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Asset Managers' May AUM Climbs: TROW, LAZ, BEN & IVZ in Focus
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Key Takeaways
TROW AUM rose to $1.89T on inflows while BEN AUM climbed to $1.78T with $4B inflows.
IVZ posted $18.9B inflows; AUM up 4.9% on ETF demand and market gains.
LAZ AUM rose to $284.8B on $11.6B market gains despite net outflows.
Major U.S. asset managers reported stronger asset under management (AUM) growth in May 2026, reflecting a combination of market appreciation, product demand and improving long-term flow trends.
Invesco delivered one of the strongest updates, reporting a preliminary AUM of $2.45 trillion as of May 31, 2026, up 4.9% from the prior month. Net long-term inflows totaled $18.9 billion, while money market products added $0.4 billion. Favorable market returns boosted AUM by $96 billion, partly offset by a $1.1-billion foreign exchange headwind. Invesco’s ETF and index strategies remained a key growth engine, with AUM rising to $745.8 billion from $701.4 billion in April.
T. Rowe Price reported an AUM of $1.89 trillion as of May 31, 2026, up from $1.83 trillion at the end of April. The company also recorded net inflows of $3.3 billion during the month. Equity AUM increased to $919 billion from $882 billion, while multi-asset AUM rose to $691 billion from $665 billion. The continued strength in target-date retirement portfolios is important for T. Rowe Price, as retirement-related assets form a major part of its business and can provide relatively stable long-term fee revenues.
Lazard reported a preliminary AUM of $284.8 billion as of May 31, 2026, compared with $275.4 billion at the end of April. The increase was primarily driven by market appreciation of $11.6 billion, partially offset by net outflows of $1.4 billion and foreign exchange depreciation of $0.7 billion. While the sequential AUM improvement is encouraging, the outflow component bears watching. For Lazard, sustained improvement in flows would be a stronger signal than market appreciation alone, especially given the firm’s exposure to both asset management and advisory businesses.
Franklin Resources reported its preliminary AUM of $1.78 trillion as of May 31, 2026, which increased 1.9% from the prior month. Growth in the Franklin Resources’ AUM balance was driven by the positive impacts of markets and preliminary long-term net inflows of $4 billion, including $1 billion in long-term net inflows at Western Asset Management.
AUM growth in May was mainly driven by positive market performance and resilient investor flows. Global equity markets improved during the month, supported by better risk appetite, strength in technology and AI-linked stocks, and easing macro concerns. This market appreciation lifted the value of existing portfolios, while continued inflows into ETFs, fixed income and long-term investment products also supported asset growth. Fixed-income and active ETF demand remained notable as investors looked for yield, diversification and more flexible allocation options.
Private credit continues to be an important growth opportunity for asset managers, but recent concerns have increased around liquidity, valuations and credit quality. Since private credit assets are not traded in public markets, pricing can be less transparent and may not fully reflect stress until borrower conditions weaken. There are also concerns that rapid growth and competition could lead to weaker underwriting standards, higher leverage and lower covenant protection.
For asset managers like TROW, BEN, LAZ and IVZ, the key risk is balancing private credit growth with strong risk controls. If economic conditions weaken or refinancing pressure rises, defaults or restructuring activity could increase, especially among highly leveraged borrowers. As a result, asset managers will need to focus on disciplined underwriting, liquidity management and transparent valuations.
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Asset Managers' May AUM Climbs: TROW, LAZ, BEN & IVZ in Focus
Key Takeaways
Major U.S. asset managers reported stronger asset under management (AUM) growth in May 2026, reflecting a combination of market appreciation, product demand and improving long-term flow trends.
Among the major firms, T. Rowe Price Group (TROW - Free Report) , Lazard (LAZ - Free Report) , Franklin Resources (BEN - Free Report) and Invesco Ltd. (IVZ - Free Report) stood out.
May AUM Highlights: IVZ, TROW, LAZ & BEN
Invesco delivered one of the strongest updates, reporting a preliminary AUM of $2.45 trillion as of May 31, 2026, up 4.9% from the prior month. Net long-term inflows totaled $18.9 billion, while money market products added $0.4 billion. Favorable market returns boosted AUM by $96 billion, partly offset by a $1.1-billion foreign exchange headwind. Invesco’s ETF and index strategies remained a key growth engine, with AUM rising to $745.8 billion from $701.4 billion in April.
T. Rowe Price reported an AUM of $1.89 trillion as of May 31, 2026, up from $1.83 trillion at the end of April. The company also recorded net inflows of $3.3 billion during the month. Equity AUM increased to $919 billion from $882 billion, while multi-asset AUM rose to $691 billion from $665 billion. The continued strength in target-date retirement portfolios is important for T. Rowe Price, as retirement-related assets form a major part of its business and can provide relatively stable long-term fee revenues.
Lazard reported a preliminary AUM of $284.8 billion as of May 31, 2026, compared with $275.4 billion at the end of April. The increase was primarily driven by market appreciation of $11.6 billion, partially offset by net outflows of $1.4 billion and foreign exchange depreciation of $0.7 billion. While the sequential AUM improvement is encouraging, the outflow component bears watching. For Lazard, sustained improvement in flows would be a stronger signal than market appreciation alone, especially given the firm’s exposure to both asset management and advisory businesses.
Franklin Resources reported its preliminary AUM of $1.78 trillion as of May 31, 2026, which increased 1.9% from the prior month. Growth in the Franklin Resources’ AUM balance was driven by the positive impacts of markets and preliminary long-term net inflows of $4 billion, including $1 billion in long-term net inflows at Western Asset Management.
Market Gains & Private Credit Risks Shape Asset Managers
AUM growth in May was mainly driven by positive market performance and resilient investor flows. Global equity markets improved during the month, supported by better risk appetite, strength in technology and AI-linked stocks, and easing macro concerns. This market appreciation lifted the value of existing portfolios, while continued inflows into ETFs, fixed income and long-term investment products also supported asset growth. Fixed-income and active ETF demand remained notable as investors looked for yield, diversification and more flexible allocation options.
Private credit continues to be an important growth opportunity for asset managers, but recent concerns have increased around liquidity, valuations and credit quality. Since private credit assets are not traded in public markets, pricing can be less transparent and may not fully reflect stress until borrower conditions weaken. There are also concerns that rapid growth and competition could lead to weaker underwriting standards, higher leverage and lower covenant protection.
For asset managers like TROW, BEN, LAZ and IVZ, the key risk is balancing private credit growth with strong risk controls. If economic conditions weaken or refinancing pressure rises, defaults or restructuring activity could increase, especially among highly leveraged borrowers. As a result, asset managers will need to focus on disciplined underwriting, liquidity management and transparent valuations.