Top 100 Asset Owners with $25.7 Trillion AUM, Top 10 Largest from Japan, Norway, China, UAE, South Korea, United States, Singapore, Kuwait, Netherlands & Hong Kong

The 2022 Asset Owner 100 Study: Top 100 Asset Owners with $25.7 Trillion AUM, Top 10 Largest from Japan, Norway, China, UAE, South Korea, United States, Singapore, Kuwait, Netherlands & Hong Kong

3rd December 2022 | Hong Kong

The Thinking Ahead Institute has released the 2022 Asset Owner 100 study, providing key data & insights on the top 100 global asset owners including Pension Funds, Sovereign Wealth Funds (SWF), Outsourced Chief Investment Officer (OCIO), Foundations, Endowments and Insurance Companies.  In 2021, the Top 100 Asset Owners managed a total of $25.7 trillion AUM (Pension 55.9%, SWF 36.7%, OCIO 7.4%) with average asset allocation of 44.5% in Equity, 32.3% in Fixed Income, and 23.2% in Alternative.  The top 5 largest asset owners in 2021 are Government Pension Investment Fund (Japan) with $1.73 trillion, Norges Bank Investment Management (Norway) with $1.4 trillion, China Investment Corporation (China) with $1.22 trillion, SAFE Investment Company (China) with $980 billion and Abu Dhabi Investment Authority (UAE) with $829 billion.  Leading financial centres Hong Kong and Singapore have 2 funds respectively in the Top 100: GIC (Singapore) with $744 billion & Central Provident Fund (Singapore) with $374 billion, and HKMA Investment Portfolio (Hong Kong) with $587 billion & MPFA (Hong Kong) with $150 billion.  (AUM ~ Assets under Management) | View: 2022 Top 100 Asset Owner Ranking

“ TOP 100 ASSET OWNERS WITH $25.7 TRILLION AUM, TOP 10 LARGEST FROM JAPAN, NORWAY, CHINA, UAE, SOUTH KOREA, UNITED STATES, SINGAPORE, KUWAIT, NETHERLANDS, HONG KONG “

 

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Thinking Ahead Institute 2022 Asset Owner 100 Study

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Thinking Ahead Institute 2022 Asset Owner 100 Study

Key Findings:

  • Top 100 Asset Owners AUM in 2021 – $25.7 trillion
  • Top 100 Asset Owners AUM Source – Pension with $14.3 trillion (55.9%), SWF with $9.4 trillion (36.7%), OCIO with $1.9 trillion (7.4%)
  • Top 100 Asset Owners Asset Allocation – Equity 44.5%, Fixed Income 32.3%, Alternative 23.2%
  • 2021 Largest Asset Owner – Government Pension Investment Fund (Japan) with $1.73 trillion
  • Top 5 Asset Owners – Government Pension Investment Fund (Japan), Norges Bank Investment Management (Norway), China Investment Corporation (China), SAFE Investment Company (China), Abu Dhabi Investment Authority (UAE)
  • Top 5 Pension Funds – Government Pension Investment (Japan), National Pension (South Korea), Federal Retirement Thrift (U.S.), APG (Netherlands), California Public Employees (U.S.)
  • Top 5 Sovereign Wealth Funds – Norges Bank Investment Management (Norway), China Investment Corporation (China), SAFE Investment Company, Abu Dhabi Investment Authority (United Arab Emirates), GIC (Singapore)
  • Top 5 OCIO & Master Trusts – Mercer (U.S.), Goldman Sachs (U.S.), AON (U.S.), BlackRock (U.S.), State Street Global Advisors (U.S.)
  • Top 5 Foundations & Endowments – The Bill & Melinda Gates Foundation (U.S.), President & Fellows of Harvard College (U.S.), Wellcome Trust (U.K.) – $46 billion, Yale University Investment fund (U.S.), Stanford University (U.S.)
  • Top 5 Insurance Companies – Ping An Insurance (China), Allianz (Germany), Berkshire Hathaway (U.S.), Prudential Financial (U.S.), AXA (France)
  • Top 5 State Investment Platforms – Kuwait Investment Authority (Kuwait), APG (Netherlands), CDPQ (Canada), (Netherlands), New York State Common (U.S.)
  • Singapore – GIC with $744 billion & Central Provident Fund with $374 billion
  • Hong Kong – HKMA Investment Portfolio with $587 billion & MPFA with $150 billion

Top 100 Asset Owners Key Observations:

  • The macro environment is complex and uncertain 
  • More prominent in integrating ESG for long-term sustainable returns 
  • Stakeholders’ increasing demand, Stakeholder management
  • Investment mandates transitions / changes
  • Long horizon investment mindset, including sustainability, governance & culture

Top 100 Asset Owners Key Challenges:

  • Alignment of beliefs & vision internally & external stakeholders
  • Governance & fiduciary burdens
  • Systemic risks, including climate, environmental & social
  • Social capital for future productivity & good outcomes is weakened by hybrid work, weakening culture alongside distant networks (innovation, creativity, trust). 
  • Technology changes (data, analytics, dashboard, interface), and concerns on data & cybersecurity
  • Shortage of talent, and meeting increased demand from / for sustainable investments. 
  • Defined benefit / investment scheme: Liquidity crisis such as the recent UK liability-driven investment (LDI) funds

 

1) Top 20 Asset Owners

Top 20 Asset Owners Ranking:

  1. Government Pension Investment Fund (Japan) – $1.73 trillion
  2. Norges Bank Investment Management (Norway) – $1.4 trillion
  3. China Investment Corporation (China) – $1.22 trillion
  4. SAFE Investment Company (China) – $980 billion
  5. Abu Dhabi Investment Authority (UAE) – $829 billion
  6. National Pension (South Korea) – $797 billion
  7. Federal Retirement Thrift (U.S.) – $774 billion
  8. GIC (Singapore) – $744 billion
  9. Kuwait Investment Authority (Kuwait) – $738 billion
  10. APG (Netherlands) – $630 billion
  11. HKMA Investment Portfolio (Hong Kong) – $587 billion
  12. California Public Employees (U.S.) – $496 billion
  13. Public Investment Fund/Sanabil Investments (Saudi Arabia) – $480 billion
  14. Qatar Investment Authority (Qatar) – $445 billion
  15. Canada Pension (Canada) – $426 billion
  16. National Social Security (China) – $406 billion
  17. Central Provident Fund (Singapore) – $374 billion
  18. Mercer (U.S.) – $370 billion
  19. CDPQ (Canada) – $329 billion
  20. California State Teachers (U.S.) – $313 billion

Top 20 Asset Owners

  • Top 20 AUM – $14.1 trillion (54.9% of Top 100 AUM)
  • 9 are Sovereign Wealth Funds (52.8% of Top 20 AUM)
  • 10 are Pension Funds (44.6% of Top 20 AUM)
  • 1 is OCIO (2.6% of Top 20 AUM)
  • Region: 6 in Americas, 6 in EMEA, 8 in APAC
  • EMEA ~ Europe, Middle-East & Africa

Top 20 Asset Owners Asset Allocation

  • Equity – 48.7%
  • Fixed Income – 31%
  • Alternative – 20.4%

Top 20 Asset Owners Asset Allocation by Region

  • APAC Owners – Equity 48.3%, Fixed Income 37.6%, Alternatives 14.1%
  • North America Owners – Equity 41.1%, Fixed Income 26%, Alternatives 32.9%
  • EMEA Owners – Equity 52.9%, Fixed Income 24.8%, Alternatives 22.3%

 

2) Top 100 Asset Owners

Top 100 Asset Owners Asset Allocation by Region

  • APAC Owners – Equity 47.4%, Fixed Income 36.5%, Alternatives 16.1%
  • North America Owners – Equity 41.9%, Fixed Income 28%, Alternatives 30.1%
  • EMEA Owners – Equity 43.5%, Fixed Income 31.4%, Alternatives 25.1%

Top 100 Asset Owners: AUM Breakdown by Type

  • Top 100 Asset Owners AUM – $25.7 trillion
  • Pension Funds – $14.3 trillion (55.9%)
  • Sovereign Wealth Funds – $9.4 trillion (36.7%)
  • Outsourced CIO – $1.9 trillion (7.4%)

OCIO ~ Outsourced CIO (Chief Investment Officer)

Top 100 AUM Growth (2021)

  • Top 100 Asset Owners AUM – 9.4%
  • Pension Funds – 4.7%
  • Sovereign Wealth Funds – 16.5%
  • Outsourced CIO – 13.8%

Top 100 Asset Owners Asset Allocation (Weighted Average)

  • Equity – 44.5%
  • Fixed Income – 32.3%
  • Alternative – 23.2%

Top 100 AUM Distribution by Assets

  • APAC – $9.27 trillion (36%)
  • North America – $8.6 trillion (34%)
  • EMEA – $7.7 trillion (30%)
  • EMEA ~ Europe, Middle-East & Africa

Top 100 Distribution by No. of Funds (AUM Source)

  • APAC – 23 Funds (Pension: 53%, SWF: 46%, OCIO: 1%)
  • North America – 49 Funds (Pension: 79%, SWF: 0%, OCIO: 21%)
  • EMEA – 28 Funds (Pension: 34%, SWF: 66%, OCIO: 0%)

Fund Domicile of Top 100 Discretionary Assets:

  1. United States – 27.5% (41 Funds)
  2. China – 10.2% (3 Funds)
  3. Japan – 8.6% (4 Funds)
  4. UAE – 6.3% (5 Funds)
  5. Canada – 6.1% (8 Funds)
  6. Norway – 5.9% (2 Funds)
  7. Singapore – 5.5% (3 Funds)
  8. Netherlands – 5.1% (5 Funds)
  9. South Korea – 3.9% (2 Funds)
  10. Kuwait – 3.5% (2 Funds)
  11. Hong Kong – 2.9% (2 Funds)
  12. Australia – 2.8% (6 Funds)
  13. Saudi Arabia – 1.9% (1 Funds)
  14. Qatar – 1.7% (1 Funds)
  15. Denmark – 1.4% (3 Funds)
  16. Malaysia – 0.9% (1 Funds)
  17. Sweden – 0.9% (2 Funds)
  18. UK – 0.4% (2 Funds)
  19. Others 4.2% (7 Funds)

 

3) Asset Owner Top 10 Rankings

Top 10 Pension Funds

  1. Government Pension Investment (Japan) – $1.73 trillion
  2. National Pension (South Korea) – $797 billion
  3. Federal Retirement Thrift (U.S.) – $774 billion
  4. APG (Netherlands) – $630 billion
  5. California Public Employees (U.S.) – $496 billion
  6. Canada Pension (Canada) – $426 billion
  7. National Social Security (China) – $406 billion
  8. Central Provident Fund (Singapore) – $374 billion
  9. CDPQ (Canada) – $329 billion
  10. California State Teachers (U.S.) – $313 billion

Top 10 Sovereign Wealth Funds

  1. Norges Bank Investment Management (Norway) – $1.4 trillion
  2. China Investment Corporation (China) – $1.22 trillion
  3. SAFE Investment Company (China) – $980 billion
  4. Abu Dhabi Investment Authority (United Arab Emirates) – $829 billion
  5. GIC (Singapore) – $744 billion
  6. Kuwait Investment Authority (Kuwait) – $738 billion
  7. HKMA Investment Portfolio (Hong Kong) – $587 billion
  8. Public Investment Fund/Sanabil Investments (Saudi Arabia) – $480 billion
  9. Qatar Investment Authority (Qatar) – $445 billion
  10. Investment Corporation of Dubai (United Arab Emirates) – $302 billion

Top 10 OCIO & Master Trusts

  1. Mercer (U.S.) – $370 billion
  2. Goldman Sachs (U.S.) – $239 billion
  3. AON (U.S.) – $204 billion
  4. BlackRock (U.S.) – $184 billion
  5. State Street Global Advisors (U.S.) – $181 billion
  6. WTW (U.S.) – $181 billion
  7. Russell Investments (U.S.) – $175 billion
  8. SEI Investments (U.S.) – $175 billion
  9. Northern Trust (U.S.) – $98 billion
  10. N. M. Superannuation Proprietary Limited (Australia) – $86 billion

Outsourced CIO (Chief Investment Officer)

Top 10 Foundations & Endowments

  1. The Bill & Melinda Gates Foundation (U.S.) – $53 billion
  2. President & Fellows of Harvard College (U.S.) – $53 billion
  3. Wellcome Trust (U.K.) – $46 billion
  4. Yale University Investment fund (U.S.) – $42 billion
  5. Stanford University (U.S.) – $37 billion
  6. Trustees of Princeton University (U.S.) – $37 billion
  7. Lilly Endowment Inc. (U.S.) – $32 billion
  8. National Rural Utilities Cooperative Finance Corporation (U.S.) – $29 billion
  9. Massachusetts Institute of Technology (U.S.) – $27 billion
  10. Howard Hughes Medical Institute (U.S.) – $27 billion

Top 10 Insurance Companies

  1. Ping An Insurance (China) – $1.59 trillion
  2. Allianz (Germany) – $1.29 trillion
  3. Berkshire Hathaway (U.S.) – $958 billion
  4. Prudential Financial (U.S.) – $937 billion
  5. AXA (France) – $881 billion
  6. Legal & General Group (U.K.) – $788 billion
  7. China Life Insurance (China) – $769 billion
  8. MetLife (U.S.) – $759 billion
  9. Manulife Financial Corporation (Canada) – $725 billion
  10. Assicurazioni Generali (Italy) – $666 billion

Top 10 State Investment Platforms

  1. Kuwait Investment Authority (Kuwait, SWF) – $738 billion
  2. APG (Netherlands, Pension) – $630 billion
  3. CDPQ (Canada, Pension) – $329 billion
  4. PGGM (Netherlands, Pension) – $304 billion
  5. New York State Common (U.S., Pension) – $267 billion
  6. BLF (Taiwan, Pension) – $202 billion
  7. MN Services (Netherlands, Pension) – $192 billion
  8. Future Fund Management Agency (Australia, SWF) – $185 billion
  9. Public Service Pension Investment Board (Canada, Pension) – $162 billion
  10. British Columbia Investment (Canada, Pension) – $158 billion

State Investment Platforms – Institutional investors entrusted with managing capital from various sources (Pension funds, insurance plans, sovereign wealth funds, endowment funds and other organisations).  State Investment Platforms governance structures are impacted by each depositor’s investment policies. 

 

Roger Urwin, Co-founder of the Thinking Ahead Institute:  “These big asset owners control the world’s most influential capital and hold great responsibility and growing influence in relation to their beneficiaries and to a widening group of stakeholders. The research highlights that many of these asset owners act as universal owners – long-term, leadership-minded holders of portfolios that are exposed to the entire market and economy – and have a distinctive opportunity to contribute to real-world systemic change by contributing to a Paris-aligned future, consistent with net-zero emissions by 2050.”

 

The Asset Owner 100 Study

The Asset Owner 100 is a Thinking Ahead Institute study which gathers data on the total assets of the top 100 asset owners around the world. Though not included in the ranking, the study also presents the total assets for the top 10 insurers and the top 10 foundations and endowments.    Since its establishment in 2015, over 60 investment organisations have collaborated to bring this vision to light through designing fit-for-purpose investment strategies; better organisational effectiveness and strengthened stakeholder legitimacy.  Thinking Ahead Institute is an innovation network founded by WTW.  In 2016, Willis Group and Towers Watson merged to become WTW.

The 2022 Asset Owner 100 Study: Top 100 Asset Owners with $25.7 Trillion AUM, Top 10 Largest from Japan, Norway, China, UAE, South Korea, United States, Singapore, Kuwait, Netherlands & Hong Kong