Top US asset management firms BlackRock, JPMorgan Chase and Vanguard are reportedly having massive growth in Europe, outpacing the region’s local rivals.
According to a new report by the Financial Times, BlackRock, JPMorgan Chase and Vanguard have more than doubled their assets under management (AUM) in the European region in the past decade.
-->Says Huw van Steenis, partner and vice-chair at management consultancy Oliver Wyman,
“We’re seeing the emergence of a ‘super league’ of asset managers that have broken away [from the rest of the industry] – dominated by US firms and alternative asset managers, who also are growing share in Europe.”
Data from ISS Market Intelligence shows that BlackRock, Vanguard and JPMorgan oversaw $4.9 trillion in the European region as of the end of May, up from $2.2 trillion ten years earlier.
Meanwhile, during the same time period, the UK sector’s assets under management increased from $1.2 trillion to $2 trillion, France’s grew from $870 billion to $1.5 trillion and Switzerland’s and Germany’s each approximately doubled to $1.4 trillion.
The figures include mutual and exchange-traded funds but exclude money market, fund of funds or private market products.
Says Manny Roman, chief executive of California-based Pimco,
“If you’re a midsized equity manager in Europe, and you don’t have the size of the US market to help you, it looks incredibly bleak.”
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