The global asset management industry continues to be dominated by the big US firms, but European institutions are slowly catching up, according to Broadridge’s Fund Brand 50 (FB50) 2025 report.
In order to win greater wallet share, however, European asset managers will need to adapt their business models.
Supremacy of US asset managers
US asset managers have further extended their hegemonic grip on the global stage.
To feature in FB50’s highly coveted top ranking of global brands, an asset manager must be a top 100 brand in each of the three regions where Broadridge interviews fund selectors, namely Europe, Asia Pacific, and the US.
In 2024, only 23 fund groups were ranked a top 100 brand in all three regions. Of the 23, no less than 20 are US asset managers, with US firms also occupying all bar one of the top 10 slots in the ranking. The remaining three names to meet the threshold for the global ranking were all European firms – Amundi, Schroders, and AllianzGI.
What can European asset managers do to elevate their brand credentials?
Going from regional to global
European firms must get the basics right if they are to raise their brand profile, particularly in the US.
If an asset manager is targeting a new market, however big or small, then they will need to have boots on the ground in that jurisdiction if they are to successfully generate traction among investors and distribute their products.
Size and product depth are also critical to building better brand awareness, especially as investors’ buying habits continue to evolve.
“Asset managers are under pressure to achieve scale and gain prominence in popular investment strategies,” said Barbara Wall, Director of Global Insights at Broadridge.
Amidst challenging macro conditions, i.e. volatile equity and bond markets, affluent retail investors and wealth advisers are scoping out alternative asset classes for better returns and risk diversification. This is prompting some of the more traditional asset managers, including those in Europe, to acquire alternative investment firms.
A number of the European brands which performed well in this year’s FB50 are those that have been building up their alternative businesses through mergers and acquisitions (M&A).
Amundi, for example, has partnered with US firm First Eagle Investments to launch a US private credit fund structured as an evergreen product, while Carmignac rolled out its first ever private asset fund in partnership with secondaries specialist, Clipways.
The rising European asset management brands have seen what their US peers are doing. BlackRock, which tops the FB50 global rankings, has been doubling down on its private market ambitions, having recently acquired HPS Investment Partners, Global Infrastructure Partners and private markets data provider, Preqin.
Although M&A can help firms achieve economies of scale, diversify their product suites, and augment brand perception, it can also simultaneously dilute the brand. “M&A is a difficult balancing act to get right, and a number of deals have faced criticism,” continued Wall.
It is not all about private markets…
Elsewhere, other European asset managers are branching out into passive products and active Exchange Traded Funds (ETFs).
This comes as low-cost passive funds continue to accumulate vast sums of investor assets. According to Broadridge GMI data, ETFs attracted US$1.6trn in 2024, with AUM currently at US$14.8trn.[1]
Meanwhile, the AUM controlled by active ETFs also hit a new high of US$1trn in 2024.[2]
“In an industry where ETFs dominate flows and cost considerations are all pervasive, it is no surprise to see the top 10 ranking liberally populated with passive fund specialists,’ said Wall.
If European firms are to attract more flows and improve their brand awareness globally, then they will need to develop passive capabilities, either by launching ETFs from scratch, converting existing funds into ETFs or partnering with an ETF specialist.
Challenging the dominant players
European asset managers are getting better brand recognition, but they are still dwarfed by their US peers.
Through intelligent M&A and diversification into new asset classes, i.e. private markets, passives, European managers will be able to generate more traction on a global scale, which should ultimately translate into meaningful inflows.
Liam Martin, CFA
Senior Director, Data & Analytics, Broadridge