Top U.S.-listed asset managers to watch in 2026

Asset managers pool capital from pension funds, insurers and individual investors, deploying it across equities, bonds, infrastructure and alternatives in exchange for a management fee. The six companies on this list approach that model differently – BlackRock, Inc. ($BLK) pairs investment management with Aladdin, a risk and technology platform serving institutional clients, while Affiliated Managers Group, Inc. ($AMG) takes equity stakes in independent boutique managers rather than running strategies directly.

How we built this list: We selected these companies based on their investment management and fund management business and ordered them by market capitalisation. Prices are updated daily, and the list and supporting content are reviewed roughly every quarter. All data is sourced from Stake. This list isn't a recommendation and isn't ordered by suitability.

Past performance is not a reliable indicator of future performance.

Source: Stake market data. Figures in US$. Data updated as of 29 September 2026.

✅ Learn more: Top private equity stocks to watch in 2026→

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1. BlackRock ($BLK)

BlackRock (BLK) share price over the last year: started at US$1,165.87, ended at US$1,067.94, a change of −8.4%. Range over the period: high US$1,202.59, low US$922.90. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$1,067.94 · Daily: -0.3% · Market cap: US$174.05B · Sector: Financials · Industry: Investment Services

BlackRock, Inc. ($BLK) manages capital across equities, fixed income, alternatives and money market instruments, serving both institutional and retail clients. Its strategies reach investors through iShares exchange-traded funds, open-end and closed-end mutual funds, separate accounts and other pooled vehicles.

A technology and subscription business runs alongside the investment arm. Aladdin – the risk and portfolio management platform – is licensed to external institutions as well as used internally by $BLK itself. The technology stack also includes Aladdin Wealth for wealth managers, eFront for private markets data and Cachematrix for cash and liquidity management. Chief executive Laurence Fink leads a team of 24,900 employees across both sides of the business.

2. Brookfield Asst ($BAM)

Brookfield Asst (BAM) share price over the last year: started at US$56.94, ended at US$44.97, a change of −21.0%. Range over the period: high US$58.77, low US$42.87. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$44.97 · Daily: 1.1% · Market cap: US$72.90B · Sector: Financials · Industry: Investment Services

Real assets and essential service businesses are at the centre of what Brookfield Asset Management Ltd. ($BAM) does. The firm manages capital across five strategies: renewable power and energy transition, infrastructure, real estate, private equity, and credit. CEO Bruce Flatt leads an organisation of 250,000 people to execute those strategies for clients around the world.

$BAM serves over 2,500 institutional clients, including public and private pension plans, sovereign wealth funds, endowments, insurance companies and private wealth investors. Products come in three forms – long-term private funds, permanent capital vehicles and perpetual strategies, and liquid strategies – structured to suit different deployment timelines and liquidity needs across that client base.

3. Ameriprise Fin ($AMP)

Ameriprise Fin (AMP) share price over the last year: started at US$491.25, ended at US$497.32, a change of +1.2%. Range over the period: high US$570.68, low US$430.40. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$497.32 · Daily: 0.2% · Market cap: US$43.83B · Sector: Financials · Industry: Investment Services

Ameriprise Financial, Inc. ($AMP) runs three distinct businesses under the same roof. Its advisor network delivers financial planning and full-service brokerage directly to individual clients through the Advice & Wealth Management arm. The Asset Management segment operates globally under the Columbia Threadneedle Investments brand, serving retail, high net worth and institutional clients alike.

On the insurance and retirement side, $AMP offers variable and payout annuities through its RiverSource Life companies, alongside life and disability income insurance. CEO Jim Cracchiolo leads a company of 13,600 employees spread across those segments.

4. T Rowe Price Grp ($TROW)

T Rowe Price Grp (TROW) share price over the last year: started at US$102.64, ended at US$104.51, a change of +1.8%. Range over the period: high US$121.68, low US$86.19. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$104.51 · Daily: 0.7% · Market cap: US$22.14B · Sector: Financials · Industry: Investment Services

Active management sits at the centre of T. Rowe Price Group, Inc.'s ($TROW) model. The firm distributes strategies across equity, fixed income, multi-asset and alternative capabilities to clients ranging from individual investors to pension funds and retirement plan sponsors.

Under CEO Rob Sharps, $TROW's 7,773 employees reach clients through mutual funds, collective investment trusts, ETFs and separately managed accounts, among other vehicles. The firm also handles administrative work for a portion of clients – participant recordkeeping for defined contribution retirement plans, shareholder services and trust services – alongside the core investment management.

5. Invesco ($IVZ)

Invesco (IVZ) share price over the last year: started at US$22.94, ended at US$30.42, a change of +32.6%. Range over the period: high US$33.31, low US$22.44. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$30.42 · Daily: -0.03% · Market cap: US$13.43B · Sector: Financials · Industry: Investment Services

Running strategies across equity, fixed income, alternatives and money market, Invesco Ltd. ($IVZ) covers both active and passive approaches under one firm. CEO Andrew Schlossberg leads the business, which employs 7,499 people and serves clients in more than 120 countries.

On the retail side, $IVZ distributes through ETFs, open-end mutual funds, separately managed accounts and investment trusts. Its institutional client list covers sovereign wealth funds, endowments, foundations, unions and financial institutions. Those clients typically access strategies through separate accounts, private funds and collective trust funds.

6. Affiliated Mngrs ($AMG)

Affiliated Mngrs (AMG) share price over the last year: started at US$238.43, ended at US$370.61, a change of +55.4%. Range over the period: high US$383.42, low US$230.78. Source: Stake market data. Past performance is not a reliable indicator of future performance.

Price: US$370.61 · Daily: 0.7% · Market cap: US$9.52B · Sector: Financials · Industry: Investment Services

Affiliated Managers Group, Inc. ($AMG) doesn't manage money itself – it buys equity stakes in independent investment firms, which the company calls Affiliates. Those Affiliates keep running their own strategies while $AMG provides capital, distribution and operational support. The result is a portfolio of boutique managers covering private markets, liquid alternatives and long-only equity and fixed income strategies.

The Affiliates serve institutional clients, high-net worth individuals and family offices, with a strong lean toward strategies that carry long-dated capital commitments and the potential for carried interest over time. Jay Horgen leads the company, which employs around 5,600 people. Because $AMG's revenue is tied to the fees its Affiliates earn, a broad market downturn or sustained outflows at those underlying firms would weigh on the parent's results.

➡️ Top U.S.-listed investment banks to watch in 2026→

Common questions

How do I invest in U.S. asset managers from New Zealand?

All six companies in this list trade on U.S. exchanges, so you access them through a share trading platform that offers U.S. market access. You search by ticker and place an order the same way you would for any U.S.-listed stock.

What are the key risks of U.S. asset managers?

Some of the key risks include sensitivity to market conditions: most asset managers charge fees as a percentage of assets under management, so a broad market decline can pull revenue down even without any client departures. Active managers also face ongoing fee pressure from lower-cost passive products, which can weigh on margins over time. Companies operating internationally face regulatory and compliance risk across multiple jurisdictions. For New Zealand investors buying U.S.-listed shares, movements in the NZD/USD rate affect both what a purchase costs and what any proceeds are worth when converted back.

How do traditional and alternative asset managers differ?

Traditional managers – like T. Rowe Price and Invesco – focus on public market strategies: equities, fixed income, multi-asset portfolios, and ETFs, offered to retail and institutional investors through familiar fund structures. Alternative managers, such as Brookfield Asset Management, concentrate on private markets and real assets – infrastructure, real estate, private equity, and credit – typically through longer-dated, less liquid fund structures aimed largely at institutional investors. Affiliated Managers Group sits outside both categories: it invests stakes in independent asset management firms rather than managing money directly.

What drives an asset manager's revenue?

The primary source is management fees, calculated as a percentage of assets under management, so revenue is directly linked to how much client capital the firm oversees and how those assets are valued. Some managers – particularly those active in private markets – also earn performance fees, sometimes called carried interest, when returns clear a set hurdle. BlackRock generates additional revenue through its Aladdin platform, a subscription-based system that provides risk and investment management technology to other institutions.

Disclaimer

Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation, and particular needs before making an investment decision. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.

This is not personal financial advice nor a recommendation to invest in the securities listed. Any advice provided by Stake is of general nature only and does not take into account your specific circumstances. Trading and volume data from the Stake investing platform is for reference purposes only, the investment choices of others may not be appropriate for your needs and is not a reliable indicator of performance.

Please refer to hellostake.com/pricing for the fees that apply. When you trade securities priced in another currency, currency conversion fees may apply and movements in the exchange rate may affect your returns.

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This article combines AI and human review from our analysts to bring you accurate, informative investing content at speed. For questions or suggestions, contact stakedesk@stake.com.au.