Study: Asset Managers
Largest Asset Management Firms in the US
Praxis Rock Advisors·Nov 2026·Study
Last updated November 9, 2026
Vanguard is the largest asset management firm in the US by the regulatory assets its largest adviser files with the SEC, $11.09TN, followed by Fidelity and Capital Group. We rank 2,943 SEC registered advisers with a US main office and $1BN or more of regulatory AUM, wealth managers left out and each business counted once. The ten largest file 39% of the $103.90TN they report together. The table shows the 100 largest.
SEC Form ADV, filings through Oct 1, 2026. The 100 largest file 70% of the total.
- $1TN and up15$47.12TN
- $100BN to $1TN122$29.84TN
- $10BN to $100BN664$19.92TN
- $1BN to $10BN2,142$7.02TN
SEC Form ADV, filings through Oct 1, 2026.
The 100 largest asset management firms in the US
Ranked by the regulatory AUM of each business's largest adviser, as filed on Form ADV. Each name opens that adviser's SEC record. A business that files through several advisers is one row: its other advisers are named under it with their own figures and never added, since one adviser's assets often include money it manages for its sister.
| Rank | Firm | Regulatory AUM | Private fund gross assets | Main office | Form ADV filed |
|---|---|---|---|---|---|
| 1 | VanguardFiled as Vanguard Group. Also files: Vanguard Capital Management ($8.44TN), Vanguard Portfolio Management ($2.66TN), Vanguard Global Advisers ($249.7BN) | $11.09TN | No private funds filed | Malvern, PA | Sep 2026 |
| 2 | FidelityFiled as Fidelity Management & Research Company. Also files: Strategic Advisers ($1.37TN), Fiam ($347.7BN) | $5.69TN | $12MM | Boston, MA | Jul 2026 |
| 3 | Capital GroupFiled as Capital Research and Management Company. Also files: Capital Bank and Trust Company ($251.0BN) | $4.32TN | No private funds filed | Los Angeles, CA | Sep 2026 |
| 4 | BlackRockFiled as Blackrock Fund Advisors. Also files: BlackRock Financial Management ($1.60TN), BlackRock Advisors ($1.10TN), BlackRock Investment Management ($676.7BN), BlackRock Capital Management ($172.6BN), BlackRock Private Markets ($66.9BN), BlackRock Realty Advisors ($1.1BN) | $4.28TN | No private funds filed | San Francisco, CA | May 2026 |
| 5 | Pacific Investment Management Company | $3.67TN | $278.5BN | Newport Beach, CA | Aug 2026 |
| 6 | J.P. Morgan Asset ManagementFiled as J.P. Morgan Investment Management. Also files: Jpmorgan Alternative Asset Management ($29.7BN) | $3.52TN | $165.8BN | New York, NY | Aug 2026 |
| 7 | Goldman Sachs Asset ManagementAlso files: Goldman Sachs & Co ($133.6BN) | $2.65TN | $551.3BN | New York, NY | Sep 2026 |
| 8 | T. Rowe Price AssociatesAlso files: T.rowe Price Investment Management ($204.2BN), T. Rowe Price (Canada) ($6.6BN) | $2.20TN | $2.7BN | Baltimore, MD | Jul 2026 |
| 9 | Geode Capital Management | $1.74TN | No private funds filed | Boston, MA | Mar 2026 |
| 10 | Charles Schwab Investment Management | $1.72TN | No private funds filed | San Francisco, CA | Mar 2026 |
| 11 | Wellington ManagementFiled as Wellington Management Company. Also files: Wellington Alternative Investments ($92.2BN), Wellington Funds (US) ($5.4BN) | $1.43TN | $44.4BN | Boston, MA | Jul 2026 |
| 12 | State Street Global AdvisorsFiled as Ssga Funds Management | $1.42TN | $39.6BN | Boston, MA | Aug 2026 |
| 13 | Northern Trust Investments | $1.25TN | $1.7BN | Chicago, IL | Jun 2026 |
| 14 | PGIMFiled as Pgim. Also files: PGIM Investments ($344.8BN), PGIM Quantitative Solutions ($110.9BN), PGIM Private Placement Investors ($24.4BN), PGIM DC Solutions ($6.9BN) | $1.13TN | $130.1BN | Newark, NJ | Apr 2026 |
| 15 | Dimensional Fund Advisors | $1.02TN | $5.8BN | Austin, TX | Mar 2026 |
| 16 | InvescoFiled as Invesco Capital Management. Also files: Invesco Advisers ($749.5BN), Invesco Investment Advisers ($4.4BN) | $941.0BN | No private funds filed | Downers Grove, IL | Aug 2026 |
| 17 | BNY InvestmentsFiled as Mellon Investments Corporation. Also files: BNY Mellon Investment Adviser ($419.5BN), BNY Mellon ETF Investment Adviser ($11.1BN), BNY Mellon Securities Corporation ($8.4BN) | $873.9BN | No private funds filed | Pittsburgh, PA | Sep 2026 |
| 18 | AllianceBernsteinFiled as Alliancebernstein | $763.4BN | $10.5BN | Nashville, TN | Jul 2026 |
| 19 | Millennium Management | $720.8BN | $712.7BN | New York, NY | Aug 2026 |
| 20 | ApolloFiled as Apollo Capital Management. Also files: Apollo Credit Management ($30.0BN), Apollo Manager ($3.6BN) | $718.5BN | $405.9BN | New York, NY | Oct 2026 |
| 21 | Morgan Stanley Investment ManagementAlso files: Morgan Stanley AIP GP ($40.9BN), Morgan Stanley Capital Partners ($38.8BN), Morgan Stanley Infrastructure ($16.0BN), MSREF Real Estate Advisor ($15.8BN), Morgan Stanley | Eaton Vance CLO Manager ($4.3BN), Morgan Stanley Private Equity Asia ($1.9BN) | $702.2BN | $3.5BN | New York, NY | Aug 2026 |
| 22 | Federated HermesFiled as Federated Investment Management Company. Also files: Federated Investment Counseling ($207.2BN), MDT Advisers, A Division of Federated Mdta ($25.9BN), Federated Equity Management Company of Pennsylvania ($14.3BN) | $590.1BN | No private funds filed | Pittsburgh, PA | May 2026 |
| 23 | UBS Asset Management (Americas) | $588.2BN | $37.4BN | New York, NY | Jul 2026 |
| 24 | Citadel Advisors | $570.6BN | $1.09TN | Miami, FL | Jun 2026 |
| 25 | MetLife Investment ManagementFiled as Metlife Investment Management | $563.8BN | $5.5BN | Whippany, NJ | May 2026 |
| 26 | MFS Investment ManagementAlso files: MFS Institutional Advisors ($113.6BN) | $514.1BN | No private funds filed | Boston, MA | Mar 2026 |
| 27 | Franklin TempletonFiled as Franklin Advisers. Also files: Franklin Templeton Fund Adviser ($167.4BN), Franklin Mutual Advisers ($42.6BN) | $509.5BN | $7.2BN | San Mateo, CA | Sep 2026 |
| 28 | Columbia Management Investment Advisers | $502.4BN | $5.3BN | Boston, MA | Sep 2026 |
| 29 | Allspring Global InvestmentsAlso files: Allspring Funds Management ($324.7BN) | $475.8BN | $5.8BN | Charlotte, NC | May 2026 |
| 30 | Dodge & CoxFiled as Dodge & COX | $466.6BN | $10.9BN | San Francisco, CA | Apr 2026 |
| 31 | Ares ManagementAlso files: Ares Capital Management ($97.6BN), Ivy Hill Asset Management ($13.0BN) | $458.8BN | $417.6BN | Los Angeles, CA | Aug 2026 |
| 32 | Principal Asset ManagementAlso files: Principal Real Estate ($105.6BN) | $427.7BN | $973MM | Des Moines, IA | May 2026 |
| 33 | U.S. Bancorp Asset Management | $427.5BN | $5.1BN | Minneapolis, MN | Aug 2026 |
| 34 | KKRFiled as Kohlberg Kravis Roberts & Co. Also files: KKR Credit Advisors (US) ($270.9BN), KKR Registered Advisor ($1.5BN) | $399.9BN | $518.1BN | New York, NY | Sep 2026 |
| 35 | Robert W. Baird & Co | $394.1BN | $528MM | Milwaukee, WI | Sep 2026 |
| 36 | Barings | $392.8BN | $30.2BN | Charlotte, NC | Aug 2026 |
| 37 | Loomis, Sayles & Company | $386.9BN | $2.7BN | Boston, MA | Jul 2026 |
| 38 | Janus Henderson Investors | $380.4BN | $13.6BN | Denver, CO | Jul 2026 |
| 39 | Arrowstreet CapitalFiled as Arrowstreet Capital, Limited Partnership | $351.3BN | $173.2BN | Boston, MA | Apr 2026 |
| 40 | NISA Investment AdvisorsFiled as Nisa Investment Advisors | $343.9BN | $697MM | St. Louis, MO | Mar 2026 |
| 41 | NYL Investors | $329.2BN | $5.6BN | New York, NY | Aug 2026 |
| 42 | Northwestern Mutual Investment Management Company | $323.1BN | $5.1BN | Milwaukee, WI | May 2026 |
| 43 | AQR Capital ManagementAlso files: AQR Arbitrage ($4.4BN) | $311.7BN | $157.1BN | Greenwich, CT | Aug 2026 |
| 44 | First Trust Advisors | $309.2BN | $53MM | Wheaton, IL | Apr 2026 |
| 45 | American Century Investment Management | $306.0BN | $151MM | Kansas City, MO | Mar 2026 |
| 46 | Nuveen (TIAA)Filed as Tiaa-Cref Investment Management. Also files: Nuveen Asset Management ($280.5BN), Nuveen Fund Advisors ($186.3BN), Nuveen Alternatives Advisors ($142.0BN), Tiaa-Cref Tuition Financing ($70.5BN) | $292.1BN | No private funds filed | New York, NY | Mar 2026 |
| 47 | CarlyleFiled as The Carlyle Group. Also files: Carlyle Global Credit Investment Management ($68.4BN), Carlyle AlpInvest ($57.7BN) | $283.8BN | $173.6BN | Washington, DC | Jul 2026 |
| 48 | Victory Capital Management | $282.7BN | $1.9BN | San Antonio, TX | Sep 2026 |
| 49 | Voya Investment ManagementFiled as Voya Investment Management Co. Also files: Voya Investments ($59.5BN), Voya Investment Management ($38.8BN), Voya Retirement Advisors ($37.5BN), Voya Alternative Asset Management ($34.0BN) | $274.9BN | No private funds filed | New York, NY | Sep 2026 |
| 50 | Point72 Asset Management | $274.1BN | $324.4BN | Stamford, CT | Aug 2026 |
| 51 | Lord, Abbett & CoAlso files: Lord Abbett Private Credit Advisor ($1.3BN) | $270.4BN | $3.1BN | Jersey City, NJ | Dec 2025 |
| 52 | L&G Asset Management, AmericaFiled as L&G - Asset Management, America | $267.2BN | $14.8BN | Chicago, IL | Jul 2026 |
| 53 | Balyasny Asset Management | $248.1BN | $277.6BN | Chicago, IL | Jun 2026 |
| 54 | Jackson National Asset Management | $246.3BN | No private funds filed | Lansing, MI | May 2026 |
| 55 | Guggenheim Partners Investment ManagementAlso files: Guggenheim Corporate Funding ($11.3BN), Guggenheim Investments ($8.0BN), Guggenheim Funds Distributors ($7.8BN), Guggenheim Investments ($4.1BN), Guggenheim Asset-Backed Finance Company ($1.4BN), Asset Consulting Group ($1.1BN) | $240.7BN | $9.0BN | New York, NY | Jul 2026 |
| 56 | Two Sigma Investments | $232.8BN | $310.9BN | New York, NY | Mar 2026 |
| 57 | Manulife Investment ManagementFiled as Manulife Investment Management (US). Also files: Manulife Investment Management Private Markets (US) ($48.3BN) | $228.0BN | No private funds filed | Boston, MA | Mar 2026 |
| 58 | Squarepoint OPS | $227.0BN | $205.8BN | New York, NY | Aug 2026 |
| 59 | Schonfeld Strategic Advisors | $225.3BN | $296.5BN | New York, NY | Sep 2026 |
| 60 | Jennison Associates | $214.8BN | $6.4BN | New York, NY | Mar 2026 |
| 61 | D. E. Shaw & Co.Also files: D. E. Shaw Investment Management ($33.4BN) | $213.4BN | $213.4BN | New York, NY | Aug 2026 |
| 62 | John Hancock Investment ManagementAlso files: John Hancock Variable Trust Advisers ($68.6BN) | $212.1BN | No private funds filed | Boston, MA | Mar 2026 |
| 63 | Garda Capital Partners | $207.1BN | $207.1BN | Wayzata, MN | Mar 2026 |
| 64 | Olive Street Investment Advisers | $203.8BN | No private funds filed | St. Louis, MO | Mar 2026 |
| 65 | DWS Investment Management Americas | $199.7BN | $832MM | New York, NY | Sep 2026 |
| 66 | HarbourVest PartnersFiled as Harbourvest Partners | $191.2BN | $201.4BN | Boston, MA | Jul 2026 |
| 67 | Western Asset Management Company | $185.0BN | $10.3BN | Pasadena, CA | Sep 2026 |
| 68 | ClearBridge InvestmentsFiled as Clearbridge Investments | $184.8BN | $69MM | New York, NY | Aug 2026 |
| 69 | Artisan PartnersFiled as Artisan Partners Limited Partnership | $183.6BN | $2.9BN | Milwaukee, WI | Aug 2026 |
| 70 | BlackstoneFiled as Blackstone Isg-I Advisors. Also files: Blackstone Private Equity ($145.7BN), Blackstone Real Estate Advisors ($130.7BN), Blackstone Credit BDC Advisors ($100.6BN), Blackstone Alternative Asset Management ($92.0BN), Blackstone Strategic Partners ($80.4BN), Blackstone Infrastructure Advisors ($80.2BN), Blackstone Property Advisors ($77.4BN), Blackstone Asset Based Finance Advisors ($70.4BN), Blackstone Real Estate Special Situations Advisors ($70.0BN), Blackstone Private Credit Strategies ($57.9BN), Blackstone Liquid Credit Advisors I ($51.6BN), Blackstone Alternative Credit Advisors ($44.1BN), Blackstone Tactical Opportunities ($40.4BN), Blackstone Credit Systematic Strategies ($35.7BN), Blackstone CLO Management ($30.7BN), Blackstone Alternative Solutions ($20.1BN), Blackstone Liquid Credit Strategies ($18.8BN), Blackstone Strategic Capital Advisors ($15.6BN), Blackstone Growth Advisors ($10.5BN), Blackstone Multi-Asset Advisors ($8.5BN), Blackstone Isg-Ii Advisors ($8.0BN), Blackstone Alternative Investment Advisors ($5.4BN), Blackstone Strategic Alliance Advisors ($3.0BN), Blackstone Real Estate Advisors Europe ($2.8BN) | $183.5BN | $1.0BN | New York, NY | Mar 2026 |
| 71 | Oaktree Capital Management | $183.3BN | $108.8BN | Los Angeles, CA | Aug 2026 |
| 72 | Thoma Bravo | $182.9BN | $182.9BN | Chicago, IL | Mar 2026 |
| 73 | GC Advisors | $177.9BN | $30.0BN | Chicago, IL | Aug 2026 |
| 74 | Acadian Asset Management | $177.5BN | $25.7BN | Boston, MA | Aug 2026 |
| 75 | Mariner Investment Group | $176.3BN | $123.5BN | New York, NY | Aug 2026 |
| 76 | HPS Investment PartnersAlso files: HPS Advisors ($28.5BN) | $175.7BN | $150.8BN | New York, NY | May 2026 |
| 77 | TPGFiled as TPG Global Advisors. Also files: TPG ($140.6BN), TPG Angelo Gordon ($115.9BN) | $173.6BN | No private funds filed | Fort Worth, TX | Mar 2026 |
| 78 | Insight Investment | $171.1BN | No private funds filed | New York, NY | Jun 2026 |
| 79 | Global Retirement Partners | $169.6BN | No private funds filed | San Rafael, CA | Sep 2026 |
| 80 | Equitable Investment Management GroupAlso files: Equitable Investment Management ($1.5BN) | $167.2BN | No private funds filed | New York, NY | Mar 2026 |
| 81 | Alphadyne Asset Management | $164.8BN | $164.8BN | New York, NY | Mar 2026 |
| 82 | GQG Partners | $163.9BN | $14.5BN | Fort Lauderdale, FL | Mar 2026 |
| 83 | Neuberger Berman Private MarketsFiled as NB Alternatives Advisers | $160.2BN | $80.4BN | Dallas, TX | Sep 2026 |
| 84 | Mackay Shields | $159.5BN | $12.2BN | New York, NY | Aug 2026 |
| 85 | Exoduspoint Capital Management | $159.4BN | $181.8BN | New York, NY | Aug 2026 |
| 86 | Payden & Rygel | $158.2BN | $684MM | Los Angeles, CA | Jul 2026 |
| 87 | HSBC Global Asset Management (USA) | $156.6BN | No private funds filed | New York, NY | Sep 2026 |
| 88 | Boston Management and Research | $154.7BN | $72.2BN | Boston, MA | Mar 2026 |
| 89 | Hartford Funds | $152.1BN | $21MM | Wayne, PA | Jun 2026 |
| 90 | SchrodersFiled as Schroder Investment Management North America. Also files: Schroders Capital Management (US) ($34.6BN) | $150.4BN | $8.6BN | New York, NY | Mar 2026 |
| 91 | Bridgewater Associates | $150.2BN | $126.9BN | Westport, CT | Aug 2026 |
| 92 | NomuraFiled as Nomura Investment Management Business Trust. Also files: Nomura Corporate Research and Asset Management ($37.6BN), Nomura Asset Management U.S.A ($1.0BN) | $144.0BN | $43MM | Philadelphia, PA | Sep 2026 |
| 93 | Global Infrastructure PartnersFiled as Global Infrastructure Management | $142.2BN | $72.6BN | New York, NY | May 2026 |
| 94 | Hamilton Lane | $141.8BN | $138.4BN | Conshohocken, PA | Jun 2026 |
| 95 | APG Asset Management US | $141.3BN | $22.2BN | New York, NY | Mar 2026 |
| 96 | LMR Partners | $140.1BN | $374.1BN | New York, NY | Aug 2026 |
| 97 | Verition Fund Management | $139.4BN | $139.4BN | Greenwich, CT | Mar 2026 |
| 98 | Primecap Management Co | $139.3BN | No private funds filed | Pasadena, CA | Jul 2026 |
| 99 | Capula Investment US | $137.4BN | No private funds filed | New York, NY | Jun 2026 |
| 100 | First Eagle Investment Management | $136.5BN | $4.2BN | New York, NY | Aug 2026 |
Asset managers by size
How the firms spread across sizes of regulatory AUM. A few dozen firms file most of the assets.
- $1TN and up15 ($47.12TN)
- $100BN to $1TN122 ($29.84TN)
- $10BN to $100BN664 ($19.92TN)
- $1BN to $10BN2,142 ($7.02TN)
Of the 2,943 firms.
Where the asset managers are
The states of the main offices, as filed.
- NY858
- CA412
- TX198
- MA188
- FL175
- CT172
- IL162
- PA88
- NJ48
- CO47
Of the 2,943 firms.
How this research is used
This rankingRaise CapitalMap the Market
Raise Capital
For managers raising a fund: we find the investors who can write your check, and get you in the room with them.
Map the Market
A market map of the managers and allocators in one strategy, with a short list.
How this study is made
- Who counts. Every SEC registered investment adviser with its main office in the US and $1BN or more of regulatory AUM (Form ADV Item 5.F) that manages less than half of it for individuals (Items 5.D (a)(3) and (b)(3)). 1,642 advisers of that size manage half or more for individuals: they are wealth managers, on our RIA and wealth management lists.
- How they are ranked. By the regulatory AUM of the business's largest adviser, as filed, with the month of the filing. Private fund gross assets are shown and do not set the rank.
- One kind per firm. A firm our lists already place as a wealth manager, family office, consultant or platform is not counted here. Left out: 91 whose kind on our lists or rankings is another kind (37 wealth managers, 30 consultants, 23 family offices and 1 platform); 4 whose latest Form ADV is more than 15 months old; 3 whose filed name says family office (they are on our family office lists).
- One business, one row. Advisers of one business (the same website or company page on Form ADV, a name their own site carries in one town, or the same group name read by hand) are one row, carried by the largest filing; 230 advisers folded this way. A global firm appears through its US registered advisers only.
- Names. Firm names as the business trades; the filing name is shown where it differs. No person, contact or street address is shown.
The rows are free to use with credit under CC BY 4.0. Download the rows as CSV.
Cite as: Praxis Rock Advisors, "Largest Asset Management Firms in the US," updated November 9, 2026, praxisrock.com/insights/largest-asset-management-firms.
| Figure | Source | Period, read |
|---|---|---|
| Firms, main offices, regulatory AUM, private fund gross assets, fund counts by type, filing dates | SEC Form ADV monthly file, registered advisers | Filings through Oct 1, 2026; read Oct 31, 2026 |
| Each row's filing | SEC Investment Adviser Public Disclosure, linked on each row | As filed |
| The kind of each firm (one kind per firm across our lists) | Our lists, rankings and the firm reads behind them, and each firm's own site where we read it | As read by Nov 9, 2026 |
Frequently Asked Questions
What is the largest asset management firm in the US?
Vanguard, by the regulatory assets its largest adviser files with the SEC: $11.09TN on Form ADV filed Sep 2026. Fidelity ($5.69TN) and Capital Group ($4.32TN) follow.
How many asset management firms are in the US?
2,943 SEC registered advisers with a US main office report $1BN or more of regulatory AUM and manage most of it for institutions and funds rather than individuals (SEC monthly adviser file, filings through October 1, 2026), counting each business once. 1,642 more of that size manage half or more for individuals; they are wealth managers and sit on our RIA and wealth management lists.
What is regulatory AUM?
Regulatory assets under management: the securities portfolios an adviser continuously supervises, reported on Form ADV Item 5.F, gross of what the accounts borrow. It is the one figure every SEC registered adviser files the same way, so it can rank firms of every kind. It can count the same money twice where one adviser manages assets for another.