In this article, we will take a look at 5 of the biggest publicly traded asset managers in the world. If you want to see some more of the world’s biggest asset managers, go directly to the 25 Biggest Publicly Traded Asset Managers.
5. Goldman Sachs Group, Inc. (NYSE:GS)
AUM: $2.71 trillion
The Goldman Sachs Group, Inc. (NYSE:GS) operates as a multinational investment bank and financial services corporation based in the United States. It was established in 1869 and holds its headquarters in Lower Manhattan, New York City, with additional regional headquarters established in various international financial centers. While its second-quarter 2023 revenue of $10.89 billion experienced an 8.2% decrease from the corresponding period the previous year, it surpassed analysts’ projections by $160 million. Throughout the quarter, the company disbursed $864 million to shareholders in dividends.
On September 12, Devin Ryan at JMP Securities reaffirmed a Market Outperform rating and a price target of $450 for Goldman Sachs Group, Inc. (NYSE:GS).
At the end of June 2023, 70 hedge funds in Insider Monkey’s database reported owning stakes in The Goldman Sachs Group, Inc. (NYSE:GS), up from 69 a quarter earlier. The overall value of these stakes is over $3.1 billion.
4. JPMorgan Chase & Co. (NYSE:JPM)
AUM: $2.74 trillion
JPMorgan Chase & Co. (NYSE:JPM) is a prominent American multinational financial services corporation. Its headquarters are located in New York City, and it is incorporated in Delaware. Renowned as one of the largest holding companies in the United States, it also holds the distinction of being the country’s largest bank.
During the second quarter of 2023, JPMorgan Chase & Co. (NYSE:JPM) reported revenues totaling $41.3 billion, reflecting a 34.5% increase compared to the corresponding period in the previous year. In that quarter, it distributed $2.9 billion to shareholders in the form of dividends.
Insider Monkey scoured through 910 hedge fund portfolios for this year’s June quarter and discovered 106 JPMorgan Chase & Co. (NYSE:JPM) investors. Ken Fisher’s Fisher Asset Management is the largest hedge fund shareholder since it owns $1.3 billion worth of shares.
3. State Street Corporation (NYSE:STT)
AUM: $3.79 trillion
State Street Corporation (NYSE:STT) offers an array of financial services and products to institutional investors on a global scale. These encompass investment management strategies and products like core and enhanced indexing, multi-asset strategies, active quantitative and fundamental active capabilities, as well as alternative investment strategies.
According to Insider Monkey’s second quarter database, 32 hedge funds were bullish on State Street Corporation (NYSE:STT), compared to 40 funds in the prior quarter. Harris Associates is the biggest stakeholder of the company, with 6.8 million shares worth $498.1 million.
Oakmark Equity and Income Fund made the following comment about State Street Corporation (NYSE:STT) in its Q1 2023 investor letter:
“The Oakmark Equity and Income Fund has 29% of its equity portfolio in financials. This made the March sell-off painful, but we do not believe that this has meaningfully changed the value of most of our financial equity holdings. In fact, we were adding to financial positions throughout March. We believe that one way to analyze our financial holdings is to look at them in different buckets given their various business models and risk profiles. Almost 30% of our financial exposure is in insurance companies and insurance brokers. Insurance companies have very stable liability profiles, so the main risk is a change in asset values. We are comfortable with their investment portfolios and think these stocks are quite attractive. Around 5% of our financials are asset managers. This leaves a little over 40% of the financials exposure in a varied group of banks and lenders. About 5% of that portfolio is in Bank of America and State Street Corporation (NYSE:STT). These two banks are designated as Systematically Important Financial Institutions and are held to higher regulatory standards. State Street is a trust bank that does very little lending, has significant excess capital, and should benefit from rising net interest income.”
2. The Charles Schwab Corporation (NYSE:SCHW)
AUM: $7.3 trillion
The Charles Schwab Corporation (NYSE:SCHW), headquartered in the United States, is a multinational financial services company that provides an array of services. These services encompass banking, commercial banking, investment-related services, consultancy, and wealth management advisory services, catering to both retail and institutional clients. Its stock roared and gained 12% after the firm beat analyst EPS estimates during its second quarter.
By the conclusion of Q2 2023, Insider Monkey’s database reported that 88 hedge funds had holdings in The Charles Schwab Corporation (NYSE:SCHW), a slight increase from the 87 in the previous quarter. These holdings collectively represent a value exceeding $4 billion.
ClearBridge Large Cap Value Strategy made the following comment about The Charles Schwab Corporation (NYSE:SCHW) in its Q2 2023 investor letter:
“We have done so recently with The Charles Schwab Corporation (NYSE:SCHW), which got caught up in investor concerns over regional banks, due to the perception of an asset/liability mismatch on Schwab’s balance sheet. While there are similarities with regional banks, Schwab has minimal credit risk and far higher organic growth than traditional banks. In addition, Schwab’s mostly retail customers are not pulling money out of its ecosystem. On the contrary, the company continues to grow client assets at a mid-single-digit percentage rate despite the banking selloff. Concerned over interest rate risk, we trimmed our position last year and earlier this year. As the stock pulled back this spring, we added back aggressively. It remains an exceptionally strong franchise in terms of asset gathering and customer loyalty and runs a unique business model that continues to attract client assets; we are pleased to have the opportunity to express our differentiated view.”
1. BlackRock, Inc. (NYSE:BLK)
AUM: $9.42 trillion
BlackRock, Inc. (NYSE:BLK) is a multinational investment firm headquartered in New York City. Established in 1988, initially focusing on enterprise risk management and fixed income institutional asset management, BlackRock currently holds the title of the world’s largest publicly traded asset manager, managing a substantial $9.42 trillion in assets as of June 30, 2023.
At the end of Q2 2023, 57 hedge funds in Insider Monkey’s database reported having stakes in BlackRock, Inc. (NYSE:BLK), compared with 58 in the previous quarter. The consolidated value of these stakes is over $1.66 billion. BlackRock, Inc. (NYSE:BLK)’s largest shareholder in our database is Ken Fisher’s Fisher Asset Management due to its $1.3 billion stake.
Baron Funds mentioned BlackRock, Inc. (NYSE:BLK) in its Q2 2023 investor letter. Here is what the firm has to say:
“Additionally, elevated yields and the prospect of the Fed nearing the end of its rate hiking cycle makes fixed income an attractive asset class for investors, which should also benefit traditional asset managers with fixed income exposure such as BlackRock, Inc. (NYSE:BLK).”
Disclosure: None. You can also take a look at 12 Best Artificial Intelligence (AI) Stocks To Buy According to Hedge Funds and 11 Best Stocks to Buy in Falling Markets According to Hedge Funds.
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