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The World’s 500 Largest Asset Managers - Researched by Pensions & Investments and Towers Watson

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Highlights of this year’s survey of the top 500 asset managers by P&I/Towers Watson, include:
•Total assets under management of the 500 managers included in the ranking totalled US$ 76.5 trillion at the end of 2013, up 11.8% from the end of 2012.
•BlackRock is in first position for the fourth consecutive year. Vanguard continued its growth and reached second position, moving Allianz down to third in the ranking.
•Assets under management of North American managers were US$ 41.9 trillion at 2013 year end, an increase of 16.7% from the previous year. The assets managed by European managers also increased by 9.8%, to US$ 26.3 trillion.
•Japanese managers ended 2013 with US$ 4.6 trillion, a decrease in assets of 5.5% during 2013.
•The Top 20 managers’ share of the total assets decreased marginally from 41.4% to 41.0%.

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The World’s 500 Largest Asset Managers - Researched by Pensions & Investments and Towers Watson

  1. 1. © 2014 Towers Watson. All rights reserved. The World’s 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 2013
  2. 2. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 2 Contents Executive Summary 3 Analysis –Section 1: Total value of assets and growth rates 6 –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 Page
  3. 3. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 3 Executive Summary
  4. 4. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 4 Executive summary Total assets under management of the 500 managers included in the ranking totalled US$ 76.5 trillion at the end of 2013, up 12.0% from the end of 2012. BlackRock is in first position for the fourth consecutive year. Vanguard continued its growth and reached second position, moving Allianz down to third in the ranking. Assets under management of North American managers were US$ 42.0 trillion at 2013 year end, an increase of 17.0% from the previous year. The assets managed by European managers also increased by 9.8%, to US$ 26.3 trillion. Japanese managers ended 2013 with US$ 4.6 trillion, a decrease in assets of 5.5% during 2013. The Top 20 managers’ share of the total assets decreased marginally from 41.4% to 41.0%. “AUM increased 12.0% in 2013” “BlackRock remained in the top spot” “AUM of North American and European managers increased, whilst Japanese managers experienced a decrease” “Top 20 managers decreased their share in the total 500”
  5. 5. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 5 Executive summary U.S. managers in the Top 20 managed 66.6% of total AUM for that group, while European managers had a share of 33.4%. No Japanese companies made it to the top 20 this year. Independent managers accounted for the majority of top 20 members (9), the same as the previous year, with banks second with 8 members. Only 3 managers are insurer-owned. Assets under management of managers from developing countries decreased from 3.8% last year to 3.0%. “Bank-owned managers and Independent managers shared the majority of the Top 20 segment.” “Assets under management from developing countries decreased” “U.S. managers dominated the Top 20 group once again.”
  6. 6. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 6 Analysis Section 1: Total value of assets and growth rates
  7. 7. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 7 Total value of assets managed Split by manager domicile • Assets under management of the world’s top 500 managers increased by 12.0% in 2013. This is the first year that the value is above its pre crisis level of 2007. •Japanese managers’ assets declined by 5.5% in 2013, while European managers’ assets as well as U.S. managers’ assets increased 9.8% and 17.0% respectively.
  8. 8. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 8 Total value of assets managed Split by segment •The bottom 250 managers increased their proportion of assets at the expense of the top 50 managers’ share of assets
  9. 9. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Other Australia Austria Belgium Canada Denmark Finland France Germany Ireland Italy Japan Netherlands Norway Portugal Spain Sweden Switzerland U.K. U.S. 2013 2008 2003 9 Distribution of assets by country 10 year overview – 2003 to 2013 The last decade has seen an increase in the representation of managers from the U.S. In contrast, the Japanese and several European markets have experienced a relative decline in the global asset management industry.
  10. 10. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 10 Analysis Section 2: Analysis of the largest 20 asset managers
  11. 11. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 11 Total value of assets managed by top 20 Split by manager domicile •Top 20 managers’ assets for both regions, Europe and U.S., experienced an increase in assets in 2013. •In 2013, there were 12 U.S. managers in the top 20 and the remaining managers were all European. •The U.S. based managers accounted for a share of 66.6% of top 20 assets at the end of 2013 (64.2% at the end of 2012).
  12. 12. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 12 Annual growth of 500 vs. growth of top 20
  13. 13. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 13 Top 20 managers by manager type •At the end of 2013, bank-owned and independent managers accounted for the majority in the top 20, while insurer-owned asset managers were a minority.
  14. 14. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 14 Growth in manager AUM 2008 – 2013 The fastest growing firms among the top 50
  15. 15. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 15 Growth in manager AUM 2008 – 2013 The fastest growing firms among the top 50 Manager Rank change Market Schroder Investment Mgmt. +44 (87→43) U.K. Affiliated Managers Group +43 (81→38) U.S. Royal Bank of Canada +28 (77→49) Canada T. Rowe Price +27 (54→27) U.S. Sumitomo Mitsui Trust & Bank +26 (59→33) Japan Principal Financial +24 (63→39) U.S. New York Life Investments +22 (69→47) U.S. Invesco +20 (41→21) U.S. Prudential +19 (43→24) U.K. Ameriprise Financial +19 (49→30) U.S.
  16. 16. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 16 Growth in manager AUM 2008 – 2013 The fastest growing firms among the top 50 Manager Rank change Market Legal & General Group +15 (38→23) U.K. Franklin Templeton +14 (32→18) U.S. Great-West Lifeco +12 (53→41) Canada Northwestern Mutual +12 (56→44) U.S. Wellington Mgmt. +11 (31→20) U.S. MassMutual Financial +11 (40→29) U.S. Prudential Financial +10 (22→12) U.S. Zurich Financial Services +10 (60→50) Switzerland Sun Life Financial +7 (44→37) Canada Vanguard Group +6 (8→2) U.S.
  17. 17. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 17 Analysis Section 3: Passive management
  18. 18. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 18 Annual growth of leading passive managers vs. growth of 500 CAGR of 500 since 2003: 5.8% CAGR of passive since 2003: 12.4%
  19. 19. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 19 Total AUM value of leading passive managers with annual growth rate CAGR since 2003: 12.4%
  20. 20. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 20 Value of passive AUM of leading passive managers - At June 30, 2013
  21. 21. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 21 Contact details and limitations of reliance Contact details Amandeep Shihn Towers Watson Investment +44 207 227 2081 amandeep.shihn@towerswatson.com James Price Towers Watson Investment +44 207 227 2560 james.price@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 Watson’s prior written permission. It may also not be disclosed to any other party without Towers Watson’s 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.
  22. 22. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 22 Appendix Complete ranking
  23. 23. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 23 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets1.BlackRockU.S.$4,324,08826.Aegon GroupNetherlands$692,4302.Vanguard GroupU.S.$2,752,91927.T. Rowe PriceU.S.$692,4003.Allianz Global InvestorsGermany$2,392,53128.Legg MasonU.S.$679,4754.State Street GlobalU.S.$2,344,78929.MassMutual FinancialU.S.$639,0005.Fidelity InvestmentsU.S.$2,159,84530.Ameriprise FinancialU.S.$635,2006.J.P. Morgan ChaseU.S.$1,601,98331.Mitsubishi UFJ Financial GroupJapan$635,0207.Bank of New York MellonU.S.$1,582,98232.Wells FargoU.S.$627,8008.AXA GroupFrance$1,532,15633.Sumitomo Mitsui Trust & BankJapan$609,7209.Capital GroupU.S.$1,338,80534.Morgan StanleyU.S.$608,04510.BNP ParibasFrance$1,325,17635.Nippon Life InsuranceJapan$600,46111.Deutsche BankGermany$1,270,60236.TIAA-CREFU.S.$598,81712.Prudential FinancialU.S.$1,107,02937.Sun Life FinancialCanada$598,30413.UBSSwitzerland$1,095,90438.Affiliated Managers GroupU.S.$537,30014.AmundiFrance$1,069,77139.Principal FinancialU.S.$483,20015.Goldman Sachs GroupU.S.$1,042,00040.ZenkyorenJapan$479,20016.HSBC HoldingsU.K.$921,00041.Great-West LifecoCanada$477,84717.Northern Trust Asset Mgmt.U.S.$884,47342.Crédit SuisseSwitzerland$466,81018.Franklin TempletonU.S.$879,13943.Schroder Invesment Mgmt.U.K.$433,45119.Natixis Global Asset Mgmt.France$867,19344.Northwestern MutualU.S.$425,76520.Wellington Mgmt.U.S.$834,40545.Samsung GroupSouth Korea$416,06021.InvescoU.S.$778,18746.AvivaU.K.$396,54822.MetLifeU.S.$771,66147.New York Life InvestmentsU.S.$388,53623.Legal & General GroupU.K.$741,96048.Federated InvestorsU.S.$376,08424.PrudentialU.K.$730,25449.Royal Bank of CanadaCanada$373,99625.Generali GroupItaly$699,84350.Zurich Financial ServicesSwitzerland$341,547
  24. 24. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 24 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets51.Dimensional Fund AdvisorsU.S.$337,52376.NordeaDenmark$227,09152.Macquarie GroupAustralia$330,61777.BB Gestao de RecursosBrazil$226,30953.Old MutualU.K.$327,12278.Societe GeneraleFrance$225,76254.Munich REGermany$314,05279.Dodge & CoxU.S.$224,41755.Meiji Yasuda Life InsuranceJapan$306,28780.Sumitomo Life InsuranceJapan$222,30056.Standard LifeU.K.$303,56481.Nuveen InvestmentsU.S.$220,50457.Nomura Asset Mgmt.Japan$301,46782.Banco Santander CentralSpain$215,23458.Aberdeen Asset Mgmt.U.K.$294,10983.TD Asset Mgmt.Canada$210,91559.Union InvestmentGermany$291,83984.Hartford FinancialU.S.$209,36660.Intesa SanPaoloItaly$291,81385.Banco do BrasilBrazil$208,92961.Shinkin Central BankJapan$284,88686.Banco SabadellSpain$205,28362.DZ BANKGermany$283,85587.Lombard Odier InvestmentSwitzerland$197,95063.Eaton VanceU.S.$280,66988.La PosteFrance$196,85464.Voya FinancialU.S.$274,34289.PGGMNetherlands$194,75465.Blackstone GroupU.S.$265,75890.Commonwealth Bank GroupAustralia$187,35266.Manulife Asset Mgmt.Canada$260,12691.Brookfield Asset Mgmt.Canada$186,97067.Lloyds Banking GroupU.K.$250,28892.LazardU.S.$186,92468.BankiaSpain$250,24893.Resona BankJapan$185,55969.Charles Schwab InvestmentU.S.$248,49394.BRADESCOBrazil$181,32170.Neuberger BermanU.S.$241,72595.Swiss Life Asset ManagersSwitzerland$174,14871.ING Investment Mgmt. Int'lNetherlands$239,69996.Pioneer Global Asset Mgmt.Italy$173,92572.Unicredit GroupItaly$239,42597.Janus Capital GroupU.S.$173,89573.Dekabank GroupGermany$233,74198.Geode Capital Mgmt.U.S.$173,18174.SEBSweden$227,53499.Guggenheim InvestmentsU.S.$171,83775.Mizuho Financial GroupJapan$227,525100.Itau UnibancoBrazil$169,427
  25. 25. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 25 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets101.Baillie GiffordU.K.$167,955126.IGM Financial GroupCanada$123,192102.Stifel FinancialU.S.$165,600127.Royal London GroupU.K.$121,348103.BBVASpain$165,192128.GE Asset Mgmt.U.S.$119,076104.Nikko Asset Mgmt.Japan$161,000129.Talanx GroupGermany$118,814105.Pictet Asset Mgmt.Switzerland$158,309130.Grantham, Mayo v. OtterlooU.S.$116,575106.SEI InvestmentsU.S.$155,732131.GroupamaFrance$116,336107.Bridgewater AssociatesU.S.$150,100132.ORIXJapan$115,995108.ScotiabankCanada$145,470133.Pearl GroupU.K.$113,108109.Crédit MutuelFrance$145,231134.Covéa GroupFrance$111,642110.American CenturyU.S.$139,001135.Investec Asset Mgmt.South Africa$110,163111.Le Groupe LCF RothschildFrance$137,660136.Artisan PartnersU.S.$105,477112.Lord, AbbettU.S.$137,265137.AQR Capital Mgmt.U.S.$103,565113.SwedbankSweden$137,137138.Nationwide FinancialU.S.$102,101114.F&C Asset Mgmt.U.K.$135,366139.Dexia Asset Mgmt.Belgium$100,492115.Danske BankDenmark$134,168140.NISA InvestmentU.S.$99,042116.Dai-ichi Life InsuranceJapan$133,000141.Union Bancaire PrivéeSwitzerland$98,483117.TCW GroupU.S.$131,881142.Thornburg InvestmentU.S.$94,410118.MNNetherlands$129,731143.Kohlberg Kravis RobertsU.S.$94,320119.NAB/MLCAustralia$128,743144.First Eagle InvestmentU.S.$92,511120.GAM HoldingSwitzerland$128,465145.General Re - New EnglandU.S.$91,203121.PNC FinancialU.S.$127,192146.MapfreSpain$90,922122.Waddell & ReedU.S.$126,543147.CBRE Global InvestorsU.S.$89,100123.AMP CapitalAustralia$124,411148.PRIMECAPU.S.$87,863124.Henderson Global InvestorsU.K.$124,051149.KutxabankSpain$85,734125.BMO Global Asset Mgmt.Canada$123,696150.BCVSwitzerland$85,598
  26. 26. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 26 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets151.EFG InternationalSwitzerland$85,344176.Sumitomo Mitsui Asset Mgmt.Japan$70,218152.CI FinancialCanada$85,155177.Warburg GruppeGermany$68,968153.Baloise Asset Mgmt.Switzerland$84,872178.Anima HoldingItaly$68,830154.DnB NORNorway$84,753179.VidacaixaSpain$68,830155.Mesirow FinancialU.S.$84,563180.QICAustralia$67,232156.Oaktree CapitalU.S.$83,605181.Delta LloydNetherlands$67,178157.MercerU.S.$83,600182.Erste-Sparinvest KapitalanlageAustria$66,765158.Aquiline CapitalU.S.$83,424183.Industrial Alliance InsuranceCanada$64,882159.Payden & RygelU.S.$82,809184.Zürcher KantonalbankSwitzerland$63,334160.Westpac BankingAustralia$82,782185.Stone Harbor InvestmentU.S.$62,265161.LSV Asset Mgmt.U.S.$82,292186.Monte dei Paschi di SienaItaly$62,093162.Wilmington TrustU.S.$82,154187.William BlairU.S.$61,979163.Storebrand GroupNorway$79,527188.Fortress Investment GroupU.S.$61,750164.Vontobel Asset Mgmt.Switzerland$77,596189.Brown Brothers HarrimanU.S.$61,551165.IDUNA GruppeGermany$77,365190.BTG PactualBrazil$61,405166.Research AffiliatesU.S.$76,723191.SNS Asset Mgmt.Netherlands$60,846167.Ashmore GroupU.K.$75,300192.Raymond JamesU.S.$60,505168.OFI AMFrance$75,300193.China Asset Mgmt.China$58,660169.Caixa Economica FederalBrazil$74,528194.Versicherungskammer BayernGermany$58,567170.Ares Mgmt.U.S.$74,005195.Fukoku Mutual Life InsuranceJapan$58,523171.Pacific Century GroupHong Kong$73,500196.Swisscanto Asset Mgmt.Switzerland$58,281172.SanlamSouth Africa$73,494197.KBLLuxembourg$58,092173.CIBC Asset Mgmt.Canada$72,766198.Virtus InvestmentU.S.$57,740174.Fiera CapitalCanada$72,451199.Tokio Marine HoldingsJapan$55,860175.Mondrian Investment PartnersU.K.$70,356200.Northern CrossU.S.$55,411
  27. 27. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 27 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets201.Irish Life Investment ManagersIreland$55,064226.Cohen & SteersU.S.$45,907202.Harvest Fund Mgmt.China$54,523227.City NationalU.S.$45,001203.UBI BancaItaly$54,450228.LGT GroupSwitzerland$44,366204.Svenska HandelsbankenSweden$54,300229.Industry Funds Mgmt.Australia$44,364205.Man InvestmentsU.K.$54,100230.IFM InvestorsAustralia$44,323206.Fisher InvestmentsU.S.$53,644231.CommerzbankGermany$44,051207.American Beacon AdvisorsU.S.$53,371232.F Van LanschotNetherlands$43,914208.JupiterU.K.$52,267233.Fort WashingtonU.S.$43,794209.OP Bank GroupFinland$52,173234.Partners GroupSwitzerland$43,501210.Marathon-LondonU.K.$50,863235.Kempen Capital Mgmt.Netherlands$43,267211.Manning & NapierU.S.$50,826236.BerenbergGermany$41,436212.RecordU.K.$50,783237.Hermes Fund ManagersU.K.$41,410213.RidgeWorth CapitalU.S.$50,336238.UMB FinancialU.S.$41,400214.Arrowstreet CapitalU.S.$50,053239.KBC GroupBelgium$41,376215.PFM Asset Mgmt.U.S.$49,964240.Metzler Asset Mgmt.Germany$40,174216.Coronation Fund ManagersSouth Africa$49,771241.NKSJ HoldingsJapan$39,932217.Daiwa Securities GroupJapan$49,033242.ChallengerAustralia$39,914218.Royal Bank of ScotlandU.K.$48,969243.Robert W. BairdU.S.$39,758219.Davis AdvisorsU.S.$48,174244.Bank DegroofBelgium$39,095220.LaSalle InvestmentU.S.$47,989245.Landesbank Hessen-ThuringenGermany$39,068221.MediolanumItaly$47,646246.Ohio NationalU.S.$38,800222.GAMCO InvestorsU.S.$47,010247.National Bank of CanadaCanada$38,593223.FolksamSweden$46,941248.Uniqa Finanz GroupAustria$37,696224.Brown AdvisoryU.S.$46,330249.STANLIBSouth Africa$37,414225.Connor,Clark & Lunn FinancialCanada$46,120250.Strategic Investment GroupU.S.$37,257
  28. 28. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 28 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets251.Income Research & Mgmt.U.S.$37,224276.Greystone ManagedCanada$30,845252.China Southern Fund Mgmt.China$37,144277.Reliance CapitalIndia$30,322253.DuPont CapitalU.S.$36,838278.Raiffeisen ZentralbankAustria$30,133254.HarbourVest PartnersU.S.$36,593279.Clarion PartnersU.S.$29,973255.Allan Gray ProprietarySouth Africa$36,483280.Northill CapitalU.K.$29,900256.Beutel GoodmanCanada$36,262281.Hamilton LaneU.S.$29,522257.Desjardins GroupCanada$35,477282.Gruppo AzimutItaly$29,488258.Southeastern Asset Mgmt.U.S.$35,073283.SECOR Asset Mgmt.U.S.$29,328259.Mirae Asset Financial GroupSouth Korea$34,963284.Commerce TrustU.S.$29,285260.RhumbLine AdvisersU.S.$34,694285.Mirabaud GroupSwitzerland$29,197261.MMI HoldingsSouth Africa$34,653286.HeitmanU.S.$29,138262.Caixa Gestão de ActivosPortugal$34,500287.Artemis Investment Mgmt.U.K.$28,546263.Fayez SarofimU.S.$34,261288.First Pacific AdvisorsU.S.$28,305264.Starwood CapitalU.S.$34,240289.Arca SGRItaly$28,223265.Ameritas Mutual HoldingU.S.$34,100290.HinesU.S.$28,161266.Jarislowsky, FraserCanada$33,748291.Causeway CapitalU.S.$27,999267.NürnbergerGermany$33,217292.Brock Fiduciary ServicesU.S.$27,970268.AGF Mgmt.Canada$33,159293.Advantus CapitalU.S.$27,814269.GLC Asset Mgmt. GroupCanada$33,052294.SafraBrazil$27,730270.Bosera Asset Mgmt.China$32,313295.RS InvestmentsU.S.$27,698271.Bank SyzSwitzerland$32,229296.Korea Investment HoldingsSouth Korea$27,247272.D.E. Shaw GroupU.S.$32,006297.Antares CapitalAustralia$27,062273.Bank J. Safra SarasinSwitzerland$31,507298.Fifth Third BancorpU.S.$27,000274.Caixa Geral de DepósitosPortugal$31,057299.Brandes InvestmentU.S.$26,913275.Van Eck AssociatesU.S.$31,013300.Pathway CapitalU.S.$26,772
  29. 29. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 29 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets301.ICMA RetirementU.S.$26,555326.Bentall KennedyU.S.$23,235302.Calamos AdvisorsU.S.$26,543327.Universal-InvestmentGermany$23,097303.PrologisU.S.$26,432328.Colchester Global InvestorsU.K.$22,986304.Quoniam Asset Mgmt.Germany$26,018329.J O Hambro Capital Mgmt.U.K.$22,958305.Hotchkis & WileyU.S.$25,957330.Royal & SunAllianceU.K.$22,753306.Baron Capital GroupU.S.$25,368331.PerpetualAustralia$22,448307.Letko BrosseauCanada$25,208332.Frankfurt-TrustGermany$22,026308.Adams Street PartnersU.S.$25,085333.First Republic InvestmentU.S.$21,800309.Angelo, GordonU.S.$25,000334.COMGESTFrance$21,750310.Pzena InvestmentU.S.$24,976335.Oak Hill AdvisorsU.S.$21,320311.HuntU.S.$24,750336.Providence EquityU.S.$21,273312.CommonfundU.S.$24,604337.Fred Alger Mgmt.U.S.$21,116313.Sprucegrove InvestmentCanada$24,572338.Gruppo BipiemmeItaly$20,924314.E Fund Mgmt.China$24,534339.SCORFrance$20,924315.Gruppo Bancario Credito EmilianoItaly$24,348340.Fiduciary Mgmt./MilwaukeeU.S.$20,651316.Boston Private FinancialU.S.$24,280341.Platinum Investment Mgmt.Australia$20,572317.Shenkman CapitalU.S.$24,069342.Mawer Investment Mgmt.Canada$20,567318.AJOU.S.$23,965343.BOK FinancialU.S.$20,285319.Cutwater Asset Mgmt.U.S.$23,898344.Inland GroupU.S.$20,000320.Eagle CapitalU.S.$23,873345.King Street CapitalU.S.$19,800321.ESAFPortugal$23,843346.International Value AdvisersU.S.$19,545322.Investment SolutionsSouth Africa$23,800347.Wasatch AdvisorsU.S.$19,277323.Blue Sky GroupNetherlands$23,402348.PetercamBelgium$19,243324.Renaissance TechnologiesU.S.$23,399349.Highland Capital (Texas)U.S.$19,168325.EARNEST PartnersU.S.$23,249350.Magellan Asset Mgmt.Australia$18,961
  30. 30. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 30 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets351.Westwood HoldingsU.S.$18,931376.Madison InvestmentU.S.$15,483352.Victory CapitalU.S.$18,775377.Close Brothers GroupU.K.$15,326353.Carnegie InvestmentSweden$18,665378.Kepler Fonds KAGAustria$15,253354.Banco Popolare SocietàItaly$18,061379.Guardian CapitalCanada$15,237355.Wintrust FinancialU.S.$18,000380.Vinva Investment Mgmt.Australia$14,772356.Penn Mutual LifeU.S.$17,900381.Luther King CapitalU.S.$14,722357.Burgundy Asset Mgmt.Canada$17,724382.Banco VotorantimBrazil$14,673358.Munder CapitalU.S.$17,650383.Cramer Rosenthal McGlynnU.S.$14,573359.HDFC Asset Mgmt.India$17,602384.Gruppo Banca CarigeItaly$14,454360.OddoFrance$17,483385.Leith Wheeler InvestmentCanada$14,311361.Westfield CapitalU.S.$17,368386.Montag & CaldwellU.S.$14,221362.World Asset Mgmt.U.S.$17,121387.Tortoise CapitalU.S.$14,189363.T&D Asset Mgmt.Japan$17,072388.Lend Lease Investment Mgmt.Australia$14,019364.Perennial InvestmentAustralia$16,954389.Sit InvestmentU.S.$13,985365.HexavestCanada$16,851390.Birla Sun Life Asset Mgmt.India$13,727366.ASB Capital Mgmt.U.S.$16,700391.GPT GroupAustralia$13,487367.Huntington BancsharesU.S.$16,700392.Amalgamated BankU.S.$13,346368.Mutual of AmericaU.S.$16,670393.Edinburgh PartnersU.K.$13,132369.Co-operators GroupCanada$16,642394.Numeric InvestorsU.S.$13,087370.Fullgoal FundChina$16,580395.Grupo MarchSpain$12,972371.BankinterSpain$16,485396.WHV InvestmentU.S.$12,696372.Hanwha GroupSouth Korea$16,428397.C.S. McKeeU.S.$12,549373.Los Angeles CapitalU.S.$15,896398.Horsley Bridge PartnersU.S.$12,500374.AAMU.S.$15,630399.Cantillon Capital Mgmt.U.S.$12,450375.UnigestionSwitzerland$15,500400.USAA Real EstateU.S.$12,420
  31. 31. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 31 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets401.Odey Asset Mgmt.U.K.$12,306426.State Bank of IndiaIndia$10,427402.Foyston, Gordon & PayneCanada$12,258427.Rainier InvestmentU.S.$10,419403.Diamond Hill CapitalU.S.$12,186428.Parnassus InvestmentsU.S.$10,395404.EII Capital Mgmt.U.S.$12,172429.Herndon CapitalU.S.$10,210405.Driehaus CapitalU.S.$12,167430.Sage Advisory ServicesU.S.$10,123406.UTI Asset Mgmt.India$12,008431.Silvercrest Asset Mgmt.U.S.$10,093407.Westbrook PartnersU.S.$11,943432.Denver InvestmentsU.S.$10,009408.Pacific Income AdvisersU.S.$11,829433.EnTrust CapitalU.S.$9,954409.Grupo Banco PopularSpain$11,711434.Rock Creek GroupU.S.$9,900410.Prime AdvisorsU.S.$11,701435.KGALGermany$9,808411.Caixa Catalunya GroupSpain$11,654436.Synovus FinancialU.S.$9,800412.Colony CapitalU.S.$11,600437.Jacobs Levy EquityU.S.$9,756413.Iridian Asset Mgmt.U.S.$11,451438.Horizon KineticsU.S.$9,727414.Tocqueville Asset Mgmt.U.S.$11,447439.BOCI-PrudentialHong Kong$9,654415.Kornitzer CapitalU.S.$11,320440.SkyBridge CapitalU.S.$9,625416.Piper JaffrayU.S.$11,232441.RamiusU.S.$9,544417.Canso Investment CounselCanada$11,218442.Segall Bryant & HamillU.S.$9,468418.Gulf International BankU.K.$11,200443.New Brunswick InvestmentCanada$9,442419.Marathon Asset Mgmt.U.S.$11,200444.Charter HallAustralia$9,441420.BPIPortugal$11,164445.Martin CurrieU.K.$9,217421.Bahl & GaynorU.S.$11,078446.Ausbil Investment Mgmt.Australia$9,026422.StepStone GroupU.S.$10,966447.JCP Investment PartnersAustralia$9,018423.WEDGE CapitalU.S.$10,842448.Ariel InvestmentsU.S.$8,992424.DRA AdvisorsU.S.$10,572449.Pacific Alternative AssetU.S.$8,988425.Value PartnersHong Kong$10,489450.Neptune InvestmentU.K.$8,866
  32. 32. towerswatson.com © 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. 32 Ranking – 2013 RankManagerMarketTotal assetsRankManagerMarketTotal assets451.MKP CapitalU.S.$8,750476.InvestaAustralia$7,631452.Kyobo Life InsuranceSouth Korea$8,698477.Advent CapitalU.S.$7,591453.Kimco RealtyU.S.$8,575478.Paradice Investment Mgmt.Australia$7,542454.DePrince, Race & ZolloU.S.$8,517479.Cooper InvestorsAustralia$7,529455.KBSU.S.$8,515480.Lion Fund Mgmt.China$7,524456.TT InternationalU.K.$8,484481.Peregrine HoldingsSouth Africa$7,483457.Turner InvestmentsU.S.$8,429482.Chartwell InvestmentU.S.$7,457458.Cambiar InvestorsU.S.$8,418483.IbercajaSpain$7,434459.London Co.U.S.$8,401484.Hastings Funds Mgmt.Australia$7,400460.Progress InvestmentU.S.$8,359485.Stockbridge Capital GroupU.S.$7,304461.Analytic InvestorsU.S.$8,289486.DongbuSouth Korea$7,260462.OpportunityBrazil$8,253487.Caisse de Depôt et PlacementCanada$7,234463.Maple-Brown Abbott InvestmentAustralia$8,233488.Jensen InvestmentU.S.$7,209464.Cornerstone InvestmentU.S.$8,211489.Beach Point CapitalU.S.$7,202465.Boston Trust & InvestmentU.S.$8,200490.Lupus AlphaGermany$7,158466.Johnson Investment CounselU.S.$8,195491.DDJ CapitalU.S.$7,145467.Opus InvestmentU.S.$8,161492.Westwood GlobalU.S.$7,140468.McKinley CapitalU.S.$8,135493.BNGNetherlands$7,136469.HFA HoldingsAustralia$8,085494.Samson CapitalU.S.$7,076470.Rockwood CapitalU.S.$8,023495.Capital At Work GroupBelgium$7,075471.Abbott CapitalU.S.$7,888496.RARE InfrastructureAustralia$7,070472.Crestline InvestorsU.S.$7,800497.Brown CapitalU.S.$7,019473.Rongtong Fund Mgmt.China$7,753498.Chandler Asset Mgmt.U.S.$6,999474.Glenmede InvestmentU.S.$7,663499.Rohatyn GroupU.S.$6,987475.PENN CapitalU.S.$7,636500.Yapi Kredi Asset Mgmt.Turkey$6,883

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