Legal & General is the largest manager of UK pension funds, according to the latest survey of investment managers by Hymans Robertson.
Barclays Global Investors took second place, displacing Merrill Lynch, who moved up to third.
The survey showed that US institutions have made significant inroads into the UK marketplace. Goldman Sachs entered the top ten at seventh position, while State Street came in at number 8.
Hymans Robertson co-head of research Clare Gardner says: “The latest positions reflect the increasing profile f passive managers within the marketplace.”