Macquarie is the largest Australian fund manager and ranks number 69 in the world with assets under management of $US252.4 billion ($248.4 billion), says consultants Towers Watson.
There are 18 Australian fund management companies among the 500 biggest asset managers in the world as the end of 2010, it says. Last year the percentage of assets managed globally by the 18 Australian fund managers made up 1.3 per cent of the assets in the survey compared with 0.9 per cent in 2009.
The collective assets of those 18 Australian companies has surged to $US847 billion from $US568 billion in 2009 because some Australian managers have entered the top 500 for the very first time as their assets have grown, says Graeme Miller, director of investment services for Towers Watson in Australia.
“If past experience is anything to go by we can expect the number of Australian managers in the top 500 to continue to grow,” says Miller.
Macquarie has more than doubled its assets under management from $US111.2 billion in 2009. AMP, the third-biggest Australian fund manager in the survey and ranks number 125 in the world, has increased its funds under management to $US99.6 billion last year from $US85 billion in 2009.
Commonwealth Bank group is the second-largest Australian fund manager and number 92 in the world with $US155.3 billion funds under management in 2010.
BlackRock is the world’s largest asset manager with $US3.56 trillion under management, according to Towers Watson.