Breaking News! Fund Companies’ End-of-2025 Size Rankings Revealed (Complete List Attached)
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The development of public fund institutions showed a strong growth posture in the fourth quarter of 2025.
The more enthusiastic this development trend becomes, the fiercer the competition among companies for rankings.
According to WIND’s statistics on the fourth quarter fund reports (data as of 18:00, January 22, 2026), the top ten in the public fund industry quietly emerged at the end of last year.
They are: E Fund, ChinaAMC, GF Fund, Fullgoal Fund, Southern Fund, Harvest Fund, Huitianfu Fund, Huatai-PineBridge Fund, Bosera Fund, Invesco Great Wall Fund. Although the specific members have not changed, in reality, both progress and setbacks exist within the first tier, which is clearly visible.
If you look at the “neck tier” in the top twenty, more adjustments have appeared. Further down, the “waist tier,” the core team after the 30th position, also shows significantly greater ranking fluctuations. Overall, after the market heats up, industry performance development has become wonderfully varied.
As the market becomes more active and opportunities emerge more frequently, the product strategy, historical endowments, and organizational capabilities of asset management institutions become rapidly important, and have begun to move the boundaries of what were originally stable tiers.
All of this is worth tracking in detail…
Top Tier: Subtle Swells Amidst Deadlock
The top ten of public fund institutions have always been the peak battlefield of the industry and its most stable place.
But that doesn't mean nothing ever changes. Looking back, almost every 3~5 years, companies rise and fall due to strategy, execution, and overall performance.
The reason the leaders keep leading is not because of any inherent barriers, but rather due to their continuously running spirit.
At the end of Q4 2025, amid the market’s robust development, the top ten in non-money market AUM among public fund institutions also surfaced.
This quarter, the top four in the industry remained steady in their respective positions: E Fund first, ChinaAMC second, GF Fund third, Fullgoal Fund fourth. However, the AUM growth rates of each company were not the same.
The third-ranked GF Fund’s non-money market AUM rose to 971.634 billion yuan in Q4, a quarter-on-quarter increase of 5.50%, a notable increase, further solidifying its position among the top four.
The fifth and sixth place remained occupied by established names Southern Fund and Harvest Fund. Both achieved slight growth with relatively comprehensive product lines and size, the former up 0.40% quarter-on-quarter, the latter 0.20%, showing a typical “steady-state operation.”
Among the top ten this quarter, the only “upward shift” appeared at seventh place. Huitianfu Fund’s non-money market AUM reached 657.463 billion yuan in Q4, up 5.90% quarter-on-quarter, moving up from ninth to seventh, the only top ten institution with a ranking rise this quarter.
Correspondingly, there were notable adjustments among the seventh to ninth places, while the tenth remained firmly held by Invesco Great Wall, which has transformed from a strong equity player to a broadly diversified asset management institution, also moving up in ranking in the second half of last year.
“Neck Tier”: Variables Everywhere
If the top ten is a long-distance race, then the 11th to 20th is more like a “continuous sprint,” with changes often occurring in this range.
As of the end of Q4 2025, the 11th to 20th in non-money market AUM among public fund institutions were: China Merchants Fund, Penghua Fund, GTJA Fund, Huaan Fund, ICBC Credit Suisse Fund, Yongying Fund, China Europe Fund, Tianhong Fund, BOC Fund, and CICC Global Fund.
There are several changes worth noting.
First, Huaan Fund’s non-money market AUM rose to 485.017 billion yuan in Q4, up 6.20% in the single quarter, advancing to 14th place. Yongying Fund’s was 445.122 billion yuan, up 4.80% in the single quarter, moving up to 16th.
Second, GTJA Fund’s Q4 AUM grew 11.50% quarter-on-quarter, one of the fastest-growing in the second group;
Third, CICC Global Fund’s AUM surged to 302.626 billion yuan in Q4, up 13 billion from the previous quarter, entering the top twenty. This leading equity fund house returned to near-first tier status after rounds of trials, indirectly reflecting the comeback of active equity strategies.
Waist Tier: Rankings Highly Elastic
Compared to the “dense competition” in the previous two tiers, the 21st to 30th places are more like the industry’s “waist,” perhaps less eye-catching, but connecting the past and future, and home to many specialty asset managers.
According to WIND, as of end-Q4 2025, the 21st to 30th biggest public fund managers by non-money market AUM were: Yinhu Fund, Ping An Fund, Dacheng Fund, Industrial Fund, Bocom Schroder Fund, Huabao Fund, CCB Fund Management Co., HFT Fund, China Life AMP Fund, Sh. Orient Securities Asset.
Almost all are established funds: some excel at equities, some at fixed income, some are comprehensive, some extremely strong in one area. There are insurance public funds, broker public funds, and bank public funds—a dazzling variety.
The key changes this quarter centered around two institutions.
First, Ping An Fund. Its non-money market AUM rose to 276.594 billion yuan, up 10.30% quarter-on-quarter, one of the fastest-growing in this tier, moving up two spots, directly reflecting its pace of expansion.
Second, CCB Fund. Its Q4 non-money market AUM reached 209.965 billion yuan, a quarterly growth of 15.70%, the high-growth sample in this tier, also moving up two spots. At around 200 billion, this growth is clearly structurally significant.
Overall, the 21st to 30th tier is characterized by: scales are not set, rankings are highly sensitive to growth rates.
Beyond the Top 30: Ranking Changes Accelerate
Compared to the elasticity in the waist tier, the 31st to 40th range looks like a concentration of potential variables.
In this tier, once the quarterly rhythm is amplified, it often results in a leap across ranges.
As of Q4 2025, the 31st to 40th public fund managers by non-money market AUM were: Shanghai Bank Fund, Pu'an AXA Fund, Wanjia Fund, GT Fund, Great Wall Fund, Huashang Fund, Xinyuan Fund, ABC-CA Fund, Zhongjia Fund, J.P. Morgan Fund.
This quarter, several significant ranking swings appeared in this tier.
Most notable is Great Wall Fund. Its non-money market AUM rose to 150.561 billion yuan, up 18.70% quarter-on-quarter, jumping from 40th to 35th, the biggest upward mover in the group.
Huashang Fund also moved up noticeably, from 38th to 36th. Its Q4 non-money market AUM reached 147.091 billion yuan, up 9.30% that quarter. Structurally, its equity funds’ AI-related allocations attracted significant investor attention.
Additionally, Zhongjia Fund made a "cross-tier" leap, moving from 45th to 39th, as non-money market AUM rose to 136.585 billion yuan, up 15.70% for the quarter, standing out in this group.
Steadier changes include Pu'an AXA Fund and GT Fund, both of which moved up a spot in Q4 while maintaining AUM growth.
Marketization and Professionalization are Clues to Industry Change
Compared to the above tiers, the 41st to 50th overall remain in the low range, with limited AUM volatility, but some institutions have started to show rehabilitative ranking swings.
As of Q4 2025, the 41st to 50th by non-money market AUM were: Minsheng Royal Fund, Guolian Fund, BOC International Securities Co., Chuangjin Hexin Fund, Pengyang Fund, Orient Fund, Caitong Securities Asset Management, Guolian An Fund, Taikang Fund, CITIC Prudential Fund.
This quarter, most of the ranking changes focused on three institutions.
Caitong Securities Asset Management stood out, with non-money AUM rising to 102.899 billion yuan, up 12.50% in the quarter, moving up from 49th to 47th.
BOC International moved slightly, from 44th to 43rd, with scale remaining stable; the ranking change mainly reflects relative performance improvement.
CITIC Prudential Fund entered the top 50, up from 51st to 50th, as its Q4 non-money market AUM rose to 95.402 billion yuan, showing signs of rehabilitation on the fringe.
Overall, the 41st to 50th are still mainly about “slight increases and adjustments”, but segmental ranking changes have emerged. If the market improves, this group could be the first to reflect upcoming scale expansion.
The size fluctuations of public funds are, to some extent, just one aspect of industry development. More important are investor returns and satisfaction.
Yet looking back at the institutional size ranking, we can see that, over the long term, AUM will inevitably flow towards institutions better able to meet investor needs, bolder in innovation, and more able to run the long race.
In this sense, the long-term AUM of asset management institutions will ultimately return to the fundamental baseline of investor interests.
See chart below: End-Q4 2025 Public Fund Non-Money Market AUM Ranking
Risk Warning and DisclaimerThe market has risks; investment should be cautious. This article does not constitute personal investment advice and does not consider the special investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investing accordingly is at your own risk.
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