Good time to be an investment manager
The aggregate AUM of the top 100 largest investment managers increased by 15.8 percent in 2017, totaling more than $3.2 trillion, according to Global Investment Managers 2018, the annual survey and report produced by Property Funds Research and Institutional Real Estate, Inc. For some perspective, at year-end 2008, the aggregate AUM of the top 100 investment managers totaled $1.2 trillion.
A total of 197 real estate investment managers across the globe responded to the survey, representing an aggregate AUM of nearly $3.5 trillion.
The top 10 largest investment managers accounted for $1.154 trillion of AUM, which represents 33.2 percent of the total. This group of managers saw their AUM increase 11.2 percent from yearend 2016. The 2017 report, based on 2016 AUM figures, showed only three investment managers with assets of more than $100 billion. In this year’s rankings, six firms eclipsed the $100 billion mark.
Holding on to the No. 1 spot from last year’s rankings, Blackstone topped the list with nearly $194 billion of AUM, followed by Brookfield Asset Management and PGIM, with $165 billion and $130 billion, respectively.
Rounding out the top 10 were Hines, Nuveen/TH Real Estate, CBRE Global Investors, UBS Global Asset Management, AXA Investment Managers – Real Assets, Swiss Life Asset Managers and J.P. Morgan Asset Management – Global Real Assets
The report also ranks real estate managers based on their total AUM in the categories of discretionary separate accounts under management, advisory separate accounts and assets, and indirect real estate investment vehicles. PGIM manages the most capital based solely on discretionary separate accounts, with AUM of $68.8 billion. In the category of advisory separate accounts, Principal Real Estate Investors tops the list, with AUM of approximately $43.2 billion. And based on indirect real estate investment vehicles, Blackstone ranks highest, with an asset base of more than $184 billion.
To view the Dollars version of the full report, click here.
To view the Euros version of the full report, click here.