LONDON, 14 Nov. - (ANA) - Assets of the global asset management industry reached $298.6trn in 2023, according to TheCityUK estimates. Figures are indicative, as data and definitions vary across sources and may involve double counting.

 

- Conventional funds—by far the largest segment—were concentrated in North America, particularly the US. The US accounted for nearly two-thirds of global pension assets, almost half of mutual fund assets, and around one-third of insurance fund assets.

 

- Global pension assets rose 11% from 2022. The US continued to dominate with a market share of more than 60%, followed by Japan and the UK; pension assets relative to GDP were highest in the Netherlands, Switzerland, and Canada.

 

- Compared to a decade ago, pension fund asset allocation has diversified away from equities. Bond allocations remained stable at around one-third of the total, while alternatives and other assets increased.

 

- Insurance sector assets rose by 2.8% year on year in 2023. Insurers’ portfolios remain dominated by fixed income (over 50% of general account assets), but allocations to alternatives such as private credit, private equity, securitisations, and infrastructure are increasing.

 

- Global mutual fund assets rose by 14.6% year on year in 2023, rebounding from a 15.5% decline in 2022. Equity funds remained the largest category, followed by bond funds, balanced/mixed funds, and money market funds.

 

- Compared to a decade ago, hedge fund AUM rose by 168%, while funds of funds (fofs) declined by 21%. Balanced, fixed income, and multi-strategy funds together accounted for nearly half of hedge fund AUM in 2023, while macro, equity long-short, and distressed securities strategies declined sharply since 2013.

 

- Private equity AUM reached $8.2trn in 2023. ‘Closes’ slowed and fundraising activities weakened, reflecting slower industry cash flows and extended fundraising cycles.

 

- Sovereign Wealth Funds (SWFs) totalled $12.7trn in 2023, rising at an average annual rate of 7.5% since 2014. Asia and the Middle East accounted for over three-quarters of total assets, with China, the UAE, and Norway the largest contributors.

 

- Global ETF AUM grew 26.1% in 2023. The US share was 70.1% of the total, followed by Europe and Asia-Pacific. This illustrates that ETF assets remain concentrated in developed markets, particularly the US.

 

- Global High Net Worth Individual (HNWI) wealth grew 4.6% in 2023 and continued to be concentrated in North America, Asia-Pacific and Europe.

 

- Charitable trusts, foundations, and endowments totalled $7.8trn in 2023 in the US. 2023 also saw an increased share of private foundations within this category.   - (ANA) -

 

AB/ANA/15 November 2025 - - -