The 2023 Observatory for ManCos, an annual report published by PwC Luxembourg, has confirmed that Universal Investment, the Germany-based administrator which claims to have EUR979bn (USD1.1trn) AuA, is the largest third-party ManCo with AuM of EUR 118.9 bn (USD128bn); and the largest AIFM, with AuM of EUR102.2bn (USD110bn).