The Top 400 Asset Managers

INVESTMENT&PENSIONS EUROPE 2016

THE TOP 400 ASSET MANAGERS 23 The top 400 asset managers Asset managers in our listing are ranked by global assets under management and by the country of the main headquarters and/or main European domicile. Assets managed by these groups total €56.3trn.

Company Country Total 2016 Total 2015 Company Country Total 2016 Total 2015 31/12/15 (€m) 31/12/14 (€m) 31/12/15 (€m) 31/12/14 (€m) ! BlackRock US"UK #$%&'$#%& %$'##$%'% -( SEI US"UK (%&$'** (*'$***

( Vanguard)Asset)Management US"UK %$*&!$&+& ($,++$%'* -% Dodge)&)Cox US (%'$+-! ((($++& . o

% State)Street)Global)Advisors US"UK ($*--$#+& ($*(%$!#& -# Pioneer)Investments Italy ((%$-!# (*!$*%* t a

# Fidelity)Investments US !$'%*$%%* !$,&,$%'* -, Neuberger)Berman US"UK ((!$(-% (*-$-%+ v i

, BNY)Mellon)Investment)Management US"UK !$#&($'&, !$#*+$!-% -- DekaBank Germany (!+$,,, (*($(%' r p - J.P.)Morgan)Asset)Management US"UK !$%-!$!+' !$(--$'*, -+ BNY)Mellon)Cash)Inv.)Strategies* US (*,$&&* !&+$+!' o

+ PIMCO US"Germany !$%(!$!,' !$!-($,'% -' Babson)Capital)Management US (*,$*-' !+,$&** s u

' Capital)Group US !$(+($*'* !$!-+$(%! -& Loomis)Sayles)&)Company* US (*#$(** !',$'** r

& Prudential)Financial US !$*'&$+%+ &-'$-(' +* Voya)Investment)Management US !&!$&*! - e p

!* Legal)&)General)Investment)Mngt.† UK !$*!($%'& '&%$&** +! Nordea)Asset)Management Denmark !''$&+' !+%$'+% i s

!! Goldman)Sachs)Asset)Management)Int. US"UK &&-$-,! '#-$!'( +( NN)Investment)Partners Netherlands !'-$'+# !'-$#,# r !( Amundi France &',$*(' '-,$&', +% SEB Sweden !',$%-, !+($''+ e d

!% Wellington)Management US ',%$(+# +,,$!*' +# Guggenheim)Partners)Investment)Mngt.) US !'!$'&( !-!$!!- n e

!# Northern)Trust)Asset)Management US"UK '*,$+-% ++!$&,! +, PGGM Netherlands !'*$--&)(!) !'!$&(# t n i

!, Natixis)Global)Asset)Management France"US '*!$!(' +%,$,%* +- Nuveen)investments US"UK !+!$+!# !+#$%,'

!- TIAA)Global)Asset)Management US +'-$#+& +*%$,(& ++ Swiss)Life)Asset)Managers Switzerland !+*$,-- !,($!-# a d !+ Deutsche)Asset)Management Germany +++$*&! +(!$+#+ +' Baillie)Gi0ord)&)Co. UK !--$&(# !#+$-*( è !' Invesco US"UK +!#$*+* -,#$-#, +& TCW US !--$%&* !%#$%'( a

!& Franklin)Templeton)Investments US"UK +*%$((* +(+$%&# '* Caisse)de)dépôt)et)placement)du)Québec Canada !-#$%-- !-!$!#, p

(* T.)Rowe)Price UK +*($#+& -!+$!-% '! Janus)Capital)Group US"UK !-!$#!!)(!) !,*$,'# m a

(! AXA)Investment)Managers France --&$#%- -(%$**' '( Santander)Asset)Management Spain !,'$+-* !-!$%(& t s (( Legg)Mason US -!'$%&+ ,'-$**# '% Lazard)Asset)Management US !,#$#-# !#+$%#* o i (% Sumitomo)Mitsui)Trust)Bank Japan -!#$+-( ,!($(+& '# Russell)Investments US"UK !,!$&-# !,!$-&* l (!) g

(# UBS)Asset)Management Switzerland"UK ,&+$(%# ,,($*'& ', La)Banque)Postale)Asset)Management France !,*$*&*) !#&$%&( a t i

(, A/liated)Managers)Group US ,+'$%!* ,!($-%, '- Standish)Mellon)Asset)Management* US !#%$+,, !%+$(*' r

(!) l (- Mitsubishi)UFJ)Trust)and)Banking)Corp. Japan ,,!$!+&) - '+ Nikko)Asset)Management)Europe Japan"UK !#!$,*# !(+$!&( I

(+ Insight)Investment* UK ,,*$*## #-#$&+- '' Pictet)Asset)Management Switzerland"UK !%&$*&# !%%$&(' . a n

(' BNP)Paribas)Investment)Partners France ,%*$!'+ ,!%$&'- '& Putnam)investments US"UK !%,$++- !(&$-%* i

(& New)York)Life)Investments US #-&$&%* #%#$+&+ &* Bridgewater)Associates US !%#$*** !#+$*** g a

%* Allianz)Global)Investors Germany ##!$'-* #!($#'# &! Bank)J.)Safra)Sarasin Switzerland !%%$*!# !(($,%- p

%! Columbia)Threadneedle)Investments US"UK #%#$&!' #!+$'#! &( DIAM)International Japan"UK !%!$+'# !!-$#'% a l l

%( AllianceBernstein)(AB) US"UK #%*$%*, %&!$+#( &% AQR)Capital)Management* US !%!$**# !**$+'* a

%% Schroder)Investment)Management UK #(,$#*! %'-$,&+ &# First)State)Investments Australia"UK !%*$+-+ !(&$!*# a t

%# APG Netherlands #*-$#!% %&&$*** &, American)Century)Investments US"UK !(&$(+*)(() !(*$(!( s e

(%) t

%, Generali)Investments)Europe Italy %&,$'+( %+($('& &- Itaú)Asset)Management Brazil !(($&!!) !(($&!!

(#) n

%- Aberdeen)Asset)Management UK %&#$(!% #!-$-*( &+ Talanx)Asset)Management Germany !(($+**) !*-$-** i

%+ Aviva)Investors UK %&%$%,( %*#$&!* &' Eastspring)Investments Singapore !(*$&#, &%$!(* a t

%' HSBC)Global)Asset)Management UK %&*$#(% %+,$*-* && Swedbank)Robur Sweden !!'$',! &*$*** a c

%& MFS)Investment)Management US"UK %'*$!+& %,,$',& !** Helaba)Invest Germany !!'$((* !*+$,&& fi i

#* Morgan)Stanley)Investment)Mngt. US"UK %+#$!'* %%%$!,! !*! MN Netherlands !!+$-%# !!!$*-# c e

#! Dimensional)Fund)Advisors US"UK %,+$#%# %!#$,-( !*( Lyxor)Asset)Management France !!+$-** &#$(** p s

#( Principal)Global)Investors US"UK %#&$'(! (+,$%,& !*% Lord$)Abbett)&)Co. US !!,$,-( !(+$!+* e

#% Aegon)Asset)Management Netherlands %#,$#(( %**$&!, !*# Royal)London)Asset)Management UK !!#$--# !*-$&%( t ## Standard)Life)Investments UK %#%$,,, %#%$*#( !*, Zürcher)Kantonalbank Switzerland !!%$*(+ #+$#-' n o

(!) f #, M&G)Investments UK %%,$'(#) %%*$!'' !*- Harris)Associates* US !!($'** !*'$+** a

(!) l

#- Federated)Investors US"Germany %%($,#- (&'$%&! !*+ Henderson)Global)Investors UK !!*$-%-) !*#$,'* l a

#+ Mellon)Capital* US %(%$'-* %!,$,(& !*' GAM UK"Switzerland !*&$#&' !*($-*# e l

#' Wells)Capital)Management US %(!$#', ('&$'&! !*& Kohlberg)Kravis)Roberts)&)Co. US !*&$#!! '!$**& i b

#& Natixis)Asset)Management* France %(*$-** %*#$&** !!* Danske)Capital Denmark !*+$&!! !*+$#!% i ,* Macquarie)Asset)Management Australia %!#$',- %*-$*#* !!! AMP)Capital Australia !*-$!-* !*($**, c u

,! Nomura)Asset)Management Japan"UK %*&$%(- (,-$#!, !!( Achmea)Investment)Management Netherlands !*!$&,+ - d ,( Credit)Suisse Switzerland (&+$!&( %(($&-' !!% GE)Asset)Management US !*!$#&! &-$!(( n o c

,% Eaton)Vance)Management)(Int.) US"UK ('%$%&% (##$-%& !!# Union)Bancaire)Privée Switzerland !*!$!%' '($*,! i r ,# Manulife)Asset)Management Canada (++$%,( (('$-,( !!, BBVA)Asset)Management Spain !**$*#!)(,) &%$*-% è ,, Robeco)Group Netherlands (-'$*-( (#,$&&- !!- KBC)Asset)Management Belgium !**$**+ &#$-#- e (,) l

,- Eurizon)Capital Italy (-+$*,+ ((+$-#* !!+ Artisan)Partners US"UK &+$&(') '&$!-& a u

,+ BMO)Global)Asset)Management Canada (-($-'- (-'$,(- !!' Sumitomo)Mitsui)Asset)Mngt.)Co. Japan &-$+(* &!$&!# t t

,' Union)Investment Germany (-*$'*( (%($!** !!& Investec)Asset)Management South)Africa"UK &-$,,' &($'#& e l ,& RBC)Global)Asset)Management Canada (,+$(&+ (,'$*(# !(* SURA)Asset)Management Mexico"Colombia &#$%,% - l e -* MEAG Germany (,#$'!% (#+$*+& !(! Hartford)Investment)Mngt.)Co. US &#$!+* &*$,(* t n i

-! Fidelity)International* US"UK (,!$%'- ((#$#*! !(( Candriam)Investors)Group Belgium &#$*+' '*$*%# à

©IPE Research. t e

(1) As at 30/09/15 (2) As at 31/08/15 (3) As at 31/12/14 (4) As at 31/03/16 (5) As at 30/06/15 (6) As at 31/03/15 (7) As at 31/01/16 (8) As at 30/06/14 (9) As at 01/03/16 (10) As at 30/04/15 (11) As at 29/02/16 (12) As at 30/09/14 i * Total also included in ﬁgure for parent company. See directory for details. r † Figures now include total value of assets on which LGIM earns ad valorem fees including notional derivative positions and advisory assets. p o 2016 INVESTMENT&PENSIONS EUROPE r p

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INVESTMENT&PENSIONS EUROPE 2016

24 THE TOP 400 ASSET MANAGERS Company Country Total 2016 Total 2015 Company Country Total 2016 Total 2015 31/12/15 (€m) 31/12/14 (€m) 31/12/15 (€m) 31/12/14 (€m) !"# GMO$UK UK%US &"'()* &*'!#+ !&- CVC UK )!'&"+ - !") Harvest$Fund$Management$Co, China &"')#" - !&. KLP$Kapitalforvaltning Norway )+'.(-$(#) )+'.(- !"( Groupama$Asset$Management France &!'-*" &!')"# !&& Joh,$Berenberg'$Gossler$&$Co, Germany )+'!++ #*'!++ !"* Bram$-$Bradesco$Asset$Management Brazil &+'&#- !!&'.++ "++ Coronation$Fund$Managers South$Africa%UK #&'#""$(!) )#'")( !"- Covéa$Finance France &+'!(+ - "+! THEAM* France #.'#++ )+'+++ !". Oaktree$Capital US .&'*"& -('+*# "+" Fischer$Francis$Trees$&$Watts* US%UK #-'*!# )"'*!" !"& BMO$Global$Asset$Mngt,$(EMEA)* UK ..'-&# !++'-"- "+# Epoch$Investment$Partners US #-'(*( )+'!-. !#+ CIBC$Asset$Management Canada ..'#.) -('#!+ "+) CPR$Asset$Management France #-'(++ ".'!++ !#! Vontobel$Asset$Management Switzerland ..'+(. *&'+"" "+( Stone$Harbour$Investment$Partners US #*'+-+ )*'(+) !#" Payden$&$Rygel$Global US%UK .-'-"& *.'-!- "+*/ H a r b o u r Ve s t $Partners US #*'+++ #!'+++ !## Ares$Management US .*'+"( -+'-)( "+*/ Quilvest Luxembourg #*'+++$(#) #*'+++ !#) First$Eagle$Investment$Management US .#'!(+ --'(") "+. Kempen$Capital$Management Netherlands #('.&& #)'"!) !#( MacKay$Shields US ."'!!+ -('-"! "+& PanAgora$Asset$Management US #('#!# #!'*""

!#* CBRE$Global$Investors US .!'.++ -)'&++ "!+ Harding$Loevner* US #)'*+. #!'-+" . o

!#- Barrow'$Hanley'$Mewhinney$&$Strauss US .!'*"! .&'!)+ "!! The$Boston$Company$Asset$Mngt,* US ##'*)* #&'&!( t

!#. Conning US .!'!+) --'*#" "!" Rogge$Global$Partners UK #"'-!! )!'*"# a v i

!#& Hines US%UK -.')+( -!'(+" "!# Baring$Asset$Management UK #"')!( #)'&"" r p

!)+ PineBridge$Investments US --'-&# (&'&.+ "!) Heitman US #"'#.! "*'*&) o

!)! LSV$Asset$Management US --'-+. -#'"!# "!( Shinhan$BNP$Paribas$AMC* South$Korea #"'"-+ "&')++ s u

!)" Kames$Capital* UK -*'&-& -!')#. "!* Hermes$Investment$Management UK #!'"#) #*'-&& r

!)# CI$Financial Canada -#'.&. - "!- Hamilton$Lane$Advisors US #!'!++ "*'()+ e p

!)) Man$Group UK%Switzerland -"'()+ *+'"-" "!. Artemis$Investment$Management* UK #!'+*) "*'!+! i

(*) (#) s

!)( Mediolanum$Gestione$Fondi Italy *&'-))$ *)')(- "!& W&W$Asset$Management Germany #+'(++$ #+'(++ r !)* Mirae$Asset$Global$Investments South$Korea *&').# *)')!) ""+ Victory$Capital US "&'*!+$()) #"'(*+ e d

!)- OP$Financial$Group Finland *.'(++ *!'#++ ""! Rai1eisen$Capital$Management Austria "&'"*( "&')&) n e

!). Anima$SGR Italy **'... *"'#++ """ Old$Mutual$Global$Investors$(UK) UK "&'!). "*'-() t n !)& BayernInvest Germany *(').& *+'!(* ""# Pantheon* UK "&'+(+$(!) ".'"*. i

!(+ OFI$Asset$Management France *('+++ **'+++ "") Pathway$Capital$Management US ".'((. ")'&-! a d !(! Metzler$Asset$Management Germany *)'!"+ (-'*"+ ""( Eagle$Asset$Management US ".'(!( "*'+.# è !(" Newton$Investment$Management* UK *#'-)- *('.+! ""* Fisher$Investments US%UK ".')-# "#'!.( a

!(# Mesirow$Financial$Currency$Mngt, US *"'#*# (+'.-# ""- Arca$SGR Italy ".')+& "-'*(& p

!() CM-CIC$Asset$Management France *"'+++ (.'-++ "". Gothaer$Asset$Management Germany ".'#++ "('+++ m a

!(( Acadian$Asset$Management US *!'(). (-'.*" ""& Northill$Capital UK "-'(#* - t s !(* Storebrand$Asset$Management Norway (&'(-) (('!&& "#+ Mirabaud$&$Cie Switzerland "*'&*( "-'!.) o i !(- LBBW$Asset$Management Germany (.'#)) (-'#)# "#! Altius$Associates UK "*'-.+ ""'"!+ l

(-) g

!(. DNB$Asset$Management Norway (.'+++$ *!'+++ "#" Davis$Selected$Advisers US "*'*.# #+'#&( a t i

!(& Erste$Asset$Management Austria (('.&& (#'--& "## J,O,$Hambro$Capital$Management UK "*'!&- "+'&+) r

!*+ Arrowstreet$Capital US ()'... )#'!)# "#) Quoniam$Asset$Management Germany "('-!+ "#'+.+ I

!*! Handelsbanken Sweden ()').&$(.) ()').& "#( GW&K$Investment$Management* US "('#.+ !&'(() . a

!*" Prologis US ()')(" )#'*++ "#* Adams$Street$Partners US ")'&"* ""'+&& n i

!*# Walter$Scott$&$Partners* UK ()'+*- (*'!". "#- Beutel$Goodman$&$Company* Canada ")'-&+ "&'.-- g a

!*) BBH$Investment$Management US (#'&&( )&'&&! "#. Universal-Investment Germany ")'*-( !&'#". p

!*( LaSalle$Investment$Management US%UK (#'-++ )(')&+ "#& Genesis$Asset$Managers* UK ")'#+) "&'!!+ a l l

!** William$Blair US (#')&! ("'+!) ")+ Brandes$Investment$Partners US "#'&)* "!'.)( a

!*- Edmond$de$Rothschild Switzerland%UK (#'+++ ).')++ ")! Muzinich$&$Co, US "#'.-! "+'*#) a t

!*. La$Française France ("'*)" ).'#!- ")" Alcentra* US%UK "#'+*" !-')&+ s e

!*& BlueBay$Asset$Management UK ("')#+ (!'&-* ")# Seix$Investment$Advisors US ""'-&" "('((& t

(#) n

!-+ Irish$Life$Investment$Managers Ireland ("')+) ))'*++ ")) Renaissance$Technologies US ""'**#$ ""'**# i ())

!-! QIC Australia ("'#(*$ )-'*)+ ")( HFT$Investment$Management* China "!'&&+ !)'-.+ a t

!-" Mondrian$Investment$Partners UK ("'#)+ ("'&-( ")* AGF$Management Canada "!'-.+ ")'()) a !-# Actiam Netherlands ("'+#- (!'#(* ")- KGAL$Group Germany "!'*.- ""'"*! c fi i

!-) Carmignac France ("'+++ (.'+++ "). Intermediate$Capital$Group UK "!'"#+ !)'.(( c !-( Delta$Lloyd$Asset$Management Netherlands (!'*++ *+'"++ ")& TKP$Investments Netherlands "!'!.+ "+')(" e p s

!-*/ M ,M,$Warburg$&$Co, Germany (!'+++ (*'+++ "(+ Comgest France "+'.". !.'*() e

!-*/ R o t h s c h i l d $&$Cie$Gestion France (!'+++ )-'."* "(! Capital$Dynamics Switzerland "+'*." !('"-& t

!-. Thornburg$Investment$Management US (+'("! (#'"*( "(" AEW$Capital$Management* US "+'(++ "#'--( n o f

!-& Degroof$Petercam$Asset$Management Belgium (+'+!. - "(# Axeltis* France "+'#++ !"'#++ a

!.+ LGT$Capital$Partners Switzerland )&'-*& )!'*!- "() Calamos$Advisors US "+'!*- !&')"( l l a

!.! Record$Currency$Management UK )&'")+ )#'(-" "(( BlueMountain$Capital$Management* US "+'+&* !*')(- e

!." Marathon$Asset$Management UK ).'-#+ )+'-"( "(* Highland$Capital$Management US !&'&!) - l i b

!.# Jupiter$Asset$Management UK ).')++ )-')(+ "(- Kutxabank$Gestion Spain !&'*+. !-'.&. i !.) Cohen$&$Steers$Capital$Management US ).'!#" )#'-!" "(. DNCA* France !&')++ - c u

!.( Sal,$Oppenheim Germany ).'!++ )('*++ "(& Nykredit$Asset$Management Denmark !&'"*& !-'&!- d !.* Brown$Advisory UK )-'.*- ##'&-# "*+ Bankia Spain !&'+)) !*'*(. n o c

!.- Daiwa$SB$Investments$(UK) UK )*')-& #.'(." "*! Assenagon$Asset$Management Germany !.'&#& !)'!&* i r !.. Hauck$&$Au0äuser$Privatbankiers Germany )*'"&" #-'(++ "*" Banco$Sabadell Spain !.'.&( !(')&- è !.& Partners$Group Switzerland )*'+++ #-'+++ "*# First$Quadrant* US !.'*&# !&'+"" e l

!&+ Oddo$Meriten$Asset$Management France )('&++ - "*) SPF$Beheer Netherlands !.'+*" !.'##* a

!&! Caixabank$Asset$Management Spain )('.". #)'--. "*( AEW$Europe* France !.'+++ !-'#++ u t !&" Cornerstone$Real$Estate$Advisers UK )('*(" (-')*+ "** The$Permal$Group UK !-'--# - t e l !&# GCM$Grosvenor US )('(.& - "*- Colony$Capital$investment$Advisors US !-'#++ !*'(++ l e !&) Ashmore$Group UK )('(++ ("'#++ "*. Frankfurt$Trust Germany !-'""+ !*'.*( t n i

!&( Tokio$Marine$Asset$Management Japan ))'-(- ))'#.* "*& Savills$Investment$Management UK !*'&.) - à

!&* Lombard$Odier$Inv,$Managers Switzerland )"'**! #('#&! "-+ Tweedy'$Browne$Company* US !*'.*! !-'!.( t e i r p o INVESTMENT&PENSIONS EUROPE 2016 r p

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INVESTMENT&PENSIONS EUROPE 2016

THE TOP 400 ASSET MANAGERS 25 Company Country Total 2016 Total 2015 Company Country Total 2016 Total 2015 31/12/15 (€m) 31/12/14 (€m) 31/12/15 (€m) 31/12/14 (€m) !"# Allianz$Popular$Asset$Management Spain #%&"'( #)&"*( ,,% Systematica$Investments* Channel$Islands (&+," - !"! Patrizia$Immobilien Germany #%&%++ #)&%++ ,,". K a i r o s $Partners Italy (&+++ %&*++ !", Managed$Portfolio$Advisors* US #%&)++ #!&*++ ,,". L u p u s $alpha$Asset$Management Germany (&+++ %&+++ !") Westwood$Management$Corp- US #%&,'( - ,,' Aktia Finland "&',+$(*) (&+%+ !"* Unigestion Switzerland #%&,+( #,&(+" ,)+ Baring$Private$Equity$Asia* Hong$Kong "&",, - !"% ValueAct$Capital* US #%&!)( #,&!!( ,)# Kleinwort$Benson$Investors Ireland "&"!! %&("* !"" SYZ$Asset$Management Switzerland #%&!++ !,&""% ,)! Setanta$Asset$Management Ireland "&%', "&+!* !"( BankInvest Denmark #%&+"'$(') #,&,(+ ,), CenterSquare$Investment$Mngt-* US "&**% %&(", !"'. C o r p u s $Sireo Germany #%&+++$(,) #%&+++ ,)) Bouwinvest$REIM Netherlands "&)'* %&%)% !"'. S e e y o n d * Fr a n c e #%&+++ #*&)++ ,)* TwentyFour$Asset$Management UK "&)*) *&*+# !(# Siemens$Fonds$Invest Germany #*&'!%$(#+) #*&'!% ,)% TOBAM France "&,*( %&,*' !(! Yacktman$Asset$Management* US #*&((( !*&!,' ,)" SPARX$Asset$Management Japan "&,!)$(##) "&#", !(, Jyske$Capital$/$Jyske$Bank Denmark #*&()+ #!&#++ ,)( Jacobs$Levy$Equity$Management US "&!%) "&,#"

!() TimesSquare$Capital$Management US #*&%') #*&*,( ,)' Tristan$Capital$Partners UK "&#'! )&'(* . o

!(* EIG$Global$Energy$Partners* US #*&*%" #+&(") ,*+ Maj$invest Denmark "&#)' %&%") t

!(% Brookﬁeld$Investment$Management US #*&,'" #)&(## ,*# River$Road$Asset$Management* US "&#)" %&,*" a v i

!(" Veritas$Asset$Management* UK #*&#%# ##&%,% ,*! Arion$Banki Iceland "&+*! %&#)) r p

!(( Vescore Switzerland/Germany #*&++# %&#++ ,*, IDFC$Asset$Management$Co-* India "&+++ %&+++ (#) (,) o !(' Majedie$Asset$Management UK #)&"(+$ #,&"+( ,*) WHV$Investments US %&',"$ %&'," s

(,) u !'+ Reich$&$Tang$Asset$Management US #)&*++$ #)&*++ ,** AlphaSimplex$Group* US %&'++ )&"++ r

!'# GNB$Gestão$de$Activos Portugal #)&+(( #+&,)% ,*% DDJ$Capital$Management US %&(#, %&%,* e

(##) p !'! Kepler-Fonds Austria #,&(),$ ##&'(# ,*" Gottex$Fund$Management Switzerland %&""' %&")* i s

!',. S C O R $Investment$Partners France #,&%++ #!&,++ ,*( Capital$Four$Management Denmark %&*), - r !',. L a n d m a r k $Partners US #,&%++ #,&*)% ,*' Access$Capital$Partners France %&*++ *&'++ e d

!'* CamGestion* France #,&)++ #!&*++ ,%+ March$Asset$Management Spain %&)(" *&*++ n

(,) e !'% Perennial$Investment$Partners Australia #,&,!!$ #,&,!! ,%# Maple-Brown$Abbott Australia %&)(# %&%+" t n !'" Alfred$Berg* Sweden #,&#++ #)&,++ ,%! Liontrust$Asset$Management UK %&)!* *&*)( i

!'( Theodoor$Gilissen$Bankiers Netherlands #,&+++ #+&'++ ,%, myCIO$Wealth$Partners* US %&,#! - a d !'' Carnegie$Asset$Management Denmark #!&)++ #!&+++ ,%) Neptune$Investment$Management UK %&#%,$(,) %&#%, è ,++ EFG$Asset$Management$(UK) UK #!&,*+ - ,%* Spängler$IQAM$Invest Austria %&#%+$(,) %&#%+ a

,+# BPI$Gestão$de$Activos Portugal #!&,+) #+&#), ,%% McKinley$Capital$Management US %&#*' *&')+ p

,+! The$GPT$Group Australia #!&!#( #!&''# ,%". M i r o v a * Fr a n c e %&#++ )&"++ m (%) a ,+, T&D$Asset$Management Japan #!&#""$ #!&,,! ,%". Ve g a $Investment$Managers* France %&#++ *&%++ t s ,+) Veritable$LP* US #!&+*# #+&""' ,%' AMG$Funds* US %&+," %&"'! o i ,+* Patron$Capital$Advisors UK ##&"'* '&(## ,"+ Ibercaja$Pensión$ Spain *&',+ *&(*+ l

(!) (#!) g

,+% Millennium$Global$Investments UK ##&"#)$ '&!!+ ,"# Abbott$Capital$Management US *&'+)$ *&'+) a t i

,+" Frontier$Capital$Management* US ##&*"' ##&)"% ,"! Adveq$Management Switzerland *&((, )&(!* r

(*) l ,+( Semper$Constantia$Privatbank Austria ##&*++ #+&"++ ,", Valartis$Group Switzerland *&*'*$ *&,"+ I

,+' Gateway$Investment$Advisers* US ##&!++ #+&#++ ,") HQ$Capital$International US *&**' - . a (,) ,#+ DJE$Kapital Germany ##&+++ #+&+++ ,"* TT$International UK *&)(!$ *&)(! n i

,## CQS$(UK) UK #+&'++ ##&**! ,"% Baker$Street$Advisors* US *&)") - g a

,#! RWC$Partners UK #+&")' "&)!% ,"" FIM$Asset$Management Finland *&,++ )&"++ p

,#, DTZ$Investors UK #+&**" '&,*% ,"( Ryan$Labs$Asset$Management US *&!%! )&",' a l l

,#) Vaughan$Nelson$Investment* US #+&)++ (&!++ ,"' Third$Avenue$Management* US *&#(' (&!)* a

,#* H!O$Asset$Management* UK #+&,++ *&(++ ,(+ Evli$Bank Finland *&##' %&,++ a t

,#% Skagen$Funds Norway #+&!+% #,&)!" ,(# SouthernSun* US *&##) )&"'( s e

,#" McDonnell$Investment$Management* US #+&!++ '&(++ ,(! Symphonia$SGR Italy *&+'( - t

,#( Pyrford$International UK #+&#') #+&*++ ,(, Mutua$Madrileña Spain *&+!# )&)** i

,#' Bantleon$Bank Switzerland #+&##, #+&!## ,() Investa Australia )&''' #&'%+ a t (()

,!+ EII$Capital$Management US '&'',$ '&'', ,(* Aspect$Capital UK )&'(# ,&(%" a ,!# Glenview$Capital$Management US '&'"* -,(% Sentinel$Real$Estate$Corporation US )&(*' )&#*% c fi i

,!! Siguler$Gu0* US '&")( (&(%( ,(" Mapfre$Inversión$DOS Spain )&(," !&!*% c ,!, Edinburgh$Partners UK '&%!% '&(!% ,(( Bestinver Spain )&"(' *&+## e p s

,!) LocalTapiola$Asset$Management Finland '&)+" %&,%+ ,(' BNG$Vermogensbeheer Netherlands )&"%( *&,*"

(,) e

,!* Paciﬁc$Alternaive$Asset$Mngt-$Co- US/UK '&!'* "&,,' ,'+ MatlinPatterson US )&%%#$ )&%%# t

,!% Sparinvest Luxembourg '&#*+ '&%+# ,'# Pareto$Asset$Management Norway )&%++ )&'%( n o f

,!" Chicago$Equity$Partners* US (&''" (&)%( ,'! IPM$Informed$Portfolio$Mngt- Sweden )&)'% )&+,% a

,!( Systematic$Financial$Management* US (&"(* ##&%!* ,', Abax$Investments* South$Africa )&)"% - l l a

,!' Trilogy$Global$Advisors* US (&)%" #+&"#' ,') EACM$Advisors* US )&)** )&)') e

,,+ La$Financière$de$l’Echiquier France (&,++ "&"*' ,'* Lingohr$&$Partner$Asset$Mngt- Germany )&!() *&### l i b

,,# Fisch$Asset$Management Switzerland (&!!( "&#)+ ,'% CoreCommodity$Management US )&!)% )&+%) i ,,! Rockspring$Property$Inv-$Managers UK (&!!+ "&',' ,'" Impax$Asset$Management* UK )&!++ ,&(++ c u

,,, Renta$) Spain (&!+' *&#"' ,'( Ersel$Asset$Management Italy )&#*, - d ,,) Foyston&$Gordon&$Payne* Canada (&#%( '&,*( ,'' Adrian$Lee$&$Partners UK )&##,$(,) )&##, n o c

,,* Driehaus$Capital$Management US (&#)* '&%,* )++ Fonditel Spain )&+'+ )&+!) i r

† Figures now include total value of assets on which LGIM earns ad valorem fees including notional derivative positions and advisory assets. u t These!tables!were!compiled!from!extensive!questionnaires!sent!to!asset! totals"!Please!note!that!all!rights!to!this!material!in!the!tables!and!listings! t e l managers"!Where!companies!did!not!respond#!we!compiled!shorter!entries! are!reserved"!No!part!of!this!supplement!may!be!reproduced#!stored!in!a! l e from!data!that!was!available!from!the!group!or!public!sources"!All!data! retrieval!system!or!transmitted!in!any!form!or!by!any!means#!electronic#! t n relates!to!$%!December!&'%(#!unless!otherwise!stated"!An!element!of!double! mechanical#!photocopying!or!otherwise#!without!the!prior!permission!of!the! i

counting!occurs!where!we!have!included!ﬁgures!from!asset!managers!and! publisher" à t

their!parent!companies#!but!we!have!removed!this!from!the!overall!headline! To!purchase!the!data!in!this!supplement!contact!morgan"jones@ipe"com" e i r p o 2016 INVESTMENT&PENSIONS EUROPE r p

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