI for strategic, operational, and consumer improvement purposes, although implementation remains in its infancy, with 78% of firms allocating less than 10% of their tech budgets to AI initiatives. The report also notes that 61% of organisations expect AI spending to grow over the next five years, indicating a sustained trend for its integration in fundamental business approaches. Similarly, 64% of firms are concerned about AI-related cyber risks. Jessica Gao, Director at The Thinking Ahead Institute, commented on the study, stating, ‘This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.’
- https://finance.yahoo.com/news/world-largest-asset-managers-aum-215900295.html – A Yahoo Finance article discusses the Thinking Ahead Institute’s 2025 report, which reveals that the world’s 500 largest asset managers’ total assets under management (AUM) reached US$139.9 trillion by the end of 2024, marking a 9.4% increase from the previous year. North American managers led this growth with a 13% year-on-year increase, accounting for US$88.2 trillion, or 63% of the total AUM among the top 500 firms. In contrast, Japan’s asset managers experienced a 9.5% decline in AUM for 2024. The report also highlights a significant shift towards passive investment strategies, now comprising 39% of total AUM, a 6.1% increase from the previous year. Additionally, the top 20 asset managers have further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. The study underscores the growing prominence of artificial intelligence (AI) in the industry, with 47% of firms investing in AI for strategic, operational, and consumer improvement purposes, although implementation remains in its infancy, with 78% of firms allocating less than 10% of their tech budgets to AI initiatives. The report also notes that 61% of organisations expect AI spending to grow over the next five years, indicating a sustained trend for its integration in fundamental business approaches. Similarly, 64% of firms are concerned about AI-related cyber risks. Jessica Gao, Director at The Thinking Ahead Institute, commented on the study, stating, ‘This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.’
- https://www.wtwco.com/en-hk/news/2025/11/worlds-largest-asset-managers-aum-surges-to-record-dollars-140-trillion-driven-by-north-america – A press release by WTW highlights the Thinking Ahead Institute’s 2025 report, which reveals that the world’s 500 largest asset managers’ total assets under management (AUM) reached US$139.9 trillion by the end of 2024, marking a 9.4% increase from the previous year. North American managers led this growth with a 13% year-on-year increase, accounting for US$88.2 trillion, or 63% of the total AUM among the top 500 firms. In contrast, Japan’s asset managers experienced a 9.5% decline in AUM for 2024. The report also highlights a significant shift towards passive investment strategies, now comprising 39% of total AUM, a 6.1% increase from the previous year. Additionally, the top 20 asset managers have further consolidated their influence, now controlling 47% of total AUM, up from 45.5% in 2023. The study underscores the growing prominence of artificial intelligence (AI) in the industry, with 47% of firms investing in AI for strategic, operational, and consumer improvement purposes, although implementation remains in its infancy, with 78% of firms allocating less than 10% of their tech budgets to AI initiatives. The report also notes that 61% of organisations expect AI spending to grow over the next five years, indicating a sustained trend for its integration in fundamental business approaches. Similarly, 64% of firms are concerned about AI-related cyber risks. Jessica Gao, Director at The Thinking Ahead Institute, commented on the study, stating, ‘This study paints a vivid picture of an industry in transition. We’re seeing a convergence of forces, from the rise of passive strategies and private markets to the growing influence of AI. These trends are reshaping the very foundations of asset management.’
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on the Thinking Ahead Institute’s 2025 report, published on 7 November 2025. ([thinkingaheadinstitute.org](https://www.thinkingaheadinstitute.org/news/article/worlds-largest-asset-managers-aum-surges-to-record-140-trillion-driven-by-north-america-and-passives/?utm_source=openai)) The Financial Standard article was published on 11 November 2025, four days later, indicating timely reporting. ([financialstandard.com.au](https://www.financialstandard.com.au/news/largest-managers-assets-climb-9-4-research-179810559?utm_source=openai))
Quotes check
Score:
10
Notes:
The direct quotes from Jessica Gao in the Financial Standard article match those in the Thinking Ahead Institute’s press release, suggesting they are directly sourced from the report. ([thinkingaheadinstitute.org](https://www.thinkingaheadinstitute.org/news/article/worlds-largest-asset-managers-aum-surges-to-record-140-trillion-driven-by-north-america-and-passives/?utm_source=openai))
Source reliability
Score:
10
Notes:
The narrative originates from the reputable Thinking Ahead Institute, a not-for-profit research and innovation network delivering bold insights to help investors navigate the future. ([thinkingaheadinstitute.org](https://www.thinkingaheadinstitute.org/?utm_source=openai)) The Financial Standard is a well-established Australian financial news outlet, further enhancing the reliability of the information.
Plausability check
Score:
10
Notes:
The claims in the narrative align with the findings of the Thinking Ahead Institute’s 2025 report, which indicates a 9.4% increase in total assets under management (AUM) for the world’s 500 largest asset managers, reaching US$139.9 trillion by the end of 2024. ([thinkingaheadinstitute.org](https://www.thinkingaheadinstitute.org/news/article/worlds-largest-asset-managers-aum-surges-to-record-140-trillion-driven-by-north-america-and-passives/?utm_source=openai)) The report also highlights North America’s significant contribution to this growth, with a 13% year-on-year increase, and notes regional disparities such as Japan’s 9.5% decline in AUM during 2024. ([thinkingaheadinstitute.org](https://www.thinkingaheadinstitute.org/news/article/worlds-largest-asset-managers-aum-surges-to-record-140-trillion-driven-by-north-america-and-passives/?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is based on the Thinking Ahead Institute’s 2025 report, published on 7 November 2025, and is accurately reported by the Financial Standard on 11 November 2025. The direct quotes from Jessica Gao in the Financial Standard article match those in the press release, indicating they are directly sourced from the report. The Thinking Ahead Institute is a reputable organisation, and the claims in the narrative align with the findings of their 2025 report, which indicates a 9.4% increase in total assets under management (AUM) for the world’s 500 largest asset managers, reaching US$139.9 trillion by the end of 2024. The report also highlights North America’s significant contribution to this growth, with a 13% year-on-year increase, and notes regional disparities such as Japan’s 9.5% decline in AUM during 2024. Therefore, the narrative passes all checks with high confidence.