The performance of asset/investment managers has been impressive in 2025, supported by strong market rebounds, record inflows into key strategies and a broad expansion in global assets under management (AUM).

Since the beginning of this year, significant equity market volatility has resulted in an increase in trading activities, which has positively impacted the performance of investment management companies like BlackRock, Inc. (BLK Quick QuoteBLK - Free Report) , Invesco Ltd. (IVZ Quick QuoteIVZ - Free Report) and Affiliated Managers Group, Inc. (AMG Quick QuoteAMG - Free Report) . Factors that drove volatility include tariff-related concerns, trade-war fears, shifting regulations, sticky inflation, mixed economic data and shifting central-bank guidance.

YTD Price Performance

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Elevated volatility pushed investors toward active management, tactical allocation products and outcome-oriented funds, boosting flows into active exchange-traded funds (ETFs), private credit vehicles and multi-asset strategies. Global AUM grew sharply due to both market appreciation and sizeable net inflows, particularly from the Asia-Pacific and high-net-worth channels.

Demand for alternatives also remained strong, with private-credit funds and diversified alternatives attracting fresh institutional and retail interest as investors sought returns insulated from rate and policy swings. Thus, rising AUM balances (which positively impact investment managers’ performance fees and investment advisory fees), improved fee mix and strong inflows into high-margin strategies positioned asset managers for one of their strongest operating years in the post-pandemic era.

The operating backdrop is expected to remain decent for asset managers as we head into 2026, supported by continued economic growth, declining interest rates (propelling investors to rotate out of money market mutual funds or short-term investments into other higher-yielding assets), impressive performance of active ETFs and continued product innovation, with a focus on the development of investor-centric products.

Steady growth of tokenized assets — the tokenization of traditional assets, such as real estate and equities — is also expected to keep attracting investor interest.

Thus, the asset managers mentioned above are expected to continue their winning streaks in 2026. Let us take a look at their fundamental strength and growth expectations.

BlackRock: As of Sept. 30, 2025, BLK’s total AUM reached a record $13.46 trillion. Over the last five years (2019-2024), the company’s AUM witnessed a compound annual growth rate (CAGR) of 9.2%, primarily driven by its inorganic expansion strategy. Supported by solid equity market performance and net inflows ($357 billion) across channels, AUM growth continued in the first nine months of 2025.

The momentum is expected to continue in the quarters ahead as efforts to strengthen the iShares unit (offering more than 1,400 ETFs globally) and ETF operations, along with BLK’s increased focus on the active equity business, will likely offer support. As the company combines HPS Investment (acquired in July 2025), Preqin (acquired in March 2025) and Global Infrastructure Partners (acquired in October 2024) data with its alternative asset management platform, eFront, its top line is expected to improve.

Over the five years ended 2024, BlackRock’s revenues witnessed a CAGR of 7%, with the upward momentum continuing in the first nine months of 2025. BLK’s broad product diversification, revenue mix and steadily improving AUM balance have been driving its top-line growth.

Last month, BlackRock entered a strategic tie-up with AccessFintech, a leading data and workflow collaboration network for financial markets, to deliver bilateral connectivity and real-time post-trade collaboration. In October 2025, BlackRock’s Aladdin platform entered a partnership with OTCX to digitize dealer-to-client voice derivative trading and expand the option offerings for clients. In September 2025, it acquired ElmTree Funds.

BLK has been expanding its footprint and market share by acquiring firms across the globe for a long time now. Supported by a strong liquidity position, the company remains well-positioned to grow further through buyouts. In 2026, BLK’s revenues and earnings are expected to witness year-over-year growth of 17.1% and 12.9%, respectively. Moreover, the Zacks Consensus Estimate for the company’s 2026 earnings has been revised 2.2% upward over the past 60 days, reflecting analysts’ optimism regarding its earnings growth potential. Currently, BlackRock carries a Zacks Rank #3 (Hold).

Earnings Estimate Revision

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Invesco: Headquartered in Atlanta, the company operates as an independent investment manager and offers a wide range of investment products and services. As of Sept. 30, 2025, it had offices in more than 20 countries and AUM worth $2.1 trillion. While Invesco’s total AUM balance declined in 2022, the metric witnessed a CAGR of 8.5% in the last five years (ending 2024), with the uptrend continuing in the first nine months of 2025. The acquisition of OppenheimerFunds in 2019 resulted in a substantial rise in the company's AUM, making it one of the leading global asset managers.

In April 2025, IVZ collaborated with MassMutual’s subsidiary, Barings, to boost private credit offerings. Also, the company is seeking shareholder approval to convert the Invesco QQQ Trust from a unit investment trust to an open-end ETF, enabling it to earn revenues and profits instead of just recouping marketing costs.

Invesco has been undertaking initiatives to improve operating efficiency. The company exceeded its target of realizing net cost synergies from the OppenheimerFunds acquisition and achieved $200 million in annualized net savings well ahead of schedule. In August 2025, it announced a deal to sell Intelliflo, which it had acquired in 2018, to Carlyle Group to boost efficiency. While adjusted operating expenses increased in 2023 and in the first nine months of 2025, the metric declined 2.2% in 2024.

Apart from a strong presence in the United States, Invesco maintains a solid foothold in Europe, Canada and the Asia-Pacific. As of Sept. 30, 2025, the company’s client AUM outside the United States constituted 31% of total AUM. The acquisition of Europe-based Source, a leading, independent specialist provider of ETFs, will drive Invesco’s global presence. Also, the sale of the majority stake in the India business to establish a joint venture will strengthen the company’s Asia presence while allowing capital allocation to more profitable projects.

In the past 60 days, the Zacks Consensus Estimate for the company’s 2026 earnings has moved 7.9% upward. In 2026, IVZ’s revenues and earnings are expected to witness year-over-year growth of 14.5% and 32.2%, respectively. Currently, Invesco carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Earnings Estimate Revision

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Affiliated Managers: The company also has a Zacks Rank of 3 at present. Affiliated Managers invests in high-quality, independent partner-owned firms or affiliates. As of Sept. 30, 2025, it had total AUM of $803.6 billion.

While the company’s affiliates have been witnessing overall net outflows over the past years, the trend reversed in the first nine months of 2025 as AMG pivoted toward alternatives. Its differentiated product categories are expected to support cash flows across channels in the near term.

Since 2021, Affiliated Managers has been pivoting toward private markets and liquid alternatives, fueling strong client inflows into these segments and offsetting weakness in traditional asset categories. Aligning with the strategy, this year, the company announced four new partnerships — NorthBridge Partners, Verition Fund Management, Qualitas Energy and Montefiore Investment. Also, Affiliated Managers entered a partnership with Brown Brothers Harriman to expand the reach of BBH’s structured and alternative credit strategies into the U.S. wealth marketplace.

In the last two years, AMG acquired a minority stake in Suma Capital, Ara Partners and Forbion Group Holding B.V. Over time, earnings contributions from alternatives will keep rising as the company pivots the business mix toward secular growth areas with strong investor preference, positioning it to better counter volatility.

Over the past 60 days, the Zacks Consensus Estimate for its 2026 earnings has been revised 6.7% upward. In 2026, AMG’s revenues and earnings are expected to witness year-over-year growth of 8% and 18.9%, respectively.

Earnings Estimate Revision

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