Research from the Thinking Ahead Institute shows that the total assets under management (AUM) of the world’s 500 largest asset managers were USD 113.7 trillion at the end of 2022, a 13.7 percent drop from the previous year and the first significant decline since the 2008 Global Financial Crisis. Regional differences were notable, with Japanese managers experiencing a smaller decrease of 5.5 percent year-over-year, while North American managers saw a 14.2 percent decline, and European managers (including the UK) faced a 16.8 percent decrease. Conversely, Canadian managers enjoyed a 7.6 percent compound annual growth rate from 2017 to 2022. Investment in passively managed funds increased to 34.7 percent of total AUM, up four percent from the previous year. The decline in equity and bond markets led to a shift in asset weightings, with alternative investments rising to 7.1 percent of globally managed assets. This caused the combined equity and fixed income allocation to fall by 2.4 percent, breaking a decade-long stable share of 79-80 percent.