20 Biggest Publicly Traded Asset Managers

In this article, we will take a look at the 20 Biggest Publicly Traded Asset Managers.

The market trajectory heading into 2026 shows that global M&As are beginning a new era. A late-2025 increase in megadeals and AI thematics seems to have pulled through into the new year, highlighting that the market is shifting instead of just rebounding from a slow cycle.

At the same time, the asset management industry saw a much-anticipated comeback in 2024 and 2025, though it came with a lot more turbulence than expected. After a rocky start, markets finally found solid footholds, with PwC’s November 2024 Asset & Wealth Management Report stating that global assets under management (AUM) are predicted to reach $171 trillion by 2028, implying a CAGR of 5.9%.

Notably, the organic growth rate for the average asset manager is a little less than 2% per year. According to Moody’s Global Asset Management Outlook 2026 Report, industry organic growth would jump in 2026 owing to expanding preferences for areas like active ETFs and tailored SMAs, in addition to increased investor exposure to private-market assets.

Photo by Annie Spratt on Unsplash

Our Methodology

For this list of the 20 biggest publicly traded asset managers, we used the rankings of The SWFI and ranked institutions by the total managed AUM. We have also added the hedge fund sentiment for each stock, as of Q3 2025, which was sourced from Insider Monkey’s database.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).

20. Principal Financial Group, Inc. (NASDAQ:PFG)

AUM: $784.3 billion

Number of Hedge Fund Holders: 34

Principal Financial Group (NASDAQ:PFG) ranks among the biggest publicly traded asset managers. JPMorgan dropped Principal Financial Group (NASDAQ:PFG) from Overweight to Neutral on January 5, with a $103 price target. The firm clarified that the adjustment represents “better perceived value in other life insurance stocks” instead of an actual change in Principal Financial Group’s outlook.

Principal Financial Group, Inc. (NASDAQ:PFG), according to JPMorgan, boasts “a superior business mix, with lower tail risk, a higher ROE, and better free cash flow than most life insurance peers” when compared to rivals in the market.

The firm notes that Principal Financial Group’s valuation “seems attractive” though “is no longer overly enticing on a relative basis following its outperformance in 2025.” It also contends that stronger asset management flows could work as a “near-term catalyst” for the stock’s performance.

Principal Financial Group, Inc. (NASDAQ:PFG) provides financial products and services to businesses, individuals, and institutional clients. The company offers retirement solutions, life and health insurance, wellness programs, and investment and banking products.