The number of SEC-registered investment advisors declined from 11,643 in 2010 to 11,539 in 2011, but total assets under management reported by all RIAs hit a record $43.8 trillion, a report released Tuesday says.
The AUM total was a 13.7% increase from the $38.6 trillion in AUM reported in 2010, according to the annual report of the Investment Adviser Association (IAA) and National Regulatory Services.
The two group’s 11th annual Evolution/Revolution report, which is based on information on file with the Securities and Exchange Commission as of May 1, 2011, found that consistent with previous years, a relatively small number of large investment advisory firms manage a high percentage of total AUM.
The 78 largest advisors–those that manage $100 billion AUM or more—managed over half (50.9%) of total AUM. Similarly, the report notes that the 565 advisors with $10 billion AUM or more reported managing 84.4% of all assets.
The report also points out that the vast majority of SEC-registered investment advisors are small businesses.