PI500 Analysis
PI500 Analysis
Managers
The P&I/Towers Watson global 500 ranking is prepared using
joint research by Pensions & Investments and Towers Watson
Year end 2009
Contents
Page
z
Executive Summary
Analysis
10
17
21
22
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Executive Summary
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Executive summary
z
BlackRock took the first position. Allianz Group ceded its second
position to State Street Global and ranked third in 2009
2009. The merger
between BlackRock and Barclay Global Investors means that the
top ranked manger is 75% larger than the second ranked.
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AUM of North
American managers
and European
managers
g
increased
Top 20 managers
increased their share
of total AUM
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Executive summary
z
US managers
d
dominated
i t d the
th Top
T 20
group
Bank-owned
managers continued
to dominate the Top 20
segment
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Developing markets
managers grew while
Japanese managers
l t pace
lost
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Analysis
Section 1: Total value of assets and growth rates
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70,000
63,744
US$ billio
on
53,629
48,824
50 000
50,000
30 000
30,000
61,964
2,469
60,000
40,000
3,144
43,334
33,640 35,240 35,179
1,311
1,138
1,140
35,477
15,190
15,685
15,737
4,452
4,019
4,011
15,780
1,171
20,000
10 000
10,000
12,290
14,287
14,337
14,558
1999
2000
2001
2002
31 567
31,567
30,557
24,355
23,895
19,022
4 114
4,114
3,970
4,421
3,710
18 250
18,250
21,754
,
23,902
2003
2004
2005
3,032
, 6
2,426
28,447
21,389
4,383
4,430
1,662
1,711
1,679
53,356
28,714
30,288
2006
2007
4,290
4,300
22,745
24,075
2008
2009
Europe
Japan
North America
Other
Assets under management of the worlds top 500 managers increased by 16.1% in 2009, which nevertheless was still
below its 2006 level
z
North American managers assets increased the most in 2009 (27.9%), followed by European managers (5.8%). Assets
managed by Japanese managers remained largely static.
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6.6%
5.4%
5.2%
5.1%
5.5%
5.7%
5.7%
5.8%
5.9%
5.2%
5.6%
37.3%
35.2%
34.6%
34.9%
34.4%
34.3%
33.9%
33.2%
33.7%
33.6%
32.7%
21.6%
21.9%
22.5%
22.6%
22.8%
23.0%
22.3%
22.9%
22.8%
21.5%
34.5%
37.8%
38.3%
37.5%
37.4%
37.2%
37.4%
38.7%
37.5%
38.3%
40.2%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
90%
80%
70%
60%
50%
40%
21.6%
30%
20%
10%
0%
Top 20 managers
Managers 21-50
Managers 51-250
Managers 251-500
The top 20 and the 251-500 segments experienced an increase in 2009. The most significant increase was experienced
by the top 20 managers, who saw their share of top 500 assets increase from 38.3% to 40.2%.
z
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Distribution of assets by
y country
y
10 year overview 1999 to 2009
Australia
Belgium
Canada
France
Germany
Italy
J
Japan
Netherlands
Nordics
Spain
Sw itzerland
UK
US
Other
0%
5%
10%
15%
1999
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20%
2004
25%
30%
35%
40%
45%
50%
2009
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Analysis
Section 2: Analysis of the largest 20 asset managers
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US$ billion
25,000
20,000
9,276
12,170
13,865
877
15,000
10,000
1 169
1,169
709
6,610
6,758
1 139
1,139
827
4,610
9,494
10,061
10,773
7,905
6,160
15,610
13,849
5,000
6,158
5,526
6,004
6,008
1999
2000
2001
2002
7 439
7,439
8,664
,
9,271
2003
2004
2005
10,777
10,393
US managers
E
European
managers
2006
2007
2008
2009
J
Japanese
managers
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40%
20%
0%
-20%
-40%
1999
2000
2001
2002
2003
2004
Growth of 500
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2005
2006
2007
2008
2009
Top 20 growth
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10
11
10
10
11
10
10
11
10
12
10
8
4
5
2006
4
2
1999
2000
2001
2002
2003
2004
2005
2007
2008
2009
Independent
p
Insurer
Bank
At the end of 2009, bank-owned asset managers remained predominant in the top 20, followed by independent
managers and insurer-owned asset managers.
managers
z
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879.1%
BNP Paribas
233.1%
Federated Investors
117.7%
Wells Fargo
116.3%
Crdit Agricole
101.9%
92.7%
Legg Mason
81.3%
HSBC Holdings
80.0%
Vanguard Group
77.9%
Deutsche Bank
72.6%
Old Mutual
69.3%
T. Row e Price
66.4%
B k off America
Bank
A i
66 1%
66.1%
JPMorgan Chase
58.3%
57.2%
Hartford Financial
53.3%
G
Generali
li G
Group
48 5%
48.5%
100%
200%
300%
400%
500%
600%
700%
800%
900%
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Rank change
Country
BlackRock
+40 (411)
US
BNP Paribas
+26 (337)
France
Federated Investors
+30 (7242)
US
Wells Fargo
+28 (5123)
US
Crdit Agricole
+12 (2412)
France
+11 (2514)
US
Legg Mason
+19 (3718)
US
HSBC Holdings
+6 (2115)
UK
Vanguard Group
+4 (95)
US
Deutsche Bank
+3 (118)
Germany
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Rank change
Country
Old Mutual
+13 (4734)
South Africa
T. Rowe Price
+16 (5741)
US
Bank of America
+10 (2616)
US
JPMorgan Chase
+1 (109)
US
+14 (4329)
UK
Hartford Financial
+8 (5244)
US
Generali Group
+9 (3021)
Italy
+2 (42)
US
MetLife
+9 (3425)
US
Franklin Templeton
+8 (3224)
US
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Analysis
Section 3: Passive management
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60%
62%
50%
38%
40%
30%
30%
24%
22%
20% 16%
10%
19%
13%
5% 4%
0%
0%
3%
22%
10% 10%
16%
16%
9%
1%
-2%
-10%
-20%
-30%
30%
1999
2000
2001
2002
2003
2004
Growth of 500
2005
2006
2007
-23%
-25%
25%
2008
2009*
Growth of passive
* The 2009 p
passive g
growth rate is p
partially
y affected by
y the merger
g between Barclays
y Global Investors ((BGI)) and BlackRock. The p
passive assets
managed by pre-merger BlackRock was not included in the analysis while it formed a part of the analysis after the merger when BlackRock
replaced BGI this year.
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8,000
62%
7,000
16%
US$ billion
6 000
6,000
22%
5,000
24%
4,000
3,000
-25%
10%
38%
30%
4%
3%
-2%
1999
2000
2001
2002
2,000
1,000
0
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2003
2004
2005
2006
2007
2008
2009
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235,708
Vanguard Group
592,500
1,398,512
BlackRock
1,707,189
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
US$ million
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Contact details
Liang Yin
Towers Watson
+44 1737 284762
[email protected]
In preparing this report at times we have relied upon data supplied to us by third parties. While
reasonable care has been taken to gauge the reliability of this data, this report carries no guarantee of
accuracy or completeness and Towers Watson cannot be held accountable for the misrepresentation
of data by third parties involved.
This report is based on information available to Towers Watson at the date of the report and takes no
account of subsequent developments after that date. It may not be modified or provided to any other
party without Towers Watsons prior written permission. It may also not be disclosed to any other
party without Watson Wyatts prior written permission except as may be required by law. In the
absence of our express written agreement to the contrary, Towers Watson accepts no responsibility
for any consequences arising from any third party relying on this report or the opinions we have
expressed. This report is not intended by Towers Watson to form a basis of any decision by a third
party to do or omit to do anything.
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Appendix
Complete ranking
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Ranking 2009
Rank Manager
1.
2.
3.
4.
5.
6
6.
7.
8.
9.
10.
11
11.
12.
13.
14.
15.
16.
17.
18.
19.
20
20.
21.
22.
23.
24.
25.
Market
BlackRock
State Street Global
Allianz Group
Fidelity Investments
Vanguard Group
AXA Group
BNP Paribas
Deutsche Bank
JPMorgan Chase
Capital Group
B k off New
Bank
N York
Y k Mellon
M ll
Credit Agricole
UBS
Goldman Sachs Group
HSBC Holdings
g
Bank of America
Natixis
Legg Mason
Prudential Financial
Northern Trust Global
Generali Group
Aviva
Wells Fargo
Franklin Templeton
MetLife
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US
US
Germany
US
US
France
France
Germany
US
US
US
France
Switzerland
US
UK
US
France
US
US
US
Italy
UK
US
US
US
Total assets
$3,346,256
$1,911,240
$1,859,351
$1,699,106
$1,509,119
$1 453 285
$1,453,285
$1,326,730
$1,261,234
$1,252,915
$1,179,695
$1 114 511
$1,114,511
$918,121
$875,731
$871,000
$857,000
$749,852
$724,063
$681,614
$667,386
$627 183
$627,183
$609,322
$571,672
$561,900
$553,516
$539,314
Rank Manager
26.
27.
28.
29.
30.
31
31.
32.
33.
34.
35.
36
36.
37.
38.
39.
40.
41.
42.
43.
44.
45
45.
46.
47.
48.
49.
50.
Wellington Mgmt.
Nippon Life Insurance
Aegon Group
Legal & General Group
Societe Generale
ING Group
Prudential
Zenkyoren
Old Mutual
Invesco
M M t l Financial
MassMutual
Fi
i l
Manulife Financial
TIAA-CREF
Sun Life Financial
Credit Suisse
T. Rowe Price
Federated Investors
Morgan Stanley
Hartford Financial
Ameriprise Financial
APG Group
DZ BANK
Rabobank Group
Intesa SanPaolo
Great-West Lifeco
Market
US
Japan
Netherlands
UK
France
Netherlands
UK
Japan
South Africa
US
US
Canada
US
Canada
Switzerland
US
US
US
US
US
Netherlands
Germany
Netherlands
Italy
Canada
Total assets
$537,360
$525,309
$517,392
$501,660
$493,028
$491 881
$491,881
$461,495
$457,373
$453,882
$423,121
$419 744
$419,744
$418,929
$414,635
$412,271
$406,844
$391,300
$389,316
$381,775
$380,834
$362 700
$362,700
$343,973
$332,073
$330,214
$323,677
$323,397
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Ranking 2009
Rank Manager
51.
52.
53.
54.
55.
56
56.
57.
58.
59.
60.
61
61.
62.
63.
64.
65.
66.
67.
68.
69.
70
70.
71.
72.
73.
74.
75.
Market
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Japan
Japan
US
Japan
Switzerland
Belgium
UK
US
Germany
Japan
J
Japan
Italy
South Korea
Switzerland
Canada
Japan
US
UK
Spain
UK
Germany
Denmark
Japan
UK
Japan
Total assets
$320,429
$309,528
$307,989
$300,329
$295,425
$294 145
$294,145
$293,192
$284,700
$276,163
$261,372
$253 726
$253,726
$251,960
$247,842
$242,591
$238,235
$238,107
$237,619
$234,019
$229,466
$229 046
$229,046
$227,314
$226,592
$224,239
$223,900
$214,323
Rank Manager
76.
77.
78.
79.
80.
81
81.
82.
83.
84.
85.
86
86.
87.
88.
89.
90.
91.
92.
93.
94.
95
95.
96.
97.
98.
99.
100.
Market
US
US
Germany
Japan
Spain
Canada
Spain
Brazil
Sweden
France
B il
Brazil
India
US
US
US
Canada
US
Japan
France
UK
US
US
France
Switzerland
Brazil
Total assets
$208,039
$200,654
$196,351
$195,327
$193,327
$191 774
$191,774
$191,388
$190,850
$177,608
$177,364
$175 311
$175,311
$173,861
$172,909
$172,460
$164,583
$163,227
$159,679
$159,427
$156,221
$155 753
$155,753
$154,896
$145,000
$143,322
$142,000
$138,506
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Ranking 2009
Rank Manager
101.
102.
103.
104.
105.
106
106.
107.
108.
109.
110.
111
111.
112.
113.
114.
115.
116.
117.
118.
119.
120
120.
121.
122.
123.
124.
125.
Market
Groupama
Delaware Investments
Commerzbank
Lazard
PGGM
Daiwa Securities Group
SunTrust Banks
Dexia Asset Mgmt.
Banco Sabadell
GE Asset Mgmt.
IGM Financial
Fi
i lG
Group
Resona Trust & Banking
Nikko Asset Mgmt.
Pearl Group
p
Swiss Life Group
Macquarie Bank Group
GAM Holding
Brookfield Asset Mgmt.
Grantham, Mayo v. Otterloo
SEI Investments
Talanx Group
Danske Bank
Tokio Marine & Nichido Fire
PNC Financial
BMO Financial Group
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France
US
Germany
US
Netherlands
Japan
US
Belgium
Spain
US
C
Canada
d
Japan
Japan
UK
Switzerland
Australia
Switzerland
Canada
US
US
Germany
Denmark
Japan
US
Canada
Total assets
$136,013
$133,702
$131,856
$129,500
$126,123
$122 869
$122,869
$119,500
$118,097
$117,878
$117,800
$114 872
$114,872
$113,589
$113,243
$113,072
$111,754
$111,243
$109,488
$108,342
$106,859
$106 400
$106,400
$106,202
$105,535
$105,264
$103,413
$101,177
Rank Manager
126.
127.
128.
129.
130.
131
131.
132.
133.
134.
135.
136
136.
137.
138.
139.
140.
141.
142.
143.
144.
145
145.
146.
147.
148.
149.
150.
FAF Advisors
Swedbank
Nationwide Financial
Henderson Global Investors
Mn Services
Lord Abbett
Lord,
Covea Group
EFG Group
PineBridge Investments
Baillie Gifford
A
American
i
C
Century
t
AMP
Mitsui Sumitomo Insurance
DnB NOR
Colonial First State
Caixa Catalunya Group
Conning Asset Mgmt.
Helaba Invest
Regions Financial
Mitsui Life Insurance
Davis Advisors
Bridgewater Associates
Oaktree Capital
IDUNA Group
Union Bancaire Privee
Market
US
Sweden
US
UK
Netherlands
US
France
Switzerland
US
UK
US
Australia
Japan
Norway
Australia
Spain
US
Germany
US
Japan
US
US
US
Germany
Switzerland
Total assets
$97,714
$94,167
$94,107
$92,542
$89,017
$88 895
$88,895
$88,716
$88,341
$87,297
$86,343
$85 862
$85,862
$84,950
$80,680
$80,529
$80,364
$79,475
$76,996
$75,743
$75,500
$75 354
$75,354
$73,134
$73,000
$72,879
$72,521
$72,255
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Ranking 2009
Rank Manager
151.
152.
153.
154.
155.
156
156.
157.
158.
159.
160.
161
161.
162.
163.
164.
165.
166.
167.
168.
169.
170
170.
171.
172.
173.
174.
1
175.
Market
Mapfre
Geode Capital Mgmt.
Monte dei Paschi di Siena
Waddell & Reed
Korea Investment Holdings
KeyCorp
NAB/MLC
BCV
Investec Group
Mondrian Investment
CI Financial
Fi
i l
Caixa Economica Federal
PRIMECAP
Cathay Life Insurance
Asahi Mutual Life Insurance
Storebrand Group
Sumitomo Mitsui Asset Mgmt.
Royal London Group
Sanlam
Mediolanum
Swisscanto
Royal Bank of Scotland
LSV Asset Mgmt.
Artio Global Mgmt.
QC
QIC
towerswatson.com
Spain
US
Italy
US
South Korea
US
Australia
Switzerland
South Africa
UK
C
Canada
d
Brazil
US
Taiwan
Japan
Norway
Japan
UK
South Africa
Italy
Switzerland
UK
US
US
Australia
Total assets
$71,049
$70,743
$69,917
$69,783
$67,838
$66 939
$66,939
$66,791
$66,328
$66,026
$64,393
$63 526
$63,526
$63,145
$62,822
$62,735
$60,979
$60,424
$60,272
$59,768
$59,610
$57 893
$57,893
$57,461
$57,333
$56,322
$55,993
$ 81
$55,817
Rank Manager
176.
177.
178.
179.
180.
181
181.
182.
183.
184.
185.
186
186.
187.
188.
189.
190.
191.
192.
193.
194.
195
195.
196.
197.
198.
199.
200
200.
CIBC Group
Fukoku Mutual Life Insurance
Brandes Investment
Metzler Seel Sohn
Thornburg Investment
Kohlberg Kravis Roberts
Erste-Sparinvest
Versicherungskammer Bayern
Guggenheim Partners
Payden & Rygel
NISA Investment
I
t
t
Mirae Asset Financial Group
OP Bank Group
Hanwha Group
Artisan Partners
Warburg Group
SegurCaixa Holding
Sompo Japan Insurance
China Asset Mgmt.
Banco Popolare Societ
Jarislowsky Fraser
Irish Life & Permanent Group
UBI Banca
Bayerischen Landesbank
Raiffeisen
ff
Capital
C
Market
Canada
Japan
US
Germany
US
US
Austria
Germany
US
US
US
South Korea
Finland
South Korea
US
Germany
Spain
Japan
China
Italy
Canada
Ireland
Italy
Germany
Austria
Total assets
$55,503
$55,328
$53,112
$53,029
$52,471
$52 204
$52,204
$51,883
$51,003
$50,892
$50,239
$48 430
$48,430
$48,006
$47,440
$47,084
$46,726
$46,322
$46,104
$45,770
$45,000
$44 394
$44,394
$44,330
$44,110
$43,551
$42,997
$ 2 99
$42,997
Ranking 2009
Rank Manager
201.
202.
203.
204.
205.
206
206.
207.
208.
209.
210.
211
211.
212.
213.
214.
215.
216.
217.
218.
219.
220
220.
221.
222.
223.
224.
225.
Market
AGF Investments
Wilmington Trust
F Van Lanschot
Cutwater Asset Mgmt.
American Beacon Advisors
SNS Asset Mgmt
Mgmt.
LGT Group
Marathon Asset Mgmt.
LaSalle Investment
Man Investments
H
Hermes
First Eagle Investment
Brown Brothers Harriman
FirstRand Group
Caixa Gestao de Activos
Bank Sarasin
Wiener Stadtische
PFM Asset Mgmt.
Mesirow Financial
Vontobel Asset Mgmt.
Mgmt
Gruppo Bipiemme
William Blair
Fisher Investments
STANLIB
Record Currency
towerswatson.com
Canada
US
Netherlands
US
US
Netherlands
Switzerland
UK
US
UK
UK
US
US
South Africa
Portugal
g
Switzerland
Austria
US
US
Switzerland
Italy
US
US
South Africa
UK
Total assets
$42,518
$42,247
$42,137
$42,088
$41,752
$40 990
$40,990
$40,938
$40,371
$39,882
$39,400
$39 154
$39,154
$38,910
$38,216
$38,112
$37,969
$37,476
$37,112
$36,980
$36,971
$36 595
$36,595
$36,529
$36,504
$36,476
$35,931
$35,700
Rank Manager
226.
227.
228.
229.
230.
231
231.
232.
233.
234.
235.
236
236.
237.
238.
239.
240.
241.
242.
243.
244.
245
245.
246.
247.
248.
249.
250.
Bank of Ireland
Gartmore
Allan Gray
City National
CB Richard Ellis Investors
Goodman
HarbourVest Partners
Connor, Clark & Lunn
Caja Espana
Folksam
M h ll & IlIlsley
Marshall
l
Bank Degroof
Calamos Advisors
HUK Coburg
Southeastern Asset Mgmt.
g
Uniqa Finanz Group
Paulson
Fort Washington
Ashmore Investment
Berenberg Bank
Jupiter
Bosera Asset Mgmt.
Greystone Managed
Desjardins Group
Westpac/BT
Market
Ireland
UK
South Africa
US
US
Canada
US
Canada
Spain
Sweden
US
Belgium
US
Germany
US
Austria
US
US
UK
Germany
UK
China
Canada
Canada
Australia
Total assets
$35,549
$35,357
$35,255
$35,239
$34,717
$34 401
$34,401
$33,689
$33,645
$33,564
$33,432
$32 900
$32,900
$32,821
$32,714
$32,637
$32,620
$32,450
$32,086
$31,773
$31,600
$31 388
$31,388
$31,060
$30,820
$30,690
$30,530
$30,270
Ranking 2009
Rank Manager
251.
252.
253.
254.
255.
256
256.
257.
258.
259.
260.
261
261.
262.
263.
264.
265.
266.
267.
268.
269.
270
270.
271.
272.
273.
274.
2
275.
Market
Arca SGR
LBBW
Metropolitan West Asset
E Fund Mgmt.
Raymond James Financial
Research Affiliates
Manning & Napier
Clifton Group
Co-operators Group
SCOR
N th
Northern
C
Cross
Nurnberger
Ohio National
Safra
GAMCO Investors
Perpetual
AQR Capital Mgmt.
Alte Leipziger Holding
Reliance Capital
Commonfund
Virtus Investment Partners
Inland Group
Fifth Third Bancorp
ESAF
C
Cohen
&S
Steers
towerswatson.com
Italy
Germany
US
China
US
US
US
US
Canada
France
US
Germany
US
Brazil
US
Australia
US
Germany
India
US
US
US
US
Portugal
US
S
Total assets
$29,739
$29,583
$29,366
$29,303
$28,878
$28 128
$28,128
$28,106
$28,102
$28,089
$27,826
$27 232
$27,232
$26,996
$26,500
$26,490
$26,346
$25,882
$25,700
$25,639
$25,580
$25 423
$25,423
$25,400
$25,300
$25,000
$24,940
$2 89
$24,789
Rank Manager
276.
277.
278.
279.
280.
281
281.
282.
283.
284.
285.
286
286.
287.
288.
289.
290.
291.
292.
293.
294.
295
295.
296.
297.
298.
299.
300
300.
Partners Group
Frankfurt-Trust
DuPont Capital
Oddo et Cie
Heitman
Caja Madrid
Arrowstreet Capital
Pathway Capital
Pirelli & C.
Harvest Fund Mgmt.
R l&S
Royal
SunAlliance
Alli
BPI
Coronation Fund Managers
National Bank of Canada
American United Life
Fayez Sarofim
Gruppo Bancario Emiliano
Security Global Investors
Fiera Capital
Julius Baer Group
Income Research & Mgmt.
Alexander Forbes
Stone Harbor Investment
Silchester International
S
Suncorp
Metway
Market
Switzerland
Germany
US
France
US
Spain
US
US
Italy
China
UK
Portugal
South Africa
Canada
US
US
Italy
US
Canada
Switzerland
US
South Africa
US
UK
Australia
Total assets
$24,759
$24,524
$24,496
$24,365
$24,245
$23 278
$23,278
$23,270
$22,974
$22,932
$22,878
$22 774
$22,774
$22,530
$22,155
$22,128
$21,820
$21,642
$21,571
$21,482
$21,441
$21 430
$21,430
$21,252
$21,211
$21,085
$21,082
$20 881
$20,881
Ranking 2009
Rank Manager
301.
302.
303.
304.
305.
306
306.
307.
308.
309.
310.
311
311.
312.
313.
314.
315.
316.
317.
318.
319.
320
320.
321.
322.
323.
324.
325.
Market
Angelo, Gordon
HDFC Asset Mgmt.
Challenger Financial
Petercam
Aronson + Johnson + Ortiz
Adams Street Partners
ICMA Retirement
Gruppo Azimut
Strategic Investment Group
RhumbLine Advisers
Fi t Reserve
First
R
King Street Capital
Martin Currie
Kyobo Life Insurance
Grupo
p Banco Popular
p
Advantus Capital
Robert W. Baird
Bank Syz
Perennial Investment
China Southern Fund
Beutel Goodman
TT International
Boston Private Financial
Turner Investment
Brown Advisory Holdings
towerswatson.com
US
India
Australia
Belgium
US
US
US
Italy
US
US
US
US
UK
South Korea
Spain
p
US
US
Switzerland
Australia
China
Canada
UK
US
US
US
Total assets
$20,800
$20,720
$20,436
$20,352
$20,138
$20 099
$20,099
$19,989
$19,895
$19,553
$19,458
$19 350
$19,350
$19,300
$18,792
$18,754
$18,721
,
$18,475
$18,376
$18,305
$18,093
$17 883
$17,883
$17,854
$17,705
$17,670
$17,655
$17,451
Rank Manager
326.
327.
328.
329.
330.
331
331.
332.
333.
334.
335.
336
336.
337.
338.
339.
340.
341.
342.
343.
344.
345
345.
346.
347.
348.
349.
350.
Rainier Investment
Nossa Caixa
UTI Asset Mgmt.
Gulf International Bank
BB&T
Ibercaja
GF Fund Mgmt.
Grupo March
Artemis Investment
Platinum Asset Mgmt.
St
Starwood
d Capital
C it l
BOK Financial
Munder Capital
Da Cheng Fund Mgmt.
Madison Investment
EARNEST Partners
Mirabaud Group
Svenska Handelsbanken
Baron Capital Group
Fiduciary Asset Mgmt
Mgmt.
Goodwin Capital
COMGEST
Caser
Sprucegrove Investment
Hotchkis & Wiley
Market
US
Brazil
India
UK
US
Spain
China
Spain
UK
Australia
US
US
US
China
US
US
Switzerland
Sweden
US
US
US
France
Spain
Canada
US
Total assets
$17,327
$17,320
$16,673
$16,600
$16,172
$16 162
$16,162
$16,157
$16,131
$16,105
$16,073
$15 900
$15,900
$15,751
$15,585
$15,510
$15,500
,
$15,470
$15,448
$15,323
$15,138
$15 103
$15,103
$15,085
$15,000
$14,971
$14,865
$14,491
Ranking 2009
Rank Manager
351.
352.
353.
354.
355.
356
356.
357.
358.
359.
360.
361
361.
362.
363.
364.
365.
366.
367.
368.
369.
370
370.
371.
372.
373.
374.
3
375.
Market
towerswatson.com
US
US
Brazil
South Africa
US
Germany
China
US
US
US
US
US
US
US
US
US
US
Italy
US
US
UK
US
Spain
US
US
S
Total assets
$14,327
$14,233
$13,952
$13,945
$13,913
$13 891
$13,891
$13,605
$13,511
$13,473
$13,411
$13 398
$13,398
$13,356
$13,101
$13,080
$12,729
$12,705
$12,652
$12,471
$12,431
$12 347
$12,347
$12,263
$12,113
$12,095
$12,055
$11 860
$11,860
Rank Manager
376.
377.
378.
379.
380.
381
381.
382.
383.
384.
385.
386
386.
387.
388.
389.
390.
391.
392.
393.
394.
395
395.
396.
397.
398.
399.
400.
00
Bancaja Group
Amalgamated Bank
Horsley Bridge Partners
Maple-Brown Abbott
Guardian Capital
Close Brothers Group
Bankinter
Epoch Investment Partners
Colony Capital
Maverick Capital
N
Numeric
i IInvestors
t
Gruppo Banca Leonardo
Logan Circle Partners
AIB Investment Managers
Yinhua Fund Mgmt.
Walton Street Capital
GoldenTree Asset Mgmt.
Edinburgh Partners
Kimco Realty
Millennium
MGPA
JER Partners
Insurance Australia Group
Ahorro
C
Causeway
C
Capital
Market
Spain
US
US
Australia
Canada
UK
Spain
US
US
US
US
Italy
US
Ireland
China
US
US
UK
US
Portugal
Bermuda
US
Australia
Spain
US
S
Total assets
$11,836
$11,777
$11,752
$11,664
$11,627
$11 608
$11,608
$11,511
$11,354
$11,278
$11,270
$11 270
$11,270
$11,115
$11,024
$10,941
$10,926
$10,913
$10,806
$10,692
$10,591
$10 503
$10,503
$10,371
$10,331
$10,304
$10,293
$10 189
$10,189
Ranking 2009
Rank Manager
401.
402.
403.
404.
405.
406
406.
407.
408.
409.
410.
411
411.
412.
413.
414.
415.
416.
417.
418.
419.
420
420.
421.
422.
423.
424.
425.
2
Market
towerswatson.com
US
Italy
Switzerland
US
UK
US
US
US
China
US
US
US
South Korea
US
Canada
US
South Korea
US
China
Germany
India
US
China
China
C
China
Total assets
$10,047
$10,033
$10,000
$9,915
$9,851
$9 800
$9,800
$9,704
$9,604
$9,560
$9,491
$9 484
$9,484
$9,323
$9,289
$9,282
$9,262
$9,163
$9,100
$9,096
$9,002
$8 886
$8,886
$8,852
$8,816
$8,728
$8,707
$8 688
$8,688
Rank Manager
426.
427.
428.
429.
430.
431
431.
432.
433.
434.
435.
436
436.
437.
438.
439.
440.
441.
442.
443.
444.
445
445.
446.
447.
448.
449.
450.
0
WEDGE Capital
Sit Investment
Lee Overlay Partners
Financial Risk Mgmt.
Sage Advisory Services
Oechsle Int'l
Int l
SulAmerica Investimentos
Scout Investment Advisors
Tocqueville Asset Mgmt.
Titanium Asset Mgmt.
St t Bank
State
B k off India
I di
Denver Investments
K2 Advisors
Neptune Investment
HI Asset Mgmt.
Iridian Asset Mgmt.
Opportunity
Landmark Partners
Gruppo Banca Finnat
FX Concepts
Synovus Financial
AREA Property Partners
Gresham Investment
Lend Lease
Balanced Equity Mgmt.
Market
US
US
Ireland
US
US
US
Brazil
US
US
US
I di
India
US
US
UK
South Korea
US
Brazil
US
Italy
US
US
US
US
Australia
Australia
Total assets
$8,631
$8,630
$8,500
$8,473
$8,380
$8 334
$8,334
$8,254
$8,248
$8,199
$8,151
$8 080
$8,080
$8,038
$7,991
$7,983
$7,804
$7,775
$7,765
$7,752
$7,742
$7 692
$7,692
$7,610
$7,538
$7,526
$7,501
$ 8
$7,485
Ranking 2009
Rank Manager
451.
452.
453.
454.
455.
456
456.
457.
458.
459.
460.
461
461.
462.
463.
464.
465.
466.
467.
468.
469.
470
470.
471.
472.
473.
474.
475.
Market
towerswatson.com
China
British Virgin
Netherlands
US
US
Italy
Canada
China
US
South Africa
C
Canada
d
US
US
US
US
Japan
US
China
US
US
US
US
US
US
US
Total assets
$7,482
$7,400
$7,381
$7,308
$7,238
$7 166
$7,166
$7,116
$7,090
$7,080
$7,052
$7 008
$7,008
$6,976
$6,946
$6,901
$6,895
,
$6,870
$6,743
$6,701
$6,670
$6 588
$6,588
$6,548
$6,516
$6,496
$6,468
$6,460
Rank Manager
476.
477.
478.
479.
480.
481
481.
482.
483.
484.
485.
486
486.
487.
488.
489.
490.
491.
492.
493.
494.
495
495.
496.
497.
498.
499.
500.
Market
US
US
UK
China
US
Spain
US
UK
Italy
US
US
US
US
US
UK
US
US
US
US
South Korea
US
US
Italy
Italy
US
Total assets
$6,283
$6,229
$6,210
$6,084
$6,053
$6 043
$6,043
$6,041
$6,011
$5,991
$5,957
$5 949
$5,949
$5,900
$5,889
$5,857
$5,830
,
$5,695
$5,655
$5,614
$5,533
$5 501
$5,501
$5,500
$5,500
$5,479
$5,476
$5,463