Top 50 Advisers by AUM
The largest registered investment advisers represent the commanding heights of the asset management industry. These firms span traditional asset management, alternative investments, and multi-strategy platforms. For GP stakes investors, the largest RIAs with significant private fund operations represent the most established and predictable management fee streams.
| # | Firm | AUM | Discretionary AUM | Employees | PE Funds | Hedge Funds | Location |
|---|---|---|---|---|---|---|---|
| 1 | VANGUARD GROUP INC | $10246.6B | $10246.6B | N/A | 0 | 1 | MALVERN, PA |
| 2 | FIDELITY MANAGEMENT & RESEARCH COMPANY LLC | $4730.7B | $4730.7B | 3 | 1 | 0 | BOSTON, MA |
| 3 | CAPITAL RESEARCH AND MANAGEMENT COMPANY | $3753.5B | $3753.5B | N/A | 0 | 0 | LOS ANGELES, CA |
| 4 | BLACKROCK FUND ADVISORS | $3535.4B | $3535.4B | 3 | 0 | 0 | SAN FRANCISCO, CA |
| 5 | PACIFIC INVESTMENT MANAGEMENT COMPANY LLC | $2990.2B | $2989.5B | 750 | 1 | 187 | NEWPORT BEACH, CA |
| 6 | J.P. MORGAN INVESTMENT MANAGEMENT INC. | $2985.3B | $2960.9B | N/A | 14 | 11 | NEW YORK, NY |
| 7 | GOLDMAN SACHS ASSET MANAGEMENT, L.P. | $2064.7B | $1997.8B | N/A | 303 | 57 | NEW YORK, NY |
| 8 | T. ROWE PRICE ASSOCIATES, INC. | $1934.2B | $1934.2B | N/A | 4 | 3 | BALTIMORE, MD |
| 9 | MORGAN STANLEY | $1650.0B | $1196.4B | N/A | 0 | 0 | PURCHASE, NY |
| 10 | MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $1511.1B | $388.4B | N/A | 0 | 0 | NEW YORK, NY |
| 11 | CHARLES SCHWAB INVESTMENT MANAGEMENT, INC | $1437.0B | $1415.0B | N/A | 0 | 0 | LONE TREE, CO |
| 12 | GEODE CAPITAL MANAGEMENT, LLC | $1376.5B | $1376.5B | N/A | 0 | 0 | BOSTON, MA |
| 13 | BLACKROCK FINANCIAL MANAGEMENT, INC | $1327.9B | $1325.5B | N/A | 83 | 212 | NEW YORK, NY |
| 14 | WELLINGTON MANAGEMENT COMPANY LLP | $1305.7B | $1216.6B | N/A | 0 | 37 | BOSTON, MA |
| 15 | SSGA FUNDS MANAGEMENT, INC. | $1173.4B | $1173.4B | N/A | 1 | 16 | BOSTON, MA |
| 16 | NORTHERN TRUST INVESTMENTS, INCORPORATED | $1114.8B | $1114.8B | N/A | 0 | 1 | CHICAGO, IL |
| 17 | CAPTRUST | $1083.1B | $237.3B | N/A | 1 | 0 | RALEIGH, NC |
| 18 | STRATEGIC ADVISERS LLC | $1067.7B | $1027.3B | N/A | 0 | 0 | BOSTON, MA |
| 19 | PGIM, INC. | $1033.2B | $1029.0B | 375 | 24 | 36 | NEWARK, NJ |
| 20 | BLACKROCK ADVISORS, LLC | $959.0B | $959.0B | N/A | 0 | 0 | NEW YORK, NY |
| 21 | DIMENSIONAL FUND ADVISORS LP | $835.7B | $835.7B | 30 | 0 | 0 | AUSTIN, TX |
| 22 | MANAGED ACCOUNT ADVISORS LLC | $829.7B | $829.7B | N/A | 0 | 0 | JERSEY CITY, NJ |
| 23 | EDWARD JONES | $825.0B | $342.6B | N/A | 0 | 0 | ST. LOUIS, MO |
| 24 | UBS FINANCIAL SERVICES INC. | $808.8B | $356.7B | N/A | 0 | 0 | WEEHAWKEN, NJ |
| 25 | MELLON INVESTMENTS CORPORATION | $763.7B | $763.7B | N/A | 0 | 0 | PITTSBURGH, PA |
| 26 | INVESCO ADVISERS, INC. | $756.9B | $744.3B | N/A | 0 | 13 | ATLANTA, GA |
| 27 | INVESCO CAPITAL MANAGEMENT LLC | $740.5B | $420.9B | N/A | 0 | 0 | DOWNERS GROVE, IL |
| 28 | ALLIANCEBERNSTEIN L.P. | $709.2B | $692.4B | N/A | 6 | 14 | NASHVILLE, TN |
| 29 | MORGAN STANLEY INVESTMENT MANAGEMENT INC. | $619.2B | $615.9B | N/A | 0 | 3 | NEW YORK, NY |
| 30 | LPL FINANCIAL LLC | $618.9B | $618.3B | N/A | 0 | 0 | FORT MILL, SC |
| 31 | WELLS FARGO ADVISORS | $606.0B | $425.4B | N/A | 0 | 0 | ST. LOUIS, MO |
| 32 | APOLLO CAPITAL MANAGEMENT, L.P. | $583.1B | $567.7B | N/A | 208 | 135 | NEW YORK, NY |
| 33 | PARAMETRIC PORTFOLIO ASSOCIATES | $574.0B | $534.5B | N/A | 0 | 6 | SEATTLE, WA |
| 34 | MILLENNIUM MANAGEMENT LLC | $571.1B | $571.1B | N/A | 0 | 7 | NEW YORK, NY |
| 35 | AMERIPRISE FINANCIAL SERVICES, LLC | $564.6B | $294.9B | N/A | 0 | 0 | MINNEAPOLIS, MN |
| 36 | FEDERATED INVESTMENT MANAGEMENT COMPANY | $542.4B | $542.4B | N/A | 0 | 0 | PITTSBURGH, PA |
| 37 | UBS ASSET MANAGEMENT (AMERICAS) LLC | $542.2B | $522.1B | N/A | 39 | 42 | NEW YORK, NY |
| 38 | ENVESTNET PMC | $532.2B | $532.2B | N/A | 0 | 0 | CHICAGO, IL |
| 39 | NOMURA ASSET MANAGEMENT CO., LTD. | $514.3B | $507.4B | N/A | 0 | 0 | N/A |
| 40 | FRANKLIN ADVISERS, INC. | $509.5B | $506.5B | N/A | 42 | 14 | SAN MATEO, CA |
| 41 | METLIFE INVESTMENT MANAGEMENT, LLC | $508.9B | $506.4B | N/A | 8 | 2 | WHIPPANY, NJ |
| 42 | BLACKROCK INVESTMENT MANAGEMENT, LLC | $508.2B | $375.9B | N/A | 55 | 6 | PRINCETON, NJ |
| 43 | RAYMOND JAMES & ASSOCIATES, INC. | $501.0B | $378.7B | N/A | 0 | 0 | ST. PETERSBURG, FL |
| 44 | VANGUARD GLOBAL ADVISERS, LLC | $491.4B | $491.4B | N/A | 0 | 0 | MALVERN, PA |
| 45 | MFS INVESTMENT MANAGEMENT | $473.0B | $445.9B | N/A | 0 | 0 | BOSTON, MA |
| 46 | COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC | $457.5B | $456.6B | N/A | 0 | 3 | BOSTON, MA |
| 47 | ALLSPRING GLOBAL INVESTMENTS, LLC | $457.5B | $457.2B | N/A | 0 | 3 | CHARLOTTE, NC |
| 48 | ASSET MANAGEMENT ONE CO., LTD. | $450.6B | $450.6B | N/A | 0 | 0 | N/A |
| 49 | CITADEL ADVISORS LLC | $446.0B | $446.0B | N/A | 0 | 31 | MIAMI, FL |
| 50 | GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL | $440.2B | $440.2B | N/A | 2 | 9 | N/A |
Top Private Equity Advisers (by PE Fund Count)
| Firm | PE Funds | Total AUM | Employees | Location |
|---|---|---|---|---|
| KOHLBERG KRAVIS ROBERTS & CO. L.P. | 486 | $352.0B | 8 | NEW YORK, NY |
| HAMILTON LANE | 486 | $138.3B | N/A | CONSHOHOCKEN, PA |
| STEPSTONE GROUP LP | 325 | $95.6B | N/A | LA JOLLA, CA |
| ADAMS STREET PARTNERS, LLC | 319 | $59.5B | 8 | CHICAGO, IL |
| GOLDMAN SACHS ASSET MANAGEMENT, L.P. | 303 | $2064.7B | N/A | NEW YORK, NY |
| BROWN ADVISORY INVESTMENT SOLUTIONS GROUP LLC | 275 | $8.4B | N/A | BALTIMORE, MD |
| HARBOURVEST PARTNERS, LLC | 272 | $173.1B | N/A | BOSTON, MA |
| GENERAL ATLANTIC SERVICE COMPANY, L.P. | 260 | $105.7B | N/A | NEW YORK, NY |
| APOLLO CAPITAL MANAGEMENT, L.P. | 208 | $583.1B | N/A | NEW YORK, NY |
| WARBURG PINCUS LLC | 198 | $97.2B | N/A | NEW YORK, NY |
| INSIGHT VENTURE PARTNERS | 174 | $94.0B | N/A | NEW YORK, NY |
| THE CARLYLE GROUP | 170 | $275.9B | N/A | WASHINGTON, DC |
| NB ALTERNATIVES ADVISERS LLC | 152 | $135.0B | 1500 | DALLAS, TX |
| ICONIQ CAPITAL, LLC | 147 | $95.1B | N/A | SAN FRANCISCO, CA |
| GCM GROSVENOR L.P. | 147 | $85.8B | N/A | CHICAGO, IL |
| PLATINUM EQUITY ADVISORS, LLC | 145 | $49.7B | N/A | BEVERLY HILLS, CA |
| ADVENT INTERNATIONAL, L.P. | 144 | $82.5B | N/A | BOSTON, MA |
| HPS INVESTMENT PARTNERS, LLC | 139 | $155.8B | N/A | NEW YORK, NY |
| ARES MANAGEMENT LLC | 127 | $359.1B | N/A | LOS ANGELES, CA |
| ASIA ALTERNATIVES MANAGEMENT LLC | 124 | $14.1B | N/A | SAN FRANCISCO, CA |
| THE RIVERSIDE COMPANY | 119 | $12.1B | N/A | NEW YORK, NY |
| THOMA BRAVO | 117 | $151.9B | N/A | CHICAGO, IL |
| BROOKFIELD ASSET MANAGEMENT PIC CANADA, LP | 117 | $124.1B | N/A | N/A |
| SIGULER GUFF ADVISERS LLC | 117 | $16.9B | N/A | NEW YORK, NY |
| CYPRESS INVESTMENT MANAGEMENT, LLC | 117 | $286.9M | N/A | OAKBROOK TERRACE, IL |
| COATUE MANAGEMENT, L.L.C. | 116 | $69.5B | 3 | NEW YORK, NY |
| BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC | 116 | $39.2B | N/A | WILMINGTON, DE |
| TPG CAPITAL ADVISORS, LLC | 113 | $119.0B | N/A | FORT WORTH, TX |
| LEXINGTON PARTNERS L.P. | 113 | $79.3B | N/A | NEW YORK, NY |
| VISTA EQUITY PARTNERS MANAGEMENT, LLC | 112 | $100.1B | N/A | SAN FRANCISCO, CA |
Top Hedge Fund Advisers (by Hedge Fund Count)
| Firm | Hedge Funds | Total AUM | Employees | Location |
|---|---|---|---|---|
| FORTRESS INVESTMENT GROUP | 285 | $76.9B | N/A | NEW YORK, NY |
| ARES MANAGEMENT LLC | 243 | $359.1B | N/A | LOS ANGELES, CA |
| OAKTREE CAPITAL MANAGEMENT, L.P. | 229 | $171.0B | N/A | LOS ANGELES, CA |
| BLACKROCK FINANCIAL MANAGEMENT, INC | 212 | $1327.9B | N/A | NEW YORK, NY |
| PACIFIC INVESTMENT MANAGEMENT COMPANY LLC | 187 | $2990.2B | 750 | NEWPORT BEACH, CA |
| CERBERUS CAPITAL MANAGEMENT, L.P. | 171 | $85.8B | N/A | NEW YORK, NY |
| TPG ANGELO GORDON | 170 | $100.7B | N/A | NEW YORK, NY |
| AQR CAPITAL MANAGEMENT, LLC | 136 | $160.5B | N/A | GREENWICH, CT |
| APOLLO CAPITAL MANAGEMENT, L.P. | 135 | $583.1B | N/A | NEW YORK, NY |
| LIGHTHOUSE INVESTMENT PARTNERS, LLC | 135 | $87.4B | N/A | PALM BEACH GARDENS, FL |
| GLOBAL ENDOWMENT MANAGEMENT, LP | 129 | $12.1B | N/A | CHARLOTTE, NC |
| GCM GROSVENOR L.P. | 109 | $85.8B | N/A | CHICAGO, IL |
| SALI FUND SERVICES | 97 | $33.7B | N/A | AUSTIN, TX |
| BLACKSTONE TACTICAL OPPORTUNITIES ADVISORS L.L.C. | 93 | $41.3B | N/A | NEW YORK, NY |
| BAIN CAPITAL CREDIT, LP | 89 | $68.0B | N/A | BOSTON, MA |
| AB CARVAL INVESTORS, LP | 66 | $16.8B | N/A | MINNEAPOLIS, MN |
| WELLINGTON ALTERNATIVE INVESTMENTS | 62 | $58.7B | N/A | BOSTON, MA |
| HPS INVESTMENT PARTNERS, LLC | 61 | $155.8B | N/A | NEW YORK, NY |
| CIVITAS CAPITAL MANAGEMENT, LLC | 61 | $513.9M | N/A | DALLAS, TX |
| MAGNETAR FINANCIAL LLC | 58 | $26.2B | N/A | EVANSTON, IL |
| GOLDMAN SACHS ASSET MANAGEMENT, L.P. | 57 | $2064.7B | N/A | NEW YORK, NY |
| DAVIDSON KEMPNER CAPITAL MANAGEMENT LP | 54 | $43.5B | N/A | NEW YORK, NY |
| ALIYA CAPITAL PARTNERS LLC | 54 | $2.0B | N/A | MIAMI, FL |
| MARATHON ASSET MANAGEMENT, L.P. | 53 | $24.2B | N/A | NEW YORK, NY |
| KKR CREDIT ADVISORS (US) LLC | 52 | $230.1B | N/A | SAN FRANCISCO, CA |
| BLACKSTONE ALTERNATIVE ASSET MANAGEMENT L.P. | 51 | $78.0B | 1500 | NEW YORK, NY |
| CENTERBRIDGE PARTNERS, L.P. | 49 | $66.4B | N/A | NEW YORK, NY |
| FARALLON CAPITAL MANAGEMENT, L.L.C. | 49 | $48.3B | 3 | SAN FRANCISCO, CA |
| VARDE MANAGEMENT, L.P. | 48 | $18.0B | N/A | NEW YORK, NY |
| NEUBERGER BERMAN INVESTMENT ADVISERS LLC | 46 | $362.7B | N/A | NEW YORK, NY |
Advisers by State
| State | Advisers | Total AUM ($B) | Avg Employees |
|---|---|---|---|
| NY | 1,574 | $31727.1B | 147 |
| CA | 738 | $18280.7B | 79 |
| MA | 305 | $16023.0B | 134 |
| PA | 145 | $14078.5B | 208 |
| IL | 287 | $6990.4B | 138 |
| NJ | 116 | $5195.3B | 172 |
| TX | 443 | $3387.2B | 219 |
| FL | 341 | $3305.6B | 290 |
| MO | 46 | $2866.3B | 757 |
| CT | 295 | $2738.4B | 153 |
| NC | 62 | $2618.5B | 329 |
| MD | 60 | $2613.4B | 114 |
| CO | 103 | $2366.9B | 129 |
| MN | 69 | $1920.0B | 70 |
| GA | 82 | $1185.8B | 281 |
| WA | 61 | $975.6B | 10 |
| WI | 24 | $955.4B | 6 |
| TN | 54 | $832.0B | 17 |
| IA | 9 | $798.5B | 3 |
| OH | 74 | $692.5B | 188 |
The RIA Landscape and GP Stakes
The SEC-registered investment adviser universe provides the most comprehensive public dataset on the structure and scale of the US asset management industry. Every adviser managing over $100 million in assets must register with the SEC and file Form ADV, which discloses AUM, fund counts, employee headcount, ownership structure, and disciplinary history.
For GP stakes investors, ADV data is an essential screening tool. The number and type of private funds managed by an adviser directly correlates with the size and stability of its management fee base. An adviser with 20 private equity funds across multiple vintage years has a more diversified and durable revenue stream than one concentrated in a single fund. Similarly, discretionary AUM as a percentage of total AUM indicates how much operational control the adviser exercises, which affects fee margins.
Geographic concentration in the adviser universe is notable. New York and California dominate, but Connecticut, Massachusetts, and Texas host significant clusters of alternative asset managers. The distribution reflects historical patterns of talent concentration and proximity to institutional capital bases.
Employee count relative to AUM provides a rough measure of operational efficiency. Firms with higher AUM per employee typically enjoy better margins, though this metric varies significantly by strategy. Real estate and infrastructure managers tend to be more headcount-intensive than hedge funds or pure-play private equity firms.
Methodology
Data is sourced from SEC Form ADV filings via the Investment Adviser Public Disclosure (IAPD) database. AUM figures represent the most recently filed values and may differ from current assets due to reporting lag. Fund counts reflect the number of private funds reported on Form ADV Schedule D. Employee counts include both investment and non-investment personnel. Rankings are based on reported regulatory AUM and may not capture assets in non-US vehicles.
Access the Full GP Stakes Platform
Dive deeper into the data with our comprehensive directory, advanced search, and custom analytics.