Twenty of the 25 fastest-growing fund firms have less than $5 billion in assets under management, Strategic Insight said.

Their focused and specialized investment skills are gaining recognition in the marketplace, Strategic Insight said.

“The road to success among these firms highlights the unique capabilities of such fund managers and the continued demand for this type of skill among advisers and investors,” said Dennis Bowden, senior research analyst at Strategic Insight. “The fact that smaller fund managers dominate the list of fastest-growing firms is not surprising.”

The five fastest-growing asset management firms are and their assets under management at the end of March are: DoubleLine Capital ($6.1 billion), Global X Management ($1.7 billion), Stone Harbor ($1.7 billion), AQR Capital Management ($4.1 billion) and ETF Securities USA ($3.9 billion).

In the trailing 12 months through the end of March, these 25 firms attracted $56 billion in new assets, with a lion’s share of the flows, $27 billion, going to equity funds. This is in contrast to overall industry trends, where taxable bond funds have attracted more than $200 billion of net inflows in the past 12 months, accounting for about 60% of the industry’s $340 billion in net deposits.

Among this group of the 25 fastest-growing fund companies, bond funds accounted for just $11 billion of net inflows. More than one half of these bond flows went to DoubleLine Capital.

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