Which asset managers are the most highly regarded in the U.S.? According to the latest edition of Fund Brand 50 (FB50) by Broadridge, an annual study produced by the fintech Broadridge Financial Solutions that highlights the world’s top-performing third-party asset management brands, the ranking is led by BlackRock, Capital Group, and Vanguard.
BlackRock retains the top position for the second consecutive year. However, according to the report’s conclusions, its lead has narrowed, and this year the presence of relatively recent firms within the expanded FB50 list has continued to grow. The firm’s analysis concludes that BlackRock’s prominence is not only a reflection of its size, but also of its sophisticated alignment between product innovation and brand trust, which continues to resonate with professional fund buyers.
“While strength and client focus remain key priorities, our analysis of brand perception revealed that fund gatekeepers, such as wealth management home office teams and investment committees, also place great importance on the stability of the management team. In their view, this serves as a benchmark for the ability to repeat results and mitigate transition risk,” explains Jeff Tjornehoj, Senior Director of Fund Insights for the United States at Broadridge.
Movements in the ranking
Although BlackRock continues to hold the top spot, Capital Group made a notable climb in the ranking to finish in second position. Notably, Capital Group is predominantly perceived as the gold standard of institutional stability, supported by its distinctive “Capital System” of multi-manager oversight. “By abandoning the star manager model in favor of a collaborative investment process, the firm projects a repeatable, high-conviction approach to active management that endures beyond individual mandates,” they highlight about the firm.
Analyzing the rest of the ranking positions, Vanguard fell to third place, while JPMorgan and Fidelity completed the top five. Professional buyers tend to view Capital Group as a “safe haven,” associating the brand with long-term reliability and a client-focused relationship model.
Among other notable changes, the firm highlights that PIMCO moved ahead to swap positions with First Trust, ranking sixth and seventh, respectively. “Franklin held steady in eighth place for the fourth consecutive year, while T. Rowe Price advanced steadily from tenth to ninth place, and Goldman Sachs showed that its exit from the top 10 last year was temporary by returning this year to the tenth position,” they add.
Looking back at the report from a year ago, it is worth noting that stable performance and lower volatility had predisposed fund selectors to explore new institutional commitments. According to the report, this trend intensified in 2025, as reflected in the modest changes observed among the top ten brands.
Most valued attributes
Regarding what fund selectors valued most in brands, “strength,” “client focus,” and “attractive investment strategy” once again occupied the top three positions in the ranking this year. “U.S. selectors favor large global brands, with a broad and diverse product offering, as well as the security provided by a well-established name,” they indicate.
The report finds that an “attractive investment strategy” continues to act as a “magnet” for new capital. Its conclusion is that investors prioritize managers who demonstrate a repeatable process for generating risk-adjusted returns, and once again, BlackRock continues to set the pace.
“The top four brand attributes did not change in 2025, while ‘stability of the investment management team’ rose from seventh position last year to complete the top five in fifth place in 2025, displacing ‘understanding of the markets in which they operate’ from the top five to seventh place. In addition, ‘social responsibility/sustainability’ once again ranked tenth,” they note.
Brand and product
According to Broadridge’s view, in a “sea of similarity” where many firms offer similar investment strategies, a strong brand acts as the main differentiating factor. “A truly effective brand transcends logos and slogans: it is the embodiment of an identity that builds trust, drives loyalty, and provides the strategic foundation for future expansion,” they argue.
From the perspective of investment offerings, the report maintains that, for product managers, 2025 was a decisive year in the evolution of investment vehicles. “The industry witnessed explosive growth in the development of active ETFs, with nearly 1,000 new funds entering the market. This shift reflects a structural migration of capital; during the same period, only 95 new traditional mutual funds were launched, representing a 52% decline compared to 2024 and the lowest level since 1983, in a context where the industry recorded 262 more closures than launches,” they conclude.
About the report
Fund Brand 50 draws on the findings of Broadridge’s Global Fund Buyer Focus Intelligence, a comprehensive intelligence and analytics platform, continuously updated, that captures preferences, behaviors, and market trends of fund selectors across global markets. The FB50 measures and ranks the relative brand appeal of asset managers based on fund selectors’ perceptions, taking into account 10 brand attributes to identify the leading brands in the U.S. and globally. Broadridge also publishes FB50 reports on brand leaders in Europe and APAC. This is the most recent study from Broadridge’s Data and Analytics division and highlights the breadth and depth of the firm’s global market insight.
