NAICS Code 523940-02 - Asset Management

Marketing Level - NAICS 8-Digit

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NAICS CODE 523940-02
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NAICS Code 523940-02 Description (8-Digit)

Asset management is a subdivision of the NAICS Code 523940 that involves the management of investments on behalf of clients. This industry is responsible for managing a range of assets, including stocks, bonds, real estate, and commodities. Asset managers work with clients to develop investment strategies that align with their financial goals and risk tolerance. They also monitor market trends and adjust investment portfolios accordingly to maximize returns.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523940 page

Tools

Tools commonly used in the Asset Management industry for day-to-day tasks and operations.

  • Portfolio management software
  • Risk management software
  • Financial modeling software
  • Performance measurement tools
  • Trading platforms
  • Data analytics tools
  • Compliance management software
  • Customer relationship management (CRM) software
  • Accounting software
  • Research tools

Industry Examples of Asset Management

Common products and services typical of NAICS Code 523940-02, illustrating the main business activities and contributions to the market.

  • Wealth management
  • Hedge funds
  • Private equity firms
  • Pension funds
  • Endowment funds
  • Insurance companies
  • Sovereign wealth funds
  • Mutual funds
  • Exchange-traded funds (ETFs)
  • Real estate investment trusts (REITs)

History

A concise historical narrative of NAICS Code 523940-02 covering global milestones and recent developments within the United States.

  • The Asset Management industry has a long history dating back to the 18th century when the first mutual fund was created in the Netherlands. The industry has since grown to become a global powerhouse, with assets under management (AUM) reaching $110 trillion in 2020. Notable advancements in the industry include the introduction of exchange-traded funds (ETFs) in the 1990s, which have since grown to become a popular investment vehicle for both retail and institutional investors. In the United States, the industry has seen significant growth since the 1970s, with the passage of the Employee Retirement Income Security Act (ERISA) in 1974 leading to the growth of defined contribution plans such as 401(k)s. The industry has also seen consolidation in recent years, with large firms acquiring smaller ones to increase their AUM and expand their offerings.