20 Biggest Publicly Traded Asset Managers

Page 3 of 20

18. Blackstone Inc. (NYSE:BX)

AUM: $1.2 trillion

Number of Hedge Fund Holders: 80

Blackstone Inc. (NYSE:BX) ranks among the biggest publicly traded asset managers. On January 30, Goldman Sachs reduced its price target for Blackstone Inc. (NYSE:BX) to $158 from $166 while keeping a Neutral rating on the asset manager. The revision came as Goldman Sachs forecasted a 12% compound annual growth rate in Blackstone’s core management fees between 2025-2028, with a 16% fee-related earnings (FRE) CAGR during the same timeframe.

According to the firm, Blackstone Inc. (NYSE:BX) is trading at about 20 times the 2027 P/E ratio net of equity-based compensation, which it defines as “a more digestible overall valuation amid a cyclical boost to PRE estimates in 2027.”

Citizens also maintained its Market Outperform rating for Blackstone Inc. (NYSE:BX) after the company’s fourth-quarter 2025 earnings report. Analyst Brian McKenna dubbed Blackstone’s positioning going into 2026 as “compelling” and kept a bullish outlook on the stock after the company delivered “strong 4Q25 earnings” that included a “meaningful headline earnings beat.”

Blackstone Inc. (NYSE:BX) provides investment and fund management services. The company’s operations are divided into the following segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions.

Page 3 of 20