Fixed Income Asset Management

Fixed Income Asset Management Market Outlook

The global Fixed Income Asset Management Market is anticipated to reach approximately USD 4 trillion by 2035, growing at a compound annual growth rate (CAGR) of 6.2% during the forecast period from 2025 to 2035. This growth can be attributed to the increasing demand for stable investment avenues in an increasingly volatile financial landscape, where investors seek predictable income streams and low-risk profiles offered by fixed income securities. Factors such as favorable interest rate environments, the need for diversification in investment portfolios, and the growing awareness of fixed income products among retail and institutional investors are playing a critical role in driving market expansion. Furthermore, advancements in technology have enabled asset management firms to offer enhanced analytics and personalized investment solutions, further propelling market growth.

Growth Factor of the Market

The growth of the Fixed Income Asset Management Market is significantly influenced by several factors. Firstly, the volatility of equity markets has prompted both institutional and retail investors to seek refuge in fixed income securities, which are generally perceived as safer investments. Secondly, the increasing prevalence of low-interest rates across various global economies has made fixed income assets more attractive, as they provide regular income through interest payments. Additionally, demographic shifts and an aging population are leading to greater demand for income-generating investments, particularly among retirees who prioritize capital preservation and steady cash flow. Furthermore, technology-driven enhancements in asset management services are empowering investors with better access and real-time data, thereby boosting confidence in fixed income products. Lastly, regulatory changes promoting longer-term investment strategies are fostering a more favorable environment for fixed income asset management.

Key Highlights of the Market

• Robust growth driven by increasing global demand for fixed income securities.
• Technological advancements improving access and efficiency in asset management.
• Significant shifts in investor demographics leading to greater focus on fixed income strategies.
• Regulatory support promoting long-term investment solutions bolstering market growth.
• Increased product offerings catering to varying investor profiles and risk appetites.

By Product Type

Bonds:

Bonds represent one of the most significant segments in the Fixed Income Asset Management Market. They are debt securities issued by corporations, municipalities, or governments to raise capital, and they typically yield fixed interest payments over time. The popularity of bonds continues to grow as they provide a predictable income stream, making them attractive for both conservative investors and those looking for diversification in their portfolios. Various types of bonds, such as corporate bonds, government bonds, and municipal bonds, cater to different investment strategies and risk appetites. Recent market trends indicate a rising interest in green and sustainable bonds, as investors are increasingly conscious of environmental impact and corporate responsibility.

Money Market Instruments:

Money Market Instruments are short-term debt securities that are highly liquid and considered low-risk investments. These include Treasury bills, commercial papers, and certificates of deposit among others. The primary appeal of money market instruments lies in their safety and liquidity, making them a favored choice for investors looking to preserve capital while earning modest returns. They are particularly popular among institutional investors, who utilize them for cash management purposes. The demand for these instruments is projected to increase as market participants seek effective strategies to manage liquidity and interest rate exposure, especially in uncertain economic climates.

Asset-Backed Securities:

Asset-Backed Securities (ABS) are financial securities backed by a pool of underlying assets, such as loans, leases, or receivables. The ABS market has gained traction as it offers a diversified investment opportunity while providing enhanced risk-adjusted returns. Investors are drawn to these securities for their ability to generate income streams while mitigating credit risk through diversification. The growth of the ABS market is also fueled by advancements in technology, which facilitate better structuring of these financial products, making them more accessible to a wider range of investors. The demand for ABS is anticipated to rise as investors increasingly seek non-traditional income sources amid low interest rates.

Mortgage-Backed Securities:

Mortgage-Backed Securities (MBS) are a type of asset-backed security that is secured by a collection of mortgages. Investors are attracted to MBS due to their potential for attractive yields compared to other fixed income products. The MBS market has experienced substantial growth, particularly in regions with a robust housing market. However, the market also faces challenges, such as interest rate fluctuations and potential defaults on underlying mortgages. As the global economy continues to recover, the demand for MBS is expected to rise, driven by an increase in home purchases and refinancing transactions, which will contribute to more stable income for investors.

Municipal Securities:

Municipal Securities are debt instruments issued by state or local governments to finance public projects. These securities are unique in that they often provide tax-exempt benefits to investors, making them particularly appealing to high-net-worth individuals and those seeking to reduce their taxable income. The market for municipal securities is expected to grow as municipalities increasingly turn to these instruments to fund essential services and infrastructure projects. Investors are generally attracted to the relative safety of municipal bonds, alongside the potential for competitive yields, especially in a rising interest rate environment, where traditional fixed income options may struggle to maintain their appeal.

By Application

Institutional Investors:

Institutional investors, including pension funds, insurance companies, and hedge funds, are major participants in the Fixed Income Asset Management Market. Their large-scale investments in fixed income assets enable them to stabilize their portfolios and manage risks effectively. Institutional investors tend to favor fixed income securities for their steady returns, which are essential for meeting long-term liabilities and obligations. The increasing focus on liability-driven investment strategies among these investors is expected to drive demand for fixed income products, as they seek to match their income streams to their future cash flow needs.

Retail Investors:

Retail investors represent a growing segment within the Fixed Income Asset Management Market, as they increasingly seek low-risk investment options amidst market volatility. With advancements in technology and online trading platforms, retail investors now have easier access to bond markets and fixed income products. This democratization of investment opportunities has led to a rise in retail participation in fixed income securities, as individuals look to diversify their portfolios and achieve stable returns. Education and awareness campaigns by asset management firms are also helping to enhance retail investor confidence in fixed income investments.

High Net Worth Individuals:

High net worth individuals (HNWIs) are becoming increasingly significant in the Fixed Income Asset Management Market, as they seek to preserve capital and achieve reliable income generation. HNWIs often have a longer investment horizon and are willing to explore various fixed income instruments that align with their financial goals. The demand for customized fixed income solutions, including private placements and bespoke bond issues, is rising as financial advisors aim to cater specifically to the unique needs of HNWIs. This segment's growing sophistication is driving innovation in product offerings and risk management strategies within the market.

Pension Funds:

Pension funds are substantial players in the fixed income landscape, as they are required to generate consistent income to meet future liabilities. These institutional investors typically allocate a significant portion of their portfolios to fixed income securities to achieve stable returns and mitigate risk. Regulatory frameworks and funding requirements often dictate the investment strategies of pension funds, leading to an increased focus on high-quality fixed income assets, such as government bonds and investment-grade corporate bonds. As demographic shifts result in an aging population, the demand for fixed income investment strategies that prioritize capital preservation and income generation is expected to increase.

Insurance Companies:

Insurance companies are major participants in the fixed income asset management market, as they require stable investment returns to cover future policyholder claims. The fixed income securities they invest in typically include long-term bonds that align with their liabilities and cash flow needs. The nature of their business necessitates a conservative approach to investing, making fixed income assets an ideal choice for managing risk. As the insurance sector continues to grow and evolve, the demand for innovative fixed income products that can enhance yield while maintaining safety will likely rise, driving further investments in this asset class.

By Distribution Channel

Direct Sales:

The direct sales channel in the Fixed Income Asset Management Market involves the sale of fixed income products directly to investors without intermediaries, such as brokers or financial advisors. This approach allows asset management firms to maintain closer relationships with clients and provide personalized service. The growth of digital platforms has facilitated direct sales, enabling investors to purchase fixed income products easily. As more investors seek transparency and lower fees, the direct sales channel is expected to expand significantly, attracting both retail and institutional investors looking for efficient and cost-effective investment options.

Financial Advisors:

Financial advisors play a crucial role in the distribution of fixed income products, providing guidance and expertise to clients on optimal investment strategies. Given the complexity and ever-changing landscape of fixed income securities, many investors rely on financial advisors to navigate market risks and identify suitable investment opportunities. The demand for advisory services is anticipated to rise as investors increasingly recognize the benefits of personalized investment strategies that align with their financial goals. The growing emphasis on financial literacy will further enhance the role of financial advisors in the fixed income asset management market.

Online Platforms:

Online platforms have transformed the distribution of fixed income products, allowing investors to access a wide range of securities with ease. These platforms provide tools and resources for investors to research, analyze, and trade fixed income assets efficiently. The rise of robo-advisors has also contributed to the growth of online platforms, offering automated investment management services that cater to various risk profiles. As technology continues to advance, online platforms are expected to become an increasingly popular channel for investing in fixed income securities, especially among younger, tech-savvy investors.

Banks:

Banks have traditionally been significant players in the distribution of fixed income securities, serving both retail and institutional clients. They offer a wide range of fixed income products and provide essential services, such as underwriting and market-making. The relationship between banks and fixed income asset management is crucial, as banks facilitate access to liquidity and provide market insights. As regulatory changes impact the banking sector, the role of banks in the distribution of fixed income products may evolve, with a greater emphasis on compliance and risk management, ultimately shaping their strategies in the fixed income market.

Brokerage Firms:

Brokerage firms serve as intermediaries in the distribution of fixed income securities, providing clients with access to a wide range of investment opportunities. They offer advisory services, research, and trading platforms that enable investors to buy and sell fixed income products efficiently. The competition among brokerage firms is intensifying as they seek to differentiate themselves through superior service, innovative trading tools, and competitive pricing. As the demand for fixed income investments rises, brokerage firms will continue to adapt their offerings to meet the changing needs of investors, enhancing their role in the fixed income asset management market.

By Asset Class

Government Securities:

Government securities are among the most secure forms of fixed income investments, as they are backed by the full faith and credit of the issuing government. These securities include treasury bills, notes, and bonds, which are highly sought after for their low-risk profile and liquidity. The demand for government securities tends to rise during periods of economic uncertainty, as investors flock to safe-haven assets. As central banks pursue accommodative monetary policies, government securities are expected to remain a staple in many investment portfolios. The yield on these securities, while generally lower than other fixed income options, provides a reliable income stream, making them appealing to conservative investors.

Corporate Bonds:

Corporate bonds are debt securities issued by corporations to raise capital, typically offering higher yields than government securities due to the greater risk associated with corporate default. The corporate bond market has seen significant growth as companies seek to finance operations, expansions, and acquisitions. Investors are attracted to corporate bonds for their potential for capital appreciation and regular interest payments. The performance of corporate bonds is closely tied to the health of the issuing company; therefore, investors often conduct thorough credit assessments before investing. As companies focus on sustainable practices, the issuance of green corporate bonds is also gaining traction, providing investors with socially responsible investment opportunities.

Municipal Bonds:

Municipal bonds are issued by state and local governments to fund public projects, and they are particularly attractive to investors due to their tax-exempt status. These bonds serve as a critical source of financing for infrastructure projects and public services. The demand for municipal bonds is expected to grow as municipalities increasingly rely on these instruments to support their budgets and investment needs. Investors often view municipal bonds as safe and stable investments, especially those rated highly for creditworthiness. The market for municipal bonds can also be influenced by changes in tax laws and government funding priorities, affecting investor sentiment and demand.

Mortgage-Backed Securities:

Mortgage-Backed Securities (MBS) are a popular asset class in the fixed income market, consisting of a pool of mortgages that are bundled together and sold as securities to investors. MBS can provide attractive yields, but they also carry risks associated with mortgage defaults and prepayment. The MBS market has experienced fluctuations based on housing market conditions and interest rates. Investors often favor MBS for their potential to offer higher returns than traditional government bonds, particularly in a declining interest rate environment. As the housing market continues to evolve, the demand for MBS is expected to remain strong, driven by the need for affordable housing and real estate financing.

High-Yield Bonds:

High-yield bonds, commonly referred to as junk bonds, are debt securities rated below investment grade and offer higher interest rates to compensate for the increased risk of default. Investors are drawn to high-yield bonds for their potential to deliver substantial returns, particularly in a rising interest rate environment where traditional fixed income yields may be inadequate. The high-yield bond market has seen considerable growth as companies look to finance acquisitions and expansions. However, investors must be cautious, as these bonds can be significantly more volatile than higher-rated securities. As economic conditions fluctuate, the high-yield bond market can experience rapid changes, presenting both opportunities and risks for investors.

By Region

North America is currently the largest region in the Fixed Income Asset Management Market, accounting for over 40% of the total market share. This dominance is attributed to the significant presence of institutional investors, a well-developed bond market, and the high liquidity of fixed income securities. The region is home to some of the largest asset management firms, which play a crucial role in the distribution and management of fixed income products. Moreover, the stability of the U.S. economy and the strong regulatory framework surrounding investments provide a conducive environment for growth. The market in North America is projected to grow at a CAGR of 6.5% over the forecast period, driven by increasing demand from both institutional and retail investors.

Europe follows closely, contributing approximately 30% to the global fixed income asset management market. The region has seen a surge in demand for fixed income products, particularly in light of the European Central Bank's monetary policies aimed at supporting economic recovery. The prevalence of low-interest rates has led to a shift in investor preferences, with many seeking the relative safety and stable returns associated with fixed income investments. The ongoing focus on sustainable finance within the European Union is also expected to spur growth in the market as more investors seek socially responsible investment opportunities. The European fixed income market is expected to grow at a CAGR of 5.8% during the 2025-2035 period, reflecting the evolving investment landscape.

Opportunities

The Fixed Income Asset Management Market presents numerous opportunities for growth and innovation, particularly driven by the increasing focus on sustainable and socially responsible investing. As environmental, social, and governance (ESG) considerations become more prominent, asset management firms are developing new fixed income products that align with these values. This trend not only caters to the growing demand from retail and institutional investors seeking ethical investment options but also positions firms to capture market share in a rapidly evolving landscape. Furthermore, the expansion of digital platforms and technology-enhanced investment solutions provides opportunities to reach a broader audience, streamline operations, and improve the overall client experience in fixed income investing.

Another significant opportunity lies in the growing interest among retail investors in fixed income products. As awareness of fixed income securities increases, especially among younger investors, asset management firms have the chance to tailor their offerings to meet the specific needs of this demographic. This could include developing educational resources, investment tools, and user-friendly platforms that facilitate access to fixed income markets. Additionally, as global economic conditions fluctuate, the demand for diversified investment strategies that include fixed income assets will likely rise, creating further opportunities for asset management firms to expand their product portfolios and attract a wider range of clients.

Threats

While the Fixed Income Asset Management Market is poised for growth, it also faces several threats that could impact its trajectory. One significant threat is the potential for rising interest rates, which can lead to decreased bond prices and negatively affect investor sentiment. If interest rates rise too quickly or unexpectedly, investors may experience losses, prompting them to reassess their fixed income allocations. This could lead to increased volatility in the market and create challenges for asset management firms in managing their portfolios effectively. Furthermore, economic uncertainty and geopolitical tensions can result in market fluctuations, making it difficult for investors to navigate fixed income strategies.

Another potential restrainer for the market is the increasing competition from alternative investment options and the proliferation of passive investment strategies. As investors seek higher returns, they may gravitate toward equities or alternative assets, which could detract from demand for fixed income securities. Additionally, the rise of exchange-traded funds (ETFs) has introduced a more accessible and lower-cost investment vehicle for fixed income, posing a challenge to traditional asset management firms. To remain competitive, these firms must innovate and demonstrate the value of their active management strategies, focusing on risk management and client outcomes to mitigate the impact of this competition.

Competitor Outlook

• BlackRock, Inc.
• Vanguard Group, Inc.
• PIMCO (Pacific Investment Management Company LLC)
• J.P. Morgan Asset Management
• Franklin Templeton Investments
• State Street Global Advisors
• Invesco Ltd.
• Fidelity Investments
• BNY Mellon Investment Management
• Amundi Asset Management
• Allianz Global Investors
• Wellington Management
• Nuveen Investments
• Schroders plc
• Legal & General Investment Management

The competitive landscape of the Fixed Income Asset Management Market is characterized by a diverse range of players, including large multinational asset management firms and boutique investment houses. Large firms like BlackRock and Vanguard dominate the market due to their extensive product offerings, strong brand recognition, and vast distribution networks. These firms leverage their scale to provide competitive pricing and a wide array of fixed income solutions, catering to various investor needs. Furthermore, their emphasis on innovation and technology allows them to enhance client engagement and streamline investment processes, solidifying their positions as market leaders.

On the other hand, boutique firms and specialized providers focus on niche segments within the fixed income market, offering tailored solutions and strategies that cater to specific client needs. This allows them to differentiate themselves and compete effectively against larger players. The emergence of robo-advisors is also reshaping the competitive landscape, as they provide automated and low-cost alternatives for investors seeking fixed income exposure. These digital platforms are attracting a new generation of investors, prompting traditional firms to adapt their business models to remain relevant in this evolving market environment.

Key companies in the Fixed Income Asset Management Market are increasingly focusing on sustainable investing and ESG-compliant products, which are becoming integral to their investment strategies. Firms like PIMCO and State Street Global Advisors are leading the charge in offering green bonds and sustainable fixed income products that align with the preferences of socially conscious investors. Additionally, many firms are investing in technology to enhance their capabilities in data analytics, risk assessment, and portfolio management, further driving competition and innovation in the market. As firms continue to adapt and evolve, the competitive landscape is expected to become more dynamic, with opportunities for collaboration and partnerships emerging among traditional and fintech players alike.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Invesco Ltd.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Schroders plc
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 BlackRock, Inc.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Nuveen Investments
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Fidelity Investments
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Vanguard Group, Inc.
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Wellington Management
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Amundi Asset Management
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Allianz Global Investors
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 J.P. Morgan Asset Management
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 State Street Global Advisors
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Franklin Templeton Investments
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 BNY Mellon Investment Management
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Legal & General Investment Management
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 PIMCO (Pacific Investment Management Company LLC)
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Fixed Income Asset Management Market, By Application
    • 6.1.1 Institutional Investors
    • 6.1.2 Retail Investors
    • 6.1.3 High Net Worth Individuals
    • 6.1.4 Pension Funds
    • 6.1.5 Insurance Companies
  • 6.2 Fixed Income Asset Management Market, By Asset Class
    • 6.2.1 Government Securities
    • 6.2.2 Corporate Bonds
    • 6.2.3 Municipal Bonds
    • 6.2.4 Mortgage-Backed Securities
    • 6.2.5 High-Yield Bonds
  • 6.3 Fixed Income Asset Management Market, By Product Type
    • 6.3.1 Bonds
    • 6.3.2 Money Market Instruments
    • 6.3.3 Asset-Backed Securities
    • 6.3.4 Mortgage-Backed Securities
    • 6.3.5 Municipal Securities
  • 6.4 Fixed Income Asset Management Market, By Distribution Channel
    • 6.4.1 Direct Sales
    • 6.4.2 Financial Advisors
    • 6.4.3 Online Platforms
    • 6.4.4 Banks
    • 6.4.5 Brokerage Firms

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Fixed Income Asset Management Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Fixed Income Asset Management market is categorized based on

By Product Type

• Bonds
• Money Market Instruments
• Asset-Backed Securities
• Mortgage-Backed Securities
• Municipal Securities

By Application

• Institutional Investors
• Retail Investors
• High Net Worth Individuals
• Pension Funds
• Insurance Companies

By Distribution Channel

• Direct Sales
• Financial Advisors
• Online Platforms
• Banks
• Brokerage Firms

By Asset Class

• Government Securities
• Corporate Bonds
• Municipal Bonds
• Mortgage-Backed Securities
• High-Yield Bonds

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• BlackRock, Inc.
• Vanguard Group, Inc.
• PIMCO (Pacific Investment Management Company LLC)
• J.P. Morgan Asset Management
• Franklin Templeton Investments
• State Street Global Advisors
• Invesco Ltd.
• Fidelity Investments
• BNY Mellon Investment Management
• Amundi Asset Management
• Allianz Global Investors
• Wellington Management
• Nuveen Investments
• Schroders plc
• Legal & General Investment Management