In its inaugural publication, Morningstar’s Canada Fund Family 50 Digest is here to help investors evaluate the largest fund families in Canada. The report illustrates the ways the asset management industry is evolving across topics like active and passive investing, alternative fund offerings, and fee transparency. It also features classic due diligence considerations like average manager tenure, Morningstar Ratings, and fees.
The Canada Fund Family 50 Digest features Morningstar data, ratings, and commentary, and includes a factsheet for each of the 27 firms covered by our analysts. Here are a few key takeaways from the report.
Canada’s Fund Industry Is Concentrated
Through the end of August 2025, the top five firms—RBC Global Asset Management, TD Asset Management, Fidelity International, BMO Global Asset Management, and Scotiabank—together account for about half the assets under management in Canada-domiciled funds. Overall, the largest 10 firms accounted for 69% of AUM, meaning the next 40 firms manage only about 30%.
Top 10 Firms by Fund Assets
Active Funds Dominate the Canadian Market
Active funds still rule the roost, making up a hefty 81% of the Canadian market. As of August 2025, Canadians had invested C$1.9 trillion in active funds, compared with just C$467 billion in passive options.
Among passive funds, the largest families dominate. The top five firms control more than three-quarters of all assets in Canada-domiciled passive funds. The actively managed space is less concentrated, making for fiercer competition. The five largest firms manage just over half of active fund assets in Canada.
Market Concentration: Active vs. Passive
Which Firms Tend to Offer Stability?
Morningstar’s manager research analysts assign Parent ratings—a component of the Medalist Rating—to 27 of the 50 largest fund families in Canada. The Parent rating captures an analyst’s assessment of an asset manager’s investment culture, commercial practices, and other factors that contribute to long-term success. Just three fund families—Vanguard, Capital Group, and Dimensional, all US-based—earn a High Parent rating, while 10 receive an Above Average rating.
Analysts consider a variety of factors in their Parent assessments, including a firm’s ability to attract, develop, and retain investment talent, their approach to succession planning, their risk management, their product development, and their fee philosophy. These firms earned the best scores in Canada.
Firms That Earn High and Above Average Parent Pillar Ratings
Generally, firms with higher Parent ratings have more stable investment teams, as demonstrated by higher manager retention figures. A firm’s success ratio measures the percentage of funds at a firm that have both survived and beaten the median peer in their respective Morningstar Categories over a given period. For an asset manager to achieve a high success ratio, it can’t churn through fund offerings. When firms launch trendy strategies only to close them a few years later, it weighs on their overall success ratio.
Download the full US Fund Family Digest and European Fund Family Digest.
