The institutional fund management industry has grown this year despite negative returns in global markets, with State Street Global Advisors (SSgA) as the largest fund manager in the world.

SSgA is currently the largest fund manager in the world with $766.5bn (€827.9bn) of institutional assets under management, according to the Pension & Investments' money managers survey for 2002. This figure represents a 7.6% increase on last year and has allowed SSgA to overtake Barclays Global Investors. It is the first year that the directory has ranked all managers by their worldwide institutional assets under management.