PI500 Analysis

The Worlds 500 Largest Asset
Managers
The P&I/Towers Watson global 500 ranking is prepared using
joint research by Pensions & Investments and Towers Watson
Year end 2009
2010 Towers Watson. All rights reserved.
Contents
Page
z
Executive Summary
Analysis
Section 1: Total value of assets and growth rates
Section 2: Analysis of the largest 20 asset managers
10
Section 3: Passive management
17
Contact details and limitations of reliance
21
Appendix Complete ranking
22
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2
2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.
Executive Summary
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3
Executive summary
z
Total assets under management of the 500 managers included in

the ranking totalled US$ 62 trillion at the end of 2009
2009, up 16
16.1%
1%
from the end of 2008.
AUM increased 16.1%

in 2009
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.
BlackRock took the

top spot
Assets under management of North American managers were US$

30.6 trillion at 2009 year end, an increase of 27.9% from the
previous year. The assets managed by European managers grew
5.8%, ending on US$ 24.1 trillion for the year.
The Top 20 managers share of the total assets increased from
38.3% to 40.2%.
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AUM of North
American managers
and European
managers
g
increased
Top 20 managers
increased their share
of total AUM
4
Executive summary
z
US managers in the Top 20 managed 62.7% of total AuM for that

group, while the remaining 37.3% was controlled by European
managers.
US managers
d
dominated
i t d the
th Top
T 20
group
By number bank-owned asset managers continued to dominate the

Top 20 while the number of independent asset managers grew in
that group. Insurer-owned asset managers remained static.
Bank-owned
managers continued
to dominate the Top 20
segment
Assets under management of managers from developing countries

rose from 1.9% of the total assets in 1999 to 4.0% in 2009. During
the same period, Japanese managers AUM were down from 13.2%
to 6.9%.
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Developing markets
managers grew while
Japanese managers
l t pace
lost
5
Analysis
Section 1: Total value of assets and growth rates
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6
Total value of assets managed

Split by manager domicile
80,000
69,420
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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7
Total value of assets managed

Split by segment
100%
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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8
Distribution of assets by
y country
y
10 year overview 1999 to 2009
Australia
Belgium
Last decade has seen the decline of the representation of

Australia, Japan, Switzerland and UK managers while
Belgium,
g
, Canada,, France,, Germany,
y, Italy,
y, Spain
p
and
developing market managers have grown their weights in the
global asset management industry. For the US, its
dominance remained largely unchanged compared to 10
years ago.
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
9
Analysis
Section 2: Analysis of the largest 20 asset managers
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10
Total value of assets managed by top 20

Split by manager domicile
30 000
30,000
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
US managers assets grew in 2009, while European managers assets declined.

In 2009, there were 12 US managers in the top 20 and the remaining managers were European-based.
z The
Th 12 US based
b
d managers managed
d 62.7%
62 7% off top
t
20 assets
t att the
th end
d off 2009 (50.8%
(50 8% att the
th end
d off the
th
previous year).
z
z
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11
Annual growth of 500 vs

vs. growth of top 20
60%
CAGR of 500 since 99: 5.7%

CAGR of top 20 since 99: 7.2%
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
12
Top 20 managers by manager type

20
18
16
14
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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13
Growth in manager AUM 2004 2009

The fastest growing firms among the top 50
BlackRock
879.1%
BNP Paribas
233.1%
Federated Investors
117.7%
Wells Fargo
116.3%
Crdit Agricole
101.9%
Goldman Sachs Group
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%
Legal & General Group
57.2%
Hartford Financial
53.3%
G
Generali
li G
Group
48 5%
48.5%
State Street Global 41.1%

MetLife 39.4%
Franklin Templeton 37.6%
0%
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100%
200%
300%
400%
500%
600%
700%
800%
900%
14

Manager
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
Goldman Sachs Group
+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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15

Manager
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
State Street Global
+2 (42)
US
MetLife
+9 (3425)
US
Franklin Templeton
+8 (3224)
US
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16
Analysis
Section 3: Passive management
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17
Annual growth of leading passive managers vs.

growth
h off 500
00
70%
CAGR of 500 since 99: 5.7%

CAGR of passive since 99: 12.7%
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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18
Total value of AUM of leading passive managers with

annuall growth
h rate
CAGR since 99: 12.7%
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
19
Value of passive AUM of leading passive managers At 31 December 2009
BNY Mellon 130,148
Northern Trust Global
235,708
Vanguard Group
592,500
State Street Global
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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20
Contact details and limitations of reliance

z
Contact details
Liang Yin
Towers Watson
+44 1737 284762
liang.yin@towerswatson.com
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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21
Appendix
Complete ranking
towerswatson.com
22
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
$539,314
Rank Manager
26.
27.
28.
29.
30.
31
31.
32.
33.
34.
35.
36
36.
37.
38.
39.
40.
41.
42.
43.
44.
45
45.
46.
47.
48.
49.
50.
Wellington Mgmt.
Nippon Life Insurance
Aegon Group
Societe Generale
ING Group
Prudential
Zenkyoren
Old Mutual
Invesco
M M t l Financial
MassMutual
Fi
i l
Manulife Financial
TIAA-CREF
Sun Life Financial
Credit Suisse
T. Rowe Price
Federated Investors
Morgan Stanley
Hartford Financial
Ameriprise Financial
APG Group
DZ BANK
Rabobank Group
Intesa SanPaolo
Great-West Lifeco
Ranked by total assets, in US$ millions, as of the end of 2009
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
23
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
Dai-ichi Mutual Life

Mitsubishi UFJ Financial
Northwestern Mutual
Shinkin Central Bank
Zurich Financial Services
KBC Asset Mgmt
Mgmt.
Lloyds Banking Group
Principal Financial
MEAG Munich ERGO
Meiji Yasuda Life Insurance
N
Nomura
H
Holdings
ldi
Unicredit Group
Samsung Group
Pictet & Cie.
Royal
y Bank of Canada
Chuo Mitsui Trust
New York Life Investments
Schroders
Mutua Madrilena
Aberdeen Asset Mgmt
Mgmt.
DekaBank Group
Nordea
Mizuho Financial Group
Standard Life
Sumitomo Life Insurance
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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.
Affiliated Managers Group

Charles Schwab Investment
Sal. Oppenheim Jr.
Sumitomo Trust & Banking
Banco Santander Central
Caisse de Depot et Placement
BBVA
Itau-Unibanco Banco Multiplo
SEB
La Poste
B
Banco
do
d B
Brazilil
Life Insurance of India
Neuberger Berman
Dodge & Cox
Dimensional Fund Advisors
TD Asset Mgmt.
Janus Capital Group
T&D Holdings
Credit Mutuel
F&C Asset Mgmt.
Mgmt
Eaton Vance
Nuveen Investments
Le Groupe LCF Rothschild
Lombard Odier Darier Hentsch
Banco Bradesco
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
24
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
towerswatson.com
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
25
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
Calvert Asset Mgmt.

World Asset Mgmt.
Votorantim
Metropolitan Holdings
RS Investments
Universal-Investment
Universal
Investment
Hua An Fund Mgmt.
Hamilton Lane
Westbrook Partners
McDonnell Investment
E
Emerging
i M
Markets
k t M
Mgmt.
t
MTB Investment
Smith Breeden
Trilogy Global Advisors
McKinley Capital
First Pacific Advisors
Wentworth, Hauser & Violich
Gruppo Banca Carige
Mutual of America
Westfield Capital
Liverpool Victoria Friendly
Axiom International
Banco Guipuzcoano
Fred Alger Mgmt.
C
Cramer
Rosenthal McGlynn
G
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
Atalanta Sosnoff Capital

Ersel Group
Unigestion
STW Fixed Income
Colchester Global Investors
Deerfield Capital
Jacobs Levy Equity
Prime Advisors
Fullgoal Fund Mgmt.
DRA Advisors
P ifi Alt
Pacific
Alternative
ti A
Assett
Westwood Mgmt.
KDB AMC
Beacon Capital
Leith Wheeler Investment
C.S. McKee
KTB AMC
Reams Asset Mgmt.
China Universal Asset Mgmt.
Lupus Alpha Asset Mgmt
Mgmt.
Kotak Mahindra Asset Mgmt.
Silvercrest Asset Mgmt.
Penghua Fund Mgmt.
Rongtong Fund Mgmt.
G
Guotai
Fund Mgmt.
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
Lion Fund Mgmt.

Lloyd George Mgmt.
BNG Vermogensbeheer
ASB Capital Mgmt.
Fiduciary Mgmt./Milwaukee
Kairos Partners
Acuity Investments Mgmt.
Changsheng Fund Mgmt.
Mercator Asset Mgmt.
Cadiz Holdings
S t Investment
Sceptre
I
t
t Counsel
C
l
Luther King Capital
Wasatch Advisors
Sound Shore Mgmt.
Progress
g
Investment
SPARX Group
Abbott Capital
HFT
Philadelphia Int'l Advisors
Keeley Asset Mgmt
Mgmt.
Kennedy Associates
Samson Capital
European Investors
Aston Asset Mgmt.
Duff & Phelps
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.
Diamond Hill Capital

M.D. Sass Group
Odey Asset Mgmt.
Great Wall Fund Mgmt.
Renaissance Technologies
Caja Navarra
Segall Bryant & Hamill
J O Hambro Capital
Banca Intermobiliare Group
Los Angeles Capital
M i &P
Marvin
Palmer
l
Crestline Investors
Eagle Capital
Cadence Capital
Patron Capital
p
KBS Realty Advisors
Kornitzer Capital
Advisory Research
Merganser Capital
Dongbu AMC
Rock Creek Group
Transwestern
Gruppo Bancario Valtellinese
Gruppo Bancario Iccrea
Congress Asset Mgmt.
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


PI500 Analysis

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The Worlds 500 Largest Asset

2010 Towers Watson. All rights reserved.

Section 1: Total value of assets and growth rates

Section 2: Analysis of the largest 20 asset managers

Section 3: Passive management

Contact details and limitations of reliance

Appendix Complete ranking

Total assets under management of the 500 managers included in

AUM increased 16.1%

BlackRock took the

Assets under management of North American managers were US$

US managers in the Top 20 managed 62.7% of total AuM for that

By number bank-owned asset managers continued to dominate the

Assets under management of managers from developing countries

Total value of assets managed

Total value of assets managed

Last decade has seen the decline of the representation of

Total value of assets managed by top 20

US managers assets grew in 2009, while European managers assets declined.

Annual growth of 500 vs

CAGR of 500 since 99: 5.7%

Top 20 managers by manager type

Growth in manager AUM 2004 2009

Goldman Sachs Group

Legal & General Group

State Street Global 41.1%

Growth in manager AUM 2004 2009

Goldman Sachs Group

Growth in manager AUM 2004 2009

Legal & General Group

State Street Global

Annual growth of leading passive managers vs.

CAGR of 500 since 99: 5.7%

Total value of AUM of leading passive managers with

Value of passive AUM of leading passive managers At 31 December 2009

BNY Mellon 130,148

Northern Trust Global

State Street Global

Contact details and limitations of reliance

Ranked by total assets, in US$ millions, as of the end of 2009

Dai-ichi Mutual Life

Affiliated Managers Group

Ranked by total assets, in US$ millions, as of the end of 2009

Ranked by total assets, in US$ millions, as of the end of 2009

Ranked by total assets, in US$ millions, as of the end of 2009

Ranked by total assets, in US$ millions, as of the end of 2009

Ranked by total assets, in US$ millions, as of the end of 2009

Ranked by total assets, in US$ millions, as of the end of 2009

Calvert Asset Mgmt.

Ranked by total assets, in US$ millions, as of the end of 2009

Atalanta Sosnoff Capital

Ranked by total assets, in US$ millions, as of the end of 2009

Lion Fund Mgmt.

Diamond Hill Capital

Ranked by total assets, in US$ millions, as of the end of 2009

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