Asset managers with the highest profit margins

Ranked

44

of 58 asset managers we cover

Median

14.7%

Highest

44.1%

BAM

Range

−40.9% to 44.1%

#	Company	Net margin	Operating margin	Revenue growth (TTM)	Market cap
1	BAMBrookfield Asset Management	44.1%	65.3%	+31.9%	$75.1B
2	IDCCInterDigital	38.3%	43.8%	−11.7%	$8.4B
3	AMGAffiliated Managers	37.7%	24.4%	+11.8%	$9.9B
4	RILYBRC	35.9%	27.7%	+49.9%	$162M
5	HLNEHamilton Lane INC	32.1%	43.6%	+24.0%	$4.5B
6	VCTRVictory Capital	29.6%	41.3%	+51.5%	$6.6B
7	TROWT. Rowe Price	29.3%	30.8%	+7.0%	$22.2B
8	CNSCohen & Steers	28.8%	32.9%	+7.4%	$3.7B
9	NTRSNorthern Trust	24.8%	n/m	+15.1%	$30.7B
10	BLKBlackRock	24.2%	32.5%	+24.7%	$181.7B
11	HASIHA Sustainable Infrastructure Capital	24.1%	61.0%	+27.3%	$4.7B
12	APAMArtisan Partners Asset Management	24.1%	33.0%	+9.8%	$2.7B
13	STTState Street	23.0%	n/m	+11.6%	$46.1B
14	BXBlackstone	21.8%	50.5%	+17.2%	$88.6B
15	FHIFederated Hermes	21.3%	27.1%	+15.0%	$4.2B
16	AMPAmeriprise Financial	19.9%	n/m	+9.1%	$43.5B
17	DLBDolby Laboratories	16.7%	17.7%	+0.6%	$5.9B
18	MORNMorningstar	16.4%	23.5%	+9.3%	$8.4B
19	HLIHoulihan Lokey	16.1%	20.4%	+1.7%	$9.2B
20	EVREvercore	15.7%	n/m	+45.7%	$9.7B
21	AAMIAcadian Asset Management	15.2%	23.7%	+24.2%	$3.3B
22	KKRKKR	14.8%	n/m	+31.1%	$82B
23	VRTSVirtus Investment Partners	14.5%	15.7%	−7.2%	$790.2M
24	RJFRaymond James Financial	13.6%	n/m	+8.0%	$30.3B
25	ARESAres Management	10.6%	38.6%	+24.0%	$40.3B
26	PJTPJT Partners	10.6%	n/m	+22.9%	$3.6B
27	ABXAbacus Global Management	10.5%	31.8%	+65.3%	$811.7M
28	CGCarlyle	10.1%	n/m	−41.9%	$13.8B
29	PFGPrincipal Financial	9.9%	n/m	+3.7%	$23.2B
30	RPCRidgepost Capital	8.7%	23.6%	+4.4%	$956.9M
31	BENFranklin Resources	8.7%	9.7%	+7.9%	$15.8B
32	GCMGGCM Grosvenor	7.8%	27.1%	+7.0%	$2.5B
33	WHGWestwood	7.7%	4.7%	+5.3%	$178.9M
34	LAZLazard	6.9%	n/m	+5.6%	$4.1B
35	JYNTJOINT	6.5%	2.4%	+9.0%	$101.9M
36	APOApollo Global Management	5.2%	n/m	+41.2%	$66.6B
37	TPGTPG	4.7%	15.5%	+30.1%	$17.2B
38	OWLBlue OWL Capital	2.7%	17.1%	+14.2%	$14.6B
39	SAMGSilvercrest Asset Management	0.7%	2.1%	+0.8%	$119.9M
40	IVZInvesco	−0.9%	−7.1%	+12.2%	$12.4B
41	ACTGAcacia Research	−5.4%	−7.0%	+12.3%	$410.8M
42	APPSDigital Turbine	−5.8%	10.3%	+19.2%	$1.2B
43	STEPStepStone	−30.5%	−24.7%	+48.5%	$5.1B
44	ALTIAlTi Global	−40.9%	−22.2%	+28.9%	$402.3M

Not ranked: 4 with a margin moved by items that are not sales, 4 with under $50M of revenue, 2 with not a meaningful number. 4 companies whose data behind this number has a caveat are left out until it is checked.

A ranking of numbers, not a recommendation. A low multiple can be a bargain or a business in trouble: open the company to see which.