Canadian fund families face ETF pressure as market nears $1 trillion
That gap is reshaping strategy across the industry, from the Big Five bank-owned managers to global players such as BlackRock and Vanguard, and smaller active boutiques competing on stewardship.
Bank-owned managers hold the line but face pressure
RBC Global Asset Management, the asset management arm of the Royal Bank of Canada, retained its position as Canada’s largest fund family with approximately CAD 513 billion in assets under management, nearly twice that of its next-closest rivals, Toronto-Dominion Bank’s TD Asset Management at CAD 287 billion and Fidelity International at CAD 262 billion, according to Morningstar Direct data as of June 30, 2026.
Together, the asset management arms of the Big Five banks (RBC, TD, Bank of Montreal, Canadian Imperial Bank of Commerce, and Scotiabank) collectively manage 47 per cent of all Canadian open-end and ETF assets.
RBC GAM and BMO Global Asset Management held steady market share year-over-year, while TD Asset Management, Scotia Global Asset Management, and CIBC Global Asset Management each gained one percentage point.
Despite that dominance, the concentration is softening at the edges. The top 10 firms now command 73 per cent of fund industry AUM among Canada’s largest 50 fund families, up from 69 per cent a year earlier but that growth is partly explained by global managers closing the gap. Fidelity International and BlackRock each increased their market share by one percentage point over the past year, driven largely by ETF demand.
