PI500 Analysis 2012

© 2013 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 2012

towerswatson.com

© 2013 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

towerswatson.com


3

Executive Summary

towerswatson.com


4

Executive summary

Total assets under management of the 500 managers included in the ranking totalled US$ 68 trillion at the end of 2012, up 8.2% from the end of 2011.

The first two positions in the ranking include the same managers, with BlackRock in the first position for the third consecutive year. Vanguard overcame State Street Global and is now in the third position.

Assets under management of North American managers were

US$ 35.9 trillion at 2012 year end, an increase of 8.3% from the

previous year. The assets managed by European managers

also increased by 12.5%, ending on US$ 24 trillion.

Japanese managers ended 2012 with US$ 4.8 trillion, the only

decrease in assets during 2012 (-8.7%).

The Top 20 managers’ share of the total assets increased from

38.7% to 41.4%.

“AUM increased 8.2%

in 2012”

“BlackRock remained

in the top spot”

“AUM of North

American and

European managers

increased, whilst

Japanese managers

experienced a

decrease”

“Top 20 managers

increased their share

in the total 500”

towerswatson.com


5

Executive summary

U.S. managers in the Top 20 managed 64.2% of total AUM for

that group, while European managers had a share of 35.8%.

No Japanese companies made it to the top 20 this year.

By number, bank-owned managers accounted the majority,

increased from 8 to 9 managers. Independent managers

maintain the 8 members of the top 20. Only 3 managers are

insurer-owned managers.

Assets under management of managers from developing

countries slightly increased its share from 3.7% to 3.8%.

“Bank-owned

managers and

Independent

managers shared the

majority of the Top 20

segment.”

“Assets under

management from

developing countries

slightly increased”

“U.S. managers

dominated the Top 20

group once again.”

towerswatson.com


6

Analysis

Section 1: Total value of assets and growth rates

towerswatson.com


7

Total value of assets managed Split by manager domicile

• Assets under management of the world’s top 500 managers increased by 8.2% in 2012, which is still below its 2007 level.

• Japanese managers’ assets declined 8.7% in 2012, while European managers’ assets as well as U.S. managers’ assets

increased 12.5% and 8.3% respectively.

towerswatson.com


8

Total value of assets managed Split by segment

• The Top 20 managers increased their assets by 6.9% at the expense of the other segments which all experienced a

reduction in their share of assets.

towerswatson.com


9

Distribution of assets by country 10 year overview – 2002 to 2012

The last decade has seen an increase of the representation

of managers from the US. In contrast, the Japanese and

several European markets have experienced a relative

decline in the global asset management industry.

towerswatson.com


10

Analysis

Section 2: Analysis of the largest 20 asset managers

towerswatson.com


11

Total value of assets managed by top 20 Split by manager domicile

• Top 20 managers’ assets for all regions, except Japan, experienced an increase in 2012.

• In 2012, 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 64.2% of top 20 assets at the end of 2012 (64.2% at the end of

2011).

towerswatson.com


12

Annual growth of 500 vs. growth of top 20

towerswatson.com


13

Top 20 managers by manager type

• At the end of 2012, bank-owned and independent managers accounted for the majority in the top 20,

while insurer-owned asset managers were a minority.

towerswatson.com


14

Growth in manager AUM 2007 – 2012 The fastest growing firms among the top 50

towerswatson.com


15


Manager Rank change Market

Royal Bank of Canada +50 (98→48) Canada

Sumitomo Mitsui Trust & Bank +33 (71→38) Japan

Shinkin Central Bank +31 (81→50) Japan

New York Life Investments +30 (79→49) U.S.

Affiliated Managers Group +25 (66→41) U.S.

Wells Fargo +24 (55→31) U.S.

Schroders +24 (69→45) U.K.

T. Rowe Price +18 (47→29) U.S.

Zenkyoren +18 (51→33) Japan

Invesco +16 (38→22) U.S.

towerswatson.com


16


Manager Rank change Market

Principal Financial +15 (58→43) U.S.

Federated Investors +15 (61→46) U.S.

Prudential +14 (39→25) U.K.

Ameriprise Financial +14 (44→30) U.S.

Prudential Financial +13 (25→12) U.S.

Nippon Life Insurance +13 (36→23) Japan

Dai-ichi Luife Insurance +13 (60→47) Japan

Metlife +12 (33→21) U.S.

Wellington Management +11 (31→20) U.S.

Sun Life +11 (43→32) Canada

towerswatson.com


17

Analysis

Section 3: Passive management

towerswatson.com


18

Annual growth of passive management vs. growth of 500

CAGR of 500 since 2002: 6.14%

CAGR of passive since 2002: 13%

towerswatson.com


19

Total value of AUM of leading passive managers with annual growth rate

CAGR since 02: 12.8%

towerswatson.com


20

Value of passive AUM of leading passive managers - At Dec. 31, 2012

Data available as of June 30.

The assets of BlackRock reflect a restated amount.

towerswatson.com


21

Contact details and limitations of reliance Contact details

Jessica Gao

Towers Watson Investment +44 207 227 2061

[email protected]

James Price

Towers Watson Investment +44 207 227 2560

[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 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.

mailto:[email protected]

mailto:[email protected]

towerswatson.com


22

Appendix

Complete ranking

towerswatson.com


23

Ranking – 2012

Rank Manager Market Total assets Rank Manager Market Total assets

1. BlackRock U.S. $3,791,588 26. Legg Mason U.S. $648,879

2. Allianz Group Germany $2,447,820 27. Generali Group Italy $647,611

3. Vanguard Group U.S. $2,215,216 28. Aegon Group Netherlands $605,048

4. State Street Global U.S. $2,086,200 29. T. Rowe Price U.S. $576,800

5. Fidelity Investments U.S. $1,888,296 30. Ameriprise Financial U.S. $562,400

6. AXA Group France $1,474,568 31. Wells Fargo U.S. $537,100

7. J.P. Morgan Chase U.S. $1,431,165 32. Sun Life Financial Canada $534,663

8. Bank of New York Mellon U.S. $1,385,863 33. Zenkyoren Japan $531,948

9. BNP Paribas France $1,303,989 34. Mitsubishi UFJ Financial Japan $529,152

10. Deutsche Bank Germany $1,247,477 35. Morgan Stanley U.S. $516,567

11. Capital Group U.S. $1,147,411 36. TIAA-CREF U.S. $510,918

12. Prudential Financial U.S. $1,060,250 37. MassMutual Financial U.S. $508,000

13. UBS Switzerland $999,758 38. Sumitomo Mitsui Trust & Bank Japan $456,098

14. Amundi Asset Mgmt. France $961,245 39. Crédit Suisse Switzerland $445,988

15. HSBC Holdings U.K. $910,000 40. Aviva U.K. $443,382

16. Goldman Sachs Group U.S. $854,000 41. Affiliated Managers Group U.S. $431,800

17. Franklin Templeton U.S. $781,769 42. Old Mutual South Africa $423,540

18. Natixis France $779,317 43. Principal Financial U.S. $403,000

19. Northern Trust Global U.S. $758,943 44. Great-West Lifeco Canada $389,528

20. Wellington Mgmt. U.S. $757,729 45. Schroders U.K. $382,068

21. MetLife U.S. $721,286 46. Federated Investors U.S. $379,771

22. Invesco U.S. $687,680 47. Dai-ichi Life Insurance Japan $362,051

23. Nippon Life Insurance Japan $662,939 48. Royal Bank of Canada Canada $353,371

24. Legal & General Group U.K. $655,824 49. New York Life Investments U.S. $347,004

25. Prudential U.K. $654,209 50. Shinkin Central Bank Japan $345,149

towerswatson.com


24

Ranking – 2012


51. Samsung Group South Korea $338,467 76. TD Asset Mgmt. Canada $209,451

52. Meiji Yasuda Life Insurance Japan $337,113 77. Dekabank Group Germany $209,242

53. Zurich Financial Services Switzerland $333,933 78. Unicredit Group Italy $208,662

54. Northwestern Mutual U.S. $322,541 79. Neuberger Berman U.S. $205,046

55. Munich RE Germany $314,512 80. SEB Sweden $204,007

56. Intesa SanPaolo Italy $305,911 81. Eaton Vance U.S. $199,508

57. Lloyds Banking Group U.K. $305,459 82. Dodge & Cox U.S. $189,510

58. Rabobank Group Netherlands $292,311 83. Nordea Denmark $185,425

59. Macquarie Group Australia $290,134 84. La Poste France $181,704

60. Aberdeen Asset Mgmt. U.K. $289,547 85. PGGM Netherlands $175,757

61. Nomura Holdings Japan $277,323 86. Banco Sabadell Spain $173,979

62. Standard Life U.K. $270,923 87. Resona Trust & Banking Japan $172,299

63. Dimensional Fund Advisors U.S. $262,200 88. Lombard Odier Darier Hentsch Switzerland $169,598

64. Union Investment Germany $260,992 89. MS&AD Insurance Group Japan $169,213

65. DZ BANK Germany $251,788 90. Lazard U.S. $167,060

66. Sumitomo Life Insurance Japan $243,276 91. Itaú Brazil $164,793

67. ING Groep Netherlands $241,601 92. Swiss Life Group Switzerland $162,486

68. Mizuho Financial Group Japan $239,551 93. Nikko Asset Mgmt. Japan $162,000

69. Manulife Financial Canada $237,637 94. Janus Capital Group U.S. $156,756

70. Hartford Financial U.S. $231,777 95. Banco Santander Central Spain $156,121

71. Charles Schwab Investment U.S. $224,462 96. F&C Asset Mgmt. U.K. $153,820

72. Nuveen Investments U.S. $218,555 97. Pictet Asset Mgmt. Switzerland $151,970

73. Banco do Brasil Brazil $216,701 98. Commonwealth Bank Group Australia $151,643

74. Banco Bradesco Brazil $211,911 99. Crédit Mutuel France $147,430

75. BBVA Spain $210,115 100. Bridgewater Associates U.S. $142,100

towerswatson.com


25

Ranking – 2012


101. SEI Investments U.S. $140,573 126. NAB/MLC Australia $100,598

102. Guggenheim Investments U.S. $138,114 127. Caixa Economica Federal Brazil $100,271

103. Stifel Financial U.S. $137,855 128. Covéa Group France $100,036

104. AMP Australia $133,356 129. Waddell & Reed U.S. $96,365

105. Baillie Gifford U.K. $132,491 130. General Re - New England U.S. $92,019

106. Le Groupe LCF Rothschild France $132,148 131. CBRE Global Investors U.S. $92,000

107. Lord, Abbett U.S. $129,366 132. Aquiline Capital U.S. $91,434

108. GAM Holding Switzerland $127,144 133. CIBC Group Canada $88,153

109. Geode Capital Mgmt. U.S. $124,654 134. Nationwide Financial U.S. $87,679

110. American Century U.S. $124,552 135. Union Bancaire Privée Switzerland $87,575

111. Danske Bank Denmark $121,764 136. EFG Group Switzerland $86,112

112. IGM Financial Group Canada $121,071 137. DnB NOR Norway $86,085

113. GE Asset Mgmt. U.S. $119,857 138. NISA Investment U.S. $85,425

114. Swedbank Sweden $119,824 139. Mapfre Spain $85,410

115. Mn Services Netherlands $119,546 140. Thornburg Investment U.S. $83,729

116. Groupama France $119,426 141. Kutxabank Spain $82,407

117. Commerzbank Germany $114,969 142. Payden & Rygel U.S. $81,816

118. PNC Financial U.S. $112,486 143. Baloise Asset Mgmt. Switzerland $81,155

119. Talanx Group Germany $111,073 144. Royal London Group U.K. $80,442

120. Pearl Group U.K. $110,812 145. Sanlam South Africa $79,370

121. Grantham, Mayo v. Otterloo U.S. $106,155 146. Storebrand Group Norway $79,134

122. Brookfield Asset Mgmt. Canada $104,503 147. Oaktree Capital U.S. $77,051

123. Henderson Global Investors U.K. $104,009 148. CI Financial Canada $75,959

124. Investec Group South Africa $103,844 149. Kohlberg Kravis Roberts U.S. $75,528

125. Dexia Asset Mgmt. Belgium $101,754 150. Artisan Partners U.S. $74,334

towerswatson.com


26

Ranking – 2012


151. AQR Capital Mgmt. U.S. $74,200 176. Ares Mgmt. U.S. $58,471

152. First Eagle Investment U.S. $72,916 177. Fiera Sceptre Canada $57,221

153. QIC Australia $72,907 178. Man Investments U.K. $57,000

154. Regions Financial U.S. $72,700 179. Swisscanto Switzerland $56,745

155. PineBridge Investments U.S. $71,688 180. SNS Asset Mgmt. Netherlands $56,295

156. Hanwha Group South Korea $71,113 181. Anima Italy $54,181

157. Ashmore Investment U.K. $71,000 182. KBL Financial Services Netherlands $54,049

158. IDUNA Gruppe Germany $70,831 183. Versicherungskammer Bayern Germany $53,537

159. Mercer U.S. $69,800 184. Fortress Investment Group U.S. $53,430

160. Research Affiliates U.S. $69,537 185. Daiwa Securities Group Japan $53,414

161. Sumitomo Mitsui Asset Mgmt. Japan $68,897 186. Brown Brothers Harriman U.S. $52,899

162. Mondrian Investment U.K. $68,248 187. MMI Holdings South Africa $52,429

163. Delta Lloyd Asset Mgmt. Netherlands $67,924 188. Goodman Investment Canada $51,366

164. Fukoku Mutual Life Insurance Japan $67,267 189. China Asset Mgmt. China $50,497

165. Vontobel Asset Mgmt. Switzerland $67,183 190. UBI Banca Italy $50,356

166. Mesirow Financial U.S. $66,535 191. Irish Life & Permanent Group Ireland $50,116

167. Tokio Marine Holdings Japan $65,697 192. KeyCorp U.S. $49,684

168. LSV Asset Mgmt. U.S. $65,027 193. William Blair U.S. $49,613

169. PRIMECAP U.S. $63,661 194. Harvest Fund Mgmt. China $48,772

170. Stone Harbor Investment U.S. $62,743 195. RidgeWorth Capital U.S. $48,083

171. Wilmington Trust U.S. $61,479 196. LaSalle Investment U.S. $47,691

172. Industrial Alliance Insurance Canada $60,332 197. PFM Asset Mgmt. U.S. $47,354

173. Monte dei Paschi di Siena Italy $58,859 198. Royal Bank of Scotland U.K. $46,683

174. Warburg Gruppe Germany $58,636 199. Raymond James Financial U.S. $46,527

175. Westpac/BT Australia $58,596 200. NKSJ Holdings Japan $45,951

towerswatson.com


27

Ranking – 2012


201. Cohen & Steers U.S. $45,839 226. City National U.S. $38,240

202. American Beacon Advisors U.S. $45,800 227. Partners Group Switzerland $37,794

203. Virtus Investment U.S. $45,537 228. Mirae Asset Financial Group South Korea $37,653

204. Manning & Napier U.S. $45,209 229. Berenberg Bank Germany $37,266

205. Davis Advisors U.S. $45,140 230. HarbourVest Partners U.S. $37,143

206. Connor Clark & Lunn Canada $44,602 231. Van Eck Associates U.S. $36,635

207. KBC Asset Mgmt. Belgium $44,297 232. GAMCO Investors U.S. $36,405

208. Coronation Fund Managers South Africa $44,145 233. China Southern Fund Mgmt. China $36,258

209. Fisher Investments U.S. $43,893 234. F Van Lanschot Netherlands $35,944

210. Northern Cross U.S. $43,738 235. Metzler Seel Sohn Germany $35,796

211. OP Bank Group Finland $43,212 236. National Bank of Canada Canada $35,733

212. Folksam Sweden $43,163 237. Income Research & Mgmt. U.S. $35,466

213. Jupiter U.K. $42,483 238. Banco Popolare Società Italy $35,284

214. Fort Washington U.S. $42,465 239. Erste-Sparinvest Kapitalanlage Austria $34,887

215. Marathon-London U.K. $42,263 240. Record Currency U.K. $34,830

216. Mediolanum Italy $41,974 241. Uniqa Finanz Group Austria $34,765

217. Raiffeisen Capital Austria $41,759 242. Ohio National U.S. $34,700

218. Allan Gray South Africa $41,174 243. Bank Degroof Belgium $34,623

219. Arrowstreet Capital U.S. $41,117 244. Southeastern Asset Mgmt. U.S. $34,598

220. STANLIB South Africa $41,110 245. KGAL Germany $33,204

221. Hermes U.K. $40,514 246. Greystone Managed Canada $33,103

222. Industry Funds Mgmt. Australia $40,258 247. UMB Financial U.S. $33,100

223. AGF Investments Canada $39,767 248. Beutel Goodman Canada $32,844

224. Challenger Financial Australia $39,721 249. Strategic Investment Group U.S. $32,020

225. LGT Group Switzerland $38,739 250. Helaba Invest Germany $31,931

towerswatson.com


28

Ranking – 2012


251. Brown Advisory U.S. $31,920 276. Angelo, Gordon U.S. $25,000

252. Cazenove Capital Mgmt. U.K. $31,822 277. Perpetual Australia $24,856

253. DuPont Capital U.S. $31,262 278. Pathway Capital U.S. $24,629

254. Desjardins Group Canada $30,972 279. Commonfund U.S. $24,568

255. Calamos Advisors U.S. $30,580 280. Epoch Investment Partners U.S. $24,534

256. E Fund Mgmt. China $30,223 281. RS Investments U.S. $24,443

257. Caixa Gestão de Activos Portugal $30,122 282. Investment Solutions Holdings South Africa $24,389

258. Jarislowsky Fraser Canada $30,094 283. Hines U.S. $24,312

259. Reliance Capital India $29,965 284. Adams Street Partners U.S. $24,028

260. Fayez Sarofim U.S. $29,816 285. Hamilton Lane U.S. $23,815

261. Cutwater Asset Mgmt. U.S. $29,780 286. Starwood Capital U.S. $23,774

262. Nürnberger Germany $29,522 287. ICMA Retirement U.S. $23,599

263. RhumbLine Advisers U.S. $28,532 288. T&D Holdings Japan $23,548

264. D.E. Shaw Group U.S. $28,400 289. Quoniam Asset Mgmt. Germany $23,149

265. Safra Brazil $28,282 290. Royal & SunAlliance U.K. $23,099

266. Clarion Partners U.S. $27,904 291. Shenkman Capital U.S. $23,054

267. Bank Syz Switzerland $27,355 292. Gruppo Azimut Italy $22,580

268. Mirabaud Group Switzerland $27,355 293. Arca Italy $22,526

269. Fifth Third Bancorp U.S. $27,000 294. Bosera Asset Mgmt. China $21,712

270. Brandes Investment U.S. $26,943 295. Renaissance Technologies U.S. $21,637

271. Commerce Trust U.S. $26,458 296. EARNEST Partners U.S. $21,438

272. Heitman U.S. $26,257 297. Gruppo Bancario Credito EmilianoItaly $21,428

273. Advantus Capital U.S. $26,161 298. First Pacific Advisors U.S. $21,405

274. Korea Investment Holdings South Korea $25,762 299. Colchester Global Investors U.K. $21,304

275. Co-operators Group Canada $25,601 300. Davidson U.S. $21,189

towerswatson.com


29

Ranking – 2012


301. Frankfurt-Trust Germany $21,144 326. GF Fund Mgmt. China $17,833

302. Bentall Kennedy U.S. $20,991 327. Fullgoal Fund Mgmt. China $17,480

303. ESAF Portugal $20,879 328. King Street Capital U.S. $17,400

304. Robert W. Baird U.S. $20,523 329. Hunt U.S. $17,169

305. COMGEST France $20,483 330. Grupo Banco Popular Spain $17,057

306. Universal-Investment Germany $20,483 331. ICBC Credit Suisse China $16,971

307. Votorantim Brazil $20,420 332. Oddo France $16,783

308. Boston Private Financial U.S. $20,417 333. Fred Alger Mgmt. U.S. $16,712

309. Artemis Investment U.K. $20,282 334. International Value Advisers U.S. $16,595

310. Inland Group U.S. $20,200 335. Baron Capital Group U.S. $16,472

311. AJO U.S. $20,138 336. Mawer Investment Canada $16,451

312. Caja Madrid Group Spain $19,565 337. Wiener Stadtische Austria $16,276

313. Caixa Catalunya Group Spain $19,558 338. Causeway Capital U.S. $16,190

314. BOK Financial U.S. $19,149 339. Carnegie Investment Sweden $15,976

315. Hotchkis & Wiley U.S. $18,777 340. Svenska Handelsbanken Sweden $15,976

316. SCOR France $18,501 341. Fiduciary Mgmt./Milwaukee U.S. $15,914

317. HDFC Asset Mgmt. India $18,443 342. Huntington Bancshares U.S. $15,900

318. Perennial Investment Australia $18,438 343. Bank of China Investment China $15,845

319. Gruppo Bipiemme Italy $18,236 344. Prescient Investment South Africa $15,741

320. Highland Capital (Texas) U.S. $18,209 345. BCV Switzerland $15,662

321. ProLogis Private Capital U.S. $18,150 346. World Asset Mgmt. U.S. $15,496

322. Platinum Asset Mgmt. Australia $18,097 347. Da Cheng Fund Mgmt. China $15,362

323. Paulson U.S. $18,055 348. Eagle Capital U.S. $15,132

324. Petercam Belgium $18,026 349. Madison Investment U.S. $15,070

325. Oak Hill Advisors U.S. $17,970 350. Munder Capital U.S. $15,055

towerswatson.com


30

Ranking – 2012


351. Wintrust Financial U.S. $15,000 376. Rainier Investment U.S. $12,597

352. CCB Principle Asset Mgmt. China $14,967 377. Yinhua Fund Mgmt. China $12,580

353. J O Hambro Capital U.K. $14,910 378. Edinburgh Partners U.K. $12,471

354. Hua An Fund Mgmt. China $14,756 379. Leith Wheeler Investment Canada $12,451

355. Mutual of America U.S. $14,648 380. Horsley Bridge Partners U.S. $12,248

356. Sit Investment U.S. $14,598 381. China Universal Asset Mgmt. China $12,116

357. Grupo March Spain $14,403 382. Calvert Investment U.S. $12,068

358. Close Brothers Group U.K. $14,302 383. Prime Advisors U.S. $12,013

359. Westbrook Partners U.S. $14,283 384. Foyston, Gordon & Payne Canada $11,658

360. Kepler Fonds KAG Austria $14,219 385. Ibercaja Spain $11,649

361. Westwood Holdings U.S. $14,167 386. EII Capital Mgmt. U.S. $11,543

362. Westfield Capital U.S. $14,155 387. Colony Capital U.S. $11,300

363. Birla Sun Life Asset Mgmt. India $13,986 388. Luther King Capital U.S. $11,264

364. Guardian Capital Canada $13,810 389. Burgundy Asset Mgmt. Canada $11,034

365. WHV Investment U.S. $13,756 390. Tocqueville Asset Mgmt. U.S. $10,945

366. Hexavest Canada $13,706 391. Sage Advisory Services U.S. $10,939

367. Unigestion Switzerland $13,700 392. Turner Investments U.S. $10,731

368. C.S. McKee U.S. $13,465 393. Marathon Asset Mgmt. U.S. $10,700

369. Cramer Rosenthal McGlynn U.S. $13,378 394. DRA Advisors U.S. $10,581

370. Wasatch Advisors U.S. $13,368 395. Los Angeles Capital U.S. $10,398

371. Pacific Income Advisers U.S. $13,343 396. Bankinter Spain $10,381

372. Gruppo Banca Carige Italy $13,215 397. StepStone Group U.S. $10,372

373. Montag & Caldwell U.S. $12,935 398. Charter Hall Group Australia $10,371

374. UTI Asset Mgmt. India $12,849 399. Portfolio Advisors U.S. $10,343

375. ASB Capital Mgmt. U.S. $12,833 400. Amalgamated Bank U.S. $10,231

towerswatson.com


31

Ranking – 2012


401. Cantillon Capital Mgmt. U.S. $9,996 426. Guotai Fund Mgmt. China $8,609

402. Kimco Realty U.S. $9,872 427. Peregrine Holdings South Africa $8,574

403. Penghua Fund Mgmt. China $9,827 428. Pacific Alternative Asset U.S. $8,558

404. BPI Portugal $9,817 429. China Merchants Fund Mgmt. China $8,549

405. State Bank of India India $9,697 430. Value Partners Hong Kong $8,500

406. Denver Investments U.S. $9,565 431. BOCI-Prudential Hong Kong $8,483

407. International Fund Mgmt. China $9,555 432. Maple-Brown Abbott Australia $8,400

408. New Brunswick Investment Canada $9,429 433. Gulf International Bank U.K. $8,200

409. Diamond Hill Capital U.S. $9,429 434. Rock Creek Group U.S. $8,200

410. Neptune Investment U.K. $9,425 435. Kornitzer Capital U.S. $8,153

411. JCP Investment Partners Australia $9,222 436. EnTrust Capital U.S. $8,137

412. Tortoise Capital U.S. $9,206 437. Rongtong Fund Mgmt. China $8,074

413. WEDGE Capital U.S. $9,202 438. Ramius U.S. $8,071

414. Lend Lease Australia $9,126 439. Iridian Asset Mgmt. U.S. $8,032

415. Piper Jaffray U.S. $9,051 440. Silvercrest Asset Mgmt. U.S. $8,021

416. Jacobs Levy Equity U.S. $9,017 441. Odey Asset Mgmt. U.K. $8,000

417. Segall Bryant & Hamill U.S. $8,937 442. Opus Investment U.S. $7,960

418. Titanium Asset Mgmt. U.S. $8,855 443. BNG Netherlands $7,929

419. TT International U.K. $8,800 444. M.D. Sass Group U.S. $7,880

420. Synovus Financial U.S. $8,790 445. Abbott Capital U.S. $7,733

421. Kyobo Life Insurance South Korea $8,786 446. Bahl & Gaynor U.S. $7,661

422. Martin Currie U.K. $8,723 447. Ersel Group Italy $7,651

423. Driehaus Capital U.S. $8,685 448. Numeric Investors U.S. $7,616

424. Bank of Comm. Schroders China $8,616 449. Paradice Investment Australia $7,590

425. Axiom International U.S. $8,612 450. Herndon Capital U.S. $7,562

towerswatson.com


32

Ranking – 2012


451. Congress Asset Mgmt. U.S. $7,498 476. Dongbu South Korea $6,430

452. Caisse de Depôt et Placement Canada $7,446 477. PCCP U.S. $6,422

453. McKinley Capital U.S. $7,408 478. Beach Point Capital U.S. $6,403

454. Lion Fund Mgmt. China $7,351 479. Boston Trust & Investment U.S. $6,377

455. Samson Capital U.S. $7,318 480. Quadrant Real Estate U.S. $6,345

456. Merganser Capital U.S. $7,303 481. Invesco Great Wall Fund Mgmt. China $6,324

457. Crestline Investors U.S. $7,300 482. Smith Breeden U.S. $6,297

458. Lupus Alpha Asset Mgmt. Germany $7,268 483. Analytic Investors U.S. $6,248

459. KBS U.S. $7,267 484. Independence Capital U.S. $6,189

460. Northcape Capital Australia $7,264 485. Huatai-PineBridge Investment China $6,099

461. Johnson Investment Counsel U.S. $7,235 486. Richmond Capital U.S. $6,094

462. Horizon Kinetics U.S. $7,231 487. Advent Capital U.S. $6,092

463. SkyBridge Capital U.S. $7,137 488. Aurion Canada $6,019

464. PENN Capital U.S. $7,051 489. Adrian Lee & Partners U.K. $6,000

465. Progress Investment U.S. $7,039 490. Capital At Work Group Belgium $5,947

466. Beacon Capital U.S. $7,036 491. Glenmede Investment U.S. $5,929

467. Westwood Global U.S. $6,928 492. Fortune SGAM Fund Mgmt. China $5,891

468. Parnassus Investments U.S. $6,847 493. L&B Realty U.S. $5,831

469. DePrince, Race & Zollo U.S. $6,766 494. UBS SDIC China $5,817

470. Rockwood Capital U.S. $6,755 495. Zazove Associates U.S. $5,800

471. AREA Property Partners U.S. $6,701 496. KMAMCL India $5,779

472. SPARX Group Japan $6,636 497. Oechsle Int'l U.S. $5,766

473. Cambiar Investors U.S. $6,590 498. Hoisington Investment U.S. $5,704

474. Lighthouse Partners U.S. $6,500 499. Mercator Asset Mgmt. U.S. $5,642

475. Chandler Asset Mgmt. U.S. $6,431 500. Polaris Capital U.S. $5,554

Documents

PI500 Analysis 2012