Pensions & Investments May 27, 2019 | 17 Melinda Beck Inside Manager stats at a glance ........................................... 18 The largest money managers ....................................... 20 The largest managers listed alphabetically .................... 23 The process Average asset mixes .................................................. 24 How to f nd the data online .......................................... 24 The largest money managers ranked by total behind P&I’s worldwide assets ....................................................... 25 The largest money managers ranked by U.S. institutional tax-exempt assets ................................... 25 manager The largest money managers ranked by U.S. institutional tax-exempt assets managed internally ........ 25 survey Client assets by region ............................................... 25 Investment vehicle mix ............................................... 25 Prof les of the 50 largest managers .............................. 26 The largest managers of U.S.-client assets ................... 26 This issue marks the 46th year Pensions & The largest managers of institutional U.S.-client assets . 26 Minority- & women-owned managers ............................. 26 Investments has prof led the largest manag- The largest managers of: ers of U.S. institutional tax-exempt assets. Def ned benef t assets ............................................. 27 Some 528 investment management f rms Def ned contribution assets ...................................... 27 Mutual fund assets .................................................. 27 responded to an online questionnaire for this Non-aff liated insurance company assets .................... 27 annual special report. Central bank assets................................................. 28 Endowment assets .................................................. 28 All money management f rms are allowed Foundation assets ................................................... 28 to respond to the survey; to qualify for Sovereign wealth fund assets ................................... 28 inclusion in the database, however, the f rm ETFs/ETNs ............................................................. 29 Liability-driven investment strategies ......................... 29 must manage assets for U.S. institutional Assets under ESG principles ..................................... 29 tax-exempt clients such as qualif ed retire- 529 plan assets ...................................................... 29 ment plans, endowments or foundations, and Assigning assets to others ....................................... 30 Outsourcing/f duciary management mandates ............ 30 answer the Overlay assets ........................................................ 30 MORE ONLINE minimum required Subadvising assets ................................................. 30 Active international equity ........................................ 31 The entire report can questions. Active U.S. equity .................................................... 31 be found at pionline. The report Indexed U.S. equity .................................................. 31 com/managers2019. contains detailed Enhanced indexed U.S. equity ................................... 31 Active global equity .................................................. 32 For a full set of data, information on the Emerging markets equity .......................................... 32 including prof les worldwide assets of Passive global equity ............................................... 32 of all 526 non- the qualif ed Passive international equity ...................................... 32 Canadian managers, Active U.S. bonds .................................................... 33 go to pionline.com/ respondents, Indexed U.S. bonds ................................................. 33 including asset mix, Enhanced indexed U.S. bonds ................................... 33 researchcenter. Active international bonds ........................................ 33 insurance company, Passive international bonds ...................................... 34 sovereign wealth fund or central bank client Core bonds ............................................................. 34 Emerging markets debt ............................................ 34 assets and a regional breakout of clients. Stable value ........................................................... 34 Within the U.S. institutional tax-exempt Core-plus bonds ...................................................... 35 universe, P&I further breaks down the data center. The online rankings are interactive All information, except where noted, is as Covertible securities ................................................ 35 High-yield securities ................................................. 35 into asset classes and, then, into invest- and are searchable by asset class, invest- of Dec. 31. Inf ation-protected securities..................................... 35 ment style. ment strategy, region and clients. Special reports derived from this informa- Bank loans ............................................................. 36 Collateralized debt obligations .................................. 36 This year, P&I for the f rst time asked Research Center access is free to plan tion will be published throughout the year. An Factor-based strategies ............................................ 36 about assets managed for 529 plans and executives. Money managers, consultants online special report focusing on investment Mortgages (whole loans) .......................................... 36 health savings accounts; added China as a and other service providers have access by outsourcing will be published June 24, and Hedge funds ........................................................... 37 Internally managed hedge funds ................................ 37 stand-alone region; asked about specif c ESG subscription. managers of def ned contribution assets will Low-volatility equity .................................................. 37 mandates; and added a question on impact P&I targeted more than 900 banks, trust be highlighted July 22. An in-depth report on Private equity .......................................................... 37 Infrastructure .......................................................... 38 reporting. companies, insurance companies and real estate managers will appear in the Sept. Privately placed debt ................................................ 38 All qualif ed f rms are included for the independent investment management f rms 30 issue. Data from this special report also Real estate equity ................................................... 38 charts and tables that are published, but only in North America and abroad. The data will be used in a ranking of the largest REITs ..................................................................... 38 Buyout funds .......................................................... 40 the largest 50 f rms — ranked by worldwide contained in the stories, prof les, charts and managers in the world, done in conjunction Commodities .......................................................... 40 institutional assets — are prof led in print. tables in this issue and in the Research with Willis Towers Watson PLC’s Thinking Mezzanine debt ....................................................... 40 Venture capital ........................................................ 40 Full prof les of all ranked money managers Center were developed by P&I staff from the Ahead Institute, to be published Oct. 28. Distressed debt ...................................................... 41 and complete listings by asset class and f rms’ answers to the detailed, online All data in this special report are ©2019 Energy.................................................................... 41 investment strategy can be found in P&I’s questionnaire and through follow-up emails Crain Communications Inc. Reproduction MLPs ..................................................................... 41 Research Center at pionline.com/research and phone calls. without permission is prohibited. Growth of manager assets Assets are in trillions as of Dec. 31. Total worldwide assets Worldwide institutional assets U.S. institutional, tax-exempt assets U.S. inst’l, tax-exempt assets internally managed by the 500 largest frms managed by the 500 largest frms managed by the 100 largest frms $70 $70 $70 $70 $65 $65 $65 $65 $60 $60 $60 $60 $55 $55 $55 $55 $50 $50 $50 $50 $45 $45 $45 $45 $40 $40 $40 $40 $35 $35 $35 $35 $30 $30 $30 $30 $25 $25 $25 $25 $20 $20 $20 $20 $15 $15 $15 $15 $10 $10 $10 $10 $5 $5 $5 $5 $0 $0 $0 $0 2009 2010 2011 20132012 2014 2015 2016 2017 2018 2009 2010 2011 20132012 2014 2015 2016 2017 2018 2009 2010 2011 20132012 2014 2015 2016 2017 2018 2009 2010 2011 20132012 2014 2015 2016 2017 2018 18 | May 27, 2019 Pensions & Investments Daniel Burke DEFINED CONTRIBUTION Fourth-quarter market plunge pulls most f rms down for year Assets decline 5.4%; largest U.S. institutional MORE ON DC set mix of def ned con- money managers. MANAGERS tribution plans,” said only 3 frms in top 25 Among the top 25 Michael Volo, senior For a listing of the managers, all but three partner at Cammack fnish with an increase largest managers — Vanguard Group of DC assets, go to Retirement Group Inc. By MARGARIDA CORREIA Inc., T. Rowe Price As- Page 27 in Wellesley, Mass. sociates Inc. and Mer- Jason Shapiro, direc- For most money managers of cer Investments LLC tor of investments