When you think of the financial industry, New York City’s Wall Street naturally comes to mind.
Though Wall Street spans a mere eight blocks, its influence extends far beyond its physical boundaries. The financial institutions located there and in surrounding neighborhoods embody the core of the American financial system. From the iconic New York Stock Exchange to the Federal Reserve Bank of New York, Wall Street impacts nearly every facet of our financial lives. For aspiring financial professionals or novice investors, it serves as a natural starting point to explore firms that help money grow.
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New York City is big. With its massive population of just under 8.1 million people packed into just over 300 square miles, it is not only the most densely populated city in the United States, but also a global financial hub. For those diving into the financial world, it makes sense to start by examining the largest American financial firms ranked by assets under management (AUM).
AUM is the market value of the assets that the firm manages for its clients and a critical measure for evaluating financial firms. AUM also serves as a common basis for advisor compensation. Firms with higher AUM typically provide a wider array of services, offering clients greater flexibility and giving prospective advisors more diverse career opportunities.
Although Wall Street is central to the financial industry, not all major institutions are headquartered in New York. Even so, the largest firms maintain a considerable presence in the city.
For newcomers to the financial world — whether investors or job seekers — the industry’s jargon and complexity can feel overwhelming. Distinctions among terms are crucial within the field, but they can be intimidating to outsiders. For simplicity, this article focuses on the largest asset management firms. These firms engage in activities like investing pooled client funds, employing personal money managers to handle individual high-net-worth accounts, and offering ETFs, mutual funds, brokerage accounts and financial advisory services for smaller investors.
Here are the 10 largest U.S.-based asset management firms with a major presence in New York City, ranked by AUM:
| Asset management firm | AUM |
| 1. BlackRock Inc. (ticker: BK) | $10.47 trillion |
| 2. Vanguard Group | $9.3 trillion |
| 3. Fidelity Investments | $5.3 trillion |
| 4. State Street Global Advisors | $4.73 trillion |
| 5. Morgan Stanley (MS) | $3.63 trillion |
| 6. JPMorgan Chase & Co. (JPM) | $3.56 trillion |
| 7. Goldman Sachs Group Inc. (GS) | $2.85 trillion |
| 8. Capital Group | $2.6 trillion |
| 9. Bank of New York Mellon Corp. (BK) | $2.02 trillion |
| 10. PIMCO | $2.01 trillion |
10. PIMCO
Headquarters: Newport Beach, California AUM: $2.01 trillion
PIMCO, short for Pacific Investment Management Company, is best known for its expertise in actively managed bond funds and its innovative total return approach. Beyond bonds, the firm offers a broad range of investment options, including equities, commodities and ETFs across various asset classes. Established in 1971 by Bill Gross as a private division of Pacific Life Insurance Company, PIMCO has evolved into one of the world’s largest investment managers, serving central banks, pensions, corporations, foundations, endowments and sovereign wealth funds. In 2000, PIMCO was acquired by Allianz SE, a Munich-based company, which continues to operate it as an independent subsidiary with a headquarters in the U.S.
9. Bank of New York Mellon Corp. (BK)
Headquarters: New York AUM: $2.02 trillion
BNY Mellon, as it is commonly known, was created in 2007 from a merger between the Bank of New York and Mellon Financial Corp. While its current iteration is newer, its history dates back to 1784 through its Bank of New York lineage. Thus, it is not only one of the three oldest banking firms in the U.S., but is among the oldest banks in the world. Currently, BNY Mellon is the world’s largest custodian bank and securities services company.
Unlike traditional consumer banks that focus on savings accounts and loans, custodian banks like BNY Mellon specialize in providing administrative services to other financial institutions. These include fund administration, fund transfers, securities lending and trustee services, which enable both individuals and institutions to invest and conduct transactions securely in markets worldwide. In September 2024, BNY Mellon expanded its presence in private markets with the launch of Alts Bridge and the acquisition of Archer Holdco, a managed account firm.
8. Capital Group
Headquarters: Los Angeles, California AUM: $2.6 trillion
Founded in 1931, Capital Group offers a diverse range of actively managed investment solutions. Its subsidiary, American Funds Distributors, is well known in the financial community and among its clients due to the popularity of its flagship mutual fund, American Funds Investment Co. of America (AIVSX). AIVSX is an actively managed, growth- and income-focused equity fund that has delivered an average annual return of 10.34%, including dividends, since its inception in 1934 (as of Dec. 20, 2024).
Beyond AIVSX, Capital Group offers another 53 mutual funds. It also provides separately managed accounts, private equity, high-net-worth investment services and institutional offerings worldwide. In June 2024, Capital Group expanded its portfolio with the launch of seven new active, transparent exchange-traded funds (ETFs), comprising four equity ETFs and three fixed-income ETFs. This brings the firm’s total ETF offerings to 21, further enhancing its comprehensive suite of investment products.
7. Goldman Sachs Group Inc. (GS)
Headquarters: New York AUM: $2.85 trillion
Founded in 1869, Goldman Sachs has grown into a global financial conglomerate with regional headquarters in Dallas and Salt Lake City, as well as international offices in the U.K., Poland, India, Hong Kong and Japan. It ranks as the world’s second-largest investment bank by revenue and holds the No. 35 spot on the Fortune 500 list of the largest U.S. corporations.
As a partner organization of the World Economic Forum, Goldman Sachs has established a strong presence in venture capital, funding notable startups such as Twitter, Spotify Technology SA (SPOT) and Dropbox Inc. (DBX). The firm has also earned a spot on Forbes’ “100 Best Companies to Work For” list. In the third quarter, Goldman Sachs exceeded expectations by capitalizing on debt and equity offerings, driven by client optimism over potential Federal Reserve interest rate cuts and improving U.S. economic data.
6. JPMorgan Chase & Co. (JPM)
Headquarters: New York AUM: $3.56 trillion
JPMorgan traces its history back to 1799 through the lineage of the Chase Manhattan Bank. The 2000 merger of JPMorgan and Chase created the largest bank in the U.S. and the company now ranks No. 12 on the Fortune 500 list of the largest U.S. corporations. Under the leadership of Jamie Dimon, who has served as CEO since 2005, JPMorgan has also risen to become the world’s largest bank by market capitalization. As a “bulge bracket bank,” JPMorgan primarily serves institutional clients, including large corporations and sovereign governments, by providing corporate advisory services, mergers and acquisitions support, initial public offerings, and private asset management.
The firm also delivers institutional research on a wide range of topics, from personal finance to global geopolitics. For individual clients, retail banking and credit card services are available through Chase Bank. In December 2024, J.D. Power announced that JPM ranked first in customer satisfaction for both self-directed and full-service investors in the 2024 U.S. Wealth Management Digital Experience Study. This prestigious award evaluates customer satisfaction with wealth management websites and mobile apps.
As one of New York’s largest employers, JPMorgan will consolidate operations in its new Park Avenue headquarters in 2025, an all-electric skyscraper slated to accommodate its 10,000 employees.
5. Morgan Stanley (MS)
Headquarters: New York AUM: $3.63 trillion
Approaching its 90th anniversary, Morgan Stanley has been a consistent fixture in the financial community. The firm was the result of the Glass-Steagall Act — legislation that defined the provisions of the Banking Act of 1933 and required that banking firms separate their commercial and investment activities. Over the years, Morgan Stanley has grown through strategic acquisitions, including its notable 1997 merger with Dean Witter Discover & Co., and now provides three core services: institutional securities, wealth management and investment services.
Individual retail investors resonate with Morgan Stanley’s online brokerage subsidiary, E-Trade, as well as advanced investing and wealth management solutions bolstered by a 2021 partnership with Eaton Vance. In recent years, the firm has focused on diversifying its business by expanding into money management, reducing its reliance on the more cyclical investment banking and trading sectors.
4. State Street Global Advisors
Headquarters: Boston AUM: $4.73 trillion
State Street Global Advisors (SSGA), the investment management division of State Street Corp. (STT), was founded in 1978. In 1990, the two entities divided in order for SSGA to expand abroad. While it had long been a key player in indexed mutual funds, SSGA gained widespread acclaim in 1993 when it created the first exchange-traded fund (ETF). Designed to track the S&P 500, the SPDR S&P 500 ETF Trust (SPY) is the largest and oldest ETF in the world.
SSGA also launched the first foreign real estate ETF in 2006 and now has 158 ETF products available for individual U.S. investors alongside its institutional asset management. In more recent times, SSGA was responsible for the 2017 commission of Kristen Visbal’s “Fearless Girl,” the bronze statue of the young girl positioned facing the iconic Wall Street’s “Charging Bull.” In June 2024, SSGA tapped James Ferrarelli as its new chief operating officer, with a broad mandate enhancing operational infrastructure and world-class technology initiatives, drawing on his extensive technology expertise.
3. Fidelity Investments
Headquarters: Boston AUM: $5.3 trillion
Founded in 1946, Fidelity offers one of the most extensive individual investment options of any company on this list. Its services include a broad portfolio of mutual and index funds, a brokerage firm, retirement planning, wealth management advisory, asset custody and even life insurance. Fidelity’s roots trace back to the Great Depression when the “Fidelity Fund” became the only new fund approved by Massachusetts securities director, John Hull, during that tenuous period.
The firm has the sole female CEO in this listing. Abigail Johnson is the granddaughter of Edward C. Johnson II, the founder of Fidelity Investments. With personal wealth of $35.6 billion (as of June 2024), Johnson is one of the world’s most influential and wealthiest women. Under her leadership, Fidelity has remained at the forefront of innovation. In 2018, the firm introduced cryptocurrency investment, enabling Bitcoin and Ethereum trading by institutional investors. Individual investors can also access Fidelity Go, the firm’s robo advisor, with no minimum account requirements.
Institutionally, Johnson is known for her proactive approach to leadership. She has a track record of rotating executive roles to bring fresh perspectives, including the most extensive reshuffle of her decade-long tenure in February 2024. Additionally, in December 2024, Fidelity appointed new leadership for the firm’s Communities Center of Excellence to oversee one of the largest family office networks in the U.S.
2. Vanguard Group
Headquarters: Valley Forge, Pennsylvania AUM: $9.3 trillion
Like Fidelity, Vanguard is focused squarely on the individual investor. As an American registered investment advisor, or RIA, it is the largest provider of mutual funds, consistently making up the bulk of top funds for the Lipper Index, which benchmarks fund performance. Vanguard is also the second-largest provider of ETFs, trailing only BlackRock.
Founded by John C. Bogle in 1975, Vanguard offers a full suite of individual services, including brokerage, financial planning, asset management and trust services. Bogle’s enduring legacy was the creation of the First Index Investment Trust, the precursor to the Vanguard 500 Index Fund (VFIAX), as one of the first index mutual funds available to the general public. This groundbreaking fund popularized passive investing by emphasizing high-quality, diversified solutions with low internal fees — a philosophy that remains central to Vanguard’s identity.
This approach has solidified its reputation as the leader in low-cost investing, earning widespread acclaim from buy-and-hold investors and retirement savers. In concert with this philosophy, Vanguard offers its robo advisor, Vanguard Digital Advisor, with a $3,000 minimum account, but lower AUM fees than Fidelity. Looking ahead, Vanguard will launch a new advice and wealth management division in January 2025, aimed at enhancing its customer experience and financial outcomes.
1. BlackRock Inc. (BK)
Headquarters: New York AUM: $10.47 trillion
BlackRock is the youngest firm among the financial giants, but, as the largest firm in this ranking, is fittingly headquartered in New York City. Its headquarters at 50 Hudson Yards span more than 1 million square feet of space in the area formerly known as Hell’s Kitchen. Beginning as an eight-person startup in 1988, the firm completed a successful initial public offering in 1999 and now operates in 38 countries with 89 offices and clients in more than 100 countries worldwide.
Led by Chairman and CEO Larry Fink, BlackRock is known for the highly popular iShares family of funds, the largest issuer of ETFs in the U.S. and globally. The firm also provides BlackRock Solutions, which tracks investment portfolios for major financial institutions. Ranked No. 231 on the Fortune 500 list, BlackRock’s initial work in enterprise risk management and fixed-income institutional asset management has considerably evolved. In 2020, BlackRock became the first global asset manager to establish operations in China. It also has been tapped by the U.S. government to assist during national crisis times, such as managing corporate bond-buying programs during the COVID-19 pandemic and overseeing the dissolution of $114 billion in assets following the failures of Signature Bank and Silicon Valley Bank during the 2023 regional banking crisis.
The firm was a pioneering leader in environmental, social and corporate governance (ESG) initiatives. Currently, BlackRock is aggressively expanding its presence in private markets, pursuing scale and synergy through strategic acquisitions. In November 2024, it acquired HPS Investment Partners, a private credit firm, for $12 billion. This followed the purchases of Preqin, a data analytics company, and Global Infrastructure Partners, a private equity leader. While the firm embraces bold moves, each acquisition is carefully evaluated to ensure cultural alignment, platform enrichment and an immediate top-line impact.
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Update 12/24/24: This story was previously published at an earlier date and has been updated with new information.
