Market Share Concentration by Firm: Active Management

"Our fee dataset includes mandates run by over 300 investment firms for over 160 institutional investors, representing $598 billion in assets under management (AUM) and $1.4 billion in total fees paid. The study covers a total of 21 different asset classes, both public and private. It also encompasses many institutional mandate vehicle types including separate accounts, commingled funds (including collective investment trusts), and various partnership types. Mutual funds are excluded from this study."

(...)

"Among our key findings:

• 97% of total fees paid in the study went to active managers (a 1% decline from our last study in 2019).
• Fees were also concentrated; 50% of total active fees went to 11% of the investment management firms."

Market Share Concentration by Firm: Active Management

Number of firms

This chart and the two excerpts have been sourced from the Callan report by Ivan "Butch" Cliff, Exclusive Callan Study Analyzes Investment Management Fees Paid by Institutional Investors, January 19, 2022.

Access the Callan study.