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Vanguard is top passive manager, Capital Group is top active manager, says Morningstar

Goola Warden
Goola Warden • 2 min read
Vanguard is top passive manager, Capital Group is top active manager, says Morningstar
Funds poor into passive asset managers with Vanguard in pole position while top active managers lose funds
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As Singapore-related real estate investment managers — CapitaLand Investment, Keppel, Mapletree Investments, ESR Group and GLP Capital Partners — tussle for top position in assets under management and funds under management, there is no dispute on who is the top asset manager globally. 

Morningstar says Vanguard is the world’s top passive asset manager, with 37% of market share, followed by iShares which is far behind with 15% (see Table 1). 

According to Morningstar, money market funds globally took in US$1.1 trillion ($1.47 trillion) in 2023, far outpacing any long-term asset class in flow terms. Total assets reached a record US$7.7 trillion. 

Outside of the US, BlackRock and its affiliate iShares held more than US$1 trillion in passive assets as at end-2023, Morningstar says. Xtrackers had strong flows into its US and global equity beta strategies, while Credit Suisse shrank on an organic basis.

For actively managed funds, American Funds (a unit of the Capital Group) remains in top spot with 8% of market share, followed by Fidelity and Vanguard, each with a 5% share, and JP Morgan and T Rowe Price, each with a 3% share. Only JP Morgan, Pimco and Dimensional enjoyed inflows among the 10 largest groups of active managers, Morningstar says, adding that just 33% of worldwide actively managed assets are held by the top 10 managers. 

See also: Man + Machine works better than Man vs Machine, says UOBAM


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