February 5, 2025

2024 US Global Asset Management Study

2024 US Global Asset Management Study

2024 US Global Asset Management Study

The 10th annual Global Asset Management Study reveals how client needs, competitive dynamics, and investment behaviors are evolving. Based on insights from 881 US industry participants, this independent research highlights key trends shaping the future— from brand leadership to shifts in asset allocation and the growing influence of alternatives and AI.

Key Insights from the 2024 Study

  • Manager performance: BlackRock ranks #1 among institutional investors and ties with American Funds for the top spot in retail based on unprompted brand recognition
  • Asset allocation: Investors show a strong preference for US equity, infrastructure, and private debt, indicating continued confidence in these asset classes
  • Thought leadership: Artificial intelligence remains the primary area of interest across audiences, while institutional and wholesale fund buyers are increasingly focused on cryptocurrency
  • Value-added support: High-value marketing and support services from asset managers focus on thought leadership, portfolio outlooks, and market-related commentaries
  • Investment factors: Investors prioritize alignment to risk appetite, investment process consistency, and quality of account managers when selecting managers
  • Trusted sources: Publications like Bloomberg and The Wall Street Journal are relied on most for objective views on investment matters

Exhibit 1: Top 10 asset managers brand ranking (US, 2024)

BlackRock is the leading institutional brand, followed by PIMCO and T. Rowe Price. American Funds ties with BlackRock for leading brand among retail investors

*Brand ranking is determined based on top-of-mind nominations for the asset manages across overall brand awareness, asset class offerings, and capabilities, averaged over 2023 and 2024. Overall retail rank is calculated by giving equal weighting to rank in wholesale fund buyer and financial advisor. Arrows indicate the manager’s change in ranking (2023 vs. 2024). “=” indicates no change in its rank

T. Rowe Price rose to 3rd place among institutional brands, driven by increased recognition in domestic equity and target date funds, alongside stronger perceptions of value. Schroders entered the top 10 for the first time, benefiting from greater recognition in international equity and emerging market fixed income.

In retail, American Funds claimed the top spot, ranking highly in domestic and emerging market equities, with a reputation for consistency across retail audiences. Blackstone moved up to 9th place, gaining recognition for real estate, private equity, private debt, and infrastructure capabilities.

Exhibit 2: US Equity remains the preferred asset class across investors

Reported asset mix, asset allocation intentions and top 3 managers (US, 2024)

*Top 3 managers is based on number of unprompted nominations for each asset class. The length of the bar represent the number of nominations for each manager by asset class. Based on reported current asset allocation and expected change in next 12 months. ‘Net expected change’ denotes the proportion of respondents who quoted an expected increase less % of respondents quoting a decrease

Exhibit 3: Private markets maintain strong momentum across investor segments

Reported asset mix, asset allocation intentions and top 3 managers – Alternatives (US, 2024)

*Top 3 managers is based on number of unprompted nominations for each asset class. The length of the bar represent the number of nominations for each manager by asset class. Based on reported current asset allocation and expected change in next 12 months. ‘Net expected change’ denotes the proportion of respondents who quoted an expected increase less % of respondents quoting a decrease

Exhibit 4: Artificial intelligence and cryptocurrency dominate thought leadership priorities

Top 3 thought leadership topics of interest in the next 12 months (US, 2024)

* Arrows indicate the topic’s change in ranking (2023 vs. 2024).  “=“indicates no change in its rank. The length of the bar represent the number of nominations for each specific topic

Exhibit 5: Insight sharing is a key differentiator for asset managers

Important stated value-added marketing factors & managers who outperform – US Institutional & Wholesale fund buyer (2024)

*Stated importance is based on the proportion of respondents citing the support, content and marketing initiative as important in improving their understanding and perception of external asset managers. Stated importance rankings for marketing factors are ordered from equal weighting between those nominated by institutional and those nominated by wholesale fund buyers. The top stated value-added marketing factors across institutional and wholesale fund buyer audiences are 1. Portfolio commentary 2. Thought leadership and 3. Market commentary. Managers who outperform are those ranked in the top-5 for the factor and are at or above their overall brand rank with either Institutional or Wholesale fund buyer audiences.

Exhibit 6: Key investment selection drivers

Important derived investment factors (excl. performance, price) & managers who outperform – US Institutional & Wholesale fund buyer (2024)

* Investment factors listed on this slide exclude performance (long-term and short-term performance) and pricing, which are table stakes. Derived importance is based on the proportion of respondents nominating a manager as best-in-class and, at the same time, as top-3 most important external manager based on AUM. Derived importance rankings for investment factors are ordered from equal weighting between those nominated by institutional and those nominated by wholesale fund buyers. The top derived value-added insights across institutional and wholesale fund buyer audiences are 1. Alignment to risk appetite 2. Investment process consistency and 3. Quality of account manager. Managers who outperform are those ranked in the top 5 in Best-In-Class for the factor and this rank is at or above their overall brand rank with either Institutional or Wholesale fund buyer audiences.

Exhibit 7: Publications remain the most trusted source for investment insights

Sources for objective views on investments (US, 2024)

*The %s in the pie chart represent the proportion of citations received by each category. The length of the bar represent the number of nominations for each specific source


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