When people think of the financial industry, New York City’s Wall Street naturally comes to mind.
Although Wall Street itself spans a mere eight blocks, its influence extends far beyond its physical boundaries. The financial institutions located there and in the surrounding neighborhoods form the heart of the American financial system and represent the most important economic sector of the nation’s largest city. From the iconic New York Stock Exchange to the Federal Reserve Bank of New York, Wall Street touches nearly every facet of our financial lives. For aspiring financial professionals and novice investors alike, it serves as a natural starting point for exploring the firms that help money grow.
[Sign up for stock news with our Invested newsletter.]
New York City is big. With a population of about 8.4 million people concentrated within a little more than 300 square miles, it is not only the most densely populated city in the U.S., but also a global financial hub. For those beginning to explore the financial world, it makes sense to start by examining the largest American financial firms, ranked by assets under management, or AUM.
AUM represents the market value of assets that a firm manages on behalf of its clients and is a critical measure for evaluating financial institutions. Firms with higher AUM typically offer a broader range of services, giving clients greater flexibility and providing advisors with more diverse career opportunities.
While Wall Street remains central to the financial industry, not all major institutions are headquartered in New York City. Even so, most of the largest firms maintain a significant presence there.
For newcomers to finance, 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 clarity and simplicity, this article focuses on the largest asset management firms. These firms invest pooled client funds, manage high-net-worth accounts through personal advisors, and offer ETFs, mutual funds, brokerage services and financial advice to individual investors.
Here are the 10 largest U.S.-based asset management firms with a major presence in New York City, ranked by AUM:
| Financial Advice Firm | AUM* | AUM as of |
| 1. BlackRock Inc. (ticker: BLK) | $14.0 trillion | 12/31/2025 |
| 2. Vanguard Group | $12.0 trillion | 11/30/2025 |
| 3. Fidelity Investments | $6.8 trillion | 9/30/2025 |
| 4. State Street Investment Management | $5.5 trillion | 9/30/2025 |
| 5. JPMorgan Chase & Co. (JPM) | $4.8 trillion | 12/31/2025 |
| 6. Goldman Sachs Group Inc. (GS) | $3.6 trillion | 12/31/2025 |
| 7. Capital Group | $2.8 trillion | 11/10/2025 |
| 8. PIMCO | $2.2 trillion | 9/30/2025 |
| 9. Bank of New York Mellon Corp.’s (BK) BNY Investments | $2.2 trillion | 12/31/2025 |
| 10. Morgan Stanley (MS) Investment Management | $1.9 trillion** | 12/31/2025 |
*Sources: Company reports, Thinking Ahead Institute.**Including its Wealth Management division, Morgan Stanley had $9.3 trillion in total client assets in Q4.
10. Morgan Stanley (MS) Investment Management
Headquarters: New York
AUM: $1.9 trillion
Having celebrated its 90th anniversary in 2025, Morgan Stanley has long been a fixture in the global financial community. The firm was founded in September 1935 by Henry S. Morgan and Harold Stanley following the Glass-Steagall Act, which required the separation of commercial and investment banking activities under the Banking Act of 1933. Over time, Morgan Stanley expanded through strategic acquisitions, including its 1997 merger with Dean Witter Discover & Co., and today operates across three core businesses: institutional securities, wealth management and investment services. If the Wealth Management division is taken into account, client assets total $9.3 trillion as of the fourth quarter.
Retail investors resonate with Morgan Stanley’s online brokerage subsidiary, E*Trade. Its broader investing and wealth management offerings were strengthened by the 2021 acquisition of Eaton Vance, now integrated into Morgan Stanley Investment Management. In recent years, the firm has focused on diversifying its revenue base by expanding its money management and private markets capabilities, reducing reliance on the more cyclical investment banking and trading businesses.
9. Bank of New York Mellon Corp.’s (BK) BNY Investments
Headquarters: New York
AUM: $2.2 trillion
BNY Mellon was formed in 2007 through the merger of the Bank of New York and Mellon Financial Corp. Although the company in its current form is relatively recent, its roots trace back to 1784 through the Bank of New York, making it one of the three oldest banking institutions in the U.S. and among the oldest banks in the world. Today, BNY Mellon is the world’s largest custodian bank and securities services provider, overseeing over $59 trillion in assets under custody and administration.
Unlike consumer banks that focus on deposits and lending, custodian banks such as BNY Mellon specialize in administrative and operational services for financial institutions. These services include fund administration, asset servicing, securities lending and trustee services, which support secure investing and transaction activity across global markets. In 2024, BNY Mellon expanded its private markets capabilities with the launch of Alts Bridge and the completed acquisition of Archer Holdco, a managed account firm, while also advancing its digital asset and tokenized deposit initiatives.
8. PIMCO
Headquarters: Newport Beach, California AUM: $2.2 trillion
PIMCO (Pacific Investment Management Co.) is best known for its expertise in actively managed bond funds and its pioneering total return approach. While fixed income remains its core strength, the firm also offers a broad range of investment strategies, including equities, commodities, alternatives and exchange traded funds across multiple asset classes. Founded in 1971 by Bill Gross as a private division of Pacific Life Insurance Company, PIMCO has grown into one of the world’s largest investment managers, overseeing roughly $2.2 trillion in assets for central banks, pension funds, corporations, foundations, endowments and sovereign wealth funds.
In 2000, PIMCO was acquired by Allianz SE and continues to operate as an independent subsidiary headquartered in the U.S. Today, the firm is led by co-chief executives Emmanuel Roman and Dan Ivascyn and has expanded beyond traditional fixed income into private credit, real assets and multi-asset investment solutions, reflecting its broader global investment platform.
7. Capital Group
Headquarters: Los Angeles AUM: $2.8 trillion
Founded in 1931, Capital Group offers a broad range of actively managed investment solutions. Its subsidiary, American Funds Distributors, is widely recognized within the financial community and among its clients for its flagship mutual fund, American Funds Investment Co. of America (AIVSX). Launched in 1934, AIVSX is a growth and income equity fund that has generated an average annual return of approximately 12.2%, including dividends, through December 2025.
In addition to AIVSX, Capital Group manages more than 40 mutual funds and provides separately managed accounts, private equity, high-net-worth investment services and institutional strategies worldwide. The firm has continued to expand its exchange-traded fund lineup to 25 offerings, further broadening its overall investment platform.
6. Goldman Sachs Group Inc. (GS)
Headquarters: New York AUM: $3.6 trillion
Founded in 1869, Goldman Sachs is a global financial services firm with regional headquarters in Dallas and Salt Lake City and international offices across Europe and Asia, including the U.K., Poland, India, Hong Kong and Japan. It remains one of the world’s leading investment banks by revenue and holds the No. 32 spot on the Fortune 500 list of the largest U.S. corporations.
As a partner organization of the World Economic Forum, Goldman Sachs has an established presence across investment banking, markets, asset/wealth management and alternative investments. While the firm has historically backed high-profile technology companies, its more recent growth has been driven by advisory activity, capital markets issuance and expanded private-markets and alternatives platforms.
In 2024 and 2025, Goldman benefited from a rebound in dealmaking and stronger client activity, supported by improving economic conditions and expectations of easing monetary policy in the U.S.
[Best Brokers for Crypto Trading in 2025]
5. JPMorgan Chase & Co. (JPM)
Headquarters: New York AUM: $4.8 trillion
JPMorgan traces its roots to 1799 through the legacy of Chase Manhattan Bank. The 2000 merger of JPMorgan and Chase created the largest bank in the U.S., and the firm now ranks No. 11 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 become the world’s largest bank by market capitalization. As a bulge-bracket bank, it primarily serves institutional clients, including major 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 spanning topics from personal finance to global geopolitics, while individual clients access retail banking and credit card services through Chase Bank. In the most recent J.D. Power U.S. Wealth Management Digital Experience Study, JPMorgan ranked among the top firms for investor satisfaction across both self-directed and full-service platforms. One of New York City’s largest employers, JPMorgan celebrated the grand opening of its new all-electric Park Avenue headquarters on Oct. 21, 2025. The sixth-largest building in New York City, 270 Park Avenue accommodates approximately 10,000 employees.
4. State Street Investment Management
Headquarters: Boston AUM: $5.5 trillion
State Street Investment Management, formerly known as State Street Global Advisors (SSGA), the investment management arm of State Street Corp. (STT), was founded in 1978. In 1990, the two entities formally separated to support SSGA’s international expansion. Long a leader in index investing, SSGA gained global recognition in 1993 when it launched the first exchange-traded fund. Designed to track the S&P 500, the SPDR S&P 500 ETF Trust (SPY) remains the largest and oldest ETF in the world.
SSGA continued to innovate with the launch of the first foreign real estate ETF in 2006 and now offers roughly 176 ETF products to U.S. retail investors alongside its institutional asset management business. In 2017, the firm commissioned Kristen Visbal’s “Fearless Girl” statue, which has since become closely associated with SSGA’s broader stewardship priorities, including corporate governance, proxy voting and diversity and inclusion initiatives. In June 2024, SSGA tapped James Ferrarelli as chief operating officer with a broad mandate to strengthen operational infrastructure and advance firmwide technology initiatives.
3. Fidelity Investments
Headquarters: Boston AUM: $6.8 trillion
Founded in 1946, Fidelity offers one of the most extensive individual investment platforms among the companies discussed. Its services include a broad lineup of mutual and index funds, a full-service brokerage, retirement planning, wealth management advisory, asset custody and 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 turbulent period.
Fidelity is led by the sole female CEO among this group of firms. Abigail Johnson, the granddaughter of founder Edward C. Johnson II, has served as CEO since 2014 and is among the world’s most influential women, with an estimated personal wealth approaching $40 billion. Under her leadership, Fidelity has remained at the forefront of innovation, including the 2018 launch of institutional cryptocurrency services through Fidelity Digital Assets, which enables Bitcoin (BTC) and Ether (ETH) custody and trading for institutional investors. Individual investors can also access Fidelity Go, the firm’s robo-advisor platform with no minimum account requirement.
2. Vanguard Group
Headquarters: Valley Forge, Pennsylvania AUM: $12 trillion
Like Fidelity, Vanguard is focused squarely on the individual investor. As a U.S. registered investment advisor, or RIA, it is the largest provider of mutual funds, consistently representing a significant share of top-ranked funds tracked by the Lipper Index, which benchmarks fund performance. Vanguard is also the second-largest provider of exchange-traded funds, trailing only BlackRock, and manages roughly $12 trillion in assets globally.
Founded by John C. Bogle in 1975, Vanguard offers a full range of brokerage, financial planning, asset management and trust services. Bogle’s most enduring legacy was the creation of the First Index Investment Trust, the predecessor 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.
In line with this approach, Vanguard originally offered its robo advisor, Vanguard Digital Advisor, with a $3,000 minimum investment, but has now reduced it to just $100. In January 2025, Vanguard launched a new advice and wealth management division led by Joanna Rotenberg, aimed at enhancing its customer experience and financial outcomes.
1. BlackRock Inc. (BLK)
Headquarters: New York AUM: $14 trillion
BlackRock is the youngest firm among these financial giants, yet it is also the largest by assets under management. The firm is headquartered at 50 Hudson Yards, where it occupies more than 1 million square feet of office space in the area formerly known as Hell’s Kitchen. Founded in 1988 as an eight-person startup, BlackRock went public in 1999 and has since built a massive global footprint. Today it operates in roughly 30 countries with about 70 offices and serves clients in more than 100 countries worldwide.
Led by Chairman and CEO Larry Fink, BlackRock is known for its highly popular iShares family of funds, the largest ETF platform in the U.S. and globally. BlackRock Solutions provides portfolio analytics and risk management technology to major financial institutions. Ranked No. 210 on the Fortune 500 list, the firm has evolved far beyond its early focus on enterprise risk management and fixed income institutional investing. In 2020, BlackRock became the first global asset manager to establish operations in China. It has also been tapped by the U.S. government during periods of financial stress, including managing corporate bond-buying programs during the COVID-19 pandemic and overseeing the wind-down of $114 billion in assets following the failures of Signature Bank and Silicon Valley Bank in 2023.
An early leader in environmental, social, and corporate governance (ESG) initiatives, BlackRock is now aggressively expanding its private markets business, pursuing scale and synergy through strategic acquisitions, including Global Infrastructure Partners, Preqin and a $12 billion deal for HPS Investment Partners, which closed in July 2025. BlackRock evaluates its acquisitions for an immediate top-line impact, alongside cultural alignment and platform enrichment.
More from U.S. News
10 of the Best Bank Stocks to Buy for 2026
8 Best Quantum Computing Stocks for 2026
7 Best Marijuana Stocks and ETFs to Buy in 2026
10 Largest Financial Advice Firms in New York City originally appeared on usnews.com
Update 01/15/26: This story was published at an earlier date and has been updated with new information.
