My understanding is that MSCI/Barra's model has a very large market share in funds and banks, but I cannot find out how large is the exact market share.

Is there any data on this, or can someone familiar with this give an estimate? By market share, I mean the (ideally AUM-weighted) fraction of institutions that use this, rather than some other, model. Thanks!

  • $\begingroup$ How do you define "market share" for a model? $\endgroup$
    – D Stanley
    Commented Jun 26, 2021 at 3:05
  • $\begingroup$ @DStanley The fraction of institutions that use its model (ideally AUM-weighted). $\endgroup$ Commented Jun 26, 2021 at 3:07
  • $\begingroup$ It's probably a difficult question because you've got hedge funds and prop desks ( at banks ) that might not disclose what they use. $\endgroup$
    – mark leeds
    Commented Jun 26, 2021 at 5:24
  • $\begingroup$ @markleeds I agree. Just want to get a general sense. Also, what are the major commercial alternatives to MSCI/Barra? (I'm actually not aware of one). $\endgroup$ Commented Jun 26, 2021 at 5:51
  • $\begingroup$ Hi: It's probably best to get an estimate from the MSCI itself. I forget the names but there used to be some smaller competitors. I think there was one called Northfield. I'm not sure if it's still around. $\endgroup$
    – mark leeds
    Commented Jun 26, 2021 at 13:09

1 Answer 1


The only reference I know of is from this 2018 JEF paper on "risk model crowding".

Barra is believed to lead most providers with around a 50% market share.

Bruno, S., Chincarini, L. B., & Ohara, F. (2018). Portfolio construction and crowding. Journal of Empirical Finance, 47, 190-206.



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