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NAICS 523920

Portfolio Management

Key Figures

Establishments
44,443
Census CBP · 2023
Employment
420,180
Census CBP · 2023
Market size
$245.5B
Census Economic Census · 2017

Figures are published for NAICS 523920 directly.

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Official definition

This industry comprises establishments primarily engaged in managing the portfolio assets (i.e., funds) of others on a fee or commission basis. Establishments in this industry have the authority to make investment decisions, and they derive fees based on the size and/or overall performance of the portfolio.

Source: US Census Bureau, 2017 NAICS Definitions. Public domain.

Illustrative examples

  • Managing trusts
  • Pension fund managing
  • Mutual fund managing
  • Portfolio fund managing

Which code does this activity belong in?

Portfolio management establishments make investment decisions on behalf of clients and charge fees based on portfolio size or performance. The distinction from investment advice is that portfolio managers actively control and direct client assets, whereas investment advisors provide recommendations without exercising decision-making authority over the funds. Trust offices and fiduciary agencies that hold assets but do not actively manage investment decisions belong to All Other Financial Investment Activities.

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Where this sits

52 Finance and Insurance523 Securities, Commodity Contracts, and Other Financial Investments and Related Activities5239 Other Financial Investment Activities52392 Portfolio Management