in AUA), Aon ( in AUA), Russell Investments ( in AUA), and Cambridge Associates ( in AUA). Assets under custody and/or administration Another related concept in the investment industry to assets under management is assets under custody and/or administration. This measures the total market value of all the financial assets that held by a financial institution acting as a custodian or fund administrator, which is typically an intermediary. The intermediary generally does not have discretion to manage the assets, but rather provides a service whereby they act as an independent third-party between fund managers and investors to verify and distribute assets tied to investments. The largest custodians and fund administrators include BNY Mellon ($41.7 trillion in assets under custody), State Street ($38.8 trillion in assets under custody), and JPMorgan Chase ($28.6 trillion in assets under custody). See also List of asset management firms References External links Fund Management Activities Survey 2005 Sovereign Wealth Fund Assets Under Management Investment management