Who’s got power? countries vs. asset management

| 10 May 2020
Archive, Blog & Articles, Climate disruption

 

As the Financial Times reports that the world’s four largest asset managers now control 61% of the industry’s assets, we take a look at the relative influence of countries, which are held accountable for their impact on climate, with major asset managers, whose commitments and impacts on systemic sustainability issues vary, at best. Case in point, the top four ranked D, E, E and D respectively on ShareAction’s Point of No Return responsible investment ranking of the world’s top 75 asset managers. 

This updates a similar table Preventable Surprises published in 2016. 

Country GDP (EUR bn) Investor AUM (EUR bn) Main HQ
Japan € 4,795 BlackRock € 5,251 USA
Germany € 3,594 Vanguard Asset Management € 4,257 USA
France € 2,518 Fidelity Investments € 2,097 USA
France € 2,518 State Street Global Advisors € 2,197 USA
South Korea € 1,516 BNY Mellon Investment Management € 1,498 USA
South Korea € 1,516 J.P. Morgan Asset Management € 1,486 USA
South Korea € 1,516 Capital Group € 1,467 USA
South Korea € 1,516 PIMCO € 1,452 USA
South Korea € 1,516 Amundi € 1,425 France
Australia € 1,280 PGIM € 1,205 USA
Mexico € 1,185 Goldman Sachs Asset Management International € 1,165 USA
Mexico € 1,185 Legal & General Investment Management € 1,131 USA
Netherlands € 839 Wellington Management € 878 USA
Netherlands € 839 T. Rowe Price € 842 USA
Netherlands € 839 Nuveen € 813 USA
Netherlands € 839 Natixis Global Asset Management € 808 USA
Netherlands € 839 Invesco € 777 USA
Netherlands € 839 Northern Trust Asset Management € 774 USA
Switzerland € 665 AXA Investment Managers € 730 France
Switzerland € 665 Sumitomo Mitsui Trust Asset Management (SuMi TRUST) € 696 Japan
Switzerland € 665 Insight Investment € 692 UK
Switzerland € 665 UBS Global Asset Management € 682 Switzerland
Switzerland € 665 DWS € 662 Germany
Switzerland € 665 PGIM Fixed Income € 649 USA
Switzerland € 665 Affiliated Managers Group € 643 USA
Switzerland € 665 Legg Mason € 639 USA
Sweden € 492 Franklin Templeton Investments € 567 USA
Sweden € 492 Aberdeen Standard Investments € 563 UK
Sweden € 492 BNP Paribas Asset Management € 537 France
Sweden € 492 MetLife Investment Management € 514 USA
Sweden € 492 Allianz Global Investors € 505 Germany
Sweden € 492 Mitsubishi UFJ Trust & Banking Corporation € 504 Japan
Sweden € 492 Schroders € 493 UK
Belgium € 482 New York Life Investments € 477 US
Belgium € 482 APG € 463 Netherlands
Belgium € 482 Dimensional Fund Advisors € 453 US
Belgium € 482 AllianceBernstein € 452 US
Belgium € 482 Generali Investments € 450 Italy
Austria € 417 Mellon Capital € 420 USA
Austria € 417 Blackstone € 420 USA
Austria € 417 Wells Fargo Asset Management € 416 USA
Austria € 417 Asset Management One International € 415 Japan
Austria € 417 Morgan Stanley Investment Management € 405 US
Norway € 389 Federated Investors € 401 USA
Norway € 389 Nomura Asset Management € 400 Japan
Norway € 389 HSBC Global Asset Management € 398 UK
Norway € 389 Columbia Threadneedle Investments € 376 USA
Norway € 389 Western Asset Management Company € 375 USA
Ireland € 358 MFS Investment Management € 373 USA
Ireland € 358 M&G Investments € 373 UK

We are aware that an assets-to-GDP ratio compares stocks with flows. We use this indicator nonetheless in line with several international institutions (e.g. the OECD and the IMF) to provide a sense of the order of magnitude of the assets that institutional investors manage, and also because the value of financial assets is linked to discounted future cash flows. If readers think there is a better way to compare the size of economies with that of investors, please email us at [email protected]

Data sources:

Investment management data from the IPE Top 400 list 2019. GDP data from the IMF GDP (current prices) indicator for 2019. FX rate as of March 20, 2020.

Researcher:

Martin Kulczyk