QBE is the highest-placed Australian general insurer in Towers Watson’s global investment managers survey – ranked 263 out of 500.

It had $US26.9 billion ($25.8 billion) of assets at December 31, according to the study.

The only other Australian insurer in the top 500 is IAG, at 358 with $US12.9 billion ($12.4 billion) in assets.

Towers Watson Australia Head of Research Hugh Dougherty says 2011 was another volatile year for asset managers.

“Developments in the second half of 2011 and into 2012 further remind us that the weak underlying economic fundamentals have not changed much,” he said. “Risk appetites remain subdued among institutional investors.”

Mr Dougherty says that unlike in 2010, assets under management have not been significantly influenced by the appreciation of the Australian dollar.

“Rather, the growth reflected a mix of other factors that could best be described as organic growth, acquisition growth and market valuation shifts.”

US fund manager Blackrock topped the table with assets of $US3.5 trillion ($3.38 trillion).

Allianz’s global operations put it second in the top 500 with $US2.1 trillion ($2 trillion) of assets. The top 50 also includes global general insurers Axa at 20, Generali at 25, Legal & General at 27 and Aviva at 43.