MoatScopeMoatScope

Asset & Wealth Managers

Traditional and alternative asset managers and wealth platforms.

Companies
53
With a moat
56%
Average quality
47
1 wide moat · 28 narrow moat · 23 no moat · Open in screener →
Updated 27 Sep 2026

Asset & Wealth Managers covers traditional fund managers, alternative-asset firms and wealth platforms. MoatScope covers 52 companies here. One has a wide moat, 28 a narrow moat and 23 none.

How the industry makes money

Managers earn fees as a share of the assets they run, plus performance fees at alternative firms. Revenue therefore rises and falls with markets and with how much money clients add or withdraw.

Where the moats are

Brands and track records, counted as intangible assets, appear in 26 of the 29 moat-rated companies, and switching costs in 23: clients rarely move money that is locked up in long-term funds or built into retirement and advisory relationships.

  • BlackRock: the world's largest asset manager, with index-fund scale that lets it charge less and still earn more.

The narrow-moat group includes Blackstone, Brookfield, KKR, Apollo, Ares, Ameriprise and T. Rowe Price. Companies without a moat include Franklin Resources and Invesco. Ameriprise, rated narrow, scores 75 on MoatScope's quality scale.

What wears moats down

The shift to low-cost index funds keeps squeezing fees for active managers, weak performance drives withdrawals, and market downturns shrink the asset base that fees are charged on.

What to watch

  • Net inflows and outflows.
  • Fee rates as money shifts to passive funds.
  • Fundraising at the alternative-asset firms.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Asset & Wealth Managers into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Alternative asset managers

Private equity, private credit, real estate and infrastructure funds.

Global market · $269.4B total revenue in 2024 · source: PwC · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Global private-markets management revenue (PwC), derived for 2024.

#BusinessMarket shareRevenue
1BX · Blackstone Inc.5.4%$14.5B
2KKR · KKR & Co. Inc.2.9%$7.8B
3APO · Apollo Global Management, Inc.1.9%$5.0B
4BAM · Brookfield Asset Management Ltd.1.8%$4.8B
5CG · Carlyle Group Inc.1.8%$4.8B
6ARES · Ares Management Corp1.8%$4.8B
7TPG · TPG Inc.1.7%$4.7B
8Partners Group
Listed outside the US (SIX Swiss Exchange) · Partners Group
1.1%$3.1B
9EQT AB
Listed outside the US (Nasdaq Stockholm) · EQT AB
1.1%$3.0B
10STEP · StepStone Group Inc.0.7%$2.0B
All other companies78.1%$210.4B

Traditional asset managers

Mutual funds, ETFs and institutional portfolios.

Global market · $250.0B total revenue in 2024 · source: McKinsey & Company · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Global asset-management revenue pool (McKinsey, 2024). Vanguard, Capital Group and Fidelity don't report asset-management revenue, so they sit in All other companies.

#BusinessMarket shareRevenue
1BLK · BlackRock, Inc.9.7%$24.2B
2JPM · JPMORGAN CHASE & CO
Asset Management · filed under Large & International Banks
4.7%$11.7B
3BEN · FRANKLIN RESOURCES INC3.5%$8.8B
4TROW · PRICE T ROWE GROUP INC2.9%$7.3B
5GS · GOLDMAN SACHS GROUP INC
Asset management · filed under Brokers & Investment Banks
2.7%$6.8B
6MS · MORGAN STANLEY
Investment Management · filed under Brokers & Investment Banks
2.6%$6.5B
7IVZ · Invesco Ltd.2.6%$6.4B
8SLF · SUN LIFE FINANCIAL INC
Asset Management · filed under Life & Health Insurance
2.0%$5.1B
9EQH · Equitable Holdings, Inc.
AllianceBernstein · filed under Life & Health Insurance
1.8%$4.6B
10Amundi
Listed outside the US (Euronext Paris) · Amundi
1.5%$3.9B
All other companies51.4%$128.4B

Wealth managers

Financial advice and wealth platforms for individuals.

US market · $260.0B total revenue in 2024 · source: McKinsey & Company · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. US fee-based advisory revenue (McKinsey, 2024), a lower bound; banks' wealth units also earn interest on client deposits. Fidelity and Vanguard don't report wealth revenue separately, so they sit in All other companies.

#BusinessMarket shareRevenue
1MS · MORGAN STANLEY
Wealth Management · filed under Brokers & Investment Banks
12.2%$31.8B
2BAC · BANK OF AMERICA CORP /DE/
Global Wealth & Investment Management (Merrill, Private Bank) · filed under Large & International Banks
9.6%$24.9B
3Edward Jones (The Jones Financial Companies, L.L.L.P.)6.9%$17.9B
4WFC · WELLS FARGO & COMPANY/MN
Wealth & Investment Management · filed under Large & International Banks
6.3%$16.3B
5AMP · AMERIPRISE FINANCIAL INC4.9%$12.6B
6JPM · JPMORGAN CHASE & CO
Global Private Bank · filed under Large & International Banks
4.8%$12.4B
7GS · GOLDMAN SACHS GROUP INC
Wealth management · filed under Brokers & Investment Banks
3.8%$9.9B
8C · CITIGROUP INC
Wealth · filed under Large & International Banks
3.3%$8.6B
9EQH · Equitable Holdings, Inc.
Wealth Management · filed under Life & Health Insurance
0.8%$2.0B
10RMR · RMR GROUP INC.0.3%$700M
All other companies47.3%$122.9B

Companies

CompanyMoatQualityMarket
BLK
BlackRock, Inc.
Wide62Traditional asset managers9.7%$182.7B
BN
BROOKFIELD Corp /ON/
Narrow52Alternative asset managers—†$101.3B
BX
Blackstone Inc.
Narrow66Alternative asset managers5.4%$80.4B
KKR
KKR & Co. Inc.
Narrow36Alternative asset managers
+ 1 other market
2.9%$77.6B
BAM
Brookfield Asset Management Ltd.
Narrow76Alternative asset managers1.8%$72.2B
APO
Apollo Global Management, Inc.
Narrow52Alternative asset managers
+ 1 other market
1.9%$65.5B
AMP
AMERIPRISE FINANCIAL INC
Narrow75Wealth managers
+ 2 other markets
4.9%$42.4B
ARES
Ares Management Corp
Narrow54Alternative asset managers1.8%$40.7B
TROW
PRICE T ROWE GROUP INC
Narrow70Traditional asset managers2.9%$21.4B
PS
PERSHING SQUARE HOLDCO, L.P.
Narrow56Traditional asset managers—$17.9B
TPG
TPG Inc.
Narrow39Alternative asset managers1.7%$16.6B
BEN
FRANKLIN RESOURCES INC
None36Traditional asset managers3.5%$15.6B
OWL
BLUE OWL CAPITAL INC.
Narrow42Alternative asset managers0.2%$14.0B
CG
Carlyle Group Inc.
Narrow41Alternative asset managers1.8%$13.0B
SEIC
SEI INVESTMENTS CO
Narrow62Traditional asset managers0.9%$12.6B
IVZ
Invesco Ltd.
None37Traditional asset managers2.6%$12.5B
AMG
AFFILIATED MANAGERS GROUP, INC.
Narrow63Traditional asset managers0.8%$10.0B
HLI
HOULIHAN LOKEY, INC.
Narrow70Traditional asset managers1.0%$8.9B
VCTR
Victory Capital Holdings, Inc.
Narrow63Traditional asset managers0.5%$6.6B
STEP
StepStone Group Inc.
Narrow32Alternative asset managers0.7%$5.1B
HASI
HA Sustainable Infrastructure Capital, Inc.
Narrow51Traditional asset managers0.2%$4.6B
HLNE
Hamilton Lane INC
Narrow78Alternative asset managers0.3%$4.5B
MC
Moelis & Co
Narrow63Traditional asset managers—$4.2B
FHI
FEDERATED HERMES, INC.
Narrow68Traditional asset managers0.7%$4.1B
LAZ
Lazard, Inc.
Narrow43Traditional asset managers1.3%$3.9B
CNS
COHEN & STEERS, INC.
Narrow58Alternative asset managers0.2%$3.5B
PJT
PJT Partners Inc.
Narrow71Traditional asset managers0.7%$3.5B
AAMI
Acadian Asset Management Inc.
None30Traditional asset managers0.2%$3.3B
WT
WisdomTree, Inc.
Narrow68Traditional asset managers0.2%$3.2B
AB
ALLIANCEBERNSTEIN HOLDING L.P.
Narrow71Traditional asset managers—$3.2B
DBRG
DigitalBridge Group, Inc.
Narrow51Traditional asset managers<0.1%$3.0B
APAM
Artisan Partners Asset Management Inc.
None60Traditional asset managers0.5%$2.6B
GCMG
GCM Grosvenor Inc.
Narrow58Alternative asset managers0.2%$2.5B
PAX
Patria Investments Ltd
None53Alternative asset managers0.1%$1.8B
BVC
BitVentures Ltd
None31Traditional asset managers—$1.0B
RPC
Ridgepost Capital, Inc.
None34Traditional asset managers0.1%$921M
VRTS
VIRTUS INVESTMENT PARTNERS, INC.
None35Traditional asset managers0.3%$780M
VINP
Vinci Compass Investments Ltd.
None46Traditional asset managers<0.1%$715M
RMR
RMR GROUP INC.
None36Wealth managers0.3%$562M
NOAH
NOAH HOLDINGS LTD
None55Traditional asset managers0.1%$474M
VALU
VALUE LINE INC
None49Traditional asset managers<0.1%$395M
ALTI
AlTi Global, Inc.
None26Traditional asset managers0.1%$382M
MLCIL
Mount Logan Capital Inc.
None5Traditional asset managers<0.1%$245M
RILY
BRC Group Holdings, Inc.
None20Traditional asset managers0.4%$179M
WHG
WESTWOOD HOLDINGS GROUP INC
None34Traditional asset managers<0.1%$167M
SAMG
Silvercrest Asset Management Group Inc.
None41Wealth managers<0.1%$124M
HNNA
HENNESSY ADVISORS INC
None53Traditional asset managers<0.1%$81M
GROW
U S GLOBAL INVESTORS INC
None27Traditional asset managers<0.1%$28M
CWD
CaliberCos Inc.
None13Wealth managers<0.1%$3M
IWSH
Wright Investors Service Holdings, Inc.
None20Traditional asset managers—$2M
ILLR
Triller Group Inc.
None7Traditional asset managers<0.1%$2M
MNTR
Mentor Capital, Inc.
None18Traditional asset managers<0.1%$1M
KBGHF
KB Global Holdings Ltd
—9Traditional asset managers——

53 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

  • † BROOKFIELD Corp /ON/: Holding company: its businesses are counted under its listed affiliates BBUC, BIP, BEP, BAM and BNT.

Price versus fair value for every company is in the screener.

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