A S S E T M A N A G E M E N T R A N K I N G H I G H LI G H T S

THE LARGEST MONEY MANAGERS

Pensions & Investments Magazines 2013 Special Report on the Largest Money Managers ranks Northern Trust among the top asset management firms in multiple categories, detailed below.

TOP MONEY MANAGERS

(Total worldwide assets under management) Firm $ Millions 1. BlackRock Inc. 3,791,588 2. Vanguard Group Inc. 2,215,216 3. State Street Global Advisors 2,086,200 4. Fidelity Investments 1,888,296 5. PIMCO 1,624,346 6. J.P. Morgan Asset Management 1,426,402 7. BNY Mellon Asset Management 1,385,863 8. Deutsche Asset & Wealth Management 1,244,439 9. Prudential Financial 1,060,250 10. Capital Research & Management Co. 1,045,571 11. Amundi 959,790 12. The Goldman Sachs Group Inc. 854,000 13. Franklin Templeton Investments 781,769 14. Northern Trust 758,943 15. Wellington Management Co. LLP 757,729

SOVEREIGN WEALTH FUNDS

(Total worldwide assets under management) Firm $ Millions 1. State Street Global Advisors 393,887 2. Legg Mason Inc. 85,013 3. BlackRock Inc. 83,695 4. BNY Mellon Asset Management 76,391 5. Northern Trust 52,557

CENTRAL BANKS
(Total worldwide assets under management) Firm $ Millions 1. State Street Global Advisors 130,042 2. BlackRock Inc. 78,135 3. PIMCO 60,275 4. Northern Trust 33,977 5. The Goldman Sachs Group Inc. 31,000

TOP INSTITUTIONAL MONEY MANAGERS Northern Trust ranks among the top 2% of money managers worldwide, based on 676 managers reporting data.
(Total worldwide institutional assets under management) Firm 1. BlackRock Inc. 2. State Street Global Advisors 3. PIMCO 4. Vanguard Group Inc. 5. BNY Mellon Asset Management 6. Fidelity Investments 7. J.P. Morgan Asset Management 8. Prudential Financial 9. Amundi 10. Wellington Management Co. LLP 11. AXA Investment Managers 12 Legal & General Investment Mgmt. 13. Capital Research & Management Co. 14. Northern Trust 15. Legg Mason Inc. $ Millions 2,593,089 1,671,477 1,427,957 1,331,066 1,253,701 971,282 791,624 790,860 787,942 757,356 636,342 634,976 579,867 561,158 553,176

U.S. INSTITUTIONAL TAX-EXEMPT

(Includes assets passed to subadvisors) Firm 1. BlackRock Inc. 2. State Street Global Advisors 3. Fidelity Investments 4. Vanguard Group Inc. 5. Northern Trust $ Millions 917,462 707,996 607,054 517,910 494,000

DEFINED BENEFIT
(U.S. institutional, tax-exempt assets managed internally) Firm $ Millions 1. BlackRock Inc. 432,625 2. State Street Global Advisors 279,367 3. Northern Trust 220,000 4. PIMCO 206,238 5. BNY Mellon Asset Management 192,627

SPONSORED EXCHANGE-TRADED FUNDS

(Total worldwide assets under management) Firm $ Millions 1. BlackRock Inc. 752,706 2. State Street Global Advisors 340,317 3. Vanguard Group Inc. 245,648 4. Invesco 63,877 5. Van Eck Associates Corp. 27,578 6. Nomura Asset Management Co. Ltd. 24,666 7. Amundi 11,725 8. PIMCO 10,383 9. Guggenheim Investments 10,283 10. BMO Global Asset Management 9,081 11. Charles Schwab Investment Mgmt. Inc. 8,553 12. Calamos Advisors LLC 5,500 13. BNP Paribas Investment Partners 4,255 14. HSBC Global Asset Management 2,805 15. Northern Trust 2,400

DEFINED CONTRIBUTION
(U.S. institutional, tax-exempt assets) Firm $ Millions 1. Fidelity Investments 523,898 2. Vanguard Group Inc. 429,865 3. TIAA-CREF 425,940 4. BlackRock Inc. 415,308 5. Prudential Financial 223,213 6. Capital Research & Management Co. 214,632 7. PIMCO 206,904 8. State Street Global Advisors 194,134 9. T. Rowe Price Associates Inc. 183,582 10. Invesco 81,939 11. Northern Trust 79,400 12. Galliard Capital Management Inc. 77,777 13. J.P. Morgan Asset Management 76,269 14. ING U.S. Investment Management 69,567 15. Principal Global Investors 62,251

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ENDOWMENT/FOUNDATION
(U.S. institutional, tax-exempt assets) Firm $ Millions 1. State Street Global Advisors 55,340 2. Vanguard Group Inc. 29,810 3. Wellington Management Co. LLP 29,625 4. PIMCO 23,720 5. BNY Mellon Asset Management 23,058 6. BlackRock Inc. 20,762 7. Northern Trust 16,466 8. Grantham, Mayo, Van Otterloo & Co. 13,884 9. Legg Mason Inc. 11,293 10. Dodge & Cox 10,033

PASSIVE DOMESTIC EQUITY

(U.S. institutional, tax-exempt assets managed internally) Firm $ Millions 1. BlackRock Inc. 346,125 2. State Street Global Advisors 244,810 3. Vanguard Group Inc. 230,445 4. Northern Trust 123,200 5. BNY Mellon Asset Management 104,097

PASSIVE DOMESTIC FIXED INCOME

(U.S. institutional, tax-exempt assets managed internally) Firm $ Millions 1. State Street Global Advisors 164,517 2. BlackRock Inc. 103,336 3. Vanguard Group Inc. 71,377 4. Northern Trust 53,300 5. BNY Mellon Asset Management 30,482

INVESTMENT OUTSOURCING
(Total worldwide assets under management) Firm $ Millions 1. Russell Investments 101,703 2. Mercer 69,800 3. SEI Investments 64,700 4. BlackRock Inc. 57,703 5. ING Investment Management Europe 45,051 6. Northern Trust 42,000 7. Strategic Investment Group 32,020 8. BNP Paribas Investment Partners 31,639 9. American Beacon Advisors 18,495 10. Vanguard Group Inc. 14,547

EMERGING MARKETS EQUITY

(U.S. institutional, tax-exempt assets managed internally) Firm $ Millions 1. Dimensional Fund Advisors LP 28,418 2. State Street Global Advisors 26,586 3. BlackRock Inc. 22,500 4. Lazard Asset Management LLC 13,656 5. Genesis Asset Managers LLP 13,036 6. Grantham, Mayo, Van Otterloo & Co. 12,569 7. OppenheimerFunds Inc. 11,628 8. Acadian Asset Management LLC 11,582 9. Aberdeen Asset Management Inc. 8,670 10. Morgan Stanley 8,141 11. Eaton Vance Management 7,134 12. Mondrian Investment Partners Ltd. 6,807 13. Northern Trust 6,030 14. Parametric Portfolio Associates 5,836 15. William Blair & Co. LLC 5,648

CASH
(U.S. institutional, tax-exempt assets managed internally) Firm $ Millions 1. Northern Trust 184,000 2. Fidelity Investments 150,402 3. State Street Global Advisors 113,507 4. BNY Mellon Asset Management 62,313 5. Federated Investors Inc. 34,550

PASSIVE INTERNATIONAL EQUITY

(U.S. institutional, tax-exempt assets managed internally) Firm $ Millions 1. BlackRock Inc. 152,394 2. State Street Global Advisors 52,679 3. Northern Trust 45,277 4. BNY Mellon Asset Management 29,810 5. Vanguard Group Inc. 22,878

For More Information: Contact your relationship manager or visit northerntrust.com

The above rankings are not indicative of future performance. Rankings based on total worldwide assets under management of $758.9 billion as of December 31, 2012. Pensions & Investments 2013 Special Report on Money Managers appeared in the publications May 27, 2013, issue and online at www.pionline.com/researchcenter. Ranking information reprinted with permission, Pensions & Investments, copyright Crain Communications, Inc. Asset Management at Northern Trust comprises Northern Trust Investments, Inc. (NTI), Northern Trust Global Investments Limited (NTGIL), Northern Trust Global Investments Japan, K.K. (NTGIJ), the investment advisor division of The Northern Trust Company (TNTC) and The Northern Trust Company of Connecticut, and its subsidiaries to offer investment products and services to personal and institutional markets.
NOT FDIC INSURED May lose value No bank guarantee

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