Blackrock is an established behemoth with total assets that easily overwhelm its closest rivals, while UBS Asset Management is rebuilding following the acquisition of Credit Suisse Asset Management.
Blackrock and UBS Asset Management present markedly different parent profiles at this stage of their evolution. Blackrock, the largest asset manager in Europe by assets under management (Morningstar, October 2025), is nearly as large as the next three firms combined, including UBS Asset Management. It holds an Above Average Parent Pillar rating, reflecting its breadth of investment capabilities, analytical depth and a long track record of successfully integrating acquisitions to expand its capabilities.
In contrast, UBS Asset Management maintains an Average Parent Pillar rating as it navigates the complex, multiyear integration of Credit Suisse Asset Management. While the transaction promises added scale and complementary investment skills, it also brings challenges given the breadth of the two firms’ businesses and plans to build a new investment technology platform. Although both firms operate diversified global franchises with sizeable passive businesses, their strategic priorities and operating conditions differ meaningfully at this juncture.
Ability to attract and retain talent
Blackrock’s ability to draw and develop investment professionals stands out, supported by a long-standing, resource-rich culture that emphasizes risk management, technology and internal mobility. The firm experienced higher-than-expected turnover within its European fixed-income leadership in recent years, including the 2024 departures of former head of Emea fundamental fixed income Michael Krautzberger and head of euro and global investment grade credit portfolios Tom Mondelaers. Nevertheless it has simultaneously expanded analyst ranks and used vacancies to promote promising talent. The firm’s compensation model of combining discretionary bonuses with deferred stock and fund-linked awards ties incentives to multi-period performance and reinforces retention at senior levels. Overall, turnover remains reasonable for an organisation of Blackrock’s scale, and succession planning is generally well developed.
UBS Asset Management’s talent profile is more mixed, shaped heavily by the ongoing absorption of Credit Suisse Asset Management. Although the stability of UBS leadership has improved, the integration has driven elevated turnover across several investment divisions, particularly within former Credit Suisse teams. While retention has stabilized more recently, manager tenure remains shorter than at many peers. Compensation follows standard industry structures, with deferrals applied above certain thresholds, but performance assessment typically spans no more than three years - a shorter horizon than many competitors, which could be improved. In contrast to Blackrock’s established culture and depth, UBS remains in a rebuilding phase.
Areas of excellence and growth
Blackrock’s scale allows it to serve multiple client segments at scale and simultaneously invest aggressively in future growth. Its defining strength lies in its ability to pair research-driven active teams with low-cost passive building blocks, underpinned by a technology-centric culture. Acquisitions in 2024 and 2025 (including HPS Investment Partners, Preqin and Elmtree Funds) underscore the firm’s ambition to be a total-portfolio solutions provider across public and private markets. These additions not only broaden the firm’s alternatives footprint but also enable more sophisticated analytics for private investments. The firm’s direct-indexing capabilities, passive offerings and expanding active exchange-traded fund range provide investors with compelling solutions. In the multi-asset space, its global allocation efforts remain category standouts.
UBS Asset Management’s strengths are more targeted and, in several instances, inherited through the Credit Suisse integration. The merged organization benefits from complementary capabilities in thematic equities, commodities, high-yield and leveraged loans. These are typically areas where UBS previously had more limited depth.
Passive strategies accounted for nearly half of combined assets as of end-2024, with particular recognition in Europe for its environmental, social, and governance-focused exchange-traded funds. Within active strategies, there are pockets of excellence such as the convertible bonds offerings. However, quality and consistency remain uneven across the broader lineup.
Unique features and endeavors
Blackrock’s distinguishing features stem from its scale, data infrastructure and ambition to create a unified architecture across liquid and illiquid markets. Its Aladdin system remains central to the firm’s identity, enabling portfolio-level risk oversight. The planned integration of Preqin data for private markets could be a potentially transformational development for industry-wide practices. The firm’s outsourced chief investment officer services further differentiate its offering and reinforce the holistic solutions provider ambitions.
UBS Asset Management occupies a different position as it manages one of the most significant consolidations of two European asset managers in recent memory. The integration spans product rationalisation, technology-platform redesign, and risk-system harmonisation, while thousands of clients and employees are migrated onto a unified operating model. On the positive side, the firm retains a broad geographical footprint and leverages the group’s position in ultra-high-net-worth wealth management, which shapes product development in sustainable investing and private markets. These initiatives offer long-term promise, but disciplined execution of the multi-year integration will determine its future competitive footing.
Morningstar Medalist ratings
This graph compares the Morningstar Medalist Ratings of the European domiciled funds from Blackrock and UBS Asset Management (whether algorithmically or analyst-driven ratings).
Elbie Louw CFA CIPM is a senior analyst in manager research at Morningstar Benelux. Morningstar is a member of the Investment Officer expert panel.