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Home , Assets under management, DWS Group, Equitable Holdings, Investment outsourcing, PAG (investment firm), PIMCO

Pensions & 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 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 f rms Def ned contribution assets ...... 27 assets ...... 27 responded to an online questionnaire for this Non-aff liated 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 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 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 ...... 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 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 ...... 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 ...... 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 at def ned contribution assets, 2018 — showed declines in assets, with Willis Towers Watson PLC in New will go down as a year they’d rather f ve posting double-digit drops in York, noted that global equities, as forget. asset value. measured by the MSCI ACWI, slid Money managers posted an The declines were due in large 9.4% in 2018, while the Bloomberg HITTING THE BULL’S-EYE: James Martielli said target-date funds were responsible overall decline in their def ned part to last year’s market downturn Barclays U.S. Aggregate Bond index for the increase at Vanguard, where assets climbed 2.88% for the year. contribution assets at the end of in the fourth quarter, according to was f at for the year. 2018, dropping 5.4% to $6.693 tril- industry experts. The fact that def ned contribu- in def ned contribution plans, have at 90%, according to Willis Towers lion from $7.076 trillion the year “I think the decline in assets tion plans tend to be equity-heavy high equity weights with median Watson’s target-date research team. before, according to Pensions & simply mirrors the performance didn’t help, Mr. Shapiro said. Tar- return-seeking allocations for par- Few money managers escaped Investments’ annual survey of the of the capital markets and the as- get-date funds, which are popular ticipants 40 years to retirement the wrath of the market, regardless

ALTERNATIVES Arnold Adler Specialties make a difference in patchy alternative landscape

Infrastructure, private U.S. institutional tax- MORE ON ALTS frastructure, up 15.8%; exempt clients, with the MANAGERS real estate equity, up equity, real estate rest gaining AUM, al- 11.2%; mezzanine debt, Listings of the beit mostly in the single 8.9%; timber, 7.4%; and among year’s winners largest managers digits for the year end- of several types of private equity, 5.4%. By ARLEEN JACOBIUS ed Dec. 31. alternatives assets However, the growth in Eight alternative begin on Page 37 mezzanine debt, which Acquisitions of businesses and investment subasset totaled $3.2 billion in portfolios boosted the assets of classes managed for 2018, started from a some alternative money managers U.S. institutional tax-exempt inves- small base. in 2018, with infrastructure display- tors lost assets, a poorer showing The three asset types that lost ing the most growth. than the f ve in 2017, P&I’s annual the most AUM were commodities About half of the alternative in- money manager survey showed. with a 29.7% decline; energy, down vestment sectors tracked by Pen- Strategies with the most growth 18.2%; and real estate investment BUILDING UP: Julio Garcia believes putting money into essential infrastructure sions & Investments’ annual survey in U.S. institutional tax-exempt as- trusts, down 9.6%. A 42.4% decline investments was a big factor for IFM Investors, which saw its assets jump 15.6%. lost for sets managed internally were in- in hedge funds is almost entirely

Manager statistics at a glance Assets are in millions as of Dec. 31.

1-year 5-year 1-year 5-year 2018 change change 2018 change change

Managers profiled* 528 -6.7% -20.2% Sponsored ETFs/ETNs $4,135,863 -0.3% 116.0%

Canadian managers* 2 -33.3% -71.4% Actively managed $73,786 5.1% 420.8%

Minority & women owned firms 56 -1.8% -20.0% Worldwide institutional assets $42,777,763 -5.4% 21.3%

Total employees worldwide 692,331 10.7% 72.1% Top 100 $38,260,619 -4.6% 24.3%

Institutional tax-exempt assets internally managed U.S. tax-exempt assets $19,048,136 -9.2% 15.2% $11,901 -14.4% -86.7% by Canadian firms* Top 100 $17,395,412 -8.5% 18.9% Total worldwide assets $64,077,258 -5.1% 22.2% U.S. institutional tax-exempt assets $15,817,117 -8.3% 17.9% Top 100 $57,994,216 -4.6% 24.7% Top 100 $14,262,521 -7.4% 22.6% Central banks $516,040 -5.7% -23.2% U.S institutional tax-exempt assets managed $14,187,388 -7.8% 16.2% Sovereign wealth funds $1,105,228 -8.1% -5.3% internally

Non-affiliated insurance companies $3,772,473 -1.0% 40.4% Top 100 $12,923,650 -7.0% 20.8%

Investment outsourcing/fiduciary management Active domestic equity $2,317,054 -13.9% -2.8% $1,554,344 2.1% 121.9% mandates Active domestic $3,071,726 -4.3% 15.1% LDI strategies $3,039,934 4.7% 95.8% Indexed assets $3,931,951 -14.0% 29.2% Hedge funds $807,064 -11.8% 10.5% Passive domestic equity $2,167,266 -18.8% 25.7% Direct $539,616 -15.4% 17.6% Passive domestic fixed income $774,543 3.9% 65.5% $267,448 -3.7% -1.6% Enhanced index domestic equity $71,959 -26.2% -16.8% Mutual funds $24,396,118 -8.8% 17.7% Enhanced index domestic fixed income $81,780 3.6% 52.5%

U.S. 1940 Investment Co. Act $17,769,486 -6.3% 17.0% Passive international equity $471,529 -18.6% 4.4% Internally managed proprietary 1940 Act funds $14,597,685 -3.4% 24.6% Pensions & Investments May 27, 2019 | 19

of whether they employed passive NON-RETIREMENT ASSETS or active strategies, P&I’s survey showed. State Street Global Advi- sors, a passive manager, for exam- ple, suffered a 10.64% decline in as- Insurers forced to expand their horizons sets, while and , both predominantly active managers, endured drops of 6.78% Fixed income, once a mainstay, and 4.77%, respectively. isn’t offering enough anymore State Street’s assets fell to $297.27 Arnold Adler billion, ranking seventh among the By ROB KOZLOWSKI largest DC money managers. Fidel- ity and Nuveen, meanwhile, saw Institutional asset owners outside the re- assets slide to $666.4 billion and tirement plan landscape continue to seek new $507.78 billion, respectively, putting sources of in alternative investments, in- them in third and fourth place. dustry experts say. Vanguard, T. Rowe Price and As of Dec. 31, managers of non-aff liated in- Mercer, however, bucked the trend. surance company assets reported $3.772 trillion Vanguard, a leader in passive in- in assets under management, a 1% drop from vesting, managed to boost assets $3.811 trillion a year earlier, according to Pen- by 2.88% to $1.18 trillion, while T. sions & Investments data. Rowe Price, mainly an active man- Insurance companies, particularly the large ager, pulled off a 2.62% increase, life insurance companies, have traditionally bringing its assets to $413.1 billion managed their to remain in f fth place for manag- MORE ON MANAGERS core f xed-in- ing DC assets. OF NON-RETIREMENT come assets in- Mercer, a f rm that manages ASSETS ternally, which SEE DC ON PAGE 39 Listings of the largest has long been managers of non- the primary as- retirement assets begin set class for gen- the result of Bridgewater Associ- on Page 27 eral accounts and ates LP not participating in this other pools be- year’s survey. cause of capital eff ciency requirements. Once again, while credit con- However, because yields on core f xed in- tinues to be a big topic among in- come have dropped over the years due to a vestors and managers, assets are low-interest-rate environment, more insur- NEW CAPTAIN NEEDED: David O’Meara said insurers are going to external managers to navigate private markets. falling in most strategies. Only mez- ance companies must seek expertise outside zanine debt and collateralized debt their organizations to f nd yield in private “We’re working with our clients with that as was a long-term play on appreciation. Now the obligations — with a 1.5% increase markets, said David O’Meara, New York-based a premise and foundation for our advice and current yield give-up is far less. Dividend yields from a low asset base — gained as- senior investment consultant at Willis Towers recommendations to possibly move into these are now where f xed-income yields are now.” sets during the survey period. Watson PLC. non-core assets,” Mr. O’Meara said. “It’s taken “Companies are more willing to look at pri- By contrast, the other four debt- When core f xed income would return 4% or time for insurers that historically did not invest vate equity and private real estate to gain lon- related sectors lost AUM. Dis- 5%, it was adequate for insurance companies, in these areas. It takes time before everyone ger long-term returns without giving up - tressed debt dropped 6.9%; bank but those days are long behind, he said. sort of coalesces around the idea, that this is term income,” Mr. Siegel added. loans were down 6.4%; privately “Now with the core f xed-income portfolio what we really need to do to grow our business.” Maggie Ralbovsky, managing director at placed debt, down 3.7%; and mort- maybe returning 3%, there’s a desire for get- Inc., conf rmed insurance gages dipped 0.1%. ting into non-core f xed income or alternative Looking to new areas companies are looking hard to f nd more yield. Among the real asset sectors, en- investments whether it be mezzanine debt, Mike Siegel, managing director and global “It is really hard to survive on the bread and ergy and commodities were the only real estate or infrastructure-type assets,” Mr. head of insurance at Gold- butter of core f xed income,” she said. ones to lose AUM in the 12 months O’Meara said. “Those look a lot more attrac- man Sachs Asset Management, agreed that Ms. Ralbovsky pointed to infrastructure as an ended Dec. 31. Master limited part- tive when you’re comparing them to a 2.5% or insurance companies are looking to new ar- area of interest, with specif c potential in pub- nership assets were up 2.9%. 3% return.” eas that require external money management. lic-private partnerships — which she says pro- A few managers on P&I’s real Mr. O’Meara said insurance companies have “They are moving to asset classes such as real vides a lot of opportunities for insurance com- assets lists gained AUM by acqui- an appreciation for these asset classes, but estate and private equity,” he said. “Historical- panies — as well as opportunity zone investing. sition. don’t have the internal skill set or apparatus to ly, those asset classes were a fairly signif cant Opportunity zones were created under the SEE ALTERNATIVES ON PAGE 44 access them. yield give-up vs. f xed income, whereas there SEE NON-RETIREMENT ON PAGE 43

1-year 5-year 1-year 5-year 2018 change change 2018 change change

Enhanced index international equity $18,396 -18.6% -0.8% Buyout funds $27,680 1.8% 299.1%

Passive international fixed income $21,447 -12.2% 20.3% Infrastructure $31,390 15.8% 190.4%

Passive global equity $325,031 -9.0% 46.2% Private securities $116,190 -1.1% 22.8%

International assets** $1,932,632 -16.3% -1.8% Private equity $35,611 5.4% -12.0%

Equity $1,561,425 -20.1% -6.6% Privately placed debt $80,579 -3.7% 48.8%

Fixed income $371,207 4.8% 24.9% Timber $14,773 7.4% -4.4%

Global equity** $785,470 -7.5% 68.0% Energy $2,794 -18.2% 24.3%

REITs $87,221 -9.6% 28.0% MLPs $8,386 2.9% 38.0%

Low-volatility equity $108,847 -14.4% 151.8% Distressed debt $9,860 -6.9% -60.0%

High-yield securities $182,216 -5.2% -8.0% Mezzanine debt $3,227 8.9% -54.5%

Mortgages (whole loans) $72,813 -0.1% 47.2% Commodities $23,186 -29.7% -2.5%

Bank loans $34,100 -6.4% -0.9% Hedge funds (net assets) $60,473 -42.4% -34.9%

Inflation-protected securities $126,254 2.7% 29.5% DB plan assets managed internally $3,979,220 -11.2% 1.1%

Collateralized debt obligations $3,623 1.5% -60.8% DC plan assets managed $6,693,465 -5.4% 30.2%

Stable value $427,885 -4.3% -0.1% DC plan assets managed internally $5,844,168 -5.2% 28.5%

Convertibles $11,208 -7.0% -20.6% Endowment/foundation assets managed internally $599,323 -9.4% 7.0%

Alternative investments: Assets managed under ESG principles $11,515,576 66.4% N/A Real estate equity $459,893 11.2% 58.6% *All other data exclude Canadian managers. **Includes indexed assets. Venture capital $4,261 0.8% 3.5% Historical data may include retroactive updates. 20 | May 27, 2019 Pensions & Investments The LARGEST MONEY MANAGERS

The largest money managers Ranked by total worldwide institutional assets under management, in millions, as of Dec. 31.

2017 2017 2017 Rank rank Manager Assets Rank rank Manager Assets Rank rank Manager Assets

1 1 BlackRock $3,622,973 60 58 RBC Global Asset Mgmt. $152,135 119 111 Victory Capital $48,096

2 2 Vanguard Group $3,055,992 61 63 BMO Global Asset Mgmt. $150,550 120 104 William Blair $47,414

3 3 State Street Global $1,879,228 62 56 SEI Investments $147,710 121 132 Sterling Capital $47,190

4 4 BNY Mellon $1,514,000 63 64 Aegon Asset Mgmt. $146,465 122 130 PineBridge Investments $47,047

5 5 Legal & General Investment $1,252,504 64 62 Parametric $140,663 123 117 CC&L Financial Group $46,578

6 6 Fidelity Investments $1,165,806 65 61 Asset Mgmt. $138,737 124 110 Harris Associates $44,806

7 10 Prudential Financial $1,041,949 66 65 Nomura Asset Mgmt. $136,984 125 136 Colchester Global Investors $43,758

8 7 J.P. Morgan Asset Mgmt. $1,030,806 67 67 Robeco $132,293 126 112 Mackenzie Investments $43,541

9 8 $1,023,380 68 68 PRIMECAP $127,105 127 115 PanAgora Asset Mgmt. $43,177

10 9 Wellington Mgmt. $1,002,323 69 70 Willis Towers Watson Invest. $122,000 128 126 Harding Loevner $42,603

11 12 Nuveen $852,240 70 72 Conning $118,885 129 138 Putnam Investments $41,683

12 11 PIMCO $814,940 71 PPM America $117,445 130 103 Mondrian Investment $41,477

13 17 Investment $701,627 72 75 Mesirow Financial $110,586 131 140 Heitman $41,471

14 14 Group $701,274 73 71 Payden & Rygel $109,178 132 98 Harbor Capital Advisors $40,990

15 13 Asset Mgmt. $687,123 74 82 Ares Mgmt. $107,438 133 134 American Beacon Advisors $40,400

16 15 Legg Mason $625,309 75 69 LSV Asset Mgmt. $105,623 134 128 Causeway Capital $40,017

17 20 UBS Asset Mgmt. $544,155 76 77 CBRE Global Investors $104,700 135 135 Alan Biller $39,284

18 16 Aberdeen Standard $542,055 77 73 TD Asset Mgmt. $101,281 136 152 Eaton Vance Mgmt. $38,172

19 19 Capital Group $540,781 78 76 Vontobel Asset Mgmt. $100,000 137 133 SECOR Asset Mgmt. $38,135

20 21 T. Rowe Price $529,107 79 90 PFM Asset Mgmt. $94,104 138 131 Fisher Investments $37,752

21 18 Dimensional Fund Advisors $517,316 80 74 Artisan Partners $91,906 139 153 Adams Street Partners $36,725

22 22 /John Hancock $508,912 81 81 Asset Mgmt. $90,749 140 142 Strategic Investment Group $36,559

23 23 $489,281 82 85 Wilmington Trust $89,126 141 145 D.E. Shaw Group $36,536

24 24 DWS $425,306 83 80 Arrowstreet Capital $89,032 142 154 MFG Asset Mgmt. $36,436

25 27 Global Investors $422,441 84 86 $88,800 143 144 Bentall Kennedy $36,278

26 33 Federated Investors $413,874 85 79 Acadian Asset Mgmt. $86,235 144 158 Lexington Partners $35,900

27 30 New York Life Investments $412,957 86 92 IFM Investors $82,407 145 146 Securian Asset Mgmt. $34,934

28 26 $399,800 87 83 Boston Partners $80,441 146 139 Waddell & Reed $32,111

29 29 Asset Mgmt. $388,777 88 88 Oaktree Capital $80,161 147 216 CIM Group $30,600

30 32 Geode Capital Mgmt. $388,192 89 89 New England Asset Mgmt. $78,598 148 185 PAG $29,126

31 28 Principal Global Investors $379,572 90 96 PNC Financial $74,682 149 150 Cohen & Steers $28,709

32 25 Aviva Investors $375,424 91 87 OFI Global Asset Mgmt. $73,031 150 182 Angelo, Gordon $27,200

33 31 $347,589 92 101 $70,706 151 161 ICMA-RC $26,909

34 34 $308,636 93 95 Nikko Asset Mgmt. $69,158 152 157 DuPont Capital $26,703

35 36 Asset Mgmt. $303,895 94 84 Barrow, Hanley $67,126 153 166 Van Eck Associates $26,379

36 78 Investors $290,062 95 99 Income Research & Mgmt. $66,784 154 148 Stone Harbor Investment $26,254

37 38 Macquarie Asset Mgmt. $279,575 96 93 Pictet Asset Mgmt. $66,520 155 171 GoldenTree Asset Mgmt. $26,060

38 37 Barings $260,039 97 108 Advisors $66,407 156 176 Highland Associates $26,014

39 35 BNP Paribas Asset Mgmt. $252,876 98 106 Ashmore Group $66,400 157 159 Lord, Abbett $25,562

40 39 AllianceBernstein $246,345 99 94 American Century $65,206 158 155 Los Angeles Capital $25,493

41 46 Mercer $238,902 100 107 Blackstone Alternative $63,594 159 137 GAM USA $25,104

42 41 Dodge & Cox $223,316 101 97 Grantham, Mayo v. Otterloo $62,735 160 188 Landmark Partners $24,883

43 40 HSBC Global Asset $223,290 102 105 AEW Capital $62,601 161 190 AAM $24,703

44 45 MassMutual $222,052 103 102 Marathon- $60,558 162 178 Knights of Columbus Asset $24,124

45 42 Voya Investment Mgmt. $211,026 104 122 HarbourVest Partners $58,942 163 CIBC Asset Mgmt. $24,103

46 51 Neuberger Berman $210,184 105 119 Hamilton Lane $58,840 164 170 Commonfund $24,095

47 44 Russell Investments $208,039 106 118 LaSalle Investment $58,781 165 168 Shenkman Group $24,073

48 66 Brookfield Asset Mgmt. $198,198 107 100 Record Currency Mgmt. $57,782 166 184 Portfolio Advisors $23,233

49 47 AQR Capital Mgmt. $196,058 108 109 Great-West Financial $56,377 167 163 Matthews International $22,223

50 57 NISA Investment $187,666 109 123 Pathway Capital $55,255 168 175 Brown Advisory $22,180

51 49 Baillie Gifford Overseas $185,152 110 Lyxor Asset Mgmt. $55,210 169 177 Scout Investments $22,031

52 48 MFS Investment $177,689 111 124 Charles Schwab Investment $53,098 170 169 Hotchkis & Wiley $21,719

53 50 Columbia Threadneedle $176,764 112 114 Fiera Capital $52,838 171 156 First Pacific Advisors $20,807

54 52 Loomis, Sayles $174,979 113 125 Hines $52,552 172 173 Pzena Investment $20,447

55 54 TCW Group $172,237 114 127 Prologis $51,079 173 179 Eagle Capital $20,411

56 60 $169,828 115 129 Starwood Capital $50,743 174 165 First Quadrant $20,077

57 55 Guggenheim Investments $161,979 116 116 RhumbLine Advisers $50,353 175 181 EARNEST Partners $20,000

58 53 Franklin Templeton $157,658 117 151 StepStone Group $48,849 176 167 Callan $19,947

59 43 MetLife Investment $156,210 118 113 Fort Washington $48,314 177 204 Harrison Street $19,893 Pensions & Investments May 27, 2019 | 21 The LARGEST MONEY MANAGERS

2017 2017 2017 Rank rank Manager Assets Rank rank Manager Assets Rank rank Manager Assets

178 164 AJO $19,789 237 241 Merganser Capital $9,297 296 295 LMCG Investments $5,111

179 193 Nomura Corporate Research $19,350 238 272 Wasatch Advisors $9,280 297 368 Corbin Capital $5,041

180 174 Thompson, Siegel $18,763 239 254 L&B Realty $9,242 298 310 Sentinel Real Estate $5,009

181 172 Brandes Investment $18,571 240 257 Chartwell Investment $9,189 299 312 SkyBridge Capital $5,009

182 160 Genesis Asset Managers $18,361 241 309 Beacon Capital $8,887 300 331 Camden Asset Mgmt. $4,978

183 207 $18,337 242 243 Sustainable Growth Advisers $8,846 301 325 Regions Inst'l Investment $4,850

184 196 Ameritas Investment $17,938 243 CenterSquare Investment $8,804 302 307 Campbell Global $4,836

185 191 Atlanta Capital $17,916 244 208 Iridian Asset Mgmt. $8,752 303 334 Zacks Investment $4,814

186 180 Jarislowsky Fraser $17,752 245 297 PCCP $8,699 304 320 Luther King Capital $4,768

187 198 Prime Advisors $17,656 246 236 Westwood Global $8,526 305 305 Advisory Research $4,646

188 183 Jackson Square Partners $16,859 247 233 Fayez Sarofim $8,485 306 315 Cooke & Bieler $4,601

189 189 Burgundy Asset Mgmt. $16,353 248 283 Intercontinental Real Estate $8,340 307 314 City of London $4,586

190 206 Canyon Partners $16,279 249 275 Ryan Labs Asset Mgmt. $8,331 308 352 Resource Mgmt. $4,412

191 Chandler Asset Mgmt. $16,069 250 270 DDJ Capital $8,208 309 321 Hardman Johnston Global $4,404

192 215 Rockpoint Group $16,044 251 253 AGF Investments $8,082 310 342 Spider Mgmt. $4,391

193 210 King Street Capital $15,000 252 262 Ziegler Capital $7,973 311 333 Great Lakes Advisors $4,358

194 186 Epoch Investment Partners $14,974 253 251 Advent Capital $7,969 312 329 Kornitzer Capital $4,273

195 192 First Eagle Investment $14,884 254 276 Martingale Asset Mgmt. $7,708 313 330 LM Capital Group $4,240

196 194 TimesSquare Capital $14,450 255 298 Boyd Watterson $7,495 314 349 Stephens Inv. Mgmt. Group $4,237

197 213 Rock Creek Group $13,800 256 274 Jacobs Levy Equity $7,437 315 354 Hoisington Investment $4,182

198 202 Eagle Asset Mgmt. $13,743 257 266 Pacific Asset Mgmt. $7,274 316 372 Mar Vista Investment $4,140

199 205 River & Mercantile Solutions $13,700 258 244 Rockwood Capital $7,246 317 303 Diamond Hill Capital $4,139

200 187 Westwood Mgmt. $13,572 259 279 Dana Investment $7,242 318 340 O'Shaughnessy Asset Mgmt. $4,125

201 197 GAMCO Investors $13,433 260 296 Waterfall Asset Mgmt. $7,212 319 357 Kimco Realty $4,089

202 252 Lighthouse Partners $13,184 261 268 Ariel Investments $7,168 320 322 River Road Asset Mgmt. $4,073

203 223 Stockbridge Capital Group $12,970 262 263 GW&K Investment $7,144 321 343 Forest Investment $4,063

204 235 Tortoise $12,874 263 289 National Investment $7,121 322 293 Copper Rock Capital $3,999

205 199 Sprucegrove Investment $12,749 264 290 Agincourt Capital $6,892 323 350 Flaherty & Crumrine $3,990

206 211 Frontier Capital $12,713 265 277 Christian Brothers $6,866 324 358 Prima Capital Advisors $3,984

207 238 Garcia Hamilton $12,572 266 284 TT International $6,832 325 332 DePrince, Race & Zollo $3,917

208 212 Cantillon Capital Mgmt. $11,966 267 269 Vaughan Nelson $6,826 326 336 Sound Shore Mgmt. $3,882

209 200 Hexavest $11,906 268 291 Polen Capital $6,772 327 261 ClearArc Capital $3,855

210 217 Sit Investment $11,825 269 ClariVest Asset Mgmt. $6,743 328 348 Peregrine Capital $3,852

211 203 Manning & Napier $11,543 270 Global Endowment Mgmt. $6,730 329 316 Kennedy Capital $3,803

212 214 Westfield Capital $11,402 271 388 NXT Capital $6,614 330 345 Emerald Advisers $3,787

213 323 Walton Street Capital $11,235 272 255 Driehaus Capital $6,464 331 256 Highland Capital (Texas) $3,786

214 232 Westbrook Partners $11,187 273 300 Richmond Capital $6,407 332 392 Carmel Partners $3,724

215 225 Polaris Capital $11,161 274 265 Fuller & Thaler $6,361 333 361 Silvercrest Asset Mgmt. $3,700

216 234 Opus Investment $11,141 275 306 Pugh Capital $6,333 334 374 Capri Capital Partners $3,699

217 271 Kayne Anderson Rudnick $11,021 276 281 Progress Investment $6,279 335 341 Capital Research $3,696

218 226 Aristotle Capital Mgmt. $10,962 277 318 Breckinridge Capital $6,243 336 344 GlobeFlex Capital $3,633

219 267 Segall Bryant & Hamill $10,874 278 301 Smith Graham $6,061 337 359 ARGA Investment $3,598

220 221 Beach Point Capital $10,860 279 278 Davis Advisors $6,055 338 366 Glenmede Investment $3,595

221 231 Commerce Trust $10,791 280 280 Chicago Equity Partners $5,955 339 311 McKinley Capital $3,570

222 230 CornerStone Partners $10,721 281 264 International Value Advisers $5,942 340 364 Torchlight Investors $3,547

223 229 Aetos Alternatives $10,702 282 308 McDonnell Investment $5,906 341 370 Sawgrass Asset Mgmt. $3,519

224 228 Longfellow Investment $10,664 283 299 AFL-CIO Housing Trust $5,889 342 381 Union Labor Life $3,504

225 195 Amalgamated Bank $10,479 284 313 Jensen Investment $5,741 343 369 Dalton Investments $3,500

226 209 World Asset Mgmt. $10,362 285 337 M3 Capital $5,700 344 376 Dolan McEniry $3,421

227 218 WEDGE Capital $10,338 286 317 National Real Estate $5,601 345 362 Sierra Investment $3,401

228 227 Alger $10,266 287 240 Value Partners $5,559 346 375 GTIS Partners $3,275

229 468 Newfleet Asset Mgmt. $10,239 288 294 Lyrical Asset Mgmt. $5,522 347 326 Systematic Financial $3,265

230 260 Calamos Advisors $10,211 289 287 Fiduciary Mgmt./Milwaukee $5,491 348 378 Baird Equity Asset Mgmt. $3,254

231 249 Quadrant Real Estate $10,059 290 304 Gramercy $5,397 349 395 Johnson Institutional Mgmt. $3,212

232 248 Champlain Investment $9,893 291 302 M.D. Sass Group $5,242 350 $3,181

233 239 C.S. McKee $9,811 292 328 AFL-CIO Building Trust $5,226 351 408 Aristotle Capital Boston $3,115

234 258 American Realty Advisors $9,800 293 285 London Co. $5,220 352 390 Atalanta Sosnoff Capital $3,052

235 246 Brown Capital $9,692 294 327 Washington Capital $5,185 353 CoreCommodity $3,007

236 247 DRA Advisors $9,623 295 292 Bridgeway Capital $5,123 354 355 NewSouth Capital $2,987 22 | May 27, 2019 Pensions & Investments The LARGEST MONEY MANAGERS

The largest money managers Ranked by total worldwide institutional assets under management, in millions, as of Dec. 31.

2017 2017 2017 Rank rank Manager Assets Rank rank Manager Assets Rank rank Manager Assets

355 382 Leading Edge Investment $2,958 414 445 Hood River Capital $1,593 473 485 Affinity Investment Advisors $578

356 351 Cadence Capital $2,924 415 403 Thornburg Investment $1,574 474 500 GLOBALT $571

357 383 MKP Capital $2,887 416 419 Ativo Capital Mgmt. $1,550 475 484 Belle Haven Investments $569

358 387 Smith Asset Mgmt. $2,835 417 456 SSI Investment $1,531 476 498 Argent Capital $533

359 360 Oberweis Asset Mgmt. $2,798 418 440 Boston Common $1,518 477 508 Hart Realty Advisers $530

360 410 Shorenstein $2,766 419 492 Angel Oak Capital $1,508 478 Sterling Advisors $530

361 371 CastleArk Mgmt. $2,765 420 444 OakBrook Investments $1,504 479 506 Davidson Investment $511

362 433 Hunt $2,745 421 457 Granahan Investment $1,456 480 502 Pier Capital $507

363 QMS Capital $2,732 422 458 Denali Advisors $1,401 481 491 Hahn Capital $500

364 404 Wasmer, Schroeder $2,728 423 450 Capital Prospects $1,391 482 510 Redstone Advisors $449

365 398 Stacey Braun Associates $2,667 424 447 Dalton, Greiner $1,382 483 503 Hillcrest Asset Mgmt. $425

366 380 Evanston Capital $2,623 425 487 BroadRiver Asset Mgmt. $1,360 484 499 Teton Advisors $420

367 406 Cardinal Capital $2,608 426 452 Trillium Asset Mgmt. $1,353 485 494 Kingdon Capital $418

368 391 Davenport Asset Mgmt. $2,595 427 Smith Affiliated Capital $1,338 486 533 Covenant Capital Group $417

369 451 Madison Realty $2,513 428 436 Renaissance Investment $1,323 487 516 Aristotle Credit Partners $408

370 400 KBS $2,508 429 394 Sasco Capital $1,317 488 513 Abner, Herrman & Brock $400

371 393 Rice Hall James $2,484 430 453 Orleans Capital $1,286 489 505 Schneider Capital $386

372 449 Cushing Asset Mgmt. $2,466 431 Matarin Capital $1,270 490 Thomson Horstmann $386

373 401 Riverbridge Partners $2,445 432 454 Edgar Lomax $1,261 491 Millstreet Capital $375

374 347 Cramer Rosenthal McGlynn $2,398 433 460 Patterson Capital $1,256 492 518 Navellier & Associates $347

375 409 Molpus Woodlands Group $2,352 434 448 Heartland Advisors $1,203 493 511 Speece Thorson Capital $346

376 413 Bowen, Hanes $2,350 435 483 Conestoga Capital $1,202 494 515 Welton Investment $342

377 367 Wedgewood Partners $2,331 436 461 Friess Associates $1,192 495 519 Discretionary Mgmt. Svcs. $322

378 399 GIA Partners $2,326 437 459 Martin & Co. $1,184 496 ZWJ Investment Counsel $307

379 384 Zazove Associates $2,315 438 466 Associated Capital Group $1,151 497 528 Van Hulzen Asset Mgmt. $300

380 407 Foundry Partners $2,276 439 470 Quest Investment $1,150 498 521 First Fiduciary Investment $295

381 319 SailingStone Capital $2,232 440 475 North Pier Fiduciary Mgmt. $1,149 499 520 Pacific Ridge Capital $289

382 427 Ramirez Asset Mgmt. $2,207 441 469 D.B. Fitzpatrick $1,146 500 524 Gifford Fong Associates $266

383 411 Palisade Capital $2,136 442 473 Weatherbie Capital $1,100 501 Winslow Asset Mgmt. $258

384 402 Global Forest Partners $2,110 443 463 Bivium Capital $1,095 502 530 Oak Associates $223

385 Heronbridge Investment $2,083 444 363 Boston Advisors $1,075 503 529 Strategy Asset Managers $202

386 431 TGM Associates $2,072 445 464 JKMilne Asset Mgmt. $1,056 504 SMH Capital Advisors $199

387 385 PENN Capital $2,017 446 356 Cambiar Investors $1,010 505 504 Stralem $179

388 417 Zevenbergen Capital $2,000 447 Windham Capital $1,000 506 532 Morris Capital Advisors $157

389 424 Algert Global $1,961 448 476 Hillswick Asset Mgmt. $988 507 534 Kahn Brothers Advisors $153

390 446 Ullico Investment $1,930 449 477 Karpus Investment $983 508 535 Campbell Newman Asset $150

391 379 Montag & Caldwell $1,909 450 471 Tributary Capital $978 509 540 Bridge City $143

392 397 Channing Capital $1,904 451 405 CS Capital $959 510 536 Tom Johnson Investment $134

393 435 D.F. Dent $1,847 452 478 Nicholas Investment $821 511 537 Osborne Partners $131

394 Hillsdale Investment $1,828 453 479 Anchor Capital $816 512 527 Nicholas Co. $103

395 386 Broadshore Capital $1,815 454 482 Logan Capital $815 513 541 Sadoff Investment $101

396 418 TWIN Capital $1,804 455 455 Skyline Asset Mgmt. $805 514 547 Flippin, Bruce & Porter $92

397 428 QCI Asset Mgmt. $1,800 456 467 Foundation Resource $729 515 538 Kestrel Investment $90

398 412 Tocqueville Asset Mgmt. $1,791 457 496 Greenwood Capital $713 516 543 Stuyvesant Capital $74

399 426 Haverford Trust $1,789 458 480 Granite Investment $711 517 544 InView Investments $73

400 373 James Investment $1,783 459 472 Monarch Partners $707 518 548 Kanawha Capital Mgmt. $51

401 429 Adelante Capital $1,781 460 416 Wilbanks, Smith & Thomas $705 519 550 Altman Investment $41

402 439 Twin Bridge Capital $1,768 461 488 SKBA Capital Mgmt. $673 520 552 Willingdon Wealth Mgmt. $40

403 430 Bogle Investment $1,748 462 501 Wright Investors' Service $669 521 551 Chase Investment Counsel $36

404 423 Cornerstone Investment $1,718 463 486 AMI Asset Mgmt. $659 522 553 Taylor Frigon Capital $31

405 415 Redwood Investments $1,687 464 512 Semper Capital $654 523 549 Robinson Value Mgmt. $28

406 421 Legato Capital Mgmt. $1,681 465 490 Blackcrane Capital $649 524 558 NovaPoint Capital $14

407 432 Snow Capital Mgmt. $1,675 466 493 Domain Timber Advisors $647 525 560 James Pappas Investment $3

408 437 ZAIS Group $1,664 467 495 South Texas Money Mgmt. $641 526 Sovereign Asset $1

409 442 Timberland Inv. Resources $1,649 468 509 Churchill Mgmt. $637 TOTAL $42,777,763 410 Verger Capital $1,645 469 489 Miller/Howard Investments $620

411 425 Becker Capital $1,611 470 507 Farr, Miller & Washington $586

412 414 EAM Investors $1,609 471 497 Minneapolis Portfolio Mgmt. $584

413 434 Sarofim Realty $1,599 472 481 A.G. Bisset $581 Pensions & Investments May 27, 2019 | 23 The LARGEST MONEY MANAGERS

The largest managers listed alphabetically

Manager Rank Manager Rank Manager Rank Manager Rank Manager Rank Manager Rank A.G. Bisset 472 Callan 176 First Pacific Advisors 171 Kimco Realty 319 O'Shaughnessy Asset Mgmt. 318 Snow Capital Mgmt. 407 AAM 161 Cambiar Investors 446 First Quadrant 174 King Street Capital 193 Pacific Asset Mgmt. 257 Sound Shore Mgmt. 326 Aberdeen Standard 18 Camden Asset Mgmt. 300 Fisher Investments 138 Kingdon Capital 485 Pacific Ridge Capital 499 South Texas Money Mgmt. 467 Abner, Herrman & Brock 488 Campbell Global 302 Flaherty & Crumrine 323 Knights of Columbus Asset 162 PAG 148 Sovereign Asset 526 Acadian Asset Mgmt. 85 Campbell Newman Asset 508 Flippin, Bruce & Porter 514 Kohlberg Kravis Roberts 56 Palisade Capital 383 Speece Thorson Capital 493 Adams Street Partners 139 Cantillon Capital Mgmt. 208 Forest Investment 321 Kornitzer Capital 312 PanAgora Asset Mgmt. 127 Spider Mgmt. 310 Adelante Capital 401 Canyon Partners 190 Fort Washington 118 L&B Realty 239 Parametric 64 Sprucegrove Investment 205 Advent Capital 253 Capital Group 19 Foundation Resource 456 Landmark Partners 160 Partners Group 92 SSI Investment 417 Advisory Research 305 Capital Prospects 423 Foundry Partners 380 LaSalle Investment 106 Pathway Capital 109 Stacey Braun Associates 365 Aegon Asset Mgmt. 63 Capri Capital Partners 334 Franklin Templeton 58 Lazard Asset Mgmt. 65 Patron Capital 350 Starwood Capital 115 Aetos Alternatives 223 Cardinal Capital 367 Friess Associates 436 Leading Edge Investment 355 Patterson Capital 433 State Street Global 3 AEW Capital 102 Carmel Partners 332 Frontier Capital 206 Legal & General Investment 5 Payden & Rygel 73 Stephens Inv. Mgmt. Group 314 Affinity Investment Advisors 473 CastleArk Mgmt. 361 Fuller & Thaler 274 Legato Capital Mgmt. 406 PCCP 245 StepStone Group 117 AFL-CIO Building Trust 292 Causeway Capital 134 GAM USA 159 Legg Mason 16 PENN Capital 387 Sterling Advisors 478 AFL-CIO Housing Trust 283 CBRE Global Investors 76 GAMCO Investors 201 Lexington Partners 144 Peregrine Capital 328 Sterling Capital 121 AGF Investments 251 CC&L Financial Group 123 Garcia Hamilton 207 Lighthouse Partners 202 PFM Asset Mgmt. 79 Stockbridge Capital Group 203 Agincourt Capital 264 CenterSquare Investment 243 Genesis Asset Managers 182 LM Capital Group 313 Pictet Asset Mgmt. 96 Stone Harbor Investment 154 AJO 178 Champlain Investment 232 Geode Capital Mgmt. 30 LMCG Investments 296 Pier Capital 480 Stralem 505 Alan Biller 135 Chandler Asset Mgmt. 191 GIA Partners 378 Logan Capital 454 PIMCO 12 Strategic Investment Group 140 Alger 228 Channing Capital 392 Gifford Fong Associates 500 London Co. 293 PineBridge Investments 122 Strategy Asset Managers 503 Algert Global 389 Charles Schwab Investment 111 Glenmede Investment 338 Longfellow Investment 224 PNC Financial 90 Stuyvesant Capital 516 AllianceBernstein 40 Chartwell Investment 240 Global Endowment Mgmt. 270 Loomis, Sayles 54 Polaris Capital 215 Sustainable Growth Advisers 242 25 Chase Investment Counsel 521 Global Forest Partners 384 Lord, Abbett 157 Polen Capital 268 Systematic Financial 347 Altman Investment 519 Chicago Equity Partners 280 GLOBALT 474 Los Angeles Capital 158 Portfolio Advisors 166 T. Rowe Price 20 Amalgamated Bank 225 Christian Brothers 265 GlobeFlex Capital 336 LSV Asset Mgmt. 75 PPM America 71 Taylor Frigon Capital 522 American Beacon Advisors 133 Churchill Mgmt. 468 GoldenTree Asset Mgmt. 155 Luther King Capital 304 Prima Capital Advisors 324 TCW Group 55 American Century 99 CIBC Asset Mgmt. 163 Goldman Sachs Group 14 Lyrical Asset Mgmt. 288 Prime Advisors 187 TD Asset Mgmt. 77 American Realty Advisors 234 CIM Group 147 Gramercy 290 Lyxor Asset Mgmt. 110 PRIMECAP 68 Teton Advisors 484 Ameritas Investment 184 City of London 307 Granahan Investment 421 M.D. Sass Group 291 Principal Global Investors 31 TGM Associates 386 AMI Asset Mgmt. 463 ClariVest Asset Mgmt. 269 Granite Investment 458 M3 Capital 285 Progress Investment 276 Thompson, Siegel 180 Amundi 9 ClearArc Capital 327 Grantham, Mayo v. Otterloo 101 Mackenzie Investments 126 Prologis 114 Thomson Horstmann 490 Anchor Capital 453 Cohen & Steers 149 Great Lakes Advisors 311 Macquarie Asset Mgmt. 37 Prudential Financial 7 Thornburg Investment 415 Angel Oak Capital 419 Colchester Global Investors 125 Great-West Financial 108 Madison Realty 369 Pugh Capital 275 Timberland Inv. Resources 409 Angelo, Gordon 150 Columbia Threadneedle 53 Greenwood Capital 457 Man Group 84 Putnam Investments 129 TimesSquare Capital 196 AQR Capital Mgmt. 49 Commerce Trust 221 GTIS Partners 346 Manning & Napier 211 Pzena Investment 172 Tocqueville Asset Mgmt. 398 Ares Mgmt. 74 Commonfund 164 Guggenheim Investments 57 Manulife/John Hancock 22 QCI Asset Mgmt. 397 Tom Johnson Investment 510 ARGA Investment 337 Conestoga Capital 435 GW&K Investment 262 Mar Vista Investment 316 QMS Capital 363 Torchlight Investors 340 Argent Capital 476 Conning 70 Hahn Capital 481 Marathon-London 103 Quadrant Real Estate 231 Tortoise 204 Ariel Investments 261 Cooke & Bieler 306 Hamilton Lane 105 Martin & Co. 437 Quest Investment 439 Tributary Capital 450 Aristotle Capital Boston 351 Copper Rock Capital 322 Harbor Capital Advisors 132 Martingale Asset Mgmt. 254 Ramirez Asset Mgmt. 382 Trillium Asset Mgmt. 426 Aristotle Capital Mgmt. 218 Corbin Capital 297 HarbourVest Partners 104 MassMutual 44 RBC Global Asset Mgmt. 60 TT International 266 Aristotle Credit Partners 487 CoreCommodity 353 Harding Loevner 128 Matarin Capital 431 Record Currency Mgmt. 107 Twin Bridge Capital 402 Arrowstreet Capital 83 Cornerstone Investment 404 Hardman Johnston Global 309 Matthews International 167 Redstone Advisors 482 TWIN Capital 396 Artisan Partners 80 CornerStone Partners 222 Harris Associates 124 McDonnell Investment 282 Redwood Investments 405 UBS Asset Mgmt. 17 Ashmore Group 98 Covenant Capital Group 486 Harrison Street 177 McKinley Capital 339 Regions Inst'l Investment 301 Ullico Investment 390 Asset Management One 28 Cramer Rosenthal McGlynn 374 Hart Realty Advisers 477 Mercer 41 Renaissance Investment 428 Union Labor Life 342 Associated Capital Group 438 Credit Suisse Asset Mgmt. 35 Haverford Trust 399 Merganser Capital 237 Renaissance Technologies 183 Value Partners 287 Atalanta Sosnoff Capital 352 CS Capital 451 Heartland Advisors 434 Mesirow Financial 72 Resource Mgmt. 308 Van Eck Associates 153 Ativo Capital Mgmt. 416 Cushing Asset Mgmt. 372 Heitman 131 MetLife Investment 59 RhumbLine Advisers 116 Van Hulzen Asset Mgmt. 497 Atlanta Capital 185 D.B. Fitzpatrick 441 Heronbridge Investment 385 MFG Asset Mgmt. 142 Rice Hall James 371 Vanguard Group 2 Aviva Investors 32 D.E. Shaw Group 141 Hexavest 209 MFS Investment 52 Richmond Capital 273 Vaughan Nelson 267 AXA Investment 13 D.F. Dent 393 Highland Associates 156 Miller/Howard Investments 469 River & Mercantile Solutions 199 Verger Capital 410 Baillie Gifford Overseas 51 Dalton Investments 343 Highland Capital (Texas) 331 Millstreet Capital 491 River Road Asset Mgmt. 320 Victory Capital 119 Baird Advisors 97 Dalton, Greiner 424 Hillcrest Asset Mgmt. 483 Minneapolis Portfolio Mgmt. 471 Riverbridge Partners 373 Vontobel Asset Mgmt. 78 Baird Equity Asset Mgmt. 348 Dana Investment 259 Hillsdale Investment 394 MKP Capital 357 Robeco 67 Voya Investment Mgmt. 45 Barings 38 Davenport Asset Mgmt. 368 Hillswick Asset Mgmt. 448 Molpus Woodlands Group 375 Robinson Value Mgmt. 523 Waddell & Reed 146 Barrow, Hanley 94 Davidson Investment 479 Hines 113 Monarch Partners 459 Rock Creek Group 197 Walton Street Capital 213 Beach Point Capital 220 Davis Advisors 279 Hoisington Investment 315 Mondrian Investment 130 Rockpoint Group 192 Wasatch Advisors 238 Beacon Capital 241 DDJ Capital 250 Hood River Capital 414 Montag & Caldwell 391 Rockwood Capital 258 Washington Capital 294 Becker Capital 411 Denali Advisors 422 Hotchkis & Wiley 170 Morgan Stanley 23 Russell Investments 47 Wasmer, Schroeder 364 Belle Haven Investments 475 DePrince, Race & Zollo 325 HSBC Global Asset 43 Morris Capital Advisors 506 Ryan Labs Asset Mgmt. 249 Waterfall Asset Mgmt. 260 Bentall Kennedy 143 Diamond Hill Capital 317 Hunt 362 National Investment 263 Sadoff Investment 513 Weatherbie Capital 442 Bivium Capital 443 Dimensional Fund Advisors 21 ICMA-RC 151 National Real Estate 286 SailingStone Capital 381 WEDGE Capital 227 Blackcrane Capital 465 Discretionary Mgmt. Svcs. 495 IFM Investors 86 Navellier & Associates 492 Sarofim Realty 413 Wedgewood Partners 377 BlackRock 1 Dodge & Cox 42 Income Research & Mgmt. 95 Neuberger Berman 46 Sasco Capital 429 Wellington Mgmt. 10 Blackstone Alternative 100 Dolan McEniry 344 Intercontinental Real Estate 248 New England Asset Mgmt. 89 Sawgrass Asset Mgmt. 341 Wells Fargo Asset Mgmt. 29 BMO Global Asset Mgmt. 61 Domain Timber Advisors 466 International Value Advisers 281 New York Life Investments 27 Schneider Capital 489 Welton Investment 494 BNP Paribas Asset Mgmt. 39 DRA Advisors 236 Invesco 33 Newfleet Asset Mgmt. 229 Schroders 34 Westbrook Partners 214 BNY Mellon 4 Driehaus Capital 272 Investec Asset Mgmt. 81 NewSouth Capital 354 Scout Investments 169 Westfield Capital 212 Bogle Investment 403 DuPont Capital 152 InView Investments 517 Nicholas Co. 512 SECOR Asset Mgmt. 137 Westwood Global 246 Boston Advisors 444 DWS 24 Iridian Asset Mgmt. 244 Nicholas Investment 452 Securian Asset Mgmt. 145 Westwood Mgmt. 200 Boston Common 418 Eagle Asset Mgmt. 198 J.P. Morgan Asset Mgmt. 8 Nikko Asset Mgmt. 93 Security Capital Research 335 Wilbanks, Smith & Thomas 460 Boston Partners 87 Eagle Capital 173 Jackson Square Partners 188 NISA Investment 50 Segall Bryant & Hamill 219 William Blair 120 Bowen, Hanes 376 EAM Investors 412 Jacobs Levy Equity 256 Nomura Asset Mgmt. 66 SEI Investments 62 Willingdon Wealth Mgmt. 520 Boyd Watterson 255 EARNEST Partners 175 James Investment 400 Nomura Corporate Research 179 Semper Capital 464 Willis Towers Watson Invest. 69 Brandes Investment 181 Eaton Vance Mgmt. 136 James Pappas Investment 525 North Pier Fiduciary Mgmt. 440 Sentinel Real Estate 298 Wilmington Trust 82 Breckinridge Capital 277 Edgar Lomax 432 Janus Henderson Investors 36 Northern Trust Asset Mgmt. 15 Shenkman Group 165 Windham Capital 447 Bridge City 509 Emerald Advisers 330 Jarislowsky Fraser 186 NovaPoint Capital 524 Shorenstein 360 Winslow Asset Mgmt. 501 Bridgeway Capital 295 Epoch Investment Partners 194 Jensen Investment 284 Nuveen 11 Sierra Investment 345 World Asset Mgmt. 226 BroadRiver Asset Mgmt. 425 Evanston Capital 366 JKMilne Asset Mgmt. 445 NXT Capital 271 Silvercrest Asset Mgmt. 333 Wright Investors' Service 462 Broadshore Capital 395 Farr, Miller & Washington 470 Johnson Institutional Mgmt. 349 Oak Associates 502 Sit Investment 210 Zacks Investment 303 Brookfield Asset Mgmt. 48 Fayez Sarofim 247 Kahn Brothers Advisors 507 OakBrook Investments 420 SKBA Capital Mgmt. 461 ZAIS Group 408 Brown Advisory 168 Federated Investors 26 Kanawha Capital Mgmt. 518 Oaktree Capital 88 SkyBridge Capital 299 Zazove Associates 379 Brown Capital 235 Fidelity Investments 6 Karpus Investment 449 Oberweis Asset Mgmt. 359 Skyline Asset Mgmt. 455 Zevenbergen Capital 388 Burgundy Asset Mgmt. 189 Fiduciary Mgmt./Milwaukee 289 Kayne Anderson Rudnick 217 OFI Global Asset Mgmt. 91 SMH Capital Advisors 504 Ziegler Capital 252 C.S. McKee 233 Fiera Capital 112 KBS 370 Opus Investment 216 Smith Affiliated Capital 427 ZWJ Investment Counsel 496 Cadence Capital 356 First Eagle Investment 195 Kennedy Capital 329 Orleans Capital 430 Smith Asset Mgmt. 358 Calamos Advisors 230 First Fiduciary Investment 498 Kestrel Investment 515 Osborne Partners 511 Smith Graham 278 24 | May 27, 2019 Pensions & Investments

How to find the Money Managers data online Full data profles of all ranked money managers and complete list- ings by asset class and investment strategies can be found in Pen- sions & Investments’ Research Center, pionline.com/researchcenter. The online rankings are interactive and are searchable by asset class, investment strategy, region and clients. Research Center access is free to plan executives. Money managers, consultants and other service providers have access by subscription.

Average asset mixes Weighted average as of Dec. 31. Numbers in parentheses are last What’s next in year’s data. Total worldwide assets Private equity Hedge funds 1.5% 1.1% (1.2%) (1.2%) Pensions & Investments Real estate Cash 3.0% 8.2% (2.5%) (7.7%) Bonds Other 35.3% 8.4% (33.7%) (8.1%) CIO DC Financial Outsourcing Cryptocurrency Money Managers Wellness

June 24 July 8 July 22 August 5 Ad close: Ad close: Ad close: Ad close: June 12 June 26 July 10 July 24

Stocks 42.5%

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U.S. institutional, tax-exempt assets managed internally Private equity Hedge funds Retirement Pension Risk 1.6% 0.5% Financial (1.3%) (0.4%) OCIO Strategies Income Wellness Real estate Cash Supplement Supplement Roundtable Roundtable 4.6% 4.5% (3.9%) (3.8%) Aug. 19 Nov. 25 July 22 Aug. 19 Bonds Other 32.7% 4.0% Ad close: Ad close: Ad close: Ad close: (30.2%) (5.9%) May 31 Aug 28 May 24 June 21 P&I CONTENT SOLUTIONS P&I CONTENT

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P&I CONFERENCES Real estate Cash 3.6% 4.8% (2.8%) (4.0%) Bonds Other 33.3% 3.9% (30.5%) (6.0%) For more information on these upcoming advertising and sponsorship opportunities and to learn more about creating an integrated marketing program utilizing all of P&I’s products and services, contact Richard Scanlon at 212.210.0157 or [email protected].

Stocks 52.5% (55.1%) Pensions & Investments May 27, 2019 | 25 The LARGEST MONEY MANAGERS

The largest money managers ranked by:

Total worldwide assets Assets are in millions as of Dec. 31.

Rank Manager Assets Rank Manager Assets Rank Manager Assets Rank Manager Assets

1 BlackRock $5,975,818 14 T. Rowe Price $962,300 27 Allianz Global Investors $577,443 40 MFS Investment $426,640

2 Vanguard Group $4,866,611 15 Nuveen $930,465 28 New York Life Investments $545,379 41 Aviva Investors $421,187

3 State Street Global $2,511,297 16 Morgan Stanley $915,681 29 Schroders $518,672 42 Principal Global Investors $406,531

4 Fidelity Investments $2,424,697 17 Invesco $888,204 30 Dimensional Fund Adv. $517,316 43 Credit Suisse Asset Mgmt. $394,055

5 BNY Mellon $1,722,000 18 Northern Trust Asset Mgmt. $885,274 31 AllianceBernstein $516,353 44 Geode Capital Mgmt. $388,192

6 Capital Group $1,677,381 19 AXA Investment $834,288 32 MassMutual $491,807 45 Macquarie Asset Mgmt. $365,432

7 J.P. Morgan Asset Mgmt. $1,659,338 20 UBS Asset Mgmt. $781,082 33 Asset Management One $474,980 46 Charles Schwab Inv. $362,943

8 Amundi $1,633,479 21 DWS $757,920 34 Wells Fargo Asset Mgmt. $465,915 47 Aegon Asset Mgmt. $360,826

9 Goldman Sachs Group $1,542,000 22 Legg Mason $727,213 35 Federated Investors $459,860 48 Brookfield Asset Mgmt. $354,711

10 Prudential Financial $1,377,269 23 Manulife/John Hancock $699,053 36 Nomura Asset Mgmt. $457,921 49 Janus Henderson Inv. $328,452

11 Legal & General Inv. $1,293,310 24 Franklin Templeton $649,858 37 HSBC Global Asset $455,240 50 RBC Global Asset Mgmt. $309,166

12 PIMCO $1,276,893 25 Aberdeen Standard $643,664 38 BNP Paribas Asset Mgmt. $442,246

13 Wellington Mgmt. $1,003,389 26 MetLife Investment $588,779 39 Columbia Threadneedle $432,519

U.S. institutional tax-exempt assets Assets are in millions as of Dec. 31.

Rank Manager Assets Rank Manager Assets Rank Manager Assets Rank Manager Assets

1 BlackRock $1,421,254 14 Legg Mason $253,943 27 SEI Investments $117,143 40 UBS Asset Mgmt. $81,624

2 Vanguard Group $1,366,013 15 Principal Global Investors $246,553 28 MFS Investment $115,514 41 Neuberger Berman $78,396

3 State Street Global $880,183 16 BNY Mellon $226,000 29 AQR Capital Mgmt. $109,491 42 Payden & Rygel $69,855

4 Fidelity Investments $722,307 17 Dodge & Cox $215,547 30 Parametric $109,133 43 OFI Global Asset Mgmt. $66,607

5 Nuveen $608,057 18 Goldman Sachs Group $204,155 31 Manulife/John Hancock $108,429 44 Barrow, Hanley $59,458

6 Capital Group $532,431 19 Wellington Mgmt. $179,596 32 Federated Investors $106,839 45 Arrowstreet Capital $58,483

7 Northern Trust Asset Mgmt. $474,617 20 Wells Fargo Asset Mgmt. $176,096 33 Legal & General Inv. $103,817 46 Janus Henderson Inv. $58,293

8 T. Rowe Price $455,065 21 NISA Investment $170,451 34 Mercer $99,672 47 Franklin Templeton $55,567

9 Prudential Financial $454,084 22 MassMutual $151,084 35 PFM Asset Mgmt. $93,357 48 Lazard Asset Mgmt. $52,020

10 Dimensional Fund Adv. $398,038 23 Voya Investment Mgmt. $148,737 36 Morgan Stanley $91,298 49 Income Research & Mgmt. $51,608

11 J.P. Morgan Asset Mgmt. $378,035 24 Invesco $143,988 37 AllianceBernstein $90,086 50 PNC Financial $49,958

12 Geode Capital Mgmt. $376,385 25 TCW Group $127,144 38 Russell Investments $88,045

13 PIMCO $302,214 26 Loomis, Sayles $120,076 39 LSV Asset Mgmt. $82,288

U.S. institutional tax-exempt assets managed internally Assets are in millions as of Dec. 31.

Rank Manager Assets Rank Manager Assets Rank Manager Assets Rank Manager Assets

1 BlackRock $1,413,975 14 Legg Mason $244,964 27 AQR Capital Mgmt. $109,491 40 Arrowstreet Capital $58,483

2 Vanguard Group $1,208,777 15 BNY Mellon $226,000 28 Parametric $109,133 41 Janus Henderson Inv. $58,293

3 State Street Global $857,665 16 Dodge & Cox $215,547 29 Federated Investors $106,839 42 Russell Investments $56,205

4 Nuveen $575,510 17 Principal Global Investors $207,209 30 Legal & General Inv. $103,817 43 Franklin Templeton $53,975

5 Fidelity Investments $571,465 18 Wellington Mgmt. $179,596 31 AllianceBernstein $90,086 44 Lazard Asset Mgmt. $52,020

6 Capital Group $532,431 19 NISA Investment $170,451 32 Morgan Stanley $84,645 45 Income Research & Mgmt. $51,608

7 T. Rowe Price $455,065 20 Goldman Sachs Group $165,805 33 PFM Asset Mgmt. $82,817 46 Baillie Gifford Overseas $48,878

8 Northern Trust Asset Mgmt. $438,157 21 Wells Fargo Asset Mgmt. $159,515 34 LSV Asset Mgmt. $82,288 47 RhumbLine Advisers $48,852

9 Dimensional Fund Adv. $398,038 22 Voya Investment Mgmt. $127,468 35 UBS Asset Mgmt. $70,046 48 American Century $47,320

10 Geode Capital Mgmt. $376,385 23 TCW Group $127,144 36 Payden & Rygel $69,855 49 Kohlberg Kravis Roberts $45,652

11 J.P. Morgan Asset Mgmt. $374,837 24 Loomis, Sayles $120,076 37 Neuberger Berman $68,372 50 New York Life Investments $44,754

12 Prudential Financial $368,677 25 MFS Investment $115,514 38 OFI Global Asset Mgmt. $66,110

13 PIMCO $302,214 26 Invesco $112,637 39 Barrow, Hanley $59,458

U.S. Canada Mutual funds/ Client 63.0% 3.2% (3.0%) Investment UCITs/ETFs (63.5%) 45.9% assets by Europe (ex-U.K.) vehicle mix (43.9%) 14.0% (13.1%) region Total worldwide assets U.K. under management; Total worldwide assets 8.4% (8.3%) weighted average as of under management; Dec. 31. Numbers in weighted average as of parentheses are last Dec. 31. Numbers in year’s data. parentheses are last Japan year’s data. 3.6% (3.6%) China 0.9% (N/A) Other pooled/ Separate Australia commingled accounts 1.5% (1.6%) 15.9% 38.2% (18.5%) (37.6%) Rest of Asia 2.7% (3.6%) Other 2.7% (3.3%) 26 | May 27, 2019 Pensions & Investments

The largest managers of U.S.-client assets Assets are in millions as of Dec. 31. Profiles of the 50 largest money managers

Rank Manager Assets Rank Manager Assets 18 Aberdeen Standard MORE DATA ONLINE $4,568,384 $737,740 1 Vanguard Group 14 Northern Trust AM Investments For a full set of manager data plus prof les of 30 Lothian Road, Edinburgh EH1 2DH Scotland; phone: 2 BlackRock $3,692,032 15 Morgan Stanley $719,684 all 526 non-Canadian managers, go to pionline. 44-1224-631-999; fax: 44-1224-647-010; www. aberdeenstandard.com com/managers2019 3 Fidelity Investments $2,324,918 16 MetLife Investment $576,247 (millions) 4 $1,673,797 17 $545,126 Total assets managed worldwide ...... $643,664 State Street Global Invesco INVESTMENT STRATEGIES Total worldwide institutional assets ...... $542,055 5 Capital Group $1,632,824 18 Legg Mason $534,597 U.S. equity, active ...... $11,113 Total U.S. client assets ...... $58,193 U.S. equity, passive ...... $16,213 Total U.S. institutional client assets ...... $56,181 6 Goldman Sachs Group $1,151,723 19 MassMutual $491,023 Foreign equity, active ...... $7,151 Total U.S. tax-exempt assets ...... $25,056 7 J.P. Morgan AM $1,063,384 20 Dimensional Fund Adv. $439,872 Foreign equity, passive ...... $1,271 Total U.S. institutional tax-exempt ...... $25,056 Global equity, active ...... $36,151 8 $1,007,827 21 $433,262 Assigned to external managers ...... $10,774 Prudential Financial Franklin Templeton Global equity, passive ...... $845 Internally managed ...... $14,282 9 T. Rowe Price $904,180 22 Wells Fargo AM $431,278 U.S. bond, active ...... $8,067 INTERNALLY MANAGED U.S. INSTITUTIONAL U.S. bond, passive ...... $100 10 Nuveen $881,015 23 Federated Investors $400,508 TAX-EXEMPT ASSETS Global/foreign bond, active ...... $7,527 ASSET MIX Global/foreign bond, passive ...... $5 11 Wellington Mgmt. $795,758 24 New York Life Inv. $389,891 Equity ...... 51% Equity real estate, domestic ...... $113 12 PIMCO $795,050 25 Geode Capital Mgmt. $378,905 Fixed income ...... 25% Hedge funds ...... $1,483 Equity real estate ...... 1% $787,000 Cash ...... $47 13 BNY Mellon Private equity ...... 7% GARS ...... 16% ACTIVE DOMESTIC EQUITY STRATEGIES GROWTH INVESTMENT STRATEGIES Large-cap ...... $2,441 U.S. equity, active ...... $157 Smidcap ...... $1,928 Foreign equity, active ...... $6,943 Small-cap ...... $1,976 The largest managers of institutional Global equity, active ...... $205 Broad-market ...... $216 U.S.-client assets U.S. bond, active ...... $1,680 Global/foreign bond, active ...... $1,921 VALUE Assets are in millions as of Dec. 31. Equity real estate, foreign ...... $136 Large-cap ...... $723 Private equity, domestic ...... $164 Smidcap ...... $1,765 Rank Manager Assets Rank Manager Assets Private equity, foreign ...... $816 Small-cap ...... $915 CORE 1 Vanguard Group $3,055,992 14 Legg Mason $443,433 ACTIVE DOMESTIC EQUITY STRATEGIES CORE Large-cap ...... $545 2 BlackRock $1,961,964 15 Dimensional Fund Adv. $439,872 Small-cap ...... $157 Small-cap ...... $1 Broad-market ...... $604 3 Fidelity Investments $1,165,806 16 Geode Capital Mgmt. $378,905 INTERNATIONAL STRATEGIES Emerging markets equity ...... $5,703 PASSIVE DOMESTIC EQUITY STRATEGIES $1,090,060 $365,618 4 State Street Global 17 Goldman Sachs Group Emerging markets equity mandates ...... $5,532 GROWTH Large-cap ...... $1,181 5 Nuveen $827,483 18 Federated Investors $360,457 Frontier markets equity ...... $171 Emerging markets debt ...... $1,848 Small-cap ...... $31 6 Wellington Mgmt. $795,076 19 Wells Fargo AM $355,183 Emerging markets debt mandates ...... $1,848 CORE 7 Prudential Financial $687,870 20 Principal Global Inv. $329,970 FIXED-INCOME STRATEGIES Large-cap ...... $13,970 Core ...... $170 Midcap ...... $17 8 J.P. Morgan AM $670,704 21 New York Life Inv. $304,274 Core-plus ...... $1,510 Broad-market ...... $1,014 9 $609,000 22 $293,284 Low-volatility strategies ...... $1,231 BNY Mellon Morgan Stanley WORLDWIDE ASSETS UNDER MANAGEMENT REITs ...... $647 10 Capital Group $540,781 23 Invesco $285,616 -of-fund assets ...... $13,233 U.S. institutional tax-exempt ...... $10,774 INTERNATIONAL STRATEGIES 11 Northern Trust AM $539,721 24 Manulife/John Hancock $223,893 Mutual fund assets ...... $133,022 Emerging markets equity ...... $1,644 Emerging markets equity mandates ...... $1,419 12 T. Rowe Price $486,481 25 MassMutual $221,268 U.S. 1940 Investment Co. Act ...... $14,568 Sponsored ETFs/ETNs ...... $2,430 Frontier markets equity ...... $225 $475,969 13 PIMCO Actively managed ...... $2,430 Emerging markets debt ...... $1,260 LDI strategies ...... $62,554 Emerging markets debt mandates ...... $1,260 Factor-based strategies ...... $32,755 FIXED-INCOME STRATEGIES ESG investing ...... $643,664 Core ...... $614 Mandates ...... $17,459 Core-plus ...... $6,669 Minority- & women-owned managers OVERLAY STRATEGIES Unconstrained ...... $24 High-yield ...... $1,596 Aas of Dec. 31. U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Total ...... $806 High-yield mandates ...... $1,596 Inf ation-protected securities ...... $208 Adelante Capital Gifford Fong Associates Semper Capital DEFINED CONTRIBUTION ASSETS U.S. INSTITUTIONAL TAX-EXEMPT WORLDWIDE ASSETS UNDER MANAGEMENT Advent Capital GlobeFlex Capital Shorenstein Total ...... $617 Hedge fund assets ...... $12,871 Affinity Investment Hahn Capital Sit Investment Internally managed ...... $617 U.S. institutional tax-exempt ...... $1,483 Advisors Hardman Johnston Smith Affiliated Capital Number of employees...... 6,184 Hedge fund-of-fund assets ...... $1,618 Alger Global Percent employee owned ...... 2% Mutual fund assets ...... $166,637 Smith Graham U.S. 1940 Investment Co. Act ...... $87,595 ARGA Investment Leading Edge Parent company: PLC Investment South Texas Money Chief executive officer: Keith Skeoch LDI strategies ...... $145 Ariel Investments Mgmt. Internally managed U.S. inst’l tax-exempt . . $144 Legato Capital Mgmt. Chief investment officer: Rod Paris Ativo Capital Mgmt. Sprucegrove Investment U.S. client contacts: Kieran McGlynn, John Factor-based strategies ...... $2,253 LM Capital Group Bivium Capital Taylor Frigon Capital Grybauskas ESG investing ...... $397,523 Longfellow Investment Mandates ...... $4,386 Blackcrane Capital Thomson Horstmann Mar Vista Investment OVERLAY STRATEGIES Boston Common Westwood Global 40 AllianceBernstein LP U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Matarin Capital Brown Capital Wright Investors’ 1345 Avenue of the Americas, New York, NY 10105; phone: Total ...... $17,860 Nicholas Co. Service 212-969-1000; fax: 212-756-4558; www.alliancebernstein. Callan com DEFINED CONTRIBUTION ASSETS Nicholas Investment Zevenbergen Capital (millions) U.S. INSTITUTIONAL TAX-EXEMPT Campbell Newman Asset Oak Associates Total assets managed worldwide ...... $516,353 Total ...... $45,742 Capital Prospects Total worldwide institutional assets ...... $246,345 Internally managed ...... $45,742 OakBrook Investments Capri Capital Partners Total U.S. client assets ...... $339,259 Primary custodian: State Street Orleans Capital Total U.S. institutional client assets ...... $157,309 Channing Capital Parent company: AXA Equitable Holdings Inc. Payden & Rygel Total U.S. tax-exempt assets ...... $159,102 Chief executive officer: Seth Bernstein Denali Advisors Total U.S. institutional tax-exempt ...... $90,086 Progress Investment U.S. client contacts: Miguel Rozensztroch, Bob EARNEST Partners Internally managed ...... $90,086 Keith, Jennifer DeLong Pugh Capital Edgar Lomax INTERNALLY MANAGED U.S. INSTITUTIONAL Ramirez Asset Mgmt. TAX-EXEMPT ASSETS First Fiduciary ASSET MIX 25 Allianz Global Investors Investment Redwood Investments Equity ...... 81% Seidlstrasse 24-24a, Munich 80335 ; phone: 877- Garcia Hamilton RhumbLine Advisers Fixed income ...... 17% 716-9787; www.allianzgi.com (millions) GIA Partners Robinson Value Mgmt. Hedge funds ...... 2% Total assets managed worldwide ...... $577,443 Pensions & Investments May 27, 2019 | 27

Managers of defined benefit assets Profiles of the 50 largest money managers U.S. institutional, tax-exempt assets managed internally as of Dec. 31. The largest managers (millions) Asset growth (billions) Total worldwide institutional assets ...... $422,441 49 AQR Capital Rank Manager Assets $6,000 Total U.S. client assets ...... $59,176 Management LLC Total U.S. institutional client assets ...... $47,495 1 BlackRock $540,875 $5,500 2 Greenwich Plaza, 4th Floor, Greenwich, CT 06830; phone: Total U.S. tax-exempt assets ...... $9,733 203-742-3700; fax: 203-742-3200; www.aqr.com $5,000 2 State Street Global $356,831 Total U.S. institutional tax-exempt ...... $9,733 (millions) $4,500 Internally managed ...... $9,733 Total assets managed worldwide ...... $196,058 3 Prudential Financial $194,996 $4,000 INTERNALLY MANAGED U.S. INSTITUTIONAL Total worldwide institutional assets ...... $196,058 4 PIMCO $170,700 TAX-EXEMPT ASSETS Total U.S. client assets ...... $112,597 $3,500 ASSET MIX Total U.S. institutional client assets ...... $112,597 5 NISA Investment $158,295 $3,000 Equity ...... 73% Total U.S. tax-exempt assets ...... $109,491 $2,500 Fixed income ...... 25% 6 J.P. Morgan Asset Mgmt. $149,219 Total U.S. institutional tax-exempt ...... $109,491 $2,000 Multiasset ...... 2% Internally managed ...... $109,491 7 BNY Mellon $148,400 $1,500 INVESTMENT STRATEGIES WORLDWIDE ASSETS UNDER MANAGEMENT 8 Goldman Sachs Group $110,983 $1,000 U.S. equity, active ...... $1,824 Hedge fund assets ...... $74,778 Foreign equity, active ...... $1,317 Factor-based strategies ...... $173,941 9 Legg Mason $110,107 $500 Global equity, active ...... $3,918 ESG investing ...... $165,743 10 Northern Trust Asset Mgmt. $100,171 $0 U.S. bond, active ...... $1,026 2013 2014 2015 2016 2017 2018 DEFINED CONTRIBUTION ASSETS Convertible securities ...... $1,412 U.S. INSTITUTIONAL TAX-EXEMPT ACTIVE DOMESTIC EQUITY STRATEGIES Total ...... $5,157 GROWTH Internally managed ...... $5,157 Large-cap ...... $1,134 Managers of defined contribution assets Midcap ...... $119 U.S. institutional, tax-exempt assets as of Dec. 31. Small-cap ...... $366 28 Asset Management One VALUE Co. Ltd. The largest managers (millions) Asset growth (billions) Small-cap ...... $13 Tekko Building, 8-2, Marunouchi 1-chome, Chiyoda-ku, Rank Manager Assets $9,000 100-0005 Japan; phone: 81-3-6774-5806; fax: 81-3-3213- Broad-market ...... $192 7418; www.am-one.co.jp 1 Vanguard Group $1,176,384 $8,000 INTERNATIONAL STRATEGIES (millions) Emerging markets equity ...... $348 Total assets managed worldwide ...... $474,980 2 BlackRock $829,826 $7,000 Emerging markets equity mandates ...... $348 Total worldwide institutional assets ...... $399,800 3 Fidelity Investments $666,396 $6,000 FIXED-INCOME STRATEGIES Total U.S. client assets ...... $31 Total U.S. institutional client assets ...... $31 4 Nuveen $507,797 High-yield ...... $919 $5,000 Total U.S. tax-exempt assets ...... $31 High-yield mandates ...... $919 5 T. Rowe Price $413,122 CDOs ...... $107 Total U.S. institutional tax-exempt ...... $31 $4,000 Internally managed ...... $31 6 Capital Group $366,471 WORLDWIDE ASSETS UNDER MANAGEMENT $3,000 Hedge fund assets ...... $10,890 INTERNALLY MANAGED U.S. INSTITUTIONAL 7 State Street Global $297,272 TAX-EXEMPT ASSETS Mutual fund assets ...... $287,209 $2,000 ASSET MIX 8 Prudential Financial $221,916 U.S. 1940 Investment Co. Act ...... $21,056 Equity ...... 56% $1,000 9 J.P. Morgan Asset Mgmt. $194,729 LDI strategies ...... $149,700 Fixed income ...... 44% Factor-based strategies ...... $43,000 $0 INVESTMENT STRATEGIES 10 Northern Trust Asset Mgmt. $166,334 ESG investing ...... $165,800 2013 2014 2015 2016 2017 2018 U.S. equity, enhanced index ...... $18 DEFINED CONTRIBUTION ASSETS U.S. bond, active ...... $14 U.S. INSTITUTIONAL TAX-EXEMPT Total ...... $363 FIXED-INCOME STRATEGIES Internally managed ...... $363 Core ...... $14 Managers of mutual fund assets Number of employees...... 2,945 Number of employees...... 1,080 Total worldwide assets as of Dec. 31. Primary custodian: State Street Parent companies: Mizuho Financial Group Inc., Dai-ichi Life Holdings Inc. Parent company: Allianz SE The largest managers (millions) Asset growth (billions) Chief executive officer: Akira Sugano Chief executive officer: Doug Eu Rank Manager Assets $35,000 Chief investment officer: Akitoshi Masuda U.S. client contact: Aiden Redmond U.S. client contact: Michiharu Maeda 1 Vanguard Group $4,006,667 $30,000 2 Fidelity Investments $2,145,619 9 Amundi 32 Aviva Investors $25,000 90 boulevard Pasteur, Paris 75730 France; phone: 33-1-7633- 3 Capital Group $1,604,897 3030; www.amundi.com St. Helen’s, 1 Undershaft, London EC3P 3DQ England; phone: 44-20-7809-6000; www.avivainvestors.com 4 $928,127 (millions) J.P. Morgan Asset Mgmt. $20,000 (millions) Total assets managed worldwide ...... $1,633,479 Total assets managed worldwide ...... $421,187 5 PIMCO $795,555 Total worldwide institutional assets ....$1,023,380 Total worldwide institutional assets ...... $375,424 $15,000 Total U.S. client assets ...... $57,643 6 BlackRock $691,406 Total U.S. client assets ...... $609 Total U.S. institutional client assets ...... $10,726 Total U.S. institutional client assets ...... $609 7 Amundi $675,272 $10,000 Total U.S. tax-exempt assets ...... $10,530 Total U.S. tax-exempt assets ...... $127 Total U.S. institutional tax-exempt ...... $9,660 8 T. Rowe Price $586,366 Total U.S. institutional tax-exempt ...... $127 $5,000 Internally managed ...... $9,660 Internally managed ...... $127 9 Wellington Mgmt. $557,519 WORLDWIDE ASSETS UNDER MANAGEMENT INTERNALLY MANAGED U.S. INSTITUTIONAL 10 Legal & General Investment $552,356 $0 Hedge fund assets ...... $113 TAX-EXEMPT ASSETS 2013 2014 2015 2016 2017 2018 Mutual fund assets ...... $675,272 ASSET MIX Sponsored ETFs/ETNs ...... $49,659 Fixed income ...... 100% LDI strategies ...... $19,623 INVESTMENT STRATEGIES Factor-based strategies ...... $15,898 U.S. bond, active ...... $127 Managers of non-affiliated insurance co. assets ESG investing ...... $267,346 FIXED-INCOME STRATEGIES Total worldwide assets as of Dec. 31. Mandates ...... $204,077 High-yield ...... $61 Parent company: Credit Agricole SA The largest managers (millions) Asset growth (billions) High-yield mandates ...... $61 Chief executive officer: Yves Perrier WORLDWIDE ASSETS UNDER MANAGEMENT Rank Manager Assets $5,500 Chief investment officer: Pascal Blanque Mutual fund assets ...... $165,402 $5,000 U.S. client contact: Joseph Carrabes 1 AXA Investment $341,788 LDI strategies ...... $30,596 The assets of the following subsidiaries or aff li- 2 Goldman Sachs Group $254,700 $4,500 ates are included in the f gures above: Internally managed U.S. inst’l tax-exempt . . . . $66 ESG investing ...... $387,829 $4,000 Amundi Pioneer manages $80.084 billion in total 3 BlackRock $240,605 assets and $9.66 billion in U.S. institutional tax- Mandates ...... $5,606 $3,500 Number of employees...... 1,527 4 PIMCO $230,727 exempt assets. Ken Taubes is chief investment $3,000 off cer; Geoff Smith is client contact at 617-422- Percent employee owned ...... 2% 5 DWS $208,378 4758. Primary custodian: J.P. Morgan $2,500 6 State Street Global $179,342 Parent company: Aviva PLC $2,000 Amundi Pioneer Chief executive officer: Euan Munro 7 T. Rowe Price $161,352 $1,500 U.S. client contact: Tom Meyers 60 State St., Boston, MA 02109; phone: 617-422-4758; fax: 8 J.P. Morgan Asset Mgmt. $155,534 $1,000 617-422-4297; www.pioneerinvestments.com PLEASE SEE ENTRY FOR: Amundi 9 Macquarie Asset Mgmt. $127,717 $500

10 Wellington Mgmt. $110,891 $0 Continued on Page 28 2013 2014 2015 2016 2017 2018 28 | May 27, 2019 Pensions & Investments

Managers of sovereign wealth fund assets Continued from Page 27 Internally managed ...... $23,292 Number of employees...... 2,007 Total worldwide assets as of Dec. 31. 13 AXA Investment Managers Primary custodian: State Street The largest managers (millions) Asset growth (billions) 100 W. Putnam Ave., 3rd Floor, Greenwich, CT 06830; phone: Parent company: Massachusetts Mutual Life 203-983-4200; fax: 203-983-4247; www.axa-im.com Insurance Co. Rank Manager Assets $1,800 (millions) Chief executive officer: Thomas Finke Total assets managed worldwide ...... $834,288 U.S. client contact: Shannon Pons 1 State Street Global $83,811 $1,600 Total worldwide institutional assets ...... $701,627 Total U.S. client assets ...... $6,937 2 UBS Asset Mgmt. $79,609 $1,400 Total U.S. institutional client assets ...... $6,785 1 BlackRock Inc. 3 BlackRock $55,955 $1,200 Total U.S. tax-exempt assets ...... $1,202 Park Avenue Plaza, 55 E. 52nd St., New York, NY 10055; phone: 212-810-5300; fax: 212-810-8794; www.. 4 BNY Mellon $54,000 Total U.S. institutional tax-exempt ...... $1,202 com $1,000 Internally managed ...... $1,202 5 J.P. Morgan Asset Mgmt. $42,265 (millions) $800 INTERNALLY MANAGED U.S. INSTITUTIONAL Total assets managed worldwide ...... $5,975,818 TAX-EXEMPT ASSETS 6 Legal & General Investment $40,845 Total worldwide institutional assets ....$3,622,973 ASSET MIX $600 Total U.S. client assets ...... $3,692,032 7 Brookfield Asset Mgmt. $40,452 Equity ...... 34% Total U.S. institutional client assets ....$1,961,964 $400 Fixed income ...... 66% 8 Northern Trust Asset Mgmt. $39,046 Total U.S. tax-exempt assets ...... $1,421,254 $200 INVESTMENT STRATEGIES 9 Macquarie Asset Mgmt. $36,582 Total U.S. institutional tax-exempt ...... $1,421,254 U.S. equity, active ...... $310 Assigned to external managers ...... $7,279 10 Legg Mason $33,529 $0 U.S. equity, enhanced index ...... $94 2013 2014 2015 2016 2017 2018 Internally managed ...... $1,413,975 U.S. bond, active ...... $798 INTERNALLY MANAGED U.S. INSTITUTIONAL FIXED-INCOME STRATEGIES TAX-EXEMPT ASSETS High-yield ...... $798 ASSET MIX Managers of central bank assets WORLDWIDE ASSETS UNDER MANAGEMENT Equity ...... 61% Fixed income ...... 21% Total worldwide assets as of Dec. 31. Hedge fund-of-fund assets ...... $3,092 Mutual fund assets ...... $252,200 Cash ...... 2% The largest managers (millions) Asset growth (billions) Investment outsourcing mandates ...... $18,031 Other ...... 16% LDI strategies ...... $23,753 Other type: Advisory, multiasset, alternatives Rank Manager Assets $900 Factor-based strategies ...... $5,583 INVESTMENT STRATEGIES 1 Fidelity Investments $91,156 $800 ESG investing ...... $788,773 U.S. equity, active ...... $17,562 Mandates ...... $19,278 U.S. equity, passive ...... $569,714 2 BlackRock $73,991 $700 DEFINED CONTRIBUTION ASSETS Foreign equity, active ...... $9,733 3 State Street Global $60,293 U.S. INSTITUTIONAL TAX-EXEMPT Foreign equity, passive ...... $203,110 $600 Total ...... $79 Global equity, active ...... $42,764 4 PIMCO $37,597 $500 Internally managed ...... $79 Global equity, passive ...... $139,303 5 Northern Trust Asset Mgmt. $29,325 Number of employees...... 2,359 U.S. bond, active ...... $156,224 $400 U.S. bond, passive ...... $184,316 6 BNP Paribas Asset Mgmt. $26,741 Primary custodian: State Street U.S. bond, enhanced index ...... $8,816 $300 Parent company: AXA Group 7 J.P. Morgan Asset Mgmt. $20,937 Chief executive officer: Andrea Rossi Global/foreign bond, active ...... $34,816 $200 Global/foreign bond, passive ...... $7,428 8 Goldman Sachs Group $16,740 Chief investment officer: Joseph Pinto Equity real estate, domestic ...... $6,423 $100 U.S. client contacts: Leigh Troy, Margo Ragland, 9 Legg Mason $16,251 John Flynn Hedge funds ...... $1,961 Infrastructure ...... $1,996 10 DWS $11,612 $0 2013 2014 2015 2016 2017 2018 Commodities ...... $949 38 Barings Cash ...... $28,141 300 S. Tryon St., Suite 2500, Charlotte, NC 28202; phone: ACTIVE DOMESTIC EQUITY STRATEGIES 877-766-0014; www.barings.com GROWTH (millions) Large-cap ...... $2,883 Managers of endowment assets Total assets managed worldwide ...... $303,917 Midcap ...... $306 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Total worldwide institutional assets ...... $260,039 Small-cap ...... $320 Total U.S. client assets ...... $217,328 The largest managers (millions) Asset growth (billions) Total U.S. institutional client assets ...... $187,754 VALUE Rank Manager Assets $350 Total U.S. tax-exempt assets ...... $37,013 Large-cap ...... $7,435 Total U.S. institutional tax-exempt ...... $37,013 CORE 1 State Street Global $65,226 $300 Internally managed ...... $37,013 Large-cap ...... $4,941 2 Wellington Mgmt. $31,135 INTERNALLY MANAGED U.S. INSTITUTIONAL Small-cap ...... $1,287 TAX-EXEMPT ASSETS Broad-market ...... $238 3 Vanguard Group $29,071 $250 ASSET MIX PASSIVE DOMESTIC EQUITY STRATEGIES 4 $22,175 Equity ...... 8% Parametric $200 GROWTH Fixed income ...... 78% 5 Northern Trust Asset Mgmt. $11,565 Large-cap ...... $7,381 Equity real estate ...... 9% $150 Small-cap ...... $1,230 6 Legg Mason $7,275 Private equity ...... 5% Broad-market ...... $871 INVESTMENT STRATEGIES 7 J.P. Morgan Asset Mgmt. $4,609 $100 VALUE U.S. equity, enhanced index ...... $516 Large-cap ...... $5,133 8 Renaissance Technologies $3,234 Foreign equity, active ...... $2,158 $50 Smidcap ...... $240 Global equity, active ...... $50 9 Spider Mgmt. $3,147 Small-cap ...... $1,544 U.S. bond, active ...... $25,500 10 Grantham, Mayo v. Otterloo $3,082 $0 Global/foreign bond, active ...... $1,830 CORE 2013 2014 2015 2016 2017 2018 Large-cap ...... $393,059 Equity real estate, domestic ...... $3,552 Midcap ...... $8,148 Private equity, domestic ...... $1,723 Smidcap ...... $8,491 Mezzanine debt ...... $162 Small-cap ...... $10,351 REITs ...... $283 Managers of foundation assets Broad-market ...... $129,184 INTERNATIONAL STRATEGIES U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Low-volatility strategies ...... $55,200 Emerging markets debt ...... $72 REITs ...... $5,257 The largest managers (millions) Asset growth (billions) FIXED-INCOME STRATEGIES INTERNATIONAL STRATEGIES Core ...... $9,220 Rank Manager Assets $350 Emerging markets equity ...... $26,900 Core-plus ...... $5,599 Emerging markets equity mandates . . . . . $25,654 1 Vanguard Group $41,810 High-yield ...... $1,407 $300 Frontier markets equity ...... $1,246 Inf ation-protected securities ...... $288 2 State Street Global $30,057 Emerging markets debt ...... $2,208 CDOs ...... $36 $250 3 Parametric $10,854 Stable value ...... $18,593 FIXED-INCOME STRATEGIES Core ...... $115,118 Mortgages (whole loans) ...... $341 4 Northern Trust Asset Mgmt. $8,671 Core-plus ...... $16,089 $200 Bank loans ...... $2,290 5 Dimensional Fund Advisors $6,770 Unconstrained ...... $21,412 WORLDWIDE ASSETS UNDER MANAGEMENT $150 High-yield ...... $4,621 Mutual fund assets ...... $25,184 6 J.P. Morgan Asset Mgmt. $4,869 Inf ation-protected securities ...... $30,113 U.S. 1940 Investment Co. Act ...... $2,398 7 Marathon-London $4,826 $100 Stable value ...... $386 Proprietary stable value ...... $19,219 WORLDWIDE ASSETS UNDER MANAGEMENT 8 Renaissance Technologies $4,127 ESG investing ...... $303,917 $50 Hedge fund assets ...... $29,329 DEFINED CONTRIBUTION ASSETS 9 Legg Mason $4,100 U.S. institutional tax-exempt ...... $1,961 U.S. INSTITUTIONAL TAX-EXEMPT Hedge fund-of-fund assets ...... $22,388 10 Westwood Global $3,837 $0 Total ...... $23,292 2013 2014 2015 2016 2017 2018 U.S. institutional tax-exempt ...... $3,072 Pensions & Investments May 27, 2019 | 29

Mutual fund assets ...... $691,406 Global equity, active ...... $6,300 Managers of assets under ESG principles U.S. 1940 Investment Co. Act ...... $289,644 Global equity, passive ...... $2,700 Sponsored ETFs/ETNs ...... $1,731,425 U.S. bond, active ...... $30,900 Total worldwide assets as of Dec. 31. Investment outsourcing mandates ...... $80,402 U.S. bond, passive ...... $20,000 The largest managers (millions) Asset growth (billions) LDI strategies ...... $362,569 Global/foreign bond, active ...... $2,500 Internally mgd. U.S. inst’l tax-exempt . . . $77,990 Global/foreign bond, passive ...... $100 Rank Manager Assets $14,000 Proprietary stable value ...... $385 Cash ...... $17,700 1 Legal & General Investment $1,293,310 Factor-based strategies ...... $194,204 ACTIVE DOMESTIC EQUITY STRATEGIES $12,000 ESG investing ...... $473,556 GROWTH 2 AXA Investment $788,773 OVERLAY STRATEGIES Large-cap ...... $1,300 3 J.P. Morgan Asset Mgmt. $667,000 $10,000 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Smidcap ...... $210 4 $643,664 Total ...... $4,871 Small-cap ...... $220 Aberdeen Standard $8,000 DEFINED CONTRIBUTION ASSETS VALUE 5 BlackRock $473,556 U.S. INSTITUTIONAL TAX-EXEMPT Large-cap ...... $1,140 $6,000 6 HSBC Global Asset $455,240 Total ...... $829,826 Midcap ...... $1,430 Internally managed ...... $829,826 Smidcap ...... $520 7 AllianceBernstein $397,523 $4,000 Number of employees...... 14,949 Small-cap ...... $920 8 Aviva Investors $387,829 Primary custodian: State Street CORE $2,000 Chief executive officer: Laurence D. Fink Large-cap ...... $620 9 Brookfield Asset Mgmt. $354,711 Chief investment officers: Rick Rieder, Smidcap ...... $320 10 Legg Mason $320,238 $0 Christopher Jones, Tim Webb, Ken Kroner Broad-market ...... $1,040 2016 2017 2018 U.S. client contacts: Edwin Conway, Anne Ackerley FIXED-INCOME STRATEGIES Core ...... $11,200 39 BNP Paribas Asset Core-plus ...... $2,600 Managers of ETFs/ETNs Management Inf ation-protected securities ...... $600 Total worldwide assets as of Dec. 31. 200 Park Ave., 11th Floor, New York, NY 10166; phone: 212- CDOs ...... $1,300 Stable value ...... $17,600 681-3000; fax: 212-681-3188; www.bnpparibas-am.com The largest managers (millions) Asset growth (billions) (millions) WORLDWIDE ASSETS UNDER MANAGEMENT Total assets managed worldwide ...... $442,246 Mutual fund assets ...... $327,000 Rank Manager Assets $5,000 Total worldwide institutional assets ...... $252,876 U.S. 1940 Investment Co. Act ...... $260,000 1 BlackRock $1,731,425 $4,500 Total U.S. client assets ...... $8,481 Sponsored ETFs/ETNs ...... $43,900 Total U.S. institutional client assets ...... $8,473 Investment outsourcing mandates ...... $17,269 2 Vanguard Group $808,654 $4,000 Total U.S. tax-exempt assets ...... $5,438 LDI strategies ...... $612,000 3 State Street Global $599,992 $3,500 Total U.S. institutional tax-exempt ...... $5,364 Internally mgd. U.S. inst’l tax-exempt . . . . . $8,470 $3,000 Internally managed ...... $5,364 Proprietary stable value ...... $18,854 4 Invesco $199,848 INTERNALLY MANAGED U.S. INSTITUTIONAL Factor-based strategies ...... $7,250 5 Nomura Asset Mgmt. $138,443 $2,500 TAX-EXEMPT ASSETS ESG investing ...... $115,600 ASSET MIX 6 Charles Schwab Investment $115,201 $2,000 Fixed income ...... 100% OVERLAY STRATEGIES U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) 7 DWS $89,498 $1,500 INVESTMENT STRATEGIES Total ...... $7,600 U.S. bond, active ...... $4,237 8 Lyxor Asset Mgmt. $71,900 $1,000 DEFINED CONTRIBUTION ASSETS Global/foreign bond, active ...... $1,127 U.S. INSTITUTIONAL TAX-EXEMPT 9 Nikko Asset Mgmt. $61,690 $500 FIXED-INCOME STRATEGIES Total ...... $67,400 10 Amundi $49,659 $0 Inf ation-protected securities ...... $1,883 Internally managed ...... $67,400 2013 2014 2015 2016 2017 2018 Mortgages (whole loans) ...... $693 Primary custodian: BNY Mellon WORLDWIDE ASSETS UNDER MANAGEMENT Parent company: Bank of New York Mellon Hedge fund assets ...... $1,313 Chief executive officer: Mitchell E. Harris Hedge fund-of-fund assets ...... $379 Managers of LDI strategies Mutual fund assets ...... $206,968 Total worldwide assets as of Dec. 31. Sponsored ETFs/ETNs ...... $8,369 48 Brookf eld Asset Investment outsourcing mandates ...... $36,917 Management The largest managers (millions) Asset growth (billions) LDI strategies ...... $24,316 250 Vesey St., 15th Floor, New York, NY 10281-1023; phone: Rank Manager Assets $4,000 ESG investing ...... $218,941 212-417-7000; fax: 212-417-7196; www.brookfield.com (millions) DEFINED CONTRIBUTION ASSETS 1 $612,000 Total assets managed worldwide ...... $354,711 $3,500 U.S. INSTITUTIONAL TAX-EXEMPT Total worldwide institutional assets ...... $198,198 2 Legal & General Investment $592,637 Total ...... $642 $3,000 Total U.S. client assets ...... $49,841 Internally managed ...... $642 3 BlackRock $362,569 Total U.S. institutional client assets ...... $49,841 Number of employees...... 2,652 $2,500 Total U.S. tax-exempt assets ...... $40,679 4 PIMCO $164,584 Primary custodian: BNP Paribas Total U.S. institutional tax-exempt ...... $40,485 $2,000 Parent company: BNP Paribas 5 Allianz Global Investors $149,700 Internally managed ...... $40,485 Chief executive officer: Frederic Janbon 6 NISA Investment $143,072 INTERNALLY MANAGED U.S. INSTITUTIONAL $1,500 Chief investment officers: Dominick DeAlto, Guy TAX-EXEMPT ASSETS 7 Mercer $136,191 Davies ASSET MIX $1,000 U.S. client contacts: Kenneth Corwin, Johanna Equity ...... 14% 8 Goldman Sachs Group $82,111 Lasker Equity real estate ...... 49% $500 9 Aberdeen Standard $62,554 Private equity ...... 15% 10 Wellington Mgmt. $61,049 $0 4 BNY Mellon Investment Infrastructure ...... 22% 2013 2014 2015 2016 2017 2018 Management INVESTMENT STRATEGIES 240 Greenwich St., New York, NY 10286; phone: 212-495- U.S. equity, active ...... $1,186 1784; www.bnymellon.com Global equity, active ...... $4,423 (millions) U.S. bond, active ...... $19 Managers of 529 plan assets Total assets managed worldwide ...... $1,722,000 Global/foreign bond, active ...... $91 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Total worldwide institutional assets ....$1,514,000 Equity real estate, domestic ...... $4,144 Total U.S. client assets ...... $787,000 Equity real estate, foreign ...... $14,916 The largest managers (millions) Total U.S. institutional client assets ...... $609,000 Timber ...... $331 Total U.S. tax-exempt assets ...... $226,000 Hedge funds ...... $41 Rank Manager Assets Total U.S. institutional tax-exempt ...... $226,000 Buyout funds ...... $6,050 1 Invesco $6,796 Internally managed ...... $226,000 Infrastructure ...... $8,852 2 Legg Mason $3,829 INTERNALLY MANAGED U.S. INSTITUTIONAL Mezzanine debt ...... $432 TAX-EXEMPT ASSETS No historical ACTIVE DOMESTIC EQUITY STRATEGIESVALUE 3 Dimensional Fund Advisors $3,467 ASSET MIX data Broad-market ...... $1,186 Equity ...... 57% 4 Fidelity Investments $3,340 REITs ...... $4,635 Fixed income ...... 24% 5 State Street Global $2,742 Cash ...... 8% FIXED-INCOME STRATEGIES Other ...... 11% Unconstrained ...... $19 6 Voya Investment Mgmt. $2,510 Other type: LDI, multiasset, alternatives High-yield ...... $19 7 OFI Global Asset Mgmt. $1,925 INVESTMENT STRATEGIES WORLDWIDE ASSETS UNDER MANAGEMENT U.S. equity, active ...... $7,900 Hedge fund assets ...... $103 8 Allianz Global Investors $886 U.S. institutional tax-exempt ...... $41 U.S. equity, passive ...... $83,900 9 Income Research & Mgmt. $106 Foreign equity, active ...... $11,600 10 Eaton Vance Mgmt. $83 Foreign equity, passive ...... $19,200 Continued on Page 30 30 | May 27, 2019 Pensions & Investments

Managers assigning assets to others Continued from Page 29 Fixed income ...... 18% INVESTMENT STRATEGIES Total worldwide assets as of Dec. 31. Mutual fund assets ...... $3,976 U.S. equity, active ...... $158,568 U.S. 1940 Investment Co. Act ...... $3,976 U.S. equity, passive ...... $7,808 The largest managers (millions) Asset growth (billions) ESG investing ...... $354,711 U.S. equity, enhanced index ...... $266 Rank Manager Assets $6,000 DEFINED CONTRIBUTION ASSETS Foreign equity, active ...... $131,608 U.S. INSTITUTIONAL TAX-EXEMPT 1 Vanguard Group $556,651 $5,500 Global equity, active ...... $28,060 Total ...... $259 $5,000 U.S. bond, active ...... $45,615 $412,828 2 Fidelity Investments Internally managed ...... $259 Global/foreign bond, active ...... $24,424 $4,500 Number of employees...... 100,000 3 Mercer $241,443 Commodities ...... $1,689 $4,000 ACTIVE DOMESTIC EQUITY STRATEGIES 4 Goldman Sachs Group $218,130 $3,500 19 Capital Group GROWTH 5 Prudential Financial $215,860 $3,000 333 S. Hope St., Los Angeles, CA 90071; phone: 213-486- Large-cap ...... $1,806 $2,500 9200; www.thecapitalgroup.com Small-cap ...... $515 6 SEI Investments $211,193 (millions) $2,000 VALUE Total assets managed worldwide ...... $1,677,381 7 Manulife/John Hancock $208,461 Large-cap ...... $26,073 $1,500 Total worldwide institutional assets ...... $540,781 $200,491 Smidcap ...... $14,539 8 MassMutual $1,000 Total U.S. client assets ...... $1,632,824 Small-cap ...... $15,061 Total U.S. institutional client assets ...... $540,781 9 Willis Towers Watson Invest. $122,000 $500 Broad-market ...... $5,986 Total U.S. tax-exempt assets ...... $1,135,433 10 Russell Investments $110,642 $0 CORE 2013 2014 2015 2016 2017 2018 Total U.S. institutional tax-exempt ...... $532,431 Internally managed ...... $532,431 Large-cap ...... $5,752 Small-cap ...... $26,409 INTERNALLY MANAGED U.S. INSTITUTIONAL TAX-EXEMPT ASSETS Broad-market ...... $62,425 Managers of subadvised assets ASSET MIX PASSIVE DOMESTIC EQUITY STRATEGIES Equity ...... 79% CORE Total worldwide assets as of Dec. 31. Fixed income ...... 14% Large-cap ...... $7,808 The largest managers (millions) Asset growth (billions) Cash ...... 7% REITs ...... $17,042 INVESTMENT STRATEGIES INTERNATIONAL STRATEGIES $6,000 Rank Manager Assets U.S. equity, active ...... $240,712 Emerging markets equity ...... $58,578 1 Wellington Mgmt. $557,519 $5,500 Foreign equity, active ...... $113,157 Emerging markets equity mandates . . . . . $58,578 $5,000 Global equity, active ...... $65,212 FIXED-INCOME STRATEGIES 2 BlackRock $286,419 $4,500 U.S. bond, active ...... $48,155 Core ...... $8,585 3 Principal Global Investors $230,087 Global/foreign bond, active ...... $27,864 $4,000 Inf ation-protected securities ...... $7,010 Cash ...... $37,331 4 PIMCO $211,218 $3,500 WORLDWIDE ASSETS UNDER MANAGEMENT WORLDWIDE ASSETS UNDER MANAGEMENT Mutual fund assets ...... $444,693 $3,000 5 T. Rowe Price $145,658 Mutual fund assets ...... $1,604,897 U.S. 1940 Investment Co. Act ...... $397,433 $2,500 U.S. 1940 Investment Co. Act ..... $1,586,781 6 BNY Mellon $145,000 Sponsored ETFs/ETNs ...... $2,986 $2,000 LDI strategies ...... $8,014 LDI strategies ...... $268 7 Prudential Financial $140,857 Internally mgd. U.S. inst’l tax-exempt . . . . . $8,014 $1,500 Internally managed U.S. inst’l tax-exempt . . $186 DEFINED CONTRIBUTION ASSETS Factor-based strategies ...... $506,108 8 Legal & General Investment $119,383 $1,000 U.S. INSTITUTIONAL TAX-EXEMPT ESG investing ...... $57,045 9 State Street Global $110,346 $500 Total ...... $366,471 Mandates ...... $7,357 10 Loomis, Sayles $108,150 $0 Internally managed ...... $366,471 2013 2014 2015 2016 2017 2018 DEFINED CONTRIBUTION ASSETS U.S. client contact: Walt Best U.S. INSTITUTIONAL TAX-EXEMPT Total ...... $52,667 Investors Internally managed ...... $52,667 Number of employees...... 1,382 Managers of outsourcing/f duciary mgmt. mandates 1 Station Place, Metro Center, 8th Floor S., Stamford, CT 06902; phone: 203-353-6000; www.columbuscircle.com Chief executive officers: David Butler, Gerard Total worldwide assets as of Dec. 31. PLEASE SEE ENTRY FOR: Principal Global Investors O’Reilly Chief investment officer: Gerard O’Reilly The largest managers (millions) Asset growth (billions) U.S. client contacts: Kevin Hight, Tim Kohn Rank Manager Assets $2,000 35 Credit Suisse Asset Management LLC 1 Mercer $241,443 $1,800 42 1 Madison Ave., New York, NY 10010; phone: 212-325-2300; Dodge & Cox 2 Russell Investments $149,486 $1,600 fax: 212-325-6665; www.credit-suisse.com/us 555 California St., 40th Floor, San Francisco, CA 94104; (millions) phone: 415-981-1710; www.dodgeandcox.com 3 Goldman Sachs Group $135,800 $1,400 Total assets managed worldwide ...... $394,055 (millions) Total worldwide institutional assets ...... $303,895 Total assets managed worldwide ...... $285,931 4 Willis Towers Watson Invest. $122,000 $1,200 Total U.S. client assets ...... $48,326 Total worldwide institutional assets ...... $223,316 5 State Street Global $114,636 $1000 Total U.S. institutional client assets ...... $30,184 Total U.S. client assets ...... $280,056 Total U.S. tax-exempt assets ...... $31,323 Total U.S. institutional client assets ...... $219,183 6 SEI Investments $84,437 $800 Total U.S. institutional tax-exempt ...... $24,160 Total U.S. tax-exempt assets ...... $215,636 7 BlackRock $80,402 $600 Internally managed ...... $24,160 Total U.S. institutional tax-exempt ...... $215,547 Internally managed ...... $215,547 8 Northern Trust Asset Mgmt. $70,891 $400 INTERNALLY MANAGED U.S. INSTITUTIONAL TAX-EXEMPT ASSETS INTERNALLY MANAGED U.S. INSTITUTIONAL 9 StepStone Group $51,009 $200 ASSET MIX TAX-EXEMPT ASSETS Fixed income ...... 92% ASSET MIX 10 Alan Biller $39,284 $0 2013 2014 2015 2016 2017 2018 Commodities ...... 8% Equity ...... 51% Fixed income ...... 49% WORLDWIDE ASSETS UNDER MANAGEMENT Hedge fund assets ...... $17,344 INVESTMENT STRATEGIES Hedge fund-of-fund assets ...... $1,161 U.S. equity, active ...... $70,528 Managers of overlay assets Mutual fund assets ...... $6,678 Foreign equity, active ...... $33,676 U.S. institutional, tax-exempt assets covered as of Dec. 31. U.S. 1940 Investment Co. Act ...... $6,678 Global equity, active ...... $6,030 U.S. bond, active ...... $105,155 Parent company: Credit Suisse Group AG The largest managers (millions) Asset growth (billions) Global/foreign bond, active ...... $158 ACTIVE DOMESTIC EQUITY STRATEGIESVALUE Rank Manager Assets $800 21 Dimensional Fund Large-cap ...... $70,528 1 NISA Investment $131,158 $700 Advisors LP INTERNATIONAL STRATEGIES 2 Parametric $77,350 6300 Bee Cave Road, Building One, Austin, TX 78746; phone: Emerging markets equity ...... $9,414 512-306-7400; fax: 512-306-7404; www.dfafunds.com $600 Emerging markets debt ...... $48 3 Voya Investment Mgmt. $64,399 (millions) FIXED-INCOME STRATEGIES $500 Total assets managed worldwide ...... $517,316 4 J.P. Morgan Asset Mgmt. $50,172 Total worldwide institutional assets ...... $517,316 Core ...... $67,365 Stable value ...... $10,859 5 Russell Investments $36,471 $400 Total U.S. client assets ...... $439,872 Total U.S. institutional client assets ...... $439,872 WORLDWIDE ASSETS UNDER MANAGEMENT 6 Legal & General Investment $18,140 $300 Total U.S. tax-exempt assets ...... $398,038 Mutual fund assets ...... $194,323 7 AllianceBernstein $17,860 Total U.S. institutional tax-exempt ...... $398,038 U.S. 1940 Investment Co. Act ...... $188,447 $200 Internally managed ...... $398,038 LDI strategies ...... $24,852 8 State Street Global $14,049 INTERNALLY MANAGED U.S. INSTITUTIONAL Internally mgd. U.S. inst’l tax-exempt . . . $24,405 $100 9 Payden & Rygel $11,419 TAX-EXEMPT ASSETS Proprietary stable value ...... $10,859 ASSET MIX ESG investing ...... $285,931 10 Nuveen $9,310 $0 2013 2014 2015 2016 2017 2018 Equity ...... 82% Pensions & Investments May 27, 2019 | 31

DEFINED CONTRIBUTION ASSETS Cash ...... $61,972 U.S. INSTITUTIONAL TAX-EXEMPT Managers of active U.S. equity ACTIVE DOMESTIC EQUITY STRATEGIES U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Total ...... $87,971 GROWTH Internally managed ...... $87,971 Large-cap ...... $1,722 The largest managers (millions) Asset growth (billions) Number of employees...... 276 Midcap ...... $3,724 Percent employee owned ...... 100% Smidcap ...... $59 Rank Manager Assets $3,600 Primary custodian: State Street Small-cap ...... $1,162 1 T. Rowe Price $379,225 $3,300 Chief executive officer: Dana M. Emery VALUE $3,000 Chief investment officer: Charles F. Pohl 2 Fidelity Investments $284,225 Large-cap ...... $11,118 $2,700 U.S. client contacts: David J. Edwards, Steve T. Midcap ...... $40 3 Capital Group $240,712 Gorski $2,400 Small-cap ...... $319 4 Dimensional Fund Advisors $158,568 Broad-market ...... $43 $2,100 $1,800 24 DWS Group GmbH CORE 5 Nuveen $124,483 $1,500 & Co. KGaA Small-cap ...... $429 6 Dodge & Cox $70,528 345 Park Ave., 25th Floor, New York, NY 10154; phone: 212- Broad-market ...... $227 $1,200 454-6260; fax: 212-454-0228; www.dws.com 7 MFS Investment $54,173 PASSIVE DOMESTIC EQUITY STRATEGIES $900 (millions) CORE 8 Barrow, Hanley $45,894 Total assets managed worldwide ...... $757,920 $600 Large-cap ...... $159 Total worldwide institutional assets ...... $425,306 9 Prudential Financial $45,873 $300 Midcap ...... $298 Total U.S. client assets ...... $197,154 $0 INTERNATIONAL STRATEGIES 10 Legg Mason $44,936 Total U.S. institutional client assets ...... $147,501 2013 2014 2015 2016 2017 2018 Emerging markets equity ...... $320 Total U.S. tax-exempt assets ...... $12,298 Emerging markets equity mandates ...... $320 Total U.S. institutional tax-exempt ...... $12,298 Emerging markets debt ...... $22 Assigned to external managers ...... $8 Emerging markets debt mandates ...... $22 Internally managed ...... $12,290 Managers of indexed U.S. equity FIXED-INCOME STRATEGIES INTERNALLY MANAGED U.S. INSTITUTIONAL U.S. institutional, tax-exempt assets managed internally as of Dec. 31. TAX-EXEMPT ASSETS Core ...... $9,405 ASSET MIX Core-plus ...... $5,008 The largest managers (millions) Asset growth (billions) Equity ...... 7% Unconstrained ...... $322 $3,300 Fixed income ...... 6% High-yield ...... $5,426 Rank Manager Assets Equity real estate ...... 78% High-yield mandates ...... $5,426 1 Vanguard Group $839,321 $3,000 Private equity ...... 1% Inf ation-protected securities ...... $21 2 BlackRock $569,714 $2,700 Cash ...... 2% Stable value ...... $3,966 $2,400 Infrastructure ...... 6% Mortgages (whole loans) ...... $396 3 State Street Global $263,830 INVESTMENT STRATEGIES Bank loans ...... $12 $2,100 4 Northern Trust Asset Mgmt. $181,295 Global equity, active ...... $443 WORLDWIDE ASSETS UNDER MANAGEMENT $1,800 Global equity, passive ...... $384 Mutual fund assets ...... $300,839 5 BNY Mellon $83,900 $1,500 Global/foreign bond, passive ...... $771 U.S. 1940 Investment Co. Act ...... $285,622 6 RhumbLine Advisers $44,505 Equity real estate, domestic ...... $9,641 Investment outsourcing mandates ...... $20 $1,200 Infrastructure ...... $749 LDI strategies ...... $1,000 7 Principal Global Investors $42,336 $900 Private equity, foreign ...... $121 Internally mgd. U.S. inst’l tax-exempt . . . . . $1,000 8 Nuveen $38,963 $600 Cash ...... $181 Proprietary stable value ...... $3,966 9 AllianceBernstein $16,213 $300 INTERNATIONAL STRATEGIES ESG investing ...... $9 Mandates ...... $9 Emerging markets debt ...... $428 10 Voya Investment Mgmt. $13,359 $0 2013 2014 2015 2016 2017 2018 WORLDWIDE ASSETS UNDER MANAGEMENT DEFINED CONTRIBUTION ASSETS Mutual fund assets ...... $288,482 U.S. INSTITUTIONAL TAX-EXEMPT U.S. 1940 Investment Co. Act ...... $61,448 Total ...... $42,644 Sponsored ETFs/ETNs ...... $89,498 Internally managed ...... $42,644 Managers of enhanced indexed U.S. equity LDI strategies ...... $3,895 Number of employees...... 1,436 ESG investing ...... $41,063 Percent employee owned ...... 15% U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Primary custodian: State Street Mandates ...... $30,083 The largest managers (millions) Asset growth (billions) Number of employees...... 4,186 Chief executive officer: John B. Fisher Primary custodian: State Street Chief investment officers: Robert J. Ostrowski, Rank Manager Assets $120 Stephen F. Auth, Deborah A. Cunningham Parent company: AG $110 U.S. client contacts: Paul A. Uhlman, Steve 1 Nuveen $16,537 Chief executive officer: Asoka Woehrmann $100 Cronin 2 Parametric $13,140 Chief investment officer: Stefan Kreuzkamp $90 U.S. client contacts: Bob Kendall, J.J. Wilczewski, 3 T. Rowe Price $13,076 Laura Gaylord 6 Fidelity Investments $80 4 $6,445 245 Summer St., Boston, MA 02210; phone: 800-343-3548; Wells Fargo Asset Mgmt. $70 www.fidelity.com 5 PIMCO $6,064 $60 Edge Asset Management (millions) $50 601 Union St., Suite 2200, Seattle, WA 98101; phone: 206- Total assets managed worldwide ...... $2,424,697 6 J.P. Morgan Asset Mgmt. $4,280 913-5800; www.edgeassetmgt.com Total worldwide institutional assets ....$1,165,806 $40 PLEASE SEE ENTRY FOR: Principal Global Investors 7 Vanguard Group $2,495 Total U.S. client assets ...... $2,324,918 $30 Total U.S. institutional client assets ....$1,165,806 8 MFS Investment $1,950 $20 26 Total U.S. tax-exempt assets ...... $1,477,607 Federated Investors Inc. 9 Principal Global Investors $1,476 $10 1001 Liberty Ave., 23rd Floor, Pittsburgh, PA 15222- Total U.S. institutional tax-exempt ...... $722,307 3779; phone: 800-245-0242; fax: 412-288-1093; www. Assigned to external managers ...... $150,842 10 State Street Global $1,197 $0 federatedinvestors.com Internally managed ...... $571,465 2013 2014 2015 2016 2017 2018 (millions) INTERNALLY MANAGED U.S. INSTITUTIONAL Total assets managed worldwide ...... $459,860 TAX-EXEMPT ASSETS Total worldwide institutional assets ...... $413,874 ASSET MIX Total U.S. client assets ...... $400,508 Equity ...... 63% Managers of active international equity Total U.S. institutional client assets ...... $360,457 Fixed income ...... 26% U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Total U.S. tax-exempt assets ...... $106,839 Equity real estate ...... 1% Total U.S. institutional tax-exempt ...... $106,839 Cash ...... 10% The largest managers (millions) Asset growth (billions) Internally managed ...... $106,839 INVESTMENT STRATEGIES Rank Manager Assets $1,800 INTERNALLY MANAGED U.S. INSTITUTIONAL U.S. equity, active ...... $284,225 TAX-EXEMPT ASSETS 1 Dimensional Fund Advisors $131,608 U.S. equity, passive ...... $14 $1,600 ASSET MIX Foreign equity, active ...... $74,994 2 Capital Group $113,157 Equity ...... 16% $1,400 Global equity, active ...... $4,212 Fixed income ...... 20% 3 Fidelity Investments $74,994 U.S. bond, active ...... $107,123 $1,200 Cash ...... 58% U.S. bond, passive ...... $36,977 4 Baillie Gifford Overseas $43,204 Other ...... 6% $1,000 Global/foreign bond, active ...... $4,801 Other type: Stable value, balanced 5 MFS Investment $42,883 Equity real estate, domestic ...... $3,052 $800 INVESTMENT STRATEGIES Cash ...... $56,067 6 OFI Global Asset Mgmt. $40,116 U.S. equity, active ...... $17,226 $600 ACTIVE DOMESTIC EQUITY STRATEGIES U.S. equity, passive ...... $831 7 Lazard Asset Mgmt. $39,875 GROWTH Foreign equity, active ...... $1,242 $400 Large-cap ...... $173,628 8 Marathon-London $36,442 Global equity, active ...... $1 Midcap ...... $4,879 $200 U.S. bond, active ...... $25,519 9 Mondrian Investment $35,080 Global/foreign bond, active ...... $48 10 Dodge & Cox $33,676 $0 Continued on Page 32 2013 2014 2015 2016 2017 2018 32 | May 27, 2019 Pensions & Investments

Continued from Page 31 ACTIVE DOMESTIC EQUITY STRATEGIES Managers of passive international equity GROWTH U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Small-cap ...... $5,265 Large-cap ...... $798 Midcap ...... $1 The largest managers (millions) Asset growth (billions) VALUE Large-cap ...... $18,675 VALUE Rank Manager Assets $800 Midcap ...... $28,029 Midcap ...... $55 Small-cap ...... $1,068 1 BlackRock $203,110 Smidcap ...... $49 $700 INTERNATIONAL STRATEGIES Small-cap ...... $1,055 $95,755 2 State Street Global Emerging markets equity ...... $17,302 $600 CORE 3 Vanguard Group $54,634 Emerging markets equity mandates . . . . . $17,302 Large-cap ...... $41 $500 FIXED-INCOME STRATEGIES Smidcap ...... $79 4 Northern Trust Asset Mgmt. $53,512 High-yield ...... $18,034 Small-cap ...... $1 5 Nuveen $19,390 $400 Inf ation-protected securities ...... $6,346 Broad-market ...... $25 Stable value ...... $34,541 REITs ...... $212 6 BNY Mellon $19,200 $300 WORLDWIDE ASSETS UNDER MANAGEMENT INTERNATIONAL STRATEGIES 7 Parametric $10,072 Emerging markets equity ...... $625 $200 Mutual fund assets ...... $2,145,619 8 Voya Investment Mgmt. $3,297 U.S. 1940 Investment Co. Act ..... $2,101,190 Emerging markets equity mandates ...... $625 $100 Sponsored ETFs/ETNs ...... $10,768 Emerging markets debt ...... $1,374 9 Legal & General Investment $2,307 Actively managed ...... $681 Emerging markets debt mandates ...... $1,374 10 RhumbLine Advisers $1,753 $0 Investment outsourcing mandates ...... $8,716 FIXED-INCOME STRATEGIES 2013 2014 2015 2016 2017 2018 LDI strategies ...... $16,288 Core ...... $55,592 Internally mgd. U.S. inst’l tax-exempt . . . $16,288 Core-plus ...... $3,531 Proprietary stable value ...... $35,125 Unconstrained ...... $163 Managers of active global equity Factor-based strategies ...... $1,036 High-yield ...... $446 DEFINED CONTRIBUTION ASSETS High-yield mandates ...... $446 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. U.S. INSTITUTIONAL TAX-EXEMPT Inf ation-protected securities ...... $130 Total ...... $666,396 Stable value ...... $20,929 The largest managers (millions) Asset growth (billions) Internally managed ...... $520,105 Mortgages (whole loans) ...... $735 Rank Manager Assets $600 Number of employees...... 42,307 Bank loans ...... $10 Parent company: FMR LLC 1 Capital Group $65,212 $550 WORLDWIDE ASSETS UNDER MANAGEMENT $500 Chief executive officer: Steve Neff Hedge fund assets ...... $7,110 2 BlackRock $42,764 Chief investment officer: Jeff Mitchell U.S. institutional tax-exempt ...... $7,110 $450 3 AllianceBernstein $36,151 U.S. client contacts: Casey Condron, Stephen Hedge fund-of-fund assets ...... $31,353 $400 Patterson Mutual fund assets ...... $487,087 4 Arrowstreet Capital $29,676 $350 U.S. 1940 Investment Co. Act ...... $304,153 5 Dimensional Fund Advisors $28,060 $300 Finisterre Capital LLP Investment outsourcing mandates . . . . . $135,800 LDI strategies ...... $82,111 $250 6 Wellington Mgmt. $21,839 10 New Burlington St., London W1S 3BE England; phone: 44- 20-3206-6910; www.finisterrecapital.com Proprietary stable value ...... $31,133 $200 7 Morgan Stanley $19,314 PLEASE SEE ENTRY FOR: Principal Global Investors ESG investing ...... $84,900 $150 DEFINED CONTRIBUTION ASSETS 8 Grantham, Mayo v. Otterloo $18,606 $100 U.S. INSTITUTIONAL TAX-EXEMPT 30 9 State Street Global $14,430 $50 Geode Capital Total ...... $76,042 Management Internally managed ...... $38,350 10 American Century $13,338 $0 2013 2014 2015 2016 2017 2018 100 Summer St., 12th Floor, Boston, MA 02110; phone: 800- Number of employees...... 36,600 777-6757; fax: 617-476-6389; www.geodecapital.com Percent employee owned ...... 5% (millions) Primary custodian: State Street Total assets managed worldwide ...... $388,192 U.S. client contacts: Craig Russell, Suzanne van Total worldwide institutional assets ...... $388,192 Staveren Managers of passive global equity Total U.S. client assets ...... $378,905 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Total U.S. institutional client assets ...... $378,905 Total U.S. tax-exempt assets ...... $376,385 GoldPoint Partners LLC The largest managers (millions) Asset growth (billions) Total U.S. institutional tax-exempt ...... $376,385 51 Madison Ave., Suite 1600, New York, NY 10010; phone: Rank Manager Assets $600 Internally managed ...... $376,385 212-576-6500; www.goldpointpartners.com PLEASE SEE ENTRY FOR: New York Life Investments 1 State Street Global $166,553 $550 WORLDWIDE ASSETS UNDER MANAGEMENT $500 Hedge fund assets ...... $1,124 2 BlackRock $139,303 Number of employees...... 104 43 $450 HSBC Global Asset 3 Parametric $8,647 Percent employee owned ...... 14% Management $400 Parent company: Geode Capital Holdings LLC 8 Canada Square, London E14 5HQ England; phone: 4 Legal & General Investment $3,628 $350 Chief investment officer: Vincent Gubitosi 44-20-7991-8888; fax: 44-20-7991-4361; www.global. assetmanagement..com 5 BNY Mellon $2,700 $300 U.S. client contacts: Bill Miller, David Watts (millions) $250 6 Van Eck Associates $1,093 Total assets managed worldwide ...... $455,240 $200 14 The Goldman Sachs Total worldwide institutional assets ...... $223,290 7 RhumbLine Advisers $926 $150 Group Inc. Total U.S. client assets ...... $21,576 Total U.S. institutional client assets ...... $14,807 8 AllianceBernstein $845 $100 200 West St., New York, NY 10282; phone: 212-902-1000; fax: 212-902-9900; www.gs.com Total U.S. tax-exempt assets ...... $191 9 Principal Global Investors $535 $50 (millions) Total U.S. institutional tax-exempt ...... $191 10 DWS $384 $0 Total assets managed worldwide ...... $1,542,000 Internally managed ...... $191 2013 2014 2015 2016 2017 2018 Total worldwide institutional assets ...... $701,274 INTERNALLY MANAGED U.S. INSTITUTIONAL Total U.S. client assets ...... $1,151,723 TAX-EXEMPT ASSETS Total U.S. institutional client assets ...... $365,618 ASSET MIX Managers of emerging markets equity Total U.S. tax-exempt assets ...... $204,975 Equity ...... 100% Total U.S. institutional tax-exempt ...... $204,155 INVESTMENT STRATEGIES U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Assigned to external managers ...... $38,350 Foreign equity, active ...... $191 Internally managed ...... $165,805 The largest managers (millions) Asset growth (billions) INTERNATIONAL STRATEGIES INTERNALLY MANAGED U.S. INSTITUTIONAL Emerging markets equity ...... $191 TAX-EXEMPT ASSETS Rank Manager Assets $600 Emerging markets equity mandates ...... $70 ASSET MIX $550 Frontier markets equity ...... $121 1 Dimensional Fund Advisors $58,578 Equity ...... 20% $500 WORLDWIDE ASSETS UNDER MANAGEMENT 2 BlackRock $26,900 Fixed income ...... 57% $450 Cash ...... 1% Hedge fund-of-fund assets ...... $2,204 3 Fidelity Investments $17,302 Mutual fund assets ...... $204,332 $400 Alternatives ...... 22% U.S. 1940 Investment Co. Act ...... $14,431 4 OFI Global Asset Mgmt. $15,297 INVESTMENT STRATEGIES $350 Sponsored ETFs/ETNs ...... $5,887 U.S. equity, active ...... $14,188 5 Lazard Asset Mgmt. $14,414 $300 Factor-based strategies ...... $10,102 U.S. equity, enhanced index ...... $400 $250 ESG investing ...... $455,240 6 State Street Global $13,012 Foreign equity, active ...... $2,014 Mandates ...... $3,103 $200 Global equity, active ...... $1,698 7 Nuveen $12,038 Number of employees...... 2,348 $150 U.S. bond, active ...... $69,688 Parent company: HSBC Holdings PLC 8 Northern Trust Asset Mgmt. $10,123 $100 Global/foreign bond, active ...... $4,008 Hedge funds ...... $7,110 Chief executive officer: Sridhar Chandrasekharan 9 Dodge & Cox $9,414 $50 Commodities ...... $810 Chief investment officer: Chris S. Cheetham 10 Baillie Gifford Overseas $8,348 $0 Cash ...... $2,456 2013 2014 2015 2016 2017 2018 Pensions & Investments May 27, 2019 | 33

U.S. client contacts: Deborah A. Hazell, 36 Janus Henderson Christopher Wilson Managers of active U.S. bonds Investors U.S. institutional, tax-exempt assets managed internally, as of Dec. 31. 201 Bishopsgate, London EC2M 3AE England; phone: 44-20- 33 Invesco 7818-1818; fax: 44-20-7818-1819; www.janushenderson.com The largest managers (millions) Asset growth (billions) (millions) 1555 Peachtree St. N.E., Suite 1800, Atlanta, GA 30309; $5,000 phone: 404-479-1095; www.invesco.com Total assets managed worldwide ...... $328,452 Rank Manager Assets (millions) Total worldwide institutional assets ...... $290,062 1 PIMCO $255,176 $4,500 Total assets managed worldwide ...... $888,204 Total U.S. client assets ...... $170,084 Total worldwide institutional assets ...... $347,589 Total U.S. institutional client assets ...... $134,195 2 Prudential Financial $214,111 $4,000 Total U.S. client assets ...... $545,126 Total U.S. tax-exempt assets ...... $58,293 3 NISA Investment $169,910 $3,500 Total U.S. institutional client assets ...... $285,616 Total U.S. institutional tax-exempt ...... $58,293 Total U.S. tax-exempt assets ...... $214,681 Internally managed ...... $58,293 4 BlackRock $156,224 $3,000 Total U.S. institutional tax-exempt ...... $143,988 INTERNALLY MANAGED U.S. INSTITUTIONAL 5 Nuveen $142,171 $2,500 Assigned to external managers ...... $31,351 TAX-EXEMPT ASSETS Internally managed ...... $112,637 ASSET MIX 6 Legg Mason $131,708 $2,000 Equity ...... 75% INTERNALLY MANAGED U.S. INSTITUTIONAL 7 Wells Fargo Asset Mgmt. $114,190 $1,500 TAX-EXEMPT ASSETS Fixed income ...... 6% ASSET MIX Other ...... 19% 8 TCW Group $112,336 $1,000 Equity ...... 34% Other type: Multiasset, commodities, 9 Fidelity Investments $107,123 $500 Fixed income ...... 32% alternatives Equity real estate ...... 24% 10 Dodge & Cox $105,155 $0 INVESTMENT STRATEGIES 2013 2014 2015 2016 2017 2018 Private equity ...... 5% U.S. equity, active ...... $38,997 Cash ...... 3% Foreign equity, active ...... $10 Commodities ...... 2% Global equity, active ...... $4,490 INVESTMENT STRATEGIES U.S. bond, active ...... $3,574 Managers of indexed U.S. bonds U.S. equity, active ...... $28,162 Global/foreign bond, active ...... $92 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. U.S. equity, enhanced index ...... $240 Commodities ...... $54 Foreign equity, active ...... $6,350 Cash ...... $3 The largest managers (millions) Asset growth (billions) Global equity, active ...... $3,378 ACTIVE DOMESTIC EQUITY STRATEGIES Rank Manager Assets $1,000 U.S. bond, active ...... $34,586 GROWTH Global/foreign bond, active ...... $1,927 Large-cap ...... $5,937 1 Vanguard Group $223,533 $900 Equity real estate, domestic ...... $24,214 Smidcap ...... $17,851 2 BlackRock $184,316 $800 Equity real estate, foreign ...... $2,406 VALUE Venture capital ...... $25 Large-cap ...... $67 3 State Street Global $142,531 $700 Infrastructure ...... $2 Midcap ...... $565 4 Northern Trust Asset Mgmt. $67,918 $600 Private equity, domestic ...... $6,010 Small-cap ...... $922 Distressed debt ...... $6 Broad-market ...... $7 5 Parametric $43,745 $500 Mezzanine debt ...... $259 CORE 6 Fidelity Investments $36,977 $400 Energy ...... $97 Large-cap ...... $238 MLPs ...... $2 7 BNY Mellon $20,000 $300 Commodities ...... $2,074 INTERNATIONAL STRATEGIES 8 Prudential Financial $15,978 $200 Convertible securities ...... $119 Emerging markets equity ...... $30 Cash ...... $2,780 FIXED-INCOME STRATEGIES 9 Nuveen $12,434 $100 ACTIVE DOMESTIC EQUITY STRATEGIES Core ...... $57 10 Payden & Rygel $6,603 $0 GROWTH Core-plus ...... $2,963 2013 2014 2015 2016 2017 2018 Large-cap ...... $1,422 High-yield ...... $115 Midcap ...... $819 WORLDWIDE ASSETS UNDER MANAGEMENT Small-cap ...... $2,435 Hedge fund assets ...... $1,570 Broad-market ...... $798 Hedge fund-of-fund assets ...... $71 Managers of enhanced indexed U.S. bonds VALUE Mutual fund assets ...... $205,386 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Large-cap ...... $14,000 U.S. 1940 Investment Co. Act ...... $124,419 Midcap ...... $180 Sponsored ETFs/ETNs ...... $1,258 The largest managers (millions) Asset growth (billions) Actively managed ...... $1,258 Small-cap ...... $924 Rank Manager Assets $100 Broad-market ...... $798 Factor-based strategies ...... $8,785 ESG investing ...... $2,940 1 Baird Advisors $42,344 $90 CORE Large-cap ...... $3,592 DEFINED CONTRIBUTION ASSETS 2 Prudential Financial $21,449 $80 Midcap ...... $288 U.S. INSTITUTIONAL TAX-EXEMPT 3 BlackRock $8,816 $70 Small-cap ...... $520 Total ...... $40,128 Broad-market ...... $2,386 Internally managed ...... $40,128 4 Camden Asset Mgmt. $4,249 $60 Low-volatility strategies ...... $247 Number of employees...... 2,301 5 Neuberger Berman $3,306 $50 REITs ...... $1,580 Percent employee owned ...... 6% Primary custodian: BNP Paribas 6 $996 $40 INTERNATIONAL STRATEGIES Legg Mason Parent company: Janus Henderson Group PLC Emerging markets equity ...... $17 7 Wells Fargo Asset Mgmt. $437 $30 Chief executive officer: Richard Weil Emerging markets equity mandates ...... $17 Chief investment officer: Enrique Chang 8 T. Rowe Price $175 $20 FIXED-INCOME STRATEGIES Core ...... $445 9 J.P. Morgan Asset Mgmt. $8 $10 Core-plus ...... $220 Jennison Associates LLC $0 High-yield ...... $278 466 Lexington Ave., New York, NY 10017; phone: 212-421- 2013 2014 2015 2016 2017 2018 High-yield mandates ...... $278 1000; fax: 212-682-2150; www.jennison.com Inf ation-protected securities ...... $11 PLEASE SEE ENTRY FOR: Prudential Financial Stable value ...... $28,248 Bank loans ...... $1,891 8 J.P. Morgan Asset Managers of active international bonds WORLDWIDE ASSETS UNDER MANAGEMENT Management U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Mutual fund assets ...... $389,703 270 Park Ave., New York, NY 10017; phone: 212-648-0523; (millions) (billions) U.S. 1940 Investment Co. Act ...... $236,629 fax: 917-464-9173; www.jpmorgan.com/institutional The largest managers Asset growth Sponsored ETFs/ETNs ...... $199,848 (millions) Rank Manager Assets $400 Actively managed ...... $10,760 Total assets managed worldwide ...... $1,659,338 1 Nuveen $47,228 Proprietary stable value ...... $58,184 Total worldwide institutional assets ....$1,030,806 $350 Factor-based strategies ...... $99,728 Total U.S. client assets ...... $1,063,384 2 BlackRock $34,816 ESG investing ...... $66,958 Total U.S. institutional client assets ...... $670,704 $300 $29,253 Mandates ...... $7,000 Total U.S. tax-exempt assets ...... $383,801 3 Legg Mason $250 DEFINED CONTRIBUTION ASSETS Total U.S. institutional tax-exempt ...... $378,035 4 Capital Group $27,864 U.S. INSTITUTIONAL TAX-EXEMPT Assigned to external managers ...... $3,198 5 Dimensional Fund Advisors $24,424 $200 Total ...... $91,302 Internally managed ...... $374,837 Internally managed ...... $61,366 INTERNALLY MANAGED U.S. INSTITUTIONAL 6 PIMCO $22,473 $150 Number of employees...... 7,290 TAX-EXEMPT ASSETS ASSET MIX 7 Wellington Mgmt. $16,636 Percent employee owned ...... 8% $100 Equity ...... 29% Parent company: Invesco Ltd. 8 Franklin Templeton $13,457 Fixed income ...... 38% Chief executive officer: Martin L. Flanagan $50 Equity real estate ...... 19% 9 AllianceBernstein $7,527 U.S. client contact: John Galateria 10 J.P. Morgan Asset Mgmt. $4,991 $0 Continued on Page 34 2013 2014 2015 2016 2017 2018 34 | May 27, 2019 Pensions & Investments

Managers of passive international bonds Continued from Page 33 5 Legal & General U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Private equity ...... 4% Investment Management Cash ...... 9% (Holdings) Ltd. The largest managers (millions) Asset growth (billions) Other ...... 1% 1 Coleman St., London EC2R 5AA England; phone: 312-585- 0300; fax: 312-229-6455; www.lgim.com Rank Manager Assets $36 Other type: Currency, private credit (millions) INVESTMENT STRATEGIES 1 State Street Global $8,673 $33 Total assets managed worldwide ...... $1,293,310 $30 U.S. equity, active ...... $40,399 Total worldwide institutional assets ....$1,252,504 2 BlackRock $7,428 U.S. equity, passive ...... $869 $27 Total U.S. client assets ...... $108,262 U.S. equity, enhanced index ...... $4,280 3 Vanguard Group $1,738 Total U.S. institutional client assets ...... $108,262 $24 Foreign equity, active ...... $29,286 Total U.S. tax-exempt assets ...... $103,817 4 Prudential Financial $1,674 $21 Foreign equity, enhanced index ...... $15 Total U.S. institutional tax-exempt ...... $103,817 Global equity, active ...... $1,801 5 Northern Trust Asset Mgmt. $972 $18 Internally managed ...... $103,817 U.S. bond, active ...... $95,284 $15 6 DWS $771 INTERNALLY MANAGED U.S. INSTITUTIONAL U.S. bond, enhanced index ...... $8 TAX-EXEMPT ASSETS $12 7 BNY Mellon $100 Global/foreign bond, active ...... $4,991 ASSET MIX $9 Equity real estate, domestic ...... $44,480 Equity ...... 20% 8 $61 Wells Fargo Asset Mgmt. $6 Equity real estate, foreign ...... $1,038 Fixed income ...... 79% Hedge funds ...... $31 9 Principal Global Investors $25 $3 Other ...... 1% Venture capital ...... $2,374 INVESTMENT STRATEGIES 10 AllianceBernstein $5 $0 2013 2014 2015 2016 2017 2018 Buyout funds ...... $5,973 U.S. equity, passive ...... $11,014 Infrastructure ...... $2,963 U.S. equity, enhanced index ...... $474 Private equity, domestic ...... $92 Foreign equity, passive ...... $2,307 Private equity, foreign ...... $38 Foreign equity, enhanced index ...... $2,614 Managers of emerging markets debt Cash ...... $23,162 Global equity, passive ...... $3,628 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. ACTIVE DOMESTIC EQUITY STRATEGIES U.S. bond, active ...... $77,675 GROWTH U.S. bond, passive ...... $5,313 The largest managers (millions) Asset growth (billions) Large-cap ...... $2,318 Global/foreign bond, active ...... $139 Midcap ...... $33 PASSIVE DOMESTIC EQUITY STRATEGIES Rank Manager Assets $120 Small-cap ...... $21 CORE $110 1 Nuveen $13,625 Broad-market ...... $416 Large-cap ...... $8,226 $100 VALUE 2 Wellington Mgmt. $11,587 Midcap ...... $1,203 $90 Large-cap ...... $2,213 Small-cap ...... $1,312 3 TCW Group $7,703 $80 Midcap ...... $761 Broad-market ...... $273 Small-cap ...... $262 4 Stone Harbor Investment $7,288 $70 INTERNATIONAL STRATEGIES Broad-market ...... $119 Emerging markets equity ...... $866 5 Payden & Rygel $6,281 $60 CORE Emerging markets equity mandates ...... $866 $50 6 Prudential Financial $5,981 Large-cap ...... $33,126 FIXED-INCOME STRATEGIES $40 Small-cap ...... $981 7 Legg Mason $5,853 Core ...... $77,675 $30 Broad-market ...... $149 High-yield ...... $139 8 Ashmore Group $5,800 $20 PASSIVE DOMESTIC EQUITY STRATEGIES WORLDWIDE ASSETS UNDER MANAGEMENT CORE 9 Grantham, Mayo v. Otterloo $2,670 $10 Mutual fund assets ...... $552,356 Large-cap ...... $869 U.S. 1940 Investment Co. Act ...... $40,198 10 PIMCO $2,565 $0 Low-volatility strategies ...... $5,149 2013 2014 2015 2016 2017 2018 Sponsored ETFs/ETNs ...... $2,930 REITs ...... $2,605 Investment outsourcing mandates ...... $477 INTERNATIONAL STRATEGIES LDI strategies ...... $592,637 Emerging markets equity ...... $7,534 Internally mgd. U.S. inst’l tax-exempt . . . $62,265 Managers of stable value Emerging markets equity mandates ...... $7,534 Factor-based strategies ...... $45,479 Emerging markets debt ...... $573 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. ESG investing ...... $1,293,310 Emerging markets debt mandates ...... $573 Mandates ...... $14,029 The largest managers (millions) Asset growth (billions) FIXED-INCOME STRATEGIES OVERLAY STRATEGIES Core ...... $93,414 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Rank Manager Assets $600 Core-plus ...... $6,037 Total ...... $18,140 1 $76,606 $550 Prudential Financial Unconstrained ...... $832 DEFINED CONTRIBUTION ASSETS $500 High-yield ...... $2,750 2 Wells Fargo Asset Mgmt. $64,398 U.S. INSTITUTIONAL TAX-EXEMPT $450 High-yield mandates ...... $2,750 Total ...... $3,655 3 Fidelity Investments $34,541 Inf ation-protected securities ...... $214 $400 Internally managed ...... $3,655 Stable value ...... $7,873 Number of employees...... 7,981 4 Invesco $28,248 $350 Mortgages (whole loans) ...... $1,782 Parent company: Legal & General Group 5 T. Rowe Price $23,408 $300 WORLDWIDE ASSETS UNDER MANAGEMENT Chief executive officer: Michelle Scrimgeour $250 6 PIMCO $21,242 Hedge fund assets ...... $4,036 Chief investment officer: Anton Eser $200 U.S. institutional tax-exempt ...... $31 U.S. client contact: Greg Fedorinchik 7 Goldman Sachs Group $20,929 $150 Hedge fund-of-fund assets ...... $11,468 U.S. institutional tax-exempt ...... $1,981 8 Vanguard Group $19,857 $100 Mutual fund assets ...... $928,127 16 Legg Mason Inc. 9 Barings $18,593 $50 U.S. 1940 Investment Co. Act ...... $566,489 100 International Drive, 11th Floor, Baltimore, MD 21202; phone: 410-539-0000; fax: 410-454-4923; www.leggmason. 10 BNY Mellon $17,600 $0 Sponsored ETFs/ETNs ...... $18,262 2013 2014 2015 2016 2017 2018 com Actively managed ...... $6,439 (millions) Investment outsourcing mandates ...... $34,345 Total assets managed worldwide ...... $727,213 LDI strategies ...... $23,344 Total worldwide institutional assets ...... $625,309 Internally mgd. U.S. inst’l tax-exempt . . . $19,203 Total U.S. client assets ...... $534,597 Managers of core bond strategies Proprietary stable value ...... $8,022 Total U.S. institutional client assets ...... $443,433 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Factor-based strategies ...... $6,471 Total U.S. tax-exempt assets ...... $274,914 ESG investing ...... $667,000 Total U.S. institutional tax-exempt ...... $253,943 The largest managers (millions) Asset growth (billions) Mandates ...... $500 Assigned to external managers ...... $8,980 Rank Manager Assets $1,800 OVERLAY STRATEGIES Internally managed ...... $244,964 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) INTERNALLY MANAGED U.S. INSTITUTIONAL 1 Vanguard Group $259,691 $1,600 Total ...... $50,172 TAX-EXEMPT ASSETS ASSET MIX 2 NISA Investment $169,910 $1,400 DEFINED CONTRIBUTION ASSETS U.S. INSTITUTIONAL TAX-EXEMPT Equity ...... 20% 3 State Street Global $130,832 $1,200 Total ...... $194,729 Fixed income ...... 66% 4 BlackRock $115,118 Internally managed ...... $192,486 Equity real estate ...... 12% $1,000 Number of employees...... 7,029 Cash ...... 1% 5 J.P. Morgan Asset Mgmt. $93,414 $800 Parent company: J.P. Morgan Chase & Co. Convertibles ...... 1% 6 Legal & General Investment $77,675 Chief executive officer: Christopher P. Willcox INVESTMENT STRATEGIES $600 U.S. equity, active ...... $44,936 7 Dodge & Cox $67,365 U.S. client contacts: George Gatch, James $400 Peagam, Christopher G. Daley U.S. equity, enhanced index ...... $27 8 Prudential Financial $63,768 Foreign equity, active ...... $2,523 $200 9 Goldman Sachs Group $55,592 Global equity, active ...... $1,237 U.S. bond, active ...... $131,708 10 Nuveen $29,795 $0 2013 2014 2015 2016 2017 2018 U.S. bond, enhanced index ...... $996 Pensions & Investments May 27, 2019 | 35

Global/foreign bond, active ...... $29,253 Total U.S. institutional tax-exempt ...... $22,512 Managers of core-plus bond strategies Equity real estate, domestic ...... $18,987 Assigned to external managers ...... $966 Equity real estate, foreign ...... $25 Internally managed ...... $21,546 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Hedge funds ...... $224 INTERNALLY MANAGED U.S. INSTITUTIONAL The largest managers (millions) Asset growth (billions) MLPs ...... $12 TAX-EXEMPT ASSETS Cash ...... $3,328 ASSET MIX Rank Manager Assets $600 Equity ...... 43% ACTIVE DOMESTIC EQUITY STRATEGIES 1 TCW Group $73,562 $550 Fixed income ...... 57% GROWTH $500 Large-cap ...... $10,349 INVESTMENT STRATEGIES 2 PIMCO $66,929 $450 Midcap ...... $33 U.S. equity, active ...... $7,446 3 Legg Mason $35,074 Small-cap ...... $2,499 Foreign equity, active ...... $1,695 $400 Broad-market ...... $6,494 Global equity, active ...... $144 4 Loomis, Sayles $24,193 $350 VALUE U.S. bond, active ...... $11,486 5 Prudential Financial $20,218 $300 Global/foreign bond, active ...... $775 Large-cap ...... $14,775 $250 6 Baird Advisors $19,532 ACTIVE DOMESTIC EQUITY STRATEGIES Midcap ...... $74 $200 Smidcap ...... $10 GROWTH 7 State Street Global $17,832 $150 Small-cap ...... $1,103 Midcap ...... $22 8 BlackRock $16,089 Broad-market ...... $61 VALUE $100 CORE Large-cap ...... $4,787 9 Principal Global Investors $11,296 $50 Midcap ...... $544 Large-cap ...... $5,000 10 New York Life Investments $8,600 $0 Midcap ...... $1,336 Smidcap ...... $26 2013 2014 2015 2016 2017 2018 Smidcap ...... $20 Small-cap ...... $164 Small-cap ...... $2,944 CORE Broad-market ...... $5 Large-cap ...... $626 Low-volatility strategies ...... $4,071 Small-cap ...... $770 Managers of high-yield securities INTERNATIONAL STRATEGIES REITs ...... $4 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Emerging markets equity ...... $977 INTERNATIONAL STRATEGIES The largest managers (millions) Asset growth (billions) Emerging markets equity mandates ...... $976 Emerging markets equity ...... $789 Emerging markets debt ...... $5,853 Emerging markets equity mandates ...... $789 Rank Manager Assets $240 Emerging markets debt mandates ...... $5,853 Emerging markets debt ...... $31 1 Nuveen $18,653 $220 FIXED-INCOME STRATEGIES Emerging markets debt mandates ...... $31 $200 2 Fidelity Investments $18,034 Core ...... $13,610 FIXED-INCOME STRATEGIES $180 Core-plus ...... $35,074 Core ...... $1,749 3 Loomis, Sayles $10,797 $160 Unconstrained ...... $15,486 Core-plus ...... $6,567 $9,990 High-yield ...... $4,689 High-yield ...... $183 4 Shenkman Group $140 High-yield mandates ...... $2,785 Bank loans ...... $111 5 New York Life Investments $9,206 $120 Inf ation-protected securities ...... $1,755 WORLDWIDE ASSETS UNDER MANAGEMENT $100 CDOs ...... $1,023 6 Principal Global Investors $7,515 Hedge fund assets ...... $1,590 $80 Stable value ...... $4,463 Mutual fund assets ...... $74,690 7 Oaktree Capital $6,571 $60 Mortgages (whole loans) ...... $2,544 U.S. 1940 Investment Co. Act ...... $49,403 8 Neuberger Berman $6,482 Bank loans ...... $1,023 Investment outsourcing mandates ...... $18,183 $40 WORLDWIDE ASSETS UNDER MANAGEMENT LDI strategies ...... $22,195 9 Prudential Financial $6,134 $20 Hedge fund assets ...... $322 Internally mgd. U.S. inst’l tax-exempt . . . . . $1,821 10 T. Rowe Price $5,680 $0 U.S. institutional tax-exempt ...... $224 Proprietary stable value ...... $21 2013 2014 2015 2016 2017 2018 Hedge fund-of-fund assets ...... $14,247 Factor-based strategies ...... $54 U.S. institutional tax-exempt ...... $8,980 ESG investing ...... $150,982 Mutual fund assets ...... $310,711 DEFINED CONTRIBUTION ASSETS U.S. 1940 Investment Co. Act ...... $228,516 U.S. INSTITUTIONAL TAX-EXEMPT Managers of convertible securities Sponsored ETFs/ETNs ...... $775 Total ...... $1,470 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Actively managed ...... $146 Internally managed ...... $1,470 LDI strategies ...... $38,749 Primary custodian: BNY Mellon The largest managers (millions) Asset growth (billions) Internally mgd. U.S. inst’l tax-exempt . . . $17,649 Parent company: Macquarie Bank Group Rank Manager Assets $18 Proprietary stable value ...... $7,571 Factor-based strategies ...... $5,190 1 Advent Capital $5,171 $16 ESG investing ...... $320,238 22 Manulife Financial 2 Oaktree Capital $1,531 Mandates ...... $6,318 200 Bloor St. E., NT-7, Toronto, ON M4W 1E5 Canada; phone: $14 416-926-3000; www.manulife.com 3 Allianz Global Investors $1,412 DEFINED CONTRIBUTION ASSETS (millions) $12 U.S. INSTITUTIONAL TAX-EXEMPT Total assets managed worldwide ...... $699,053 4 Victory Capital $1,122 $10 Total ...... $24,419 Total worldwide institutional assets ...... $508,912 Internally managed ...... $24,419 5 Palisade Capital $461 Total U.S. client assets ...... $344,079 $8 Number of employees...... 3,300 Total U.S. institutional client assets ...... $223,893 6 Zazove Associates $449 Chief executive officer: Joseph A. Sullivan Total U.S. tax-exempt assets ...... $108,429 $6 7 Income Research & Mgmt. $354 U.S. client contact: Terence A. Johnson Total U.S. institutional tax-exempt ...... $108,429 $4 The assets of the following subsidiaries or aff li- Assigned to external managers ...... $69,361 8 New York Life Investments $334 ates are included in the f gures above: $2 Internally managed ...... $39,068 9 $193 Brandywine Global GAMCO Investors INTERNALLY MANAGED U.S. INSTITUTIONAL Clarion Partners 10 Invesco $119 $0 TAX-EXEMPT ASSETS 2013 2014 2015 2016 2017 2018 ClearBridge Investments ASSET MIX EnTrustPermal Equity ...... 47% Martin Currie Fixed income ...... 34% QS Investors Equity real estate ...... 14% Managers of inflation-protected securities RARE Infrastructure Cash ...... 4% U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Royce & Associates Overlay ...... 1% Western Asset INVESTMENT STRATEGIES The largest managers (millions) Asset growth (billions) U.S. equity, active ...... $7,864 Rank Manager Assets $160 MacKay Shields LLC U.S. equity, passive ...... $4,594 Foreign equity, active ...... $3,731 1 $30,113 BlackRock $140 1345 Avenue of the Americas, New York, NY 10105; phone: Foreign equity, passive ...... $1,257 212-303-6360; fax: 212-754-9205; www.mackayshields.com Global equity, active ...... $943 2 State Street Global $25,576 PLEASE SEE ENTRY FOR: New York Life Investments $120 U.S. bond, active ...... $9,723 3 PIMCO $10,360 U.S. bond, passive ...... $257 $100 37 Macquarie Asset Global/foreign bond, active ...... $3,245 4 Nuveen $9,193 Management Equity real estate, domestic ...... $1,766 5 Vanguard Group $8,989 $80 50 Martin Place, 2000 Australia; phone: 61-2-8232- Timber ...... $3,681 3708; fax: 61-2-8232-4730; www.macquarie.com Infrastructure ...... $50 6 Northern Trust Asset Mgmt. $8,562 $60 (millions) Private equity, domestic ...... $191 7 Dimensional Fund Advisors $7,010 Total assets managed worldwide ...... $365,432 Cash ...... $1,767 $40 Total worldwide institutional assets ...... $279,575 8 Fidelity Investments $6,346 Total U.S. client assets ...... $151,572 $20 9 NISA Investment $5,599 Total U.S. institutional client assets ...... $89,837 Total U.S. tax-exempt assets ...... $33,651 10 Income Research & Mgmt. $1,924 $0 Continued on Page 36 2013 2014 2015 2016 2017 2018 36 | May 27, 2019 Pensions & Investments

Managers of mortgages (whole loans) Continued from Page 35 Parent company: Marsh & McLennan Cos. Inc. Chief executive officer: Christine Mahoney U.S. institutional, tax-exempt assets managed internally as of Dec. 31. ACTIVE DOMESTIC EQUITY STRATEGIES Client contact: Troy Saharic GROWTH The largest managers (millions) Asset growth (billions) Broad-market ...... $124 Rank Manager Assets $90 VALUE 23 Morgan Stanley Large-cap ...... $156 522 Fifth Ave. (Investment Management), New York, NY 1 Nuveen $32,184 $80 10036; phone: 212-761-4000; www.morganstanley.com/im CORE (millions) 2 Prudential Financial $17,091 $70 Large-cap ...... $5,706 Total assets managed worldwide ...... $915,681 3 Principal Global Investors $3,465 Midcap ...... $545 Total worldwide institutional assets ...... $489,281 $60 Small-cap ...... $424 Total U.S. client assets ...... $719,684 4 Union Labor Life $3,387 $50 PASSIVE DOMESTIC EQUITY STRATEGIES Total U.S. institutional client assets ...... $293,284 5 Legg Mason $2,544 CORE Total U.S. tax-exempt assets ...... $91,298 $40 Large-cap ...... $3,336 Total U.S. institutional tax-exempt ...... $91,298 6 Prima Capital Advisors $2,492 Midcap ...... $919 Assigned to external managers ...... $6,653 $30 7 J.P. Morgan Asset Mgmt. $1,782 Small-cap ...... $340 Internally managed ...... $84,645 $20 INTERNATIONAL STRATEGIES 8 Heitman $1,655 INTERNALLY MANAGED U.S. INSTITUTIONAL Emerging markets equity ...... $659 TAX-EXEMPT ASSETS $10 9 Neuberger Berman $1,453 Emerging markets equity mandates ...... $659 ASSET MIX Emerging markets debt ...... $942 Equity ...... 47% 10 Madison Realty $1,160 $0 2013 2014 2015 2016 2017 2018 Emerging markets debt mandates ...... $942 Fixed income ...... 16% Equity real estate ...... 23% FIXED-INCOME STRATEGIES Private equity ...... 5% Core ...... $2,184 Cash ...... 7% Core-plus ...... $6,478 Alternatives ...... 2% Managers of collateralized debt obligations Unconstrained ...... $1,921 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. High-yield ...... $397 INVESTMENT STRATEGIES High-yield mandates ...... $397 U.S. equity, active ...... $9,621 The largest managers (millions) Asset growth (billions) Mortgages (whole loans) ...... $517 Foreign equity, active ...... $10,663 Global equity, active ...... $19,314 Rank Manager Assets $11 WORLDWIDE ASSETS UNDER MANAGEMENT U.S. bond, active ...... $9,977 Hedge fund assets ...... $74 1 BNY Mellon $1,300 $10 Global/foreign bond, active ...... $3,379 Mutual fund assets ...... $273,684 $9 Equity real estate, domestic ...... $17,976 2 Legg Mason $1,023 U.S. 1940 Investment Co. Act ...... $194,974 Equity real estate, foreign ...... $1,035 $8 Sponsored ETFs/ETNs ...... $2,991 3 Ares Mgmt. $382 Infrastructure ...... $1,643 LDI strategies ...... $9,478 $7 Private equity, domestic ...... $71 4 Tortoise $354 Proprietary stable value ...... $2,366 $6 Private equity, foreign ...... $1,558 Factor-based strategies ...... $2,784 5 Carmel Partners $162 Privately placed debt ...... $3,048 $5 ESG investing ...... $1,423 6 Conning $117 Cash ...... $6,359 $4 Mandates ...... $181 ACTIVE DOMESTIC EQUITY STRATEGIES $107 DEFINED CONTRIBUTION ASSETS 7 Allianz Global Investors $3 GROWTH U.S. INSTITUTIONAL TAX-EXEMPT Large-cap ...... $5,873 8 Putnam Investments $90 $2 Total ...... $65,299 Midcap ...... $578 $1 Internally managed ...... $27,364 9 PineBridge Investments $45 Small-cap ...... $600 Number of employees...... 34,000 10 Barings $36 $0 VALUE 2013 2014 2015 2016 2017 2018 Primary custodian: State Street Parent company: Manulife Financial Corp. Broad-market ...... $1,030 Chief executive officer: Roy Gori CORE Chief investment officer: Scott Hartz Large-cap ...... $6 Managers of bank loans REITs ...... $4,930 INTERNATIONAL STRATEGIES U.S. institutional, tax-exempt assets managed internally as of Dec. 31. 44 MassMutual Emerging markets equity ...... $7,337 (millions) (billions) 1295 State St., Springfield, MA 01111; phone: 413-744- Emerging markets equity mandates ...... $6,949 The largest managers Asset growth 1000; fax: 413-744-6144; www.massmutual.com Frontier markets equity ...... $388 Rank Manager Assets $50 (millions) Total assets managed worldwide ...... $491,807 Emerging markets debt ...... $1,418 1 PineBridge Investments $6,423 $45 Total worldwide institutional assets ...... $222,052 Emerging markets debt mandates ...... $1,418 2 Eaton Vance Mgmt. $3,976 $40 Total U.S. client assets ...... $491,023 FIXED-INCOME STRATEGIES Total U.S. institutional client assets ...... $221,268 Core ...... $824 3 Voya Investment Mgmt. $3,250 $35 Total U.S. tax-exempt assets ...... $172,885 Core-plus ...... $620 4 Barings $2,290 $30 Total U.S. institutional tax-exempt ...... $151,084 Unconstrained ...... $405 Assigned to external managers ...... $151,084 High-yield ...... $146 5 T. Rowe Price $2,014 $25 WORLDWIDE ASSETS UNDER MANAGEMENT High-yield mandates ...... $146 6 Invesco $1,891 $20 Mutual fund assets ...... $49,184 Mortgages (whole loans) ...... $911 U.S. 1940 Investment Co. Act ...... $49,184 WORLDWIDE ASSETS UNDER MANAGEMENT 7 Pacific Asset Mgmt. $1,840 $15 Proprietary stable value ...... $36,422 Hedge fund-of-fund assets ...... $26,994 $10 8 Loomis, Sayles $1,432 DEFINED CONTRIBUTION ASSETS U.S. institutional tax-exempt ...... $6,653 U.S. INSTITUTIONAL TAX-EXEMPT Mutual fund assets ...... $292,640 9 Oaktree Capital $1,262 $5 Total ...... $151,084 U.S. 1940 Investment Co. Act ...... $152,806 10 Guggenheim Investments $1,142 $0 Investment outsourcing mandates ...... $34,454 2013 2014 2015 2016 2017 2018 Number of employees...... 7,500 Chief executive officer: Roger Crandall LDI strategies ...... $12 Internally managed U.S. inst’l tax-exempt . . . . $12 Factor-based strategies ...... $3,129 41 Mercer ESG investing ...... $82,623 Managers of factor-based strategies 1166 Avenue of the Americas, New York, NY 10036; phone: OVERLAY STRATEGIES Total worldwide assets as of Dec. 31. 212-345-7000; fax: 212-345-3235; www.mercer.com (millions) U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) The largest managers (millions) Asset growth (billions) Total assets managed worldwide ...... $241,443 Total ...... $12 Total worldwide institutional assets ...... $238,902 DEFINED CONTRIBUTION ASSETS Rank Manager Assets $2,400 Total U.S. client assets ...... $100,008 U.S. INSTITUTIONAL TAX-EXEMPT 1 Dimensional Fund Advisors $506,108 $2,200 Total U.S. institutional client assets ...... $99,701 Total ...... $6,377 $2,000 Total U.S. tax-exempt assets ...... $99,978 Internally managed ...... $6,377 2 BlackRock $194,204 $1,800 Total U.S. institutional tax-exempt ...... $99,672 Number of employees...... 60,348 3 AQR Capital Mgmt. $173,941 Assigned to external managers ...... $99,672 Primary custodian: State Street $1,600 WORLDWIDE ASSETS UNDER MANAGEMENT U.S. client contacts: Samantha Schoen, John 4 State Street Global $157,540 $1,400 Hedge fund-of-fund assets ...... $10,399 Cooper 5 Invesco $99,728 $1,200 U.S. institutional tax-exempt ...... $4,850 $1,000 6 Investec Asset Mgmt. $54,285 Investment outsourcing mandates . . . . . $241,443 46 Neuberger Berman $800 LDI strategies ...... $136,191 1290 Avenue of the Americas, New York, NY 10104; phone: 7 Legal & General Investment $45,479 212-476-9000; fax: 212-476-9090; www.nb.com $600 DEFINED CONTRIBUTION ASSETS U.S. INSTITUTIONAL TAX-EXEMPT (millions) 8 Allianz Global Investors $43,000 $400 Total ...... $54,574 Total assets managed worldwide ...... $304,113 $40,468 9 Northern Trust Asset Mgmt. $200 Number of employees...... 22,068 Total worldwide institutional assets ...... $210,184 Total U.S. client assets ...... $190,535 10 Prudential Financial $38,711 $0 Primary custodian: State Street 2016 2017 2018 Pensions & Investments May 27, 2019 | 37

Total U.S. institutional client assets ...... $113,396 Internally managed ...... $44,754 Managers of low-volatility equity strategies Total U.S. tax-exempt assets ...... $90,810 INTERNALLY MANAGED U.S. INSTITUTIONAL Total U.S. institutional tax-exempt ...... $78,396 TAX-EXEMPT ASSETS U.S. institutional, tax-exempt assets managed internally as of Dec. 31. ASSET MIX Assigned to external managers ...... $10,024 The largest managers (millions) Asset growth (billions) Internally managed ...... $68,372 Equity ...... 4% Fixed income ...... 75% $140 INTERNALLY MANAGED U.S. INSTITUTIONAL Rank Manager Assets TAX-EXEMPT ASSETS Equity real estate ...... 14% 1 BlackRock $55,200 ASSET MIX Private equity ...... 4% $120 Equity ...... 30% Hedge funds ...... 2% 2 MFG Asset Mgmt. $7,170 Fixed income ...... 54% Other ...... 1% 3 WEDGE Capital $6,126 $100 Private equity ...... 14% INVESTMENT STRATEGIES 4 $6,085 Hedge funds ...... 2% U.S. equity, active ...... $888 Martingale Asset Mgmt. $80 INVESTMENT STRATEGIES U.S. equity, passive ...... $340 5 Acadian Asset Mgmt. $6,020 U.S. equity, active ...... $15,463 Foreign equity, active ...... $592 $60 Foreign equity, active ...... $3,992 U.S. bond, active ...... $34,252 6 J.P. Morgan Asset Mgmt. $5,149

Global equity, active ...... $1,380 Equity real estate, domestic ...... $1,835 7 Legg Mason $4,071 $40 U.S. bond, active ...... $28,435 Equity real estate, foreign ...... $2,711 U.S. bond, passive ...... $3,224 Buyout funds ...... $1,328 8 Wells Fargo Asset Mgmt. $3,346 $20 U.S. bond, enhanced index ...... $3,306 Private equity, domestic ...... $384 9 AJO $2,253 Global/foreign bond, active ...... $1,707 Privately placed debt ...... $90 10 State Street Global $2,238 $0 Hedge funds ...... $146 Mezzanine debt ...... $78 2013 2014 2015 2016 2017 2018 Private equity, domestic ...... $9,219 Convertible securities ...... $334 Privately placed debt ...... $499 Cash ...... $3 ACTIVE DOMESTIC EQUITY STRATEGIES ACTIVE DOMESTIC EQUITY STRATEGIES GROWTH CORE Managers of hedge funds Large-cap ...... $275 Large-cap ...... $641 Ranked by total U.S. institutional, tax-exempt assets, reported on a net basis, as of Dec. 31. Midcap ...... $550 Midcap ...... $92 Small-cap ...... $7 Small-cap ...... $155 The largest managers (millions) Asset growth (billions) VALUE PASSIVE DOMESTIC EQUITY STRATEGIES Rank Manager Assets $240 Large-cap ...... $344 CORE $220 Midcap ...... $32 Large-cap ...... $340 1 UBS Asset Mgmt. $15,433 $200 Small-cap ...... $463 FIXED-INCOME STRATEGIES 2 Rock Creek Group $13,800 Broad-market ...... $86 Core ...... $4,416 $180 3 Renaissance Technologies $12,594 CORE Core-plus ...... $8,600 $160 Large-cap ...... $2,485 Unconstrained ...... $472 4 Lyxor Asset Mgmt. $12,150 $140 Small-cap ...... $5,878 High-yield ...... $9,206 5 Aberdeen Standard $10,774 $120 Broad-market ...... $4,157 Stable value ...... $2,850 $100 Low-volatility strategies ...... $2,157 Bank loans ...... $429 6 Legg Mason $9,204 REITs ...... $152 WORLDWIDE ASSETS UNDER MANAGEMENT $80 7 Aetos Alternatives $7,246 INTERNATIONAL STRATEGIES Hedge fund assets ...... $8,708 $60 Emerging markets equity ...... $1,700 Hedge fund-of-fund assets ...... $1,682 8 Goldman Sachs Group $7,110 $40 U.S. institutional tax-exempt ...... $898 Emerging markets equity mandates ...... $1,700 9 PIMCO $6,689 $20 Emerging markets debt ...... $686 Mutual fund assets ...... $140,140 U.S. 1940 Investment Co. Act ...... $70,909 10 Morgan Stanley $6,653 $0 Emerging markets debt mandates ...... $686 2013 2014 2015 2016 2017 2018 Sponsored ETFs/ETNs ...... $4,377 FIXED-INCOME STRATEGIES Core ...... $4,278 Actively managed ...... $375 Core-plus ...... $2,129 Investment outsourcing mandates ...... $716 Unconstrained ...... $4,431 LDI strategies ...... $22,468 Managers of internally managed hedge funds Proprietary stable value ...... $14,647 High-yield ...... $6,482 Ranked by total U.S. institutional, tax-exempt assets, reported on a net basis, as of Dec. 31. High-yield mandates ...... $6,482 Factor-based strategies ...... $8,803 Inf ation-protected securities ...... $922 ESG investing ...... $87,641 The largest managers (millions) Asset growth (billions) Stable value ...... $426 Mandates ...... $27,164 Rank Manager Assets $140 Mortgages (whole loans) ...... $1,453 DEFINED CONTRIBUTION ASSETS Bank loans ...... $880 U.S. INSTITUTIONAL TAX-EXEMPT 1 Renaissance Technologies $12,594 Total ...... $3,377 $120 WORLDWIDE ASSETS UNDER MANAGEMENT Internally managed ...... $3,377 2 Goldman Sachs Group $7,110 Hedge fund assets ...... $3,805 Number of employees...... 1,699 $100 U.S. institutional tax-exempt ...... $146 3 PIMCO $6,689 Parent company: New York Life Insurance Co. Hedge fund-of-fund assets ...... $5,119 4 King Street Capital $4,400 U.S. institutional tax-exempt ...... $683 Chief executive officer: Yie-Hsin Hung $80 Mutual fund assets ...... $60,932 The assets of the following subsidiaries or aff li- 5 Waterfall Asset Mgmt. $2,800 ates are included in the f gures above: $60 U.S. 1940 Investment Co. Act ...... $35,448 6 $2,534 GoldPoint Partners LLC manages $12.993 Grantham, Mayo v. Otterloo Investment outsourcing mandates ...... $1,156 billion in total assets and $370 million in U.S. 7 Wellington Mgmt. $2,531 $40 LDI strategies ...... $3,688 institutional tax-exempt assets. John Schumacher Internally mgd. U.S. inst’l tax-exempt . . . . . $3,436 is chief investment off cer; Scott Higbee is client 8 Gramercy $2,228 Proprietary stable value ...... $426 contact at 212-576-6500. $20 9 BlackRock $1,961 Factor-based strategies ...... $5,155 MacKay Shields LLC manages $107.467 billion ESG investing ...... $180,935 in total assets and $34.542 billion in U.S. 10 Prudential Financial $1,783 $0 2013 2014 2015 2016 2017 2018 DEFINED CONTRIBUTION ASSETS institutional tax-exempt assets. John Akkerman is U.S. INSTITUTIONAL TAX-EXEMPT client contact at 212-230-3805. Total ...... $14,412 Private Advisors LLC manages $4.998 billion Internally managed ...... $14,393 in total assets and $4.666 billion in U.S. institutional tax-exempt assets. Devan Marshall Number of employees...... 2,080 Managers of private equity* is client contact at 804-289-6000. Percent employee owned ...... 100% U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Chief executive officer: George Walker The largest managers (millions) Asset growth (billions) Chief investment officers: Joseph Amato, Brad 50 NISA Investment Tank, Anthony Tutrone, Erik Knutzen Advisors LLC Rank Manager Assets $60 U.S. client contacts: Matt Malloy, Lesley Nurse, 101 S. Hanley Road, Suite 1700, St. Louis, MO 63105; 1 Neuberger Berman $9,219 $55 Scott Kilgallen phone: 314-721-1900; fax: 314-721-3041; www.nisa.com $50 (millions) 2 Invesco $6,010 Total assets managed worldwide ...... $187,666 $45 27 New York Life 3 State Street Global $5,052 Total worldwide institutional assets ...... $187,666 $40 Investments Total U.S. client assets ...... $186,583 4 Oaktree Capital $4,687 $35 51 Madison Ave., New York, NY 10010; phone: 212-576- Total U.S. institutional client assets ...... $186,583 7000; www.nylim.com Total U.S. tax-exempt assets ...... $170,451 5 DuPont Capital $1,850 $30 (millions) Total U.S. institutional tax-exempt ...... $170,451 $25 Total assets managed worldwide ...... $545,379 6 Barings $1,723 Internally managed ...... $170,451 $20 Total worldwide institutional assets ...... $412,957 7 Morgan Stanley $1,629 Total U.S. client assets ...... $389,891 INTERNALLY MANAGED U.S. INSTITUTIONAL $15 TAX-EXEMPT ASSETS $1,242 Total U.S. institutional client assets ...... $304,274 8 Voya Investment Mgmt. $10 ASSET MIX Total U.S. tax-exempt assets ...... $47,980 Fixed income ...... 100% 9 Prudential Financial $1,050 $5 Total U.S. institutional tax-exempt ...... $45,696 10 Aberdeen Standard $980 $0 Assigned to external managers ...... $942 Continued on Page 38 2013 2014 2015 2016 2017 2018 *Excludes private equity assets broken out elsewhere. 38 | May 27, 2019 Pensions & Investments

Managers of privately placed debt Continued from Page 37 REITs ...... $1,356 INTERNATIONAL STRATEGIES U.S. institutional, tax-exempt assets managed internally as of Dec. 31. INVESTMENT STRATEGIES Emerging markets equity ...... $10,123 U.S. equity, passive ...... $362 Emerging markets equity mandates . . . . . $10,057 The largest managers (millions) Asset growth (billions) Foreign equity, passive ...... $101 Frontier markets equity ...... $66 Rank Manager Assets $100 Global equity, active ...... $78 U.S. bond, active ...... $169,910 FIXED-INCOME STRATEGIES 1 Nuveen $39,234 $90 Core ...... $2,602 PASSIVE DOMESTIC EQUITY STRATEGIES Core-plus ...... $102 2 Prudential Financial $24,240 $80 CORE Large-cap ...... $248 High-yield ...... $663 3 TCW Group $3,324 $70 Broad-market ...... $114 Inf ation-protected securities ...... $8,562 4 Morgan Stanley $3,048 $60 INTERNATIONAL STRATEGIES WORLDWIDE ASSETS UNDER MANAGEMENT Hedge fund-of-fund assets ...... $1,609 $50 Emerging markets equity ...... $71 5 Prima Capital Advisors $2,492 U.S. institutional tax-exempt ...... $653 FIXED-INCOME STRATEGIES $40 Mutual fund assets ...... $186,360 6 NXT Capital $1,331 Core ...... $169,910 U.S. 1940 Investment Co. Act ...... $162,014 $30 Inf ation-protected securities ...... $5,599 7 Madison Realty $1,160 Sponsored ETFs/ETNs ...... $14,652 Stable value ...... $1,532 8 PCCP $1,160 $20 Actively managed ...... $277 WORLDWIDE ASSETS UNDER MANAGEMENT Investment outsourcing mandates ...... $70,891 $10 9 Washington Capital $1,119 LDI strategies ...... $143,072 LDI strategies ...... $15,386 Internally mgd. U.S. inst’l tax-exempt . $141,989 10 Voya Investment Mgmt. $981 $0 Factor-based strategies ...... $40,468 2013 2014 2015 2016 2017 2018 Proprietary stable value ...... $1,532 ESG investing ...... $80,772 Factor-based strategies ...... $127 Mandates ...... $16,828 OVERLAY STRATEGIES OVERLAY STRATEGIES U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Managers of real estate equity Total ...... $131,158 Total ...... $2,414 U.S. institutional, tax-exempt assets managed internally, net of leverage, as of Dec. 31. DEFINED CONTRIBUTION ASSETS DEFINED CONTRIBUTION ASSETS U.S. INSTITUTIONAL TAX-EXEMPT The largest managers (millions) Asset growth (billions) U.S. INSTITUTIONAL TAX-EXEMPT Total ...... $1,894 Total ...... $166,334 Rank Manager Assets $600 Internally managed ...... $1,894 Internally managed ...... $166,334 Number of employees...... 270 1 Nuveen $63,446 $550 Number of employees...... 18,800 Percent employee owned ...... 100% $500 Percent employee owned ...... 4% 2 J.P. Morgan Asset Mgmt. $45,518 Parent company: NISA LLC Primary custodian: Northern Trust $450 Chief executive officer: Jess B. Yawitz 3 Invesco $26,620 Parent company: Northern Trust Co. $400 U.S. client contacts: Gregory J. Yess, Robert Chief executive officer: Shundrawn A. Thomas 4 UBS Asset Mgmt. $25,727 Krebs $350 Chief investment officer: Bob Browne 5 LaSalle Investment $19,640 $300 U.S. client contacts: John AbuNassar, Jason Tyler $250 15 6 Brookfield Asset Mgmt. $19,391 Northern Trust Asset $200 Management 11 7 $19,012 Nuveen Legg Mason 50 S. LaSalle St., Chicago, IL 60603; phone: 312-630-6000; $150 730 Third Ave., New York, NY 10017; phone: 800-842-2733; www.northerntrust.com/asset-management/united-states 8 Morgan Stanley $19,011 www.nuveen.com $100 (millions) (millions) 9 Principal Global Investors $16,791 $50 Total assets managed worldwide ...... $885,274 Total assets managed worldwide ...... $930,465 Total worldwide institutional assets ...... $687,123 10 Heitman $16,027 $0 Total worldwide institutional assets ...... $852,240 2013 2014 2015 2016 2017 2018 Total U.S. client assets ...... $737,740 Total U.S. client assets ...... $881,015 Total U.S. institutional client assets ...... $539,721 Total U.S. institutional client assets ...... $827,483 Total U.S. tax-exempt assets ...... $509,763 Total U.S. tax-exempt assets ...... $673,544 Total U.S. institutional tax-exempt ...... $474,617 Total U.S. institutional tax-exempt ...... $608,057 Managers of REITs Assigned to external managers ...... $36,460 Assigned to external managers ...... $32,547 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Internally managed ...... $438,157 Internally managed ...... $575,510 INTERNALLY MANAGED U.S. INSTITUTIONAL INTERNALLY MANAGED U.S. INSTITUTIONAL TAX-EXEMPT ASSETS The largest managers (millions) Asset growth (billions) TAX-EXEMPT ASSETS ASSET MIX ASSET MIX Rank Manager Assets $120 Equity ...... 57% Equity ...... 42% $110 1 Dimensional Fund Advisors $17,042 Fixed income ...... 19% Fixed income ...... 35% $100 Cash ...... 24% 2 Principal Global Investors $8,397 Equity real estate ...... 11% $90 INVESTMENT STRATEGIES Private equity ...... 8% 3 Vanguard Group $6,726 $80 U.S. equity, active ...... $2,475 Cash ...... 2% U.S. equity, passive ...... $181,295 Other ...... 2% 4 Nuveen $5,970 $70 Foreign equity, passive ...... $53,512 Other type: Alternatives, , 5 CenterSquare Investment $5,491 $60 U.S. bond, active ...... $8,272 balanced, quant $50 U.S. bond, passive ...... $67,918 6 BlackRock $5,257 INVESTMENT STRATEGIES $40 Global/foreign bond, passive ...... $972 U.S. equity, active ...... $124,483 7 Morgan Stanley $4,930 Cash ...... $98,226 $30 U.S. equity, passive ...... $38,963 ACTIVE DOMESTIC EQUITY STRATEGIES U.S. equity, enhanced index ...... $16,537 8 Brookfield Asset Mgmt. $4,635 $20 GROWTH Foreign equity, active ...... $28,521 9 State Street Global $4,547 $10 Large-cap ...... $95 Foreign equity, passive ...... $19,390 10 Cohen & Steers $3,567 $0 Broad-market ...... $207 Foreign equity, enhanced index ...... $8,738 2013 2014 2015 2016 2017 2018 VALUE U.S. bond, active ...... $142,171 Small-cap ...... $138 U.S. bond, passive ...... $12,434 Broad-market ...... $36 Global/foreign bond, active ...... $47,228 Equity real estate, domestic ...... $42,177 CORE Managers of infrastructure Equity real estate, foreign ...... $18,500 Large-cap ...... $1,091 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Timber ...... $2,769 Small-cap ...... $723 Hedge funds ...... $1,362 Broad-market ...... $184 The largest managers (millions) Asset growth (billions) Venture capital ...... $238 PASSIVE DOMESTIC EQUITY STRATEGIES Rank Manager Assets $40 Buyout funds ...... $4,303 GROWTH Infrastructure ...... $2,897 1 Brookfield Asset Mgmt. $8,852 Large-cap ...... $22,934 $35 Privately placed debt ...... $39,234 Small-cap ...... $6,760 2 IFM Investors $7,826 Distressed debt ...... $558 Broad-market ...... $89 $30 Mezzanine debt ...... $466 3 J.P. Morgan Asset Mgmt. $2,963 VALUE Energy ...... $1,232 $25 4 Nuveen $2,897 Large-cap ...... $18,814 Commodities ...... $6,733 Midcap ...... $164 Cash ...... $10,180 5 Starwood Capital $2,213 $20 Small-cap ...... $5,997 ACTIVE DOMESTIC EQUITY STRATEGIES Broad-market ...... $311 6 BlackRock $1,996 $15 GROWTH CORE Large-cap ...... $28,685 7 Morgan Stanley $1,643 $10 Large-cap ...... $107,366 Midcap ...... $4,958 8 Ullico Investment $928 Midcap ...... $4,242 Small-cap ...... $259 $5 Small-cap ...... $9,739 9 DWS $749 VALUE Broad-market ...... $4,879 Large-cap ...... $19,689 10 Cohen & Steers $646 $0 Low-volatility strategies ...... $133 2013 2014 2015 2016 2017 2018 Midcap ...... $9,649 Pensions & Investments May 27, 2019 | 39

Small-cap ...... $7,748 High-yield ...... $18,653 Chief executive officer: Vijay Advani INTERNALLY MANAGED U.S. INSTITUTIONAL TAX-EXEMPT ASSETS CORE High-yield mandates ...... $5,911 U.S. client contacts: Mary Ellen Higgins, Kathleen ASSET MIX Inf ation-protected securities ...... $9,193 Cardoza Large-cap ...... $45,714 Equity ...... 4% Stable value ...... $1,205 Midcap ...... $5 Fixed income ...... 80% Mortgages (whole loans) ...... $32,184 Small-cap ...... $6,884 Origin Asset Management Private equity ...... 1% Bank loans ...... $326 Broad-market ...... $891 LLP Hedge funds ...... 3% WORLDWIDE ASSETS UNDER MANAGEMENT PASSIVE DOMESTIC EQUITY STRATEGIES 1 Carey Lane, London EC2V 8AE England; phone: 44-20-7812- Cash ...... 5% Hedge fund assets ...... $1,362 GROWTH 8500; www.originam.com Other ...... 7% U.S. institutional tax-exempt ...... $1,362 Large-cap ...... $8,034 PLEASE SEE ENTRY FOR: Principal Global Investors Other type: Commodities, real estate, asset Midcap ...... $61 Mutual fund assets ...... $266,243 allocation, ARS U.S. 1940 Investment Co. Act ...... $266,243 VALUE INVESTMENT STRATEGIES Sponsored ETFs/ETNs ...... $530 12 Pacif c Investment Large-cap ...... $8,387 U.S. equity, active ...... $2,124 LDI strategies ...... $933 Midcap ...... $59 Management Co. LLC U.S. equity, enhanced index ...... $6,064 Internally managed U.S. inst’l tax-exempt . . $933 650 Newport Center Drive, Newport Beach, CA 92660; phone: Foreign equity, active ...... $1,146 CORE Proprietary stable value ...... $1,205 949-720-6000; fax: 949-720-6399; www..com Large-cap ...... $18,870 (millions) Foreign equity, enhanced index ...... $3,513 ESG investing ...... $20,360 Small-cap ...... $3,551 Total assets managed worldwide ...... $1,276,893 Global equity, active ...... $1,572 OVERLAY STRATEGIES Low-volatility strategies ...... $336 Total worldwide institutional assets ...... $814,940 U.S. bond, active ...... $255,176 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) REITs ...... $5,970 Total U.S. client assets ...... $795,050 Global/foreign bond, active ...... $22,473 Total ...... $9,310 Hedge funds ...... $6,689 INTERNATIONAL STRATEGIES Total U.S. institutional client assets ...... $475,969 DEFINED CONTRIBUTION ASSETS Commodities ...... $3,457 Emerging markets equity ...... $12,038 Total U.S. tax-exempt assets ...... $310,720 U.S. INSTITUTIONAL TAX-EXEMPT Emerging markets debt ...... $13,625 Total U.S. institutional tax-exempt ...... $302,214 ACTIVE DOMESTIC EQUITY STRATEGIESVALUE Total ...... $507,797 Frontier markets debt ...... $1,053 Internally managed ...... $302,214 Large-cap ...... $1,834 Internally managed ...... $475,250 Small-cap ...... $289 FIXED-INCOME STRATEGIES Number of employees...... 20,755 Low-volatility strategies ...... $6 Core ...... $29,795 Primary custodian: BNY Mellon Core-plus ...... $4,151 Parent company: TIAA-CREF Continued on Page 40

business in the Americas. He said sors LP saw the sharpest declines, respond to a request for comment tuations in the fourth quarter of the f rm allocates client money to a sliding 13.78%, 13.72% and 12.05%, on its asset decline. Dodge & Cox, 2018. Dimensional Fund Advisors, DC combination of active and passive respectively, to $65.3 billion, $87.98 which manages active strategies another active manager, also at- CONTINUED FROM PAGE 19 asset classes. billion and $52.67 billion. only, said the decline was driven in tributed its asset decline to market To Mr. Volo’s way of thinking, Manulife/John Hancock did not large part by equity market f uc- movements. none of its def ned contribution as- money manager f ows are driven sets internally, delivered the biggest primarily by “the secular shift away jump; its assets increased 13.75% to from , strength $54.6 billion in 2018. in the target-date space and out- performance in a f rm’s widely held Low fees helped funds,” he said. Vanguard, the largest U.S. DC “If you think of an asset manager WHITE PAPER LIBRARY money manager, attributed the that epitomizes those three things, 2.88% increase to its target-date it’s Vanguard,” Mr. Volo said. funds and low-cost products. “Tar- T. Rowe met two of the three cri- get-date funds have really been teria, he said — the f rm was a lead- driving that asset growth,” said ing player in target-date funds and James Martielli, the Valley Forge, posted strong performance in its Pa.-based head of def ned contri- domestic equity funds. bution advisory services, noting that Vanguard got an estimated 54 Another vote for target date cents for every dollar that went into Greg Allen, CEO and chief re- Easy access to all target-date funds. search off cer at Callan LLC in San “Plan sponsors and ultimately Francisco, agrees that strength in their participants have been gravi- target-date funds helped boost as- tating toward low-cost, broadly set f ows. The biggest players in incredible research diversif ed, straightforward, all-in- the TDF space — namely Fidelity, one type of products,” Mr. Martielli T. Rowe Price and Vanguard — are said. getting the “lion’s share of the net T. Rowe Price also attributed inf ows” and “everyone else is get- the increase in part to its target- ting 401(k) outf ows,” he said. date funds, which it said generated Despite its strength in target- Download white papers from the about $12 billion in net f ows dur- date funds, Fidelity nevertheless ing 2018. “We attribute much of that posted a 6.78% asset decline, the industry’s top thought-provoking firms. growth to our focus on delivering second-worst drop of the 10 larg- unique retirement thought lead- est managers. The f rm attribut- ership to plan sponsors and help- ed the drop to last year’s market ing their plan participants achieve downturn. their retirement goals by generat- Like Mr. Volo, Mr. Allen believes ing excellent net-of-fee outcomes,” that passive managers held an ad- said Christopher Newman, vice vantage in capturing assets. Passive president and head of Americas for managers that posted asset de- T. Rowe Price in Baltimore. creases last year likely did not get T. Rowe’s Blue Chip Growth enough f ows to offset the losses in fund, its largest, was the only eq- the equity market, he said. uity fund to grow both organically BlackRock Inc., a mainly pas- through market appreciation and sive player that saw its assets through new asset f ows, swelling shrink 2.96% to $829.83 billion and to $50.48 billion at the end of 2018, remained ranked second, for ex- according to data from Bloomberg. ample, has a lot of equity strategies The fund def ed the market, earn- and equities lost signif cant value in ing 2.14% on a total return basis for 2018, Mr. Allen said. the year. Other reasons too may have ac- Mercer, in contrast, chalked up counted for asset declines among LEARNING NEVER EXHAUSTS THE MIND. the increase to a strategic initia- passive managers, according to Mr. tive to shift its focus to def ned Volo. State Street Global Advisors, contribution plans from def ned a largely passive manager that saw benef t plans. “Our breadth of in- its assets drop 10.64% to $297.28 tellectual capital and scale allows billion, was likely hurt by fee com- participants to have access to high- petition on its index funds, he said. quality money managers that they It also doesn’t have a dominant po- KNOWLEDGE EXCHANGE would not be able to access them- sition in target-date funds. selves,” said Rich Joseph, the Bos- Among the top 25 money manag- pionline.com/whitepapers ton-based chief operating off cer of ers, Manulife/John Hancock, Dodge Mercer’s investment management & Cox and Dimensional Fund Advi- 40 | May 27, 2019 Pensions & Investments

Managers of commodities Continued from Page 39 U.S. bond, active ...... $67,901 U.S. bond, passive ...... $107 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. INTERNATIONAL STRATEGIES Global/foreign bond, active ...... $3,112 Emerging markets equity ...... $1,375 The largest managers (millions) Asset growth (billions) Global/foreign bond, passive ...... $25 Emerging markets equity mandates ...... $1,375 Equity real estate, domestic ...... $16,791 Rank Manager Assets $40 Emerging markets debt ...... $2,565 Hedge funds ...... $559 Emerging markets debt mandates ...... $2,565 1 $6,733 Cash ...... $1,343 Nuveen $35 FIXED-INCOME STRATEGIES ACTIVE DOMESTIC EQUITY STRATEGIES 2 State Street Global $4,582 Core ...... $5,627 GROWTH $30 Core-plus ...... $66,929 3 PIMCO $3,457 Large-cap ...... $1,193 Unconstrained ...... $5,147 $25 Midcap ...... $612 4 Invesco $2,074 High-yield ...... $4,907 Smidcap ...... $455 High-yield mandates ...... $4,907 5 Dimensional Fund Advisors $1,689 $20 Small-cap ...... $192 Inf ation-protected securities ...... $10,360 VALUE 6 Parametric $1,426 Stable value ...... $21,242 $15 Large-cap ...... $5,621 Bank loans ...... $1,039 7 BlackRock $949 Midcap ...... $684 $10 WORLDWIDE ASSETS UNDER MANAGEMENT Smidcap ...... $1,858 8 Goldman Sachs Group $810 Hedge fund assets ...... $20,122 Small-cap ...... $41 $5 U.S. institutional tax-exempt ...... $6,689 9 Highland Associates $588 CORE Mutual fund assets ...... $795,555 $0 Large-cap ...... $3,752 10 Schroders $205 U.S. 1940 Investment Co. Act ...... $439,257 2013 2014 2015 2016 2017 2018 Midcap ...... $13,948 Sponsored ETFs/ETNs ...... $25,305 Small-cap ...... $918 Actively managed ...... $20,780 LDI strategies ...... $164,584 PASSIVE DOMESTIC EQUITY STRATEGIES CORE Internally mgd. U.S. inst’l tax-exempt . $147,098 Managers of venture capital Large-cap ...... $30,283 Proprietary stable value ...... $21,242 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. Midcap ...... $6,426 Factor-based strategies ...... $19,586 Small-cap ...... $5,627 (millions) (billions) ESG investing ...... $299,486 The largest managers Asset growth REITs ...... $8,397 Mandates ...... $5,492 Rank Manager Assets $10 INTERNATIONAL STRATEGIES OVERLAY STRATEGIES 1 J.P. Morgan Asset Mgmt. $2,374 $9 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Emerging markets equity ...... $4,378 Total ...... $2,270 Emerging markets equity mandates ...... $4,378 2 Adams Street Partners $1,374 $8 Emerging markets debt ...... $2,564 DEFINED CONTRIBUTION ASSETS Emerging markets debt mandates ...... $2,564 3 StepStone Group $244 $7 U.S. INSTITUTIONAL TAX-EXEMPT FIXED-INCOME STRATEGIES 4 Nuveen $238 $6 Total ...... $109,713 Internally managed ...... $109,713 Core-plus ...... $11,296 5 Invesco $25 $5 Number of employees...... 2,505 Unconstrained ...... $3 High-yield ...... $7,515 6 PineBridge Investments $6 $4 Parent company: Allianz Asset Management Chief executive officer: Emmanuel Roman High-yield mandates ...... $4,442 $3 Stable value ...... $6,628 Chief investment officer: Daniel Ivascyn Mortgages (whole loans) ...... $3,465 $2 Client contact: Rick Fulford Bank loans ...... $361 $1 WORLDWIDE ASSETS UNDER MANAGEMENT $0 PGIM Fixed Income Hedge fund assets ...... $1,567 2013 2014 2015 2016 2017 2018 655 Broad St., 8th Floor, Newark, NJ 07102; phone: 973-802- U.S. institutional tax-exempt ...... $559 6000; fax: 973-802-6088; www.pgimfixedincome.com Mutual fund assets ...... $134,862 PLEASE SEE ENTRY FOR: Prudential Financial U.S. 1940 Investment Co. Act ...... $115,005 Sponsored ETFs/ETNs ...... $3,045 Managers of buyout funds PGIM Real Estate Actively managed ...... $1,186 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. 7 Giralda Farms, Madison, NJ 07940; phone: 973-683-1300; LDI strategies ...... $5,793 www.pgimrealestate.com Internally mgd. U.S. inst’l tax-exempt . . . . . $5,793 The largest managers (millions) Asset growth (billions) PLEASE SEE ENTRY FOR: Prudential Financial Proprietary stable value ...... $18,265 Rank Manager Assets $35 Factor-based strategies ...... $2,468 ESG investing ...... $10,082 1 Ares Mgmt. $7,367 PGIM Real Estate Finance $30 101 California St., 40th Floor, San Francisco, CA 94111; DEFINED CONTRIBUTION ASSETS 2 Brookfield Asset Mgmt. $6,050 phone: 415-291-5093; fax: 415-296-7237; www.pgimref.com U.S. INSTITUTIONAL TAX-EXEMPT PLEASE SEE ENTRY FOR: Prudential Financial Total ...... $94,912 3 J.P. Morgan Asset Mgmt. $5,973 $25 Internally managed ...... $94,912 4 $4,303 Number of employees...... 1,776 Nuveen $20 Post Advisory Group Percent employee owned ...... 5% 5 Twin Bridge Capital $1,478 2049 Century Park E., Suite 3050, Los Angeles, CA 90067; Primary custodian: BNY Mellon $15 phone: 310-996-9600; fax: 310-996-9669; www.postadvisory. 6 New York Life Investments $1,328 com Parent company: Principal Financial Group PLEASE SEE ENTRY FOR: Principal Global Investors Chief executive officer: Pat Halter 7 Adams Street Partners $679 $10 U.S. client contact: Doug Harper 8 StepStone Group $494 31 The assets of the following subsidiaries or aff li- $5 Principal Global Investors ates are included in the f gures above: 9 PineBridge Investments $8 801 Grand Ave., Des Moines, IA 50392-0490; phone: 800- Columbus Circle Investors manages $3.702 533-1390; fax: 866-850-4023; www.principalglobal.com $0 billion in total assets and $2.575 billion in U.S. (millions) 2013 2014 2015 2016 2017 2018 institutional tax-exempt assets. Richard Pace is Total assets managed worldwide ...... $406,531 client contact at 203-353-6072. Total worldwide institutional assets ...... $379,572 Edge Asset Management manages $15.429 Total U.S. client assets ...... $356,188 billion in total assets and $9.416 billion in U.S. Managers of mezzanine debt Total U.S. institutional client assets ...... $329,970 institutional tax-exempt assets. Jaime Kiehn is Total U.S. tax-exempt assets ...... $246,554 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. client contact at 206-913-5842. Total U.S. institutional tax-exempt ...... $246,553 Finisterre Capital LLP manages $1.947 billion in The largest managers (millions) Asset growth (billions) Assigned to external managers ...... $39,344 total assets and $885 million in U.S. institutional Internally managed ...... $207,209 tax-exempt assets. Darren Walker is chief Rank Manager Assets $10 investment off cer; Hicham Elhimdy is client INTERNALLY MANAGED U.S. INSTITUTIONAL contact at 44-20-3752-6475. 1 Oaktree Capital $705 $9 TAX-EXEMPT ASSETS ASSET MIX Origin Asset Management LLP manages $2.884 2 Nuveen $466 $8 Equity ...... 50% billion in total assets and $2.525 billion in U.S. institutional tax-exempt assets. Nigel Dutson is $7 Fixed income ...... 34% 3 Brookfield Asset Mgmt. $432 chief investment off cer; Paul Broxup is client Equity real estate ...... 15% contact at 44-20-7812-8509. 4 TCW Group $408 $6 Cash ...... 1% Post Advisory Group manages $15.84 billion in 5 AEW Capital $392 $5 INVESTMENT STRATEGIES total assets and $6.66 billion in U.S. institutional U.S. equity, active ...... $33,028 tax-exempt assets. Henry Chyung is chief 6 Invesco $259 $4 U.S. equity, passive ...... $42,336 investment off cer; Hugh Costello is client contact 7 Barings $162 $3 U.S. equity, enhanced index ...... $1,476 at 310-996-9727. Foreign equity, active ...... $19,942 Principal Real Estate Investors LLC manages 8 Rockwood Capital $144 $2 Foreign equity, passive ...... $990 $74.579 billion in total assets and $48.622 9 StepStone Group $85 $1 Foreign equity, enhanced index ...... $251 billion in U.S. institutional tax-exempt assets. Michelle Fang is client contact at 800-533-1390. Global equity, active ...... $5,736 10 New York Life Investments $78 $0 2013 2014 2015 2016 2017 2018 Global equity, passive ...... $535 Pensions & Investments May 27, 2019 | 41

Spectrum Asset Management manages $19.178 High-yield mandates ...... $6,134 Managers of distressed debt billion in total assets and $6.011 billion in U.S. Inf ation-protected securities ...... $384 institutional tax-exempt assets. L. Phillip Jacoby Stable value ...... $76,606 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. is chief investment off cer; Mark Lieb is client Mortgages (whole loans) ...... $17,091 contact at 203-321-1120. The largest managers (millions) Asset growth (billions) Bank loans ...... $119 $26 WORLDWIDE ASSETS UNDER MANAGEMENT Rank Manager Assets $24 Principal Real Estate Hedge fund assets ...... $9,073 1 Oaktree Capital $8,807 Investors LLC U.S. institutional tax-exempt ...... $2,526 $22 2 Nuveen $558 801 Grand Ave., Des Moines, IA 50392; phone: 800-533- Hedge fund-of-fund assets ...... $117 $20 1390; fax: 866-850-4024; www.principalglobal.com U.S. institutional tax-exempt ...... $2 3 Ares Mgmt. $441 $18 PLEASE SEE ENTRY FOR: Principal Global Investors Mutual fund assets ...... $335,064 4 StepStone Group $48 $16 U.S. 1940 Investment Co. Act ...... $335,064 $14 Sponsored ETFs/ETNs ...... $256 5 Invesco $6 Private Advisors LLC $12 Actively managed ...... $256 901 E. Byrd St., Suite 1400, Richmond, VA 23219; phone: $10 804-289-6000; fax: 804-289-6001; www.privateadvisors.com LDI strategies ...... $59,798 PLEASE SEE ENTRY FOR: New York Life Investments Internally mgd. U.S. inst’l tax-exempt . . . $59,798 $8 Proprietary stable value ...... $76,606 $6 Factor-based strategies ...... $38,711 Prudential Capital Group $4 ESG investing ...... $103,470 $2 180 N. Stetson St., Suite 5600, Chicago, IL 60601; Mandates ...... $19 phone: 312-540-4235; fax: 312-540-4219; www. $0 prudentialcapitalgroup.com OVERLAY STRATEGIES 2013 2014 2015 2016 2017 2018 PLEASE SEE ENTRY FOR: Prudential Financial U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Total ...... $153 7 Prudential Financial DEFINED CONTRIBUTION ASSETS U.S. INSTITUTIONAL TAX-EXEMPT Managers of energy 751 Broad St., Newark, NJ 07102; phone: 973-802-6000; www..com Total ...... $221,916 U.S. institutional, tax-exempt assets managed internally as of Dec. 31. (millions) Internally managed ...... $160,088 Total assets managed worldwide ...... $1,377,269 Number of employees...... 50,492 The largest managers (millions) Asset growth (billions) Total worldwide institutional assets ....$1,041,949 Chief executive officer: Charles F. Lowrey Rank Manager Assets $6.0 Total U.S. client assets ...... $1,007,827 Client contacts: Bas NieuweWeme, Phil Waldeck, 1 Nuveen $1,232 $5.5 Total U.S. institutional client assets ...... $687,870 Josh Cohen $5.0 Total U.S. tax-exempt assets ...... $648,078 The assets of the following subsidiaries or aff li- 2 Ares Mgmt. $1,226 ates are included in the f gures above: Total U.S. institutional tax-exempt ...... $454,084 $4.5 Jennison Associates LLC manages $160.692 3 CastleArk Mgmt. $119 Assigned to external managers ...... $85,408 $4.0 billion in total assets and $79.238 billion in U.S. Internally managed ...... $368,677 $97 institutional tax-exempt assets. Spiros Segalas is 4 Invesco $3.5 INTERNALLY MANAGED U.S. INSTITUTIONAL chief investment off cer; Stephanie Lamb is client 5 Waddell & Reed $69 $3.0 TAX-EXEMPT ASSETS contact at 212-833-0563. ASSET MIX $2.5 PGIM Fixed Income manages $731.052 billion 6 StepStone Group $51 Equity ...... 18% in total assets and $186.303 billion in U.S. $2.0 Fixed income ...... 77% institutional tax-exempt assets. Michael Lillard $1.5 Equity real estate ...... 3% is chief investment off cer; Sheila Lamb is client $1.0 Hedge funds ...... 1% contact at 973-367-6134. $0.5 Cash ...... 1% PGIM Real Estate manages $50.493 billion INVESTMENT STRATEGIES in total assets and $32.543 billion in U.S. $0.0 institutional tax-exempt assets. Eric Adler is 2013 2014 2015 2016 2017 2018 U.S. equity, active ...... $45,873 chief investment off cer; Dennis Martin is client U.S. equity, passive ...... $12,404 contact at 973-734-1593. Foreign equity, active ...... $4,054 PGIM Real Estate Finance manages $63.089 Foreign equity, passive ...... $1,418 billion in total assets and $18.521 billion in U.S. Managers of MLPs Global equity, active ...... $2,356 institutional tax-exempt assets. Christine Haskins U.S. bond, active ...... $214,111 is chief investment off cer; Dennis Martin is U.S. institutional, tax-exempt assets managed internally as of Dec. 31. client contact at 973-734-1593. U.S. bond, passive ...... $15,978 The largest managers (millions) Asset growth (billions) U.S. bond, enhanced index ...... $21,449 Prudential Capital Group manages $83.423 Global/foreign bond, active ...... $7,772 billion in total assets and $24.83 billion in U.S. Rank Manager Assets $9 Global/foreign bond, passive ...... $1,674 institutional tax-exempt assets. Allen Weaver is 1 Tortoise $5,178 $8 Equity real estate, domestic ...... $11,373 chief investment off cer; Albert Trank is client contact at 973-802-8608. Equity real estate, foreign ...... $1,055 2 State Street Global $1,112 $7 Hedge funds ...... $1,783 QMA LLC manages $65.177 billion in total assets and $27.253 billion in U.S. institutional 3 Cushing Asset Mgmt. $732 Private equity, domestic ...... $1,050 $6 tax-exempt assets. Roy Henriksson is chief Privately placed debt ...... $24,240 4 Advisory Research $577 investment off cer; Frances Orabona is client $5 Cash ...... $2,086 contact at 973-802-5217. 5 OFI Global Asset Mgmt. $336 ACTIVE DOMESTIC EQUITY STRATEGIES $4 GROWTH 6 Westwood Mgmt. $318 QMA LLC $3 Large-cap ...... $12,519 7 CastleArk Mgmt. $97 2 Gateway Center, 6th Floor, Newark, NJ 07102; phone: 866- Midcap ...... $2 $2 748-0643; fax: 973-367-1372; www.qma.com 8 Cohen & Steers $22 VALUE PLEASE SEE ENTRY FOR: Prudential Financial $1 Large-cap ...... $611 9 Legg Mason $12 Midcap ...... $207 47 10 Invesco $2 $0 Broad-market ...... $4,153 Russell Investments 2013 2014 2015 2016 2017 2018 1301 Second Ave., 18th Floor, Seattle, WA 98101; phone: CORE 206-505-7877; fax: 206-505-3495; www.russellinvestments. Large-cap ...... $341 com Midcap ...... $1,325 (millions) Smidcap ...... $415 Total assets managed worldwide ...... $261,194 OVERLAY STRATEGIES (millions) Small-cap ...... $2,904 Total worldwide institutional assets ...... $208,039 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Total assets managed worldwide ...... $518,672 Total U.S. client assets ...... $122,594 Broad-market ...... $23,396 Total ...... $36,471 Total worldwide institutional assets ...... $308,636 Total U.S. institutional client assets ...... $88,045 PASSIVE DOMESTIC EQUITY STRATEGIES Total U.S. client assets ...... $59,495 Total U.S. tax-exempt assets ...... $88,829 DEFINED CONTRIBUTION ASSETS CORE U.S. INSTITUTIONAL TAX-EXEMPT Total U.S. institutional client assets ...... $47,267 Total U.S. institutional tax-exempt ...... $88,045 Large-cap ...... $8,402 Total ...... $16,071 Total U.S. tax-exempt assets ...... $23,939 Assigned to external managers ...... $31,840 Midcap ...... $697 Internally managed ...... $16,071 Total U.S. institutional tax-exempt ...... $23,820 Internally managed ...... $56,205 Small-cap ...... $351 Number of employees...... 1,380 Internally managed ...... $23,820 Broad-market ...... $2,954 WORLDWIDE ASSETS UNDER MANAGEMENT Percent employee owned ...... 14% INTERNALLY MANAGED U.S. INSTITUTIONAL Hedge fund-of-fund assets ...... $1,736 REITs ...... $291 Primary custodian: State Street TAX-EXEMPT ASSETS U.S. institutional tax-exempt ...... $635 INTERNATIONAL STRATEGIES Parent company: TA Associates Management LP ASSET MIX Mutual fund assets ...... $51,989 Equity ...... 50% Emerging markets equity ...... $3,035 Chief executive officer: Michelle Seitz U.S. 1940 Investment Co. Act ...... $32,130 Fixed income ...... 45% Emerging markets equity mandates ...... $3,035 Chief investment officer: Peter Gunning Emerging markets debt ...... $5,981 Sponsored ETFs/ETNs ...... $415 Other ...... 5% U.S. client contact: Eric Macy Emerging markets debt mandates ...... $5,981 Investment outsourcing mandates . . . . . $149,486 Other type: Alternatives, multiasset, portfolio LDI strategies ...... $17,291 solutions FIXED-INCOME STRATEGIES Internally mgd. U.S. inst’l tax-exempt . . . $13,850 Core ...... $63,768 34 Schroders INVESTMENT STRATEGIES Factor-based strategies ...... $30,000 Core-plus ...... $20,218 7 Bryant Park, 19th Floor, New York, NY 10018; phone: 212- U.S. equity, active ...... $63 ESG investing ...... $48,978 641-3800; fax: 212-641-3985; www.schroders.com Unconstrained ...... $429 High-yield ...... $6,134 Continued on Page 42 42 | May 27, 2019 Pensions & Investments

Continued from Page 41 CORE ACTIVE DOMESTIC EQUITY STRATEGIES DEFINED CONTRIBUTION ASSETS Large-cap ...... $1,546 GROWTH U.S. INSTITUTIONAL TAX-EXEMPT Foreign equity, active ...... $10,753 Broad-market ...... $49 Large-cap ...... $296,236 Total ...... $4,075 Global equity, active ...... $1,199 PASSIVE DOMESTIC EQUITY STRATEGIES Midcap ...... $23,756 Internally managed ...... $4,075 U.S. bond, active ...... $10,490 GROWTH Small-cap ...... $10,958 Number of employees...... 2,224 Global/foreign bond, active ...... $175 Large-cap ...... $5,559 Broad-market ...... $1,962 Parent company: UBS Group AG Commodities ...... $205 Smidcap ...... $143 VALUE Chief executive officer: Ulrich Korner ACTIVE DOMESTIC EQUITY STRATEGIES Small-cap ...... $203 Large-cap ...... $19,231 Chief investment officer: Suni P. Harford CORE VALUE Midcap ...... $5,023 U.S. client contact: John Krieg Small-cap ...... $63 Large-cap ...... $3,697 Small-cap ...... $2,260 INTERNATIONAL STRATEGIES Small-cap ...... $216 CORE 2 Vanguard Group Inc. Emerging markets equity ...... $5,817 Broad-market ...... $278 Large-cap ...... $8,344 P.O. Box 2600, Valley Forge, PA 19482; phone: 800-310-8876; Emerging markets equity mandates ...... $5,765 CORE Midcap ...... $3,561 fax: 610-669-0199; www.vanguard.com Frontier markets equity ...... $52 Large-cap ...... $161,745 Small-cap ...... $7,893 (millions) Emerging markets debt ...... $175 Midcap ...... $11,443 PASSIVE DOMESTIC EQUITY STRATEGIES Total assets managed worldwide ...... $4,866,611 Emerging markets debt mandates ...... $175 Smidcap ...... $24,952 CORE Total worldwide institutional assets ....$3,055,992 FIXED-INCOME STRATEGIES Small-cap ...... $9,766 Large-cap ...... $1,780 Total U.S. client assets ...... $4,568,384 Core ...... $1,683 Broad-market ...... $37,843 Midcap ...... $77 Total U.S. institutional client assets ....$3,055,992 Core-plus ...... $904 Low-volatility strategies ...... $2,238 REITs ...... $747 Total U.S. tax-exempt assets ...... $1,963,953 Total U.S. institutional tax-exempt ...... $1,366,013 WORLDWIDE ASSETS UNDER MANAGEMENT REITs ...... $4,547 INTERNATIONAL STRATEGIES Assigned to external managers ...... $157,236 Hedge fund assets ...... $20,000 INTERNATIONAL STRATEGIES Emerging markets equity ...... $5,640 Internally managed ...... $1,208,777 Mutual fund assets ...... $154,320 Emerging markets equity ...... $13,012 Emerging markets equity mandates ...... $5,633 U.S. 1940 Investment Co. Act ...... $27,119 Emerging markets equity mandates ...... $9,499 Frontier markets equity ...... $7 INTERNALLY MANAGED U.S. INSTITUTIONAL TAX-EXEMPT ASSETS LDI strategies ...... $37,600 Emerging markets debt ...... $1,170 Emerging markets debt ...... $283 ASSET MIX Internally mgd U.S. inst’l tax-exempt ...... $4,073 Emerging markets debt mandates ...... $1,170 Emerging markets debt mandates ...... $283 Equity ...... 75% Factor-based strategies ...... $21,083 FIXED-INCOME STRATEGIES FIXED-INCOME STRATEGIES Fixed income ...... 22% ESG investing ...... $101,977 Core ...... $130,832 Core ...... $3,808 Cash ...... 3% Mandates ...... $1,300 Core-plus ...... $17,832 Core-plus ...... $491 INVESTMENT STRATEGIES OVERLAY STRATEGIES High-yield ...... $4,997 Unconstrained ...... $268 U.S. equity, active ...... $6,511 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) High-yield mandates ...... $4,997 High-yield ...... $5,680 U.S. equity, passive ...... $839,321 Total ...... $73 Inf ation-protected securities ...... $25,576 Inf ation-protected securities ...... $66 U.S. equity, enhanced index ...... $2,495 DEFINED CONTRIBUTION ASSETS Stable value ...... $23,408 WORLDWIDE ASSETS UNDER MANAGEMENT Foreign equity, active ...... $253 U.S. INSTITUTIONAL TAX-EXEMPT Mortgages (whole loans) ...... $40 Hedge fund-of-fund assets ...... $2,367 Foreign equity, passive ...... $54,634 Total ...... $2,236 Bank loans ...... $2,014 U.S. institutional tax-exempt ...... $1,258 Global equity, active ...... $26 Internally managed ...... $2,236 Mutual fund assets ...... $291,123 WORLDWIDE ASSETS UNDER MANAGEMENT U.S. bond, active ...... $45,707 Number of employees...... 4,318 U.S. 1940 Investment Co. Act ...... $187,577 Mutual fund assets ...... $586,366 U.S. bond, passive ...... $223,533 Percent employee owned ...... 3% Sponsored ETFs/ETNs ...... $599,992 U.S. 1940 Investment Co. Act ...... $564,556 Global/foreign bond, passive ...... $1,738 Primary custodian: J.P. Morgan Actively managed ...... $6,072 LDI strategies ...... $5,929 Cash ...... $34,495 Parent company: Schroders PLC Investment outsourcing mandates . . . . . $114,636 Internally mgd. U.S. inst’l tax-exempt . . . . . $5,929 ACTIVE DOMESTIC EQUITY STRATEGIES Chief executive officer: Peter Harrison Proprietary stable value ...... $25,140 LDI strategies ...... $40,130 GROWTH U.S. client contacts: Jennifer Horne, Colleen ESG investing ...... $5,081 Internally mgd. U.S. inst’l tax-exempt . . . $25,064 Large-cap ...... $1,256 Hurley, Rock Wilkinson, Joel Schiffman Mandates ...... $5,081 Factor-based strategies ...... $157,540 Midcap ...... $27 ESG investing ...... $179,428 DEFINED CONTRIBUTION ASSETS Small-cap ...... $1,513 Mandates ...... $3,370 U.S. INSTITUTIONAL TAX-EXEMPT Spectrum Asset Management VALUE Total ...... $413,122 2 High Ridge Park, Stamford, CT 06905; phone: 203-322- OVERLAY STRATEGIES Large-cap ...... $3,576 0189; fax: 203-968-1455; www.samipfd.com U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Internally managed ...... $413,122 Midcap ...... $143 PLEASE SEE ENTRY FOR: Principal Global Investors Total ...... $14,049 Number of employees...... 7,022 CORE DEFINED CONTRIBUTION ASSETS Percent employee owned ...... 13% Large-cap ...... $619 U.S. INSTITUTIONAL TAX-EXEMPT Parent company: T. Rowe Price Group Inc. 3 State Street Global Midcap ...... $1,561 Total ...... $297,272 Chief executive officer: Bill Stromberg Small-cap ...... $304 Advisors Internally managed ...... $297,272 Chief investment officer: Rob Sharps 1 Iron St., Boston, MA 02210; phone: 617-786-3000; www. Number of employees...... 2,590 PASSIVE DOMESTIC EQUITY STRATEGIES ssga.com GROWTH (millions) Percent employee owned ...... 1% 17 UBS Asset Management Large-cap ...... $14,817 Total assets managed worldwide ...... $2,511,297 Primary custodian: State Street 1285 Avenue of the Americas, New York, NY 10019; phone: Midcap ...... $1,559 Total worldwide institutional assets ....$1,879,228 Parent company: State Street Corp. 212-713-2000; www..com/asset-management Small-cap ...... $4,395 Total U.S. client assets ...... $1,673,797 Chief executive officer: Cyrus Taraporevala (millions) Total U.S. institutional client assets ....$1,090,060 Chief investment officer: Richard Lacaille Total assets managed worldwide ...... $781,082 VALUE Large-cap ...... $9,175 Total U.S. tax-exempt assets ...... $880,183 U.S. client contacts: Barry Smith, Brendan Total worldwide institutional assets ...... $544,155 Total U.S. institutional tax-exempt ...... $880,183 Curran, David Ireland, Michael Nelligan Total U.S. client assets ...... $169,841 Midcap ...... $2,820 Assigned to external managers ...... $22,518 Total U.S. institutional client assets ...... $122,031 Small-cap ...... $10,837 Internally managed ...... $857,665 Total U.S. tax-exempt assets ...... $93,136 CORE 20 T. Rowe Price INTERNALLY MANAGED U.S. INSTITUTIONAL Total U.S. institutional tax-exempt ...... $81,624 Large-cap ...... $536,951 TAX-EXEMPT ASSETS Associates Inc. Assigned to external managers ...... $11,578 Midcap ...... $50,690 ASSET MIX 100 E. Pratt St., Baltimore, MD 21202-1009; phone: 410-345- Internally managed ...... $70,046 Small-cap ...... $26,476 2000; fax: 410-345-3406; www.troweprice.com Equity ...... 63% Broad-market ...... $65,016 (millions) INTERNALLY MANAGED U.S. INSTITUTIONAL Fixed income ...... 20% TAX-EXEMPT ASSETS REITs ...... $6,726 Total assets managed worldwide ...... $962,300 Cash ...... 13% ASSET MIX Total worldwide institutional assets ...... $529,107 INTERNATIONAL STRATEGIES Other ...... 4% Equity ...... 7% Total U.S. client assets ...... $904,180 Emerging markets equity ...... $4,649 Other type: Commodities, MLPs, real assets, Fixed income ...... 20% Total U.S. institutional client assets ...... $486,481 FIXED-INCOME STRATEGIES currency, multiasset Equity real estate ...... 39% Total U.S. tax-exempt assets ...... $546,128 Core ...... $259,691 INVESTMENT STRATEGIES Hedge funds ...... 6% Total U.S. institutional tax-exempt ...... $455,065 High-yield ...... $2,298 U.S. equity, active ...... $3,284 Multiasset ...... 28% Internally managed ...... $455,065 Inf ation-protected securities ...... $8,989 U.S. equity, passive ...... $263,830 INVESTMENT STRATEGIES Stable value ...... $19,857 U.S. equity, enhanced index ...... $1,197 INTERNALLY MANAGED U.S. INSTITUTIONAL TAX-EXEMPT ASSETS Equity real estate, domestic ...... $25,727 Foreign equity, active ...... $4,349 WORLDWIDE ASSETS UNDER MANAGEMENT ASSET MIX WORLDWIDE ASSETS UNDER MANAGEMENT Foreign equity, passive ...... $95,755 Mutual fund assets ...... $4,006,667 Equity ...... 91% Hedge fund assets ...... $3,929 U.S. 1940 Investment Co. Act ..... $4,006,667 Foreign equity, enhanced index ...... $1,002 Fixed income ...... 9% U.S. institutional tax-exempt ...... $3,864 Global equity, active ...... $14,430 Sponsored ETFs/ETNs ...... $808,654 INVESTMENT STRATEGIES Hedge fund-of-fund assets ...... $38,165 Global equity, passive ...... $166,553 Investment outsourcing mandates ...... $36,223 U.S. equity, active ...... $379,225 U.S. institutional tax-exempt ...... $11,569 U.S. bond, active ...... $17,840 Proprietary stable value ...... $28,254 U.S. equity, passive ...... $1,857 Mutual fund assets ...... $164,232 U.S. bond, passive ...... $142,531 DEFINED CONTRIBUTION ASSETS U.S. equity, enhanced index ...... $13,076 U.S. 1940 Investment Co. Act ...... $29,766 Global/foreign bond, passive ...... $8,673 U.S. INSTITUTIONAL TAX-EXEMPT Foreign equity, active ...... $11,252 Sponsored ETFs/ETNs ...... $44,668 Equity real estate, domestic ...... $3,644 Total ...... $1,176,384 Foreign equity, passive ...... $102 Actively managed ...... $1,168 Equity real estate, foreign ...... $8,400 Internally managed ...... $1,040,750 Global equity, active ...... $6,782 Investment outsourcing mandates ...... $14,933 Private equity, domestic ...... $5,052 Number of employees...... 17,641 U.S. bond, active ...... $38,899 LDI strategies ...... $2,224 MLPs ...... $1,112 Chief executive officer: Mortimer J. (Tim) Buckley U.S. bond, passive ...... $964 ESG investing ...... $221,553 Commodities ...... $4,582 Chief investment officer: Gregory Davis U.S. bond, enhanced index ...... $175 Mandates ...... $17,302 Cash ...... $115,431 U.S. client contact: Joanne Dollarton Global/foreign bond, active ...... $857 OVERLAY STRATEGIES ACTIVE DOMESTIC EQUITY STRATEGIES Cash ...... $1,876 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) GROWTH Total ...... $1,212 Large-cap ...... $1,689 Pensions & Investments May 27, 2019 | 43

45 Voya Investment Foreign equity, active ...... $718 PASSIVE DOMESTIC EQUITY STRATEGIES WORLDWIDE ASSETS UNDER MANAGEMENT Management Foreign equity, passive ...... $3,297 GROWTH Hedge fund assets ...... $2,106 Global equity, active ...... $552 Large-cap ...... $650 U.S. institutional tax-exempt ...... $1,330 230 Park Ave., New York, NY 10169; phone: 212-309-8200; Midcap ...... $261 fax: 860-275-3766; www.voyainvestments.com U.S. bond, active ...... $79,495 Mutual fund assets ...... $77,079 (millions) U.S. bond, passive ...... $3,354 VALUE U.S. 1940 Investment Co. Act ...... $77,079 Total assets managed worldwide ...... $230,995 Global/foreign bond, active ...... $1,351 Large-cap ...... $1,274 LDI strategies ...... $4,662 Internally mgd. U.S. inst’l tax-exempt . . . . . $4,662 Total worldwide institutional assets ...... $211,026 Equity real estate, foreign ...... $101 CORE Proprietary stable value ...... $13,970 Total U.S. client assets ...... $215,392 Hedge funds ...... $1,330 Large-cap ...... $6,096 Factor-based strategies ...... $4,411 Total U.S. institutional client assets ...... $195,956 Private equity, domestic ...... $1,242 Midcap ...... $1,806 ESG investing ...... $33,397 Total U.S. tax-exempt assets ...... $150,562 Privately placed debt ...... $981 Small-cap ...... $972 Total U.S. institutional tax-exempt ...... $148,737 Commodities ...... $193 OVERLAY STRATEGIES INTERNATIONAL STRATEGIES Assigned to external managers ...... $21,269 Cash ...... $1,398 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) Emerging markets equity ...... $820 Internally managed ...... $127,468 Total ...... $64,399 ACTIVE DOMESTIC EQUITY STRATEGIES Emerging markets equity mandates ...... $820 GROWTH INTERNALLY MANAGED U.S. INSTITUTIONAL Emerging markets debt ...... $1,076 DEFINED CONTRIBUTION ASSETS TAX-EXEMPT ASSETS Large-cap ...... $7,365 Emerging markets debt mandates ...... $1,076 U.S. INSTITUTIONAL TAX-EXEMPT ASSET MIX Midcap ...... $3,658 Total ...... $86,488 FIXED-INCOME STRATEGIES Equity ...... 30% Smidcap ...... $339 Internally managed ...... $70,377 Core ...... $12,505 Fixed income ...... 66% Small-cap ...... $2,308 Number of employees...... 897 Private equity ...... 2% Core-plus ...... $7,991 VALUE Primary custodian: BNY Mellon Hedge funds ...... 1% Unconstrained ...... $106 Large-cap ...... $1,657 Parent company: Voya Financial Cash ...... 1% High-yield ...... $1,871 Midcap ...... $50 Chief executive officer: Christine Hurtsellers High-yield mandates ...... $1,111 INVESTMENT STRATEGIES CORE Inf ation-protected securities ...... $26 Chief investment officers: Matt Toms, Christopher U.S. equity, active ...... $19,963 Corapi, Paul Zemsky Large-cap ...... $3,239 Stable value ...... $14,190 U.S. equity, passive ...... $13,359 Small-cap ...... $1,094 Bank loans ...... $3,250 U.S. equity, enhanced index ...... $134 Continued on Page 44

some of the equity asset classes,” ings,” Ms. Konicki said. kets equities and spending a lot Ms. Konicki said. This often means endowments of time looking at how to invest in Non-retirement “They want to focus on high and foundations seek smaller, more China. “Do we invest through the A active-share managers. They’re go- nimble managers, she said. shares?” she said they’re asking. “Or CONTINUED FROM PAGE 19 the drop, reporting $83.8 billion ing to more concentrated managers She also noted they continue more through the illiquid spectrum in AUM as of Dec. 31, down 20.4% with bigger positions, fewer hold- to be interested in emerging mar- in terms of getting exposure?” provisions of the Investing in Op- from $105.3 billion the year before. portunity Act, part of the Tax Cuts Elliot Hentov, London-based and Jobs Act enacted in Decem- head of policy research at SSGA, ber 2017. Under the act, inves- said the drop in AUM is the result tors can reduce, defer and exempt of funds losing assets as opposed to capital gains liabilities through Dec. any diminished interest in external 31, 2026, if they reinvest at least money management. $100,000 within 180 days of a sale He said that despite the incred- in a qualif ed opportunity fund for ibly diverse pools of assets with di- a minimum of f ve years. verse investment needs that make The prospect of investing in op- up the world’s sovereign wealth portunity zones, Ms. Ralbovsky said, funds, what they have in common is is intriguing for insurance compa- an emphasis on further exposure to nies. “(It’s) because they are tax- alternative investments. Reprints payers and probably could take ad- For alternatives, their exposures vantage of basically the rolling over to private equity and real estate of their prior capital gains to these have evolved over the past few (opportunity) zones in these under- years, Mr. Hentov said. & Recognition privileged areas, so they can actu- “We’ve seen is that basically sov- ally be very tax-eff cient,” she said. ereign wealth funds are prof cient John Simone, New York-based investors wall to wall,” Mr. Hentov managing director, head of insur- said. “They obviously have large ance solutions at Voya Investment real estate portfolios, and what Management, said money manag- you’re kind of seeing is second- ers have taken notice of increased generation investment capabilities.” Promote your ranking interest from insurers, either ex- No longer purchasing commer- panding existing teams or starting cial properties in what Mr. Hentov License a P&I Largest U.S. Money Managers new ones to concentrate on the calls “Tier 1” cities like London, custom badge to post to your website, email market. New York and others, “they’re now “The successful ones will build buying Tier 2 cities, also into very signature, electronic/print correspondence out a comprehensive solutions team different types of categories. They and more. focused on delivering in addition may buy a Tier 2 city, they may buy to alpha solutions globally (such a mix of commercial and industrial. as) insurance asset management Valuations have gone up in every- Upgrade your custom badge to include advisory capabilities, specialized thing, and they’ve branched out.” appropriately sized social media images analytics/optimizations, dedicated In private equity, Mr. Hentov for use in FaceBook, Twitter and LinkedIn. relationship management and spe- said, sovereign wealth funds have cialized reporting,” Mr. Simone said. increased their exposure and be- 2019|LARGEST U.S. Mr. Simone cautioned, however, come more sophisticated, and as MONEY MANAGERS It’s an easy way to turn your ranking into that managers simply seeking to sovereign vehicles they’re now a larger marketing and public relations U.S. INSTITUTIONAL apply solutions from retirement working as direct partners. opportunity. plans, which are total return-fo- Managers of endowments and TAX EXEMPT ASSETS cused, to insurance companies, foundations, meanwhile, had $818.9

RANKING # COMPANY NAME which are focused on yield and billion in assets under manage- capital eff ciency, will wind up dis- ments as of Dec. 31, up 0.5% from appointed. the year before. “Therefore the barriers to entry Those institutions are empha- are often higher than many think,” sizing active management of their Let’s get started. he said. assets and are seeking external For a complete toolkit featuring custom reprints, badges, managers that can provide more Sovereign wealth funds down niche strategies, said Catherine M. social media images, posters, plaques and more, contact Laura Picariello Sovereign wealth funds, mean- Konicki, Boston-based partner and at 732.723.0569 or [email protected]. while, saw a drop in assets man- head of NEPC LLC’s endowment aged by external managers accord- and foundation consulting practice. ing to P&I data, with $1.104 trillion “The focus for endowments and in AUM as of Dec. 31, a 8.1% drop foundations, and I think that has from $1.203 trillion the year before. continued for the past few years, is State Street Global Advisors, they are going to be stronger pro- www.pionline.com the largest manager of sovereign ponents of active management vs. wealth funds, was no exception to , especially in 44 | May 27, 2019 Pensions & Investments

Continued from Page 43 Fixed income ...... 74% The top three real estate equity manag- Cash ...... 4% ers all saw their AUM increase in the year U.S. client contact: Charlie Shaffer INVESTMENT STRATEGIES Alternatives ended Dec. 31. Top-ranked Nuveen retained U.S. equity, active ...... $17,092 CONTINUED FROM PAGE 19 its position with assets up 17.7% to $63.4 10 Wellington Management U.S. equity, passive ...... $891 billion. Once again, J.P. Morgan Asset Man- Group LLP U.S. equity, enhanced index ...... $6,445 The two managers with the most growth agement is second with assets increasing a Foreign equity, active ...... $7,284 in real estate equity AUM internally man- modest 4.5% to $45.5 billion. Invesco is in 280 Congress St., Boston, MA 02210; phone: 617-951-5000; fax: 617-263-4100; www.wellington.com Foreign equity, enhanced index ...... $1,902 aged for U.S., tax-exempt institutions — the third position, with real estate equity as- (millions) Global equity, active ...... $1,401 LaSalle Investment Management Inc. and sets 10.1% higher than in last year’s survey Total assets managed worldwide ...... $1,003,389 U.S. bond, active ...... $114,190 Brookf eld Asset Management — acquired at $26.6 billion. Total worldwide institutional assets ....$1,002,323 U.S. bond, passive ...... $1,504 all or a portion of other managers last year. Overall, returns helped raise real estate Total U.S. client assets ...... $795,758 U.S. bond, enhanced index ...... $437 In 2018, LaSalle Investment Manage- managers’ AUM. The NCREIF Fund In- Total U.S. institutional client assets ...... $795,076 Global/foreign bond, active ...... $1,573 ment acquired Aviva Investors’ $7 billion dex – Open‐end Diversif ed Core Equity’s Total U.S. tax-exempt assets ...... $179,689 Global/foreign bond, passive ...... $61 multimanager real estate business and Avi- total return gross of fees returning 8.35% Total U.S. institutional tax-exempt ...... $179,596 Cash ...... $5,983 va’s stake in real estate fund Encore Plus, in 2018, up from 7.62% in 2017, but lower Internally managed ...... $179,596 ACTIVE DOMESTIC EQUITY STRATEGIES which the two f rms co-owned. Also last than the annualized since inception return INTERNALLY MANAGED U.S. INSTITUTIONAL GROWTH year, LaSalle agreed to buy an 80% stake in of 8.71%. The NCREIF Property index total TAX-EXEMPT ASSETS Large-cap ...... $3,417 Latitude Management Real Estate Inves- return was 6.7% for the year, compared to ASSET MIX Midcap ...... $1,722 tors, a real estate debt manager. 6.96% for 2017. Equity ...... 43% Smidcap ...... $352 In infrastructure, Brookf eld’s growth Fixed income ...... 54% Small-cap ...... $669 Purchase makes difference story included several sizable transac- Hedge funds ...... 1% Broad-market ...... $988 Indeed, LaSalle spokesman Matt Schuler tions, helping to push the f rm up to the Cash ...... 2% attributed a portion of the 143% increase in top position on this year’s list of managers VALUE its real estate assets managed for U.S. insti- internally investing infrastructure assets INVESTMENT STRATEGIES Large-cap ...... $227 U.S. equity, active ...... $34,000 tutional tax-exempt clients to its purchase for U.S. tax-exempt institutions. Brook- Midcap ...... $3,266 of Aviva, now called LaSalle Global Part- f eld’s assets are up 36% to $8.9 billion, in Foreign equity, active ...... $21,121 Small-cap ...... $1,803 Global equity, active ...... $21,839 ner Solutions. LaSalle is ranked f fth in this part due to four acquisitions, said Suzanne CORE U.S. bond, active ...... $78,816 year’s list of real estate equity managers Fleming, New York-based managing part- Large-cap ...... $300 Global/foreign bond, active ...... $16,636 with $19.6 billion, moving up from the 16th ner, branding and communications at Midcap ...... $297 Hedge funds ...... $2,531 spot on last year’s list. Brookf eld. Smidcap ...... $2 Cash ...... $3,056 The other part of La- In November, Brook- Small-cap ...... $623 Salle’s increase in real f eld closed its acquisi- ACTIVE DOMESTIC EQUITY STRATEGIES Broad-market ...... $95 estate assets is attribut- tion of a project now GROWTH ed to new account man- called North River Mid- Large-cap ...... $5,171 PASSIVE DOMESTIC EQUITY STRATEGIES CORE date wins and money stream Inc., a large Ca- Midcap ...... $1,223 Large-cap ...... $748 deployed into funds that nadian gas gathering Small-cap ...... $925 Low-volatility strategies ...... $3,346 was previously dry pow- and processing business Broad-market ...... $1,855 der, Mr. Schuler said in from Enbridge Inc. for INTERNATIONAL STRATEGIES VALUE an email. $4.3 billion. In Octo- Emerging markets equity ...... $4,513 Large-cap ...... $2,695 Brookf eld Asset Man- ber, Brookf eld closed a Emerging markets equity mandates ...... $4,513 Midcap ...... $908 agement, too, went on a C$4.3 billion ($3.2 bil- Emerging markets debt ...... $107 Smidcap ...... $686 buying spree in 2018. In lion) deal to buy Ener- Emerging markets debt mandates ...... $61 Small-cap ...... $1,986 addition to buying the care Inc., a home and Broad-market ...... $1,064 FIXED-INCOME STRATEGIES portion of GGP Inc. that commercial energy Core ...... $19,869 CORE it did not already own for infrastructure service Core-plus ...... $1,700 Large-cap ...... $2,246 its balance sheet, Brook- company. During the Unconstrained ...... $124 Midcap ...... $5,482 f eld bought real estate ON THE CONTINENT: Indraneel Karlekar year, Brookf eld also High-yield ...... $1,011 Small-cap ...... $5,798 Forest said many institutional clients are look- bought for $1.1 billion High-yield mandates ...... $833 Broad-market ...... $2,211 City Realty Trust Inc. in ing closer at European real estate. Evoque Data Center So- Inf ation-protected securities ...... $22 REITs ...... $58 an all-cash transaction lutions, the new name Stable value ...... $64,398 valued at $11.4 billion. Forest City’s portfo- for 31 data center businesses in the U.S., INTERNATIONAL STRATEGIES Bank loans ...... $314 lio includes off ces, life-science properties, Brazil and Australia, and Saeta Yield, a re- Emerging markets equity ...... $5,913 WORLDWIDE ASSETS UNDER MANAGEMENT retail assets and multifamily real estate, as newable power business representing an Emerging markets debt ...... $11,587 Hedge fund assets ...... $1,335 well as f ve large development projects in 1,000-megawatt wind and solar portfolio FIXED-INCOME STRATEGIES Mutual fund assets ...... $223,029 New York, San Francisco and Washington. in Spain. Core ...... $15,086 U.S. 1940 Investment Co. Act ...... $216,315 A Brookf eld presentation in May 2018 said Core-plus ...... $6,615 Investment outsourcing mandates ...... $2,225 the manager added $22 billion in assets as IFM assets up High-yield ...... $2,292 LDI strategies ...... $3,408 a result of the deals, but did not specify how IFM Investors Pty. Ltd. dropped to the Inf ation-protected securities ...... $1,086 Internally mgd. U.S. inst’l tax-exempt . . . . . $3,257 much of that amount was managed for U.S. second spot even though its infrastructure WORLDWIDE ASSETS UNDER MANAGEMENT Proprietary stable value ...... $78,838 tax-exempt institutions. assets increased by 15.6% to $7.8 billion. Hedge fund assets ...... $19,300 Factor-based strategies ...... $17,696 Brookf eld is in sixth place on this year’s Infrastructure is a growing asset class, U.S. institutional tax-exempt ...... $2,531 ESG investing ...... $2,743 rankings of real estate equity managers, noted Julio Garcia, head of infrastructure- with assets up 43% to $19.4 billion, up from North America for IFM Investors. Mutual fund assets ...... $557,519 OVERLAY STRATEGIES U.S. 1940 Investment Co. Act ...... $557,519 U.S. INST’L TAX-EXEMPT ASSETS (NOTIONAL VALUE) 10th place on last year’s list. “The AUM increase has been driven by LDI strategies ...... $61,049 Total ...... $734 In April, Principal Global Investors LLC continued active investment in essential Internally mgd. U.S. inst’l tax-exempt . . . $60,776 closed a deal to buy pan-European real es- infrastructure assets including three new DEFINED CONTRIBUTION ASSETS tate manager INTERNOS Global Investors, investments made in 2018 in Global Con- DEFINED CONTRIBUTION ASSETS U.S. INSTITUTIONAL TAX-EXEMPT which had €2.7 billion ($3 billion) in AUM tainer Terminals Inc., a leading container U.S. INSTITUTIONAL TAX-EXEMPT Total ...... $113,858 as of Dec. 31, 2017. terminal operator in North America; FCC Total ...... $18,500 Internally managed ...... $97,424 Aqualia SA, one of the largest water com- Internally managed ...... $18,500 Number of employees...... 1,308 Number of employees...... 2,579 Greater capability in Europe panies in Europe; and Impala Terminals, Primary custodian: State Street The acquisition not only helped boost as well as three follow-on investments and Percent employee owned ...... 100% Parent company: Wells Fargo & Co. Chief executive officer: Brendan J. Swords Principal’s real estate AUM by 17.5% to $16.8 continued deployments across our existing Chief executive officers: Kirk Hartman, Nico billion, placing it the ninth spot on P&I’s real assets,” Mr. Garcia said. U.S. client contacts: Michael J. Boudens, Amy Marais Morse estate equity rankings, but also provided J.P. Morgan Asset Management main- Chief investment officer: Kirk Hartman Principal with signif cantly greater European tained its third spot with $3 billion, despite U.S. client contact: Fredrik Axsater real estate investment capability, said Indra- a 9.3% loss in 2018. 29 Wells Fargo Asset neel Karlekar, the Los Angeles-based senior “A lot of investors are still underallo- Management managing director of global research and cated to infrastructure,” noted Anne Val- 525 Market St., San Francisco, CA 94105; phone: 800-222- strategy at Principal Real Estate Investors. entine Andrews, New York-based global 8222; www.wellsfargoassetmanagement.com “In the U.S. institutional space, we have head of funds management and chief op- (millions) seen a lot of clients express interest in erating off cer of BlackRock’s real assets Total assets managed worldwide ...... $465,915 going offshore, especially to Europe,” Mr. business. Total worldwide institutional assets ...... $388,777 Karlekar said. BlackRock is in the sixth position with Total U.S. client assets ...... $431,278 And unlike in prior years, institutional assets up 0.8% to $2 billion. Total U.S. institutional client assets ...... $355,183 investors are open to looking for core strat- The infrastructure asset class has been Total U.S. tax-exempt assets ...... $183,840 egies in Europe, he said. growing rapidly in the last 10 years, but Total U.S. institutional tax-exempt ...... $176,096 In the past, U.S. institutions sought a relative to real estate and private equity, it’s Assigned to external managers ...... $16,581 higher return to invest in Europe, which still pretty small, she said. However, unlike Internally managed ...... $159,515 they considered a riskier investment, Mr. a decade ago, infrastructure managers now INTERNALLY MANAGED U.S. INSTITUTIONAL Karlekar said. Now, investors are seeking have enough of a track record and enough TAX-EXEMPT ASSETS European real estate investments to di- data to give institutional investors greater ASSET MIX versify their portfolios, which can be over- conf dence in their investment decisions, Equity ...... 22% weight U.S. real estate. Ms. Andrews said.