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The World's 500 Largest Asset Managers

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The World's 500 Largest Asset Managers The World’s 500 Largest Asset Managers The P&I/Towers Watson global 500 ranking is prepared using joint research by Pensions & Investments and Towers Watson Year end 2009 © 2010 Towers Watson. All rights reserved. Contents Page z Executive Summary 3 z Analysis – Section 1: Total value of assets and growth rates 6 – Section 2: Analysis of the largest 20 asset managers 10 – Section 3: Passive management 17 z Contact details and limitations of reliance 21 z Appendix – Complete ranking 22 towerswatson.com 2 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Executive Summary towerswatson.com 3 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Executive summary z Total assets under management of the 500 managers included in the ranking totalled US$ 62 trillion at the end of 2009, up 16. 1% “AUM increased 16.1% from the end of 2008. in 2009” z BlackRock took the first position. Allianz Group ceded its second position to State Street Global and ranked third in 2009. The merger “BlackRock took the between BlackRock and Barclay Global Investors means that the top spot” top ranked manger is 75% larger than the second ranked. z Assets under management of North American managers were US$ “AUM of North 30.6 trillion at 2009 year end, an increase of 27.9% from the American managers previous year. The assets managed by European managers grew and European 5.8%, ending on US$ 24.1 trillion for the year. managers increased” z The Top 20 managers’ share of the total assets increased from 38.3% to 40.2%. “Top 20 managers increased their share of total AUM” towerswatson.com 4 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Executive summary z US managers in the Top 20 managed 62.7% of total AuM for that “US managers group, while the remaining 37.3% was controlled by European ditdthT20dominated the Top 20 managers. group” z By number bank-owned asset managers continued to dominate the “Bank-owned Top 20 while the number of independent asset managers grew in managers continued that group. Insurer-owned asset managers remained static. to dominate the Top 20 segment” z Assets under management of managers from developing countries rose from 1.9% of the total assets in 1999 to 4.0% in 2009. During “Developing markets the same period, Japanese managers’ AUM were down from 13.2% managers grew while to 6.9%. Japanese managers ltlost pace ” towerswatson.com 5 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Analysis Section 1: Total value of assets and growth rates towerswatson.com 6 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Total value of assets managed Split by manager domicile 80,000 69,420 70,000 63,744 3,144 61,964 2,469 60,000 3,032 53,629 53,356 n 48,824 1,662 2,,6426 oo 50, 000 31, 567 43,334 1,711 28,447 30,557 35,240 35,179 1,679 40,000 33,640 35,477 24,355 23,895 US$ billi 1,311 1,138 1,171 21,389 1,140 19,022 4,421 30, 000 41144,114 15,190 15,685 15,737 3,710 4,300 15,780 3,970 4,290 20,000 4,383 4,452 4,019 4,011 4,430 28,714 30,288 23,902 22,745 24,075 10, 000 18, 250 21,754 12,290 14,287 14,337 14,558 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Europe Japan North America Other z Assets under management of the world’s top 500 managers increased by 16.1% in 2009, which nevertheless was still below its 2006 level z North American managers’ assets increased the most in 2009 (27.9%), followed by European managers (5.8%). Assets managed by Japanese managers remained largely static. towerswatson.com 7 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Total value of assets managed Split by segment 100% 6.6% 5.4% 5.2% 5.1% 5.5% 5.7% 5.7% 5.8% 5.9% 5.2% 5.6% 90% 80% 34.6% 34.9% 34.4% 33.9% 33.2% 33.7% 33.6% 32.7% 37.3% 35.2% 34.3% 70% 60% 21.5% 50% 21.6% 21.9% 22.5% 22.6% 22.8% 23.0% 22.3% 22.9% 22.8% 21.6% 40% 30% 20% 38.7% 40.2% 34.5% 37.8% 38.3% 37.5% 37.4% 37.2% 37.4% 37.5% 38.3% 10% 0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Top 20 managers Managers 21-50 Managers 51-250 Managers 251-500 z The top 20 and the 251-500 segments experienced an increase in 2009. The most significant increase was experienced by the top 20 managers, who saw their share of top 500 assets increase from 38.3% to 40.2%. towerswatson.com 8 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Distribution of assets byyy country 10 year overview – 1999 to 2009 Australia Belgium Last decade has seen the decline of the representation of Canada Australia, Japan, Switzerland and UK managers while Belgium, Canada, France, Germany, Italy, Sp ain and France developing market managers have grown their weights in the Germany global asset management industry. For the US, its dominance remained largely unchanged compared to 10 Italy years ago. Japan Netherlands Nordic s Spain Sw itzerland UK US Other 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 1999 2004 2009 towerswatson.com 9 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Analysis Section 2: Analysis of the largest 20 asset managers towerswatson.com 10 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Total value of assets managed by top 20 Split by manager domicile 30, 000 25,000 20,000 12,170 9,276 13,865 877 10,061 15,000 10,773 US$ billion US$ 11691,169 709 1, 139 9,494 827 7,905 10,000 6,610 6,758 6,160 4,610 15,610 13,849 5,000 9,271 10,777 10,393 7, 439 8,664 6,158 5,526 6,004 6,008 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 US managers European managers Japanese managers z US managers’ assets grew in 2009, while European managers’ assets declined. z In 2009, there were 12 US managers in the top 20 and the remaining managers were European-based. z The 12 US bdbased managers managed 62.7% of top 20 assetsat theend of 2009 (50.8% at theend of the previous year). towerswatson.com 11 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Annual growth of 500 vs. growth of top 20 60% CAGR of 500 since 99: 5.7% CAGR of top 20 since 99: 7.2% 40% 20% 0% -20% -40% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Gr ow th of 5 0 0 Top 20 growth towerswatson.com 12 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Top 20 managers by manager type 20 18 16 10 10 10 9 10 10 9 10 14 11 11 11 12 10 4 8 3 5 6 7 5 5 3 6 5 75 4 7 7 5 55 6 2 443 44 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Independent Insurer Bank z At the end of 2009, bank-owned asset managers remained predominant in the top 20, followed by independent managers and insurer-owned asset managers. towerswatson.com 13 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Growth in manager AUM 2004 – 2009 The fastest growing firms among the top 50 BlackRock 879.1% BNP Par ibas 233.1% Federated Investors 117.7% Wells Fargo 116.3% Crédit Agricole 101.9% Goldman Sachs Group 92.7% Legg Mason 81.3% HSBC Holdings 80.0% Vanguard Group 77.9% Deutsche Bank 72.6% Old Mutual 69.3% T. Row e Price 66.4% BkfAiBank of Amer ica 66. 1% JPMorgan Chase 58.3% Legal & General Group 57.2% Hartford Financial 53.3% GliGGenerali Group 48. 5% State Street Global 41.1% MetLif e 39.4% Franklin Templeton 37.6% 0% 100% 200% 300% 400% 500% 600% 700% 800% 900% towerswatson.com 14 © 2010 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. Growth in manager AUM 2004 – 2009 The fastest growing firms among the top 50 Manager Rank change Country BlackRock +40 (41→1) US BNP Paribas +26 (33→7) France Federated Investors +30 (72→42) US Wells Fargo +28 (51→23) US Crédit Agricole +12 (24→12) France Goldman Sachs Group +11 (25→14) US Legg Mason +19 (37→18) US HSBC Holdings +6 (21→15) UK Vanguard Group +4 (9→5) US Deutsche Bank +3 (11→8) Germany towerswatson.com 15 © 2010 Towers Watson.
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