2020 Top 40 Money Managers reporT:

Top 5 | Fastest GrowinG (%) - Less than $1 BiLLion Assets (millions) As of Dec. 31, 2019 / cPA = cAnADiAn Pension Assets

Company 2019 CPA 2018 CPA Variance 1| Global Alpha Capital Management Ltd. (a Connor, Clark & Lunn Financial Group Co.) $949.2 $274.1 246.3% 2| Galibier Capital Management $676.1 $396.7 70.4% 3| Canadian Urban Ltd. $671.0 $412.0 62.9% 4| Bellwether Investment Management Inc. $26.7 $17.3 54.3% 5| CC&L Infrastructure $437.4 $303.0 44.4% (a Connor, Clark & Lunn Financial Group Co.)

Top 5 | Fastest GrowinG (%) - $1 BiLLion to $10 BiLLion Assets (millions) As of Dec. 31, 2019 / cPA = cAnADiAn Pension Assets

Company 2019 CPA 2018 CPA Variance 1| William Blair $2,161.1 $1,133.0 90.7% 2| DWS $1,266.7 $778.4 62.7% 3| Setanta Asset Management Ltd. $2,072.0 $1,309.3 58.3% 4| Sun Life Capital Management (Canada) Inc. $6,901.9 $4,389.7 57.2% 5| Neuberger Berman $7,895.0 $5,477.0 44.1%

Top 5 | Fastest GrowinG (%) - Greater than $10 BiLLion Assets (millions) As of Dec. 31, 2019 / cPA = cAnADiAn Pension Assets

Company 2019 CPA 2018 CPA Variance 1| Brookfield Asset Management $48,118.0 $38,364.0 25.4% 2| BlackRock Asset Management Canada Ltd. $120,773.8 $97,812.6 23.5% 3| Sun Life Global Investments $16,963.1 $13,883.7 22.2% 4| Jarislowsky, Fraser Ltd. $17,001.0 $14,291.0 19.0% 5| PH&N Institutional $74,320.5 $63,301.6 17.4%

source: Firms participating in the Canadian Institutional Investment network’s spring 2020 top 40 money managers survey

Money ManaGers1tD Asset

mAnAgement inc.1

Rank 2019: 1 ▲ 29.5%

2019 CPA: $129,125.4 2018 CPA: $99,717.1

Total assets 2019: $351,039.0

21Wellington mAnAgement cAnADA Ulc5

Rank 2019: 18 ▼-7.6%

2019 CPA: $15,745.0 2018 CPA: $17,047.0

Total assets 2019: $26,752.0

2019 top 40 total: $948,047.9 2018 top 40 total: $839,840.3 Variance: ▲ 12.9%

6fierA cAPitAl corP.

Rank 2019: 6 ▲8.9%

2019 CPA: $35,833.8 2018 CPA: $32,917.7

Total assets 2019: $102,031.0

26AlliAnceBernstein cAnADA institUtionAl inVestments

Rank 2019: 29 ▼-2.3%

2019 CPA: $10,160.0 2018 CPA: $10,401.1

Total assets 2019: $16,337.5

16mercer gloBAl inVestments cAnADA ltD.

Rank 2019: 17 ▲ 2.8%

2019 CPA: $17,604.0 2018 CPA: $17,126.0

Total assets 2019: $20,936.0

36inVesco cAnADA ltD.

Rank 2019: 37 ▲ 16.2%

2019 CPA: $6,782.0 2018 CPA: $5,837.0

Total assets 2019: $37,814.0

11 fiDelity cAnADA institUtionAl

Rank 2019: 13 ▲ 17.1%

2019 CPA: $24,882.1 2018 CPA: $21,246.0

Total assets 2019: $142,554.2

31schroDer inVestment mAnAgement

Rank 2019: 32 ▼-0.3%

2019 CPA: $7,992.2 2018 CPA: $8,015.5

Total assets 2019: $9,951.2

3Ph&n institUtionAl2

Rank 2019: 3 ▲ 17.4%

2019 CPA: $74,320.5 2018 CPA: $63,301.6

Total assets 2019: $355,486.5

23mAWer inVestment mAnAgement ltD.

Rank 2019: 28 ▲ 13.1%

2019 CPA: $11,976.7 2018 CPA: $10,593.8

Total assets 2019: $61,586.5

8connor, clArk & lUnn finAnciAl groUP

Rank 2019: 7 ▼-0.9%

2019 CPA: $28,477.4 2018 CPA: $28,729.0

Total assets 2019: $68,702.9

28BAillie gifforD oVerseAs ltD.

Rank 2019: 31 ▲ 10.9%

2019 CPA: $9,558.0 2018 CPA: $8,620.4

Total assets 2019: $17,351.4

18JArisloWsky, frAser ltD.

Rank 2019: 22 ▲ 19.0%

2019 CPA: $17,001.0 2018 CPA: $14,291.0

Total assets 2019: $42,648.0

38AcADiAn AssetmAnAgement

Rank 2019: 35 ▲0.3%

2019 CPA: $6,303.8 2018 CPA: $6,285.4

Total assets 2019: $9,266.4

13stAte street gloBAl ADVisors ltD.

Rank 2019: 14 ▲ 15.5%

2019 CPA: $22,149.6 2018 CPA: $19,174.5

Total assets 2019: $46,892.6

33ArroWstreet cAPitAl lP

Rank 2019: 33 ▼-5.2%

2019 CPA: $7,436.0 2018 CPA: $7,843.0

Total assets 2019: $9,633.0

2BlAckrock Asset mAnAgement cAnADA ltD.

Rank 2019: 2 ▲ 23.5%

2019 CPA: $120,773.8 2018 CPA: $97,812.6

Total assets 2019: $217,145.7

22letko, BrosseAU & AssociAtes inc.

Rank 2019: 21 ▼-2.0%

2019 CPA: $14,754.0 2018 CPA: $15,048.7

Total assets 2019: $26,001.0

7ciBc Asset mAnAgement inc.

Rank 2019: 8 ▲ 16.8%

2019 CPA: $32,556.9 2018 CPA: $27,875.0

Total assets 2019: $182,838.0

27ADDenDA cAPitAl inc.

Rank 2019: 30 ▲7.9%

2019 CPA: $9,886.1 2018 CPA: $9,158.2

Total assets 2019: $30,279.1

17mfs inVestment mAnAgement cAnADA ltD.

Rank 2019: 20 ▲ 10.7%

2019 CPA: $17,206.9 2018 CPA: $15,546.3

Total assets 2019: $31,931.3

37northern trUst Asset mAnAgement

Rank 2019: 38 ▲ 15.6%

2019 CPA: $6,337.1 2018 CPA: $5,483.3

Total assets 2019: $12,438.0

12glc Asset mAnAgement groUP ltD.

Rank 2019: 12 ▲ 10.8%

2019 CPA: $23,889.0 2018 CPA: $21,559.0

Total assets 2019: $56,195.0

32neUBerger BermAn7

Rank 2019: 39 ▲44.1%

2019 CPA: $7,895.0 2018 CPA: $5,477.0

Total assets 2019: $11,930.0

4mAnUlife inVestment mAnAgement3

Rank 2019: 4 ▼-0.1%

2019 CPA: $48,777.0 2018 CPA: $49,260.0

Total assets 2019: $125,607.0

24inDUstriAl AlliAnce inVestment mAnAgement inc.

Rank 2019: 27 ▲7.7%

2019 CPA: $11,705.5 2018 CPA: $10,866.7

Total assets 2019: $100,360.7

9golDmAn sAchs Asset mAnAgement lP

Rank 2019: 9 ▲9.1%

2019 CPA: $27,788.1 2018 CPA: $25,469.3

Total assets 2019: $33,114.6

29BUrgUnDy Asset mAnAgement ltD.

Rank 2019: 26 ▼-16.6%

2019 CPA: $9,262.0 2018 CPA: $11,110.0

Total assets 2019: $23,716.0

19sUn life gloBAlinVestments

Rank 2019: 23 ▲ 22.2%

2019 CPA: $16,963.1 2018 CPA: $13,883.7

Total assets 2019: $29,374.4

39BentAllgreenoAk(cAnADA) lP

Rank 2019: N/A ▲ 16.0%

2019 CPA: $6,263.0 2018 CPA: $5,398.0

Total assets 2019: $24,379.0

14J.P. morgAn Asset mAnAgement (cAnADA) inc.

Rank 2019: 16 ▲ 11.4%

2019 CPA: $19,303.8 2018 CPA: $17,321.3

Total assets 2019: $26,645.8

34cAnso inVestment coUnsel ltD.

Rank 2019: 34 ▲ 12.3%

2019 CPA: $7,169.3 2018 CPA: $6,386.7

Total assets 2019: $31,430.1

5BrookfielD Asset mAnAgement4

Rank 2019: 5 ▲ 25.4%

2019 CPA: $48,118.0 2018 CPA: $38,364.0

Total assets 2019: $155,608.0

25leith Wheeler inVestment coUnsel ltD.

Rank 2019: 25 ▲4.3%

2019 CPA: $11,688.6 2018 CPA: $11,205.2

Total assets 2019: $21,267.1

10BeUtel, gooDmAn & comPAny ltD.

Rank 2019: 10 ▲5.1%

2019 CPA: $26,124.8 2018 CPA: $24,866.1

Total assets 2019: $40,934.5

30frAnklin temPleton institUtionAl6

Rank 2019: 24 ▼-35.6%

2019 CPA: $8,473.0 2018 CPA: $13,149.0

Total assets 2019: $33,092.0

20Bny mellon Asset mAnAgement ltD.

Rank 2019: 19 ▲7.6%

2019 CPA: $16,920.0 2018 CPA: $15,726.0

Total assets 2019: $31,521.0

40morgUArD inVestments ltD.

Rank 2019: 36 ▼-3.9%

2019 CPA: $5,760.7 2018 CPA: $5,995.3

Total assets 2019: $11,991.3

15Pimco cAnADA corP.

Rank 2019: 15 ▲4.8%

2019 CPA: $18,183.0 2018 CPA: $17,343.0

Total assets 2019: $50,882.0

35sUn life cAPitAl mAnAgement (cAnADA) inc.8

Rank 2019: N/A ▲57.2%

2019 CPA: $6,901.9 2018 CPA: $4,389.7

Total assets 2019: $150,875.4

cAnADiAn Assets (millions) UnDer mAnAgement As of Dec. 31, 2019cPA = cAnADiAn Pension Assets▲ ▼ Indicates an increase or decrease in assets from 2018 to 2019

notes: 1. The significant variance is due to the inclusion of assets from TD Greystone, which was fully amalgamated into TD Asset Management Inc. as of Nov. 1, 2019. 2. PH&N Institutional was previously known as Phillips, Hager & North Investment Management (RBC Global Asset Management). 3. Manulife Investment Management was previously known as Manulife Asset Management Ltd. 4. The significant variance is due to a mixture of increased fundraising activities, new asset acquisitions and improved asset valuations year over year. 5. Wellington Management Canada ULC was previously known as Wellington Management Group LLP. 6. The significant variance is due to net outflows of negative 45.9 per cent and market appreciation of 10.3 per cent in 2019. 7. The significant variance is due to organic growth in assets under management and one large commitment in 2019. 8. The significant variance is due to new sales and market value changes in 2019.

Figures in this report are based on responses provided by the survey respon-dents. Benefits Canada assumes no responsibility for the accuracy of the data provided. All totals are subject to +/- variance due to rounding.

source: Firms participating in the Canadian Institutional Investment network’s spring 2020 top 40 money managers survey

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