Only 49% of the 200 largest U.S. institutional asset managers are active on popular social media platforms such as LinkedIn, Twitter and Facebook.

These are the findings of a new study by financial services marketing and public relations consulting firm BackBay Communications.

Read: Despite social media rise, investors still depend on traditional media

The polled asset managers vary widely in their social media usage. The firms with the most assets under management tend to be more active. About 74% of the 50 largest money managers are active users, compared with about 56% of the next largest quartile of the top 200 managers.

Only 44% of the firms in the third quartile are active on social media, compared with 22% of the firms in the fourth quartile.

Read: 7 social media risks and tips

LinkedIn and Twitter are the most widely used platforms. About 38% of the 200 largest firms are active on LinkedIn and roughly 38% are active on Twitter. Less than a quarter are active on Facebook.

Money managers use LinkedIn to provide a company overview or as an alternative outlet for job announcements. But a growing minority of asset managers have begun using LinkedIn to share original content.

Read: 2015 Top 40 Money Managers Report: Going to extremes

Twitter is largely being used for sharing company news.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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