The World’s 500 Largest Asset Managers The P&I/Towers Watson global 500 ranking is prepared using joint research by Pensions & Investments and Towers Watson Year end 2012

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Contents Page 

Executive Summary



Analysis

3

–

Section 1: Total value of assets and growth rates

6

–

Section 2: Analysis of the largest 20 asset managers

10

–

Section 3: Passive management

17



Contact details and limitations of reliance

21



Appendix – Complete ranking

22

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Executive Summary

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Executive summary 

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



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



Assets under management of North American managers were US$ 35.9 trillion at 2012 year end, an increase of 8.3% from the previous year. The assets managed by European managers also increased by 12.5%, ending on US$ 24 trillion.



Japanese managers ended 2012 with US$ 4.8 trillion, the only decrease in assets during 2012 (-8.7%).



The Top 20 managers’ share of the total assets increased from 38.7% to 41.4%.

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“AUM increased 8.2% in 2012” “BlackRock remained in the top spot” “AUM of North American and European managers increased, whilst Japanese managers experienced a decrease” “Top 20 managers increased their share in the total 500”

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Executive summary 

U.S. managers in the Top 20 managed 64.2% of total AUM for that group, while European managers had a share of 35.8%. No Japanese companies made it to the top 20 this year.

“U.S. managers dominated the Top 20 group once again.”



By number, bank-owned managers accounted the majority, increased from 8 to 9 managers. Independent managers maintain the 8 members of the top 20. Only 3 managers are insurer-owned managers.



Assets under management of managers from developing countries slightly increased its share from 3.7% to 3.8%.

“Bank-owned managers and Independent managers shared the majority of the Top 20 segment.” “Assets under management from developing countries slightly increased”

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Analysis Section 1: Total value of assets and growth rates

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Total value of assets managed Split by manager domicile

• Assets under management of the world’s top 500 managers increased by 8.2% in 2012, which is still below its 2007 level. • Japanese managers’ assets declined 8.7% in 2012, while European managers’ assets as well as U.S. managers’ assets increased 12.5% and 8.3% respectively. towerswatson.com

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Total value of assets managed Split by segment

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

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

The last decade has seen an increase of the representation of managers from the US. In contrast, the Japanese and several European markets have experienced a relative decline in the global asset management industry.

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Analysis Section 2: Analysis of the largest 20 asset managers

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

• • •

Top 20 managers’ assets for all regions, except Japan, experienced an increase in 2012. In 2012, there were 12 U.S. managers in the top 20 and the remaining managers were all European. The U.S. based managers accounted for a share of 64.2% of top 20 assets at the end of 2012 (64.2% at the end of 2011).

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Annual growth of 500 vs. growth of top 20

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Top 20 managers by manager type

•

At the end of 2012, bank-owned and independent managers accounted for the majority in the top 20, while insurer-owned asset managers were a minority.

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

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

Rank change

Market

Royal Bank of Canada

+50 (98→48)

Canada

Sumitomo Mitsui Trust & Bank

+33 (71→38)

Japan

Shinkin Central Bank

+31 (81→50)

Japan

New York Life Investments

+30 (79→49)

U.S.

Affiliated Managers Group

+25 (66→41)

U.S.

Wells Fargo

+24 (55→31)

U.S.

Schroders

+24 (69→45)

U.K.

T. Rowe Price

+18 (47→29)

U.S.

Zenkyoren

+18 (51→33)

Japan

Invesco

+16 (38→22)

U.S.

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

Rank change

Market

Principal Financial

+15 (58→43)

U.S.

Federated Investors

+15 (61→46)

U.S.

Prudential

+14 (39→25)

U.K.

Ameriprise Financial

+14 (44→30)

U.S.

Prudential Financial

+13 (25→12)

U.S.

Nippon Life Insurance

+13 (36→23)

Japan

Dai-ichi Luife Insurance

+13 (60→47)

Japan

Metlife

+12 (33→21)

U.S.

Wellington Management

+11 (31→20)

U.S.

Sun Life

+11 (43→32)

Canada

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Analysis Section 3: Passive management

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Annual growth of passive management vs. growth of 500

CAGR of 500 since 2002: 6.14% CAGR of passive since 2002: 13% towerswatson.com

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

CAGR since 02: 12.8%

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

Data available as of June 30. The assets of BlackRock reflect a restated amount. towerswatson.com

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Contact details and limitations of reliance 

Contact details Jessica Gao Towers Watson Investment +44 207 227 2061 [email protected] James Price Towers Watson Investment +44 207 227 2560 [email protected]



In preparing this report at times we have relied upon data supplied to us by third parties. While reasonable care has been taken to gauge the reliability of this data, this report carries no guarantee of accuracy or completeness and Towers Watson cannot be held accountable for the misrepresentation of data by third parties involved.



This report is based on information available to Towers Watson at the date of the report and takes no account of subsequent developments after that date. It may not be modified or provided to any other party without Towers Watson’s prior written permission. It may also not be disclosed to any other party without Towers Watson’s prior written permission except as may be required by law. In the absence of our express written agreement to the contrary, Towers Watson accepts no responsibility for any consequences arising from any third party relying on this report or the opinions we have expressed. This report is not intended by Towers Watson to form a basis of any decision by a third party to do or omit to do anything.

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Appendix Complete ranking

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Ranking – 2012 Rank Manager 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25.

BlackRock Allianz Group Vanguard Group State Street Global Fidelity Investments AXA Group J.P. Morgan Chase Bank of New York Mellon BNP Paribas Deutsche Bank Capital Group Prudential Financial UBS Amundi Asset Mgmt. HSBC Holdings Goldman Sachs Group Franklin Templeton Natixis Northern Trust Global Wellington Mgmt. MetLife Invesco Nippon Life Insurance Legal & General Group Prudential

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Market U.S. Germany U.S. U.S. U.S. France U.S. U.S. France Germany U.S. U.S. Switzerland France U.K. U.S. U.S. France U.S. U.S. U.S. U.S. Japan U.K. U.K.

Total assets $3,791,588 $2,447,820 $2,215,216 $2,086,200 $1,888,296 $1,474,568 $1,431,165 $1,385,863 $1,303,989 $1,247,477 $1,147,411 $1,060,250 $999,758 $961,245 $910,000 $854,000 $781,769 $779,317 $758,943 $757,729 $721,286 $687,680 $662,939 $655,824 $654,209

Rank Manager 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50.

Legg Mason Generali Group Aegon Group T. Rowe Price Ameriprise Financial Wells Fargo Sun Life Financial Zenkyoren Mitsubishi UFJ Financial Morgan Stanley TIAA-CREF MassMutual Financial Sumitomo Mitsui Trust & Bank Crédit Suisse Aviva Affiliated Managers Group Old Mutual Principal Financial Great-West Lifeco Schroders Federated Investors Dai-ichi Life Insurance Royal Bank of Canada New York Life Investments Shinkin Central Bank

Market U.S. Italy Netherlands U.S. U.S. U.S. Canada Japan Japan U.S. U.S. U.S. Japan Switzerland U.K. U.S. South Africa U.S. Canada U.K. U.S. Japan Canada U.S. Japan

Total assets $648,879 $647,611 $605,048 $576,800 $562,400 $537,100 $534,663 $531,948 $529,152 $516,567 $510,918 $508,000 $456,098 $445,988 $443,382 $431,800 $423,540 $403,000 $389,528 $382,068 $379,771 $362,051 $353,371 $347,004 $345,149 23

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Ranking – 2012 Rank Manager 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75.

Samsung Group Meiji Yasuda Life Insurance Zurich Financial Services Northwestern Mutual Munich RE Intesa SanPaolo Lloyds Banking Group Rabobank Group Macquarie Group Aberdeen Asset Mgmt. Nomura Holdings Standard Life Dimensional Fund Advisors Union Investment DZ BANK Sumitomo Life Insurance ING Groep Mizuho Financial Group Manulife Financial Hartford Financial Charles Schwab Investment Nuveen Investments Banco do Brasil Banco Bradesco BBVA

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Market South Korea Japan Switzerland U.S. Germany Italy U.K. Netherlands Australia U.K. Japan U.K. U.S. Germany Germany Japan Netherlands Japan Canada U.S. U.S. U.S. Brazil Brazil Spain

Total assets $338,467 $337,113 $333,933 $322,541 $314,512 $305,911 $305,459 $292,311 $290,134 $289,547 $277,323 $270,923 $262,200 $260,992 $251,788 $243,276 $241,601 $239,551 $237,637 $231,777 $224,462 $218,555 $216,701 $211,911 $210,115

Rank Manager 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97. 98. 99. 100.

TD Asset Mgmt. Dekabank Group Unicredit Group Neuberger Berman SEB Eaton Vance Dodge & Cox Nordea La Poste PGGM Banco Sabadell Resona Trust & Banking Lombard Odier Darier Hentsch MS&AD Insurance Group Lazard Itaú Swiss Life Group Nikko Asset Mgmt. Janus Capital Group Banco Santander Central F&C Asset Mgmt. Pictet Asset Mgmt. Commonwealth Bank Group Crédit Mutuel Bridgewater Associates

Market Canada Germany Italy U.S. Sweden U.S. U.S. Denmark France Netherlands Spain Japan Switzerland Japan U.S. Brazil Switzerland Japan U.S. Spain U.K. Switzerland Australia France U.S.

Total assets $209,451 $209,242 $208,662 $205,046 $204,007 $199,508 $189,510 $185,425 $181,704 $175,757 $173,979 $172,299 $169,598 $169,213 $167,060 $164,793 $162,486 $162,000 $156,756 $156,121 $153,820 $151,970 $151,643 $147,430 $142,100 24

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Ranking – 2012 Rank Manager 101. 102. 103. 104. 105. 106. 107. 108. 109. 110. 111. 112. 113. 114. 115. 116. 117. 118. 119. 120. 121. 122. 123. 124. 125.

SEI Investments Guggenheim Investments Stifel Financial AMP Baillie Gifford Le Groupe LCF Rothschild Lord, Abbett GAM Holding Geode Capital Mgmt. American Century Danske Bank IGM Financial Group GE Asset Mgmt. Swedbank Mn Services Groupama Commerzbank PNC Financial Talanx Group Pearl Group Grantham, Mayo v. Otterloo Brookfield Asset Mgmt. Henderson Global Investors Investec Group Dexia Asset Mgmt.

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Market U.S. U.S. U.S. Australia U.K. France U.S. Switzerland U.S. U.S. Denmark Canada U.S. Sweden Netherlands France Germany U.S. Germany U.K. U.S. Canada U.K. South Africa Belgium

Total assets $140,573 $138,114 $137,855 $133,356 $132,491 $132,148 $129,366 $127,144 $124,654 $124,552 $121,764 $121,071 $119,857 $119,824 $119,546 $119,426 $114,969 $112,486 $111,073 $110,812 $106,155 $104,503 $104,009 $103,844 $101,754

Rank Manager 126. 127. 128. 129. 130. 131. 132. 133. 134. 135. 136. 137. 138. 139. 140. 141. 142. 143. 144. 145. 146. 147. 148. 149. 150.

NAB/MLC Caixa Economica Federal Covéa Group Waddell & Reed General Re - New England CBRE Global Investors Aquiline Capital CIBC Group Nationwide Financial Union Bancaire Privée EFG Group DnB NOR NISA Investment Mapfre Thornburg Investment Kutxabank Payden & Rygel Baloise Asset Mgmt. Royal London Group Sanlam Storebrand Group Oaktree Capital CI Financial Kohlberg Kravis Roberts Artisan Partners

Market Australia Brazil France U.S. U.S. U.S. U.S. Canada U.S. Switzerland Switzerland Norway U.S. Spain U.S. Spain U.S. Switzerland U.K. South Africa Norway U.S. Canada U.S. U.S.

Total assets $100,598 $100,271 $100,036 $96,365 $92,019 $92,000 $91,434 $88,153 $87,679 $87,575 $86,112 $86,085 $85,425 $85,410 $83,729 $82,407 $81,816 $81,155 $80,442 $79,370 $79,134 $77,051 $75,959 $75,528 $74,334

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Ranking – 2012 Rank Manager 151. 152. 153. 154. 155. 156. 157. 158. 159. 160. 161. 162. 163. 164. 165. 166. 167. 168. 169. 170. 171. 172. 173. 174. 175.

AQR Capital Mgmt. First Eagle Investment QIC Regions Financial PineBridge Investments Hanwha Group Ashmore Investment IDUNA Gruppe Mercer Research Affiliates Sumitomo Mitsui Asset Mgmt. Mondrian Investment Delta Lloyd Asset Mgmt. Fukoku Mutual Life Insurance Vontobel Asset Mgmt. Mesirow Financial Tokio Marine Holdings LSV Asset Mgmt. PRIMECAP Stone Harbor Investment Wilmington Trust Industrial Alliance Insurance Monte dei Paschi di Siena Warburg Gruppe Westpac/BT

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Market U.S. U.S. Australia U.S. U.S. South Korea U.K. Germany U.S. U.S. Japan U.K. Netherlands Japan Switzerland U.S. Japan U.S. U.S. U.S. U.S. Canada Italy Germany Australia

Total assets $74,200 $72,916 $72,907 $72,700 $71,688 $71,113 $71,000 $70,831 $69,800 $69,537 $68,897 $68,248 $67,924 $67,267 $67,183 $66,535 $65,697 $65,027 $63,661 $62,743 $61,479 $60,332 $58,859 $58,636 $58,596

Rank Manager 176. 177. 178. 179. 180. 181. 182. 183. 184. 185. 186. 187. 188. 189. 190. 191. 192. 193. 194. 195. 196. 197. 198. 199. 200.

Ares Mgmt. Fiera Sceptre Man Investments Swisscanto SNS Asset Mgmt. Anima KBL Financial Services Versicherungskammer Bayern Fortress Investment Group Daiwa Securities Group Brown Brothers Harriman MMI Holdings Goodman Investment China Asset Mgmt. UBI Banca Irish Life & Permanent Group KeyCorp William Blair Harvest Fund Mgmt. RidgeWorth Capital LaSalle Investment PFM Asset Mgmt. Royal Bank of Scotland Raymond James Financial NKSJ Holdings

Market U.S. Canada U.K. Switzerland Netherlands Italy Netherlands Germany U.S. Japan U.S. South Africa Canada China Italy Ireland U.S. U.S. China U.S. U.S. U.S. U.K. U.S. Japan

Total assets $58,471 $57,221 $57,000 $56,745 $56,295 $54,181 $54,049 $53,537 $53,430 $53,414 $52,899 $52,429 $51,366 $50,497 $50,356 $50,116 $49,684 $49,613 $48,772 $48,083 $47,691 $47,354 $46,683 $46,527 $45,951 26

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Ranking – 2012 Rank Manager 201. 202. 203. 204. 205. 206. 207. 208. 209. 210. 211. 212. 213. 214. 215. 216. 217. 218. 219. 220. 221. 222. 223. 224. 225.

Cohen & Steers American Beacon Advisors Virtus Investment Manning & Napier Davis Advisors Connor Clark & Lunn KBC Asset Mgmt. Coronation Fund Managers Fisher Investments Northern Cross OP Bank Group Folksam Jupiter Fort Washington Marathon-London Mediolanum Raiffeisen Capital Allan Gray Arrowstreet Capital STANLIB Hermes Industry Funds Mgmt. AGF Investments Challenger Financial LGT Group

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Market U.S. U.S. U.S. U.S. U.S. Canada Belgium South Africa U.S. U.S. Finland Sweden U.K. U.S. U.K. Italy Austria South Africa U.S. South Africa U.K. Australia Canada Australia Switzerland

Total assets $45,839 $45,800 $45,537 $45,209 $45,140 $44,602 $44,297 $44,145 $43,893 $43,738 $43,212 $43,163 $42,483 $42,465 $42,263 $41,974 $41,759 $41,174 $41,117 $41,110 $40,514 $40,258 $39,767 $39,721 $38,739

Rank Manager 226. 227. 228. 229. 230. 231. 232. 233. 234. 235. 236. 237. 238. 239. 240. 241. 242. 243. 244. 245. 246. 247. 248. 249. 250.

City National Partners Group Mirae Asset Financial Group Berenberg Bank HarbourVest Partners Van Eck Associates GAMCO Investors China Southern Fund Mgmt. F Van Lanschot Metzler Seel Sohn National Bank of Canada Income Research & Mgmt. Banco Popolare Società Erste-Sparinvest Kapitalanlage Record Currency Uniqa Finanz Group Ohio National Bank Degroof Southeastern Asset Mgmt. KGAL Greystone Managed UMB Financial Beutel Goodman Strategic Investment Group Helaba Invest

Market U.S. Switzerland South Korea Germany U.S. U.S. U.S. China Netherlands Germany Canada U.S. Italy Austria U.K. Austria U.S. Belgium U.S. Germany Canada U.S. Canada U.S. Germany

Total assets $38,240 $37,794 $37,653 $37,266 $37,143 $36,635 $36,405 $36,258 $35,944 $35,796 $35,733 $35,466 $35,284 $34,887 $34,830 $34,765 $34,700 $34,623 $34,598 $33,204 $33,103 $33,100 $32,844 $32,020 $31,931

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Ranking – 2012 Rank Manager 251. 252. 253. 254. 255. 256. 257. 258. 259. 260. 261. 262. 263. 264. 265. 266. 267. 268. 269. 270. 271. 272. 273. 274. 275.

Brown Advisory Cazenove Capital Mgmt. DuPont Capital Desjardins Group Calamos Advisors E Fund Mgmt. Caixa Gestão de Activos Jarislowsky Fraser Reliance Capital Fayez Sarofim Cutwater Asset Mgmt. Nürnberger RhumbLine Advisers D.E. Shaw Group Safra Clarion Partners Bank Syz Mirabaud Group Fifth Third Bancorp Brandes Investment Commerce Trust Heitman Advantus Capital Korea Investment Holdings Co-operators Group

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Market U.S. U.K. U.S. Canada U.S. China Portugal Canada India U.S. U.S. Germany U.S. U.S. Brazil U.S. Switzerland Switzerland U.S. U.S. U.S. U.S. U.S. South Korea Canada

Total assets $31,920 $31,822 $31,262 $30,972 $30,580 $30,223 $30,122 $30,094 $29,965 $29,816 $29,780 $29,522 $28,532 $28,400 $28,282 $27,904 $27,355 $27,355 $27,000 $26,943 $26,458 $26,257 $26,161 $25,762 $25,601

Rank Manager 276. 277. 278. 279. 280. 281. 282. 283. 284. 285. 286. 287. 288. 289. 290. 291. 292. 293. 294. 295. 296. 297. 298. 299. 300.

Market

Angelo, Gordon U.S. Perpetual Australia Pathway Capital U.S. Commonfund U.S. Epoch Investment Partners U.S. RS Investments U.S. Investment Solutions Holdings South Africa Hines U.S. Adams Street Partners U.S. Hamilton Lane U.S. Starwood Capital U.S. ICMA Retirement U.S. T&D Holdings Japan Quoniam Asset Mgmt. Germany Royal & SunAlliance U.K. Shenkman Capital U.S. Gruppo Azimut Italy Arca Italy Bosera Asset Mgmt. China Renaissance Technologies U.S. EARNEST Partners U.S. Gruppo Bancario Credito Emiliano Italy First Pacific Advisors U.S. Colchester Global Investors U.K. Davidson U.S.

Total assets $25,000 $24,856 $24,629 $24,568 $24,534 $24,443 $24,389 $24,312 $24,028 $23,815 $23,774 $23,599 $23,548 $23,149 $23,099 $23,054 $22,580 $22,526 $21,712 $21,637 $21,438 $21,428 $21,405 $21,304 $21,189 28

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Ranking – 2012 Rank Manager 301. 302. 303. 304. 305. 306. 307. 308. 309. 310. 311. 312. 313. 314. 315. 316. 317. 318. 319. 320. 321. 322. 323. 324. 325.

Frankfurt-Trust Bentall Kennedy ESAF Robert W. Baird COMGEST Universal-Investment Votorantim Boston Private Financial Artemis Investment Inland Group AJO Caja Madrid Group Caixa Catalunya Group BOK Financial Hotchkis & Wiley SCOR HDFC Asset Mgmt. Perennial Investment Gruppo Bipiemme Highland Capital (Texas) ProLogis Private Capital Platinum Asset Mgmt. Paulson Petercam Oak Hill Advisors

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Market Germany U.S. Portugal U.S. France Germany Brazil U.S. U.K. U.S. U.S. Spain Spain U.S. U.S. France India Australia Italy U.S. U.S. Australia U.S. Belgium U.S.

Total assets $21,144 $20,991 $20,879 $20,523 $20,483 $20,483 $20,420 $20,417 $20,282 $20,200 $20,138 $19,565 $19,558 $19,149 $18,777 $18,501 $18,443 $18,438 $18,236 $18,209 $18,150 $18,097 $18,055 $18,026 $17,970

Rank Manager 326. 327. 328. 329. 330. 331. 332. 333. 334. 335. 336. 337. 338. 339. 340. 341. 342. 343. 344. 345. 346. 347. 348. 349. 350.

GF Fund Mgmt. Fullgoal Fund Mgmt. King Street Capital Hunt Grupo Banco Popular ICBC Credit Suisse Oddo Fred Alger Mgmt. International Value Advisers Baron Capital Group Mawer Investment Wiener Stadtische Causeway Capital Carnegie Investment Svenska Handelsbanken Fiduciary Mgmt./Milwaukee Huntington Bancshares Bank of China Investment Prescient Investment BCV World Asset Mgmt. Da Cheng Fund Mgmt. Eagle Capital Madison Investment Munder Capital

Market China China U.S. U.S. Spain China France U.S. U.S. U.S. Canada Austria U.S. Sweden Sweden U.S. U.S. China South Africa Switzerland U.S. China U.S. U.S. U.S.

Total assets $17,833 $17,480 $17,400 $17,169 $17,057 $16,971 $16,783 $16,712 $16,595 $16,472 $16,451 $16,276 $16,190 $15,976 $15,976 $15,914 $15,900 $15,845 $15,741 $15,662 $15,496 $15,362 $15,132 $15,070 $15,055 29

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Ranking – 2012 Rank Manager 351. 352. 353. 354. 355. 356. 357. 358. 359. 360. 361. 362. 363. 364. 365. 366. 367. 368. 369. 370. 371. 372. 373. 374. 375.

Wintrust Financial CCB Principle Asset Mgmt. J O Hambro Capital Hua An Fund Mgmt. Mutual of America Sit Investment Grupo March Close Brothers Group Westbrook Partners Kepler Fonds KAG Westwood Holdings Westfield Capital Birla Sun Life Asset Mgmt. Guardian Capital WHV Investment Hexavest Unigestion C.S. McKee Cramer Rosenthal McGlynn Wasatch Advisors Pacific Income Advisers Gruppo Banca Carige Montag & Caldwell UTI Asset Mgmt. ASB Capital Mgmt.

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Market U.S. China U.K. China U.S. U.S. Spain U.K. U.S. Austria U.S. U.S. India Canada U.S. Canada Switzerland U.S. U.S. U.S. U.S. Italy U.S. India U.S.

Total assets $15,000 $14,967 $14,910 $14,756 $14,648 $14,598 $14,403 $14,302 $14,283 $14,219 $14,167 $14,155 $13,986 $13,810 $13,756 $13,706 $13,700 $13,465 $13,378 $13,368 $13,343 $13,215 $12,935 $12,849 $12,833

Rank Manager 376. 377. 378. 379. 380. 381. 382. 383. 384. 385. 386. 387. 388. 389. 390. 391. 392. 393. 394. 395. 396. 397. 398. 399. 400.

Rainier Investment Yinhua Fund Mgmt. Edinburgh Partners Leith Wheeler Investment Horsley Bridge Partners China Universal Asset Mgmt. Calvert Investment Prime Advisors Foyston, Gordon & Payne Ibercaja EII Capital Mgmt. Colony Capital Luther King Capital Burgundy Asset Mgmt. Tocqueville Asset Mgmt. Sage Advisory Services Turner Investments Marathon Asset Mgmt. DRA Advisors Los Angeles Capital Bankinter StepStone Group Charter Hall Group Portfolio Advisors Amalgamated Bank

Market U.S. China U.K. Canada U.S. China U.S. U.S. Canada Spain U.S. U.S. U.S. Canada U.S. U.S. U.S. U.S. U.S. U.S. Spain U.S. Australia U.S. U.S.

Total assets $12,597 $12,580 $12,471 $12,451 $12,248 $12,116 $12,068 $12,013 $11,658 $11,649 $11,543 $11,300 $11,264 $11,034 $10,945 $10,939 $10,731 $10,700 $10,581 $10,398 $10,381 $10,372 $10,371 $10,343 $10,231 30

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Ranking – 2012 Rank Manager 401. 402. 403. 404. 405. 406. 407. 408. 409. 410. 411. 412. 413. 414. 415. 416. 417. 418. 419. 420. 421. 422. 423. 424. 425.

Cantillon Capital Mgmt. Kimco Realty Penghua Fund Mgmt. BPI State Bank of India Denver Investments International Fund Mgmt. New Brunswick Investment Diamond Hill Capital Neptune Investment JCP Investment Partners Tortoise Capital WEDGE Capital Lend Lease Piper Jaffray Jacobs Levy Equity Segall Bryant & Hamill Titanium Asset Mgmt. TT International Synovus Financial Kyobo Life Insurance Martin Currie Driehaus Capital Bank of Comm. Schroders Axiom International

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Market U.S. U.S. China Portugal India U.S. China Canada U.S. U.K. Australia U.S. U.S. Australia U.S. U.S. U.S. U.S. U.K. U.S. South Korea U.K. U.S. China U.S.

Total assets $9,996 $9,872 $9,827 $9,817 $9,697 $9,565 $9,555 $9,429 $9,429 $9,425 $9,222 $9,206 $9,202 $9,126 $9,051 $9,017 $8,937 $8,855 $8,800 $8,790 $8,786 $8,723 $8,685 $8,616 $8,612

Rank Manager 426. 427. 428. 429. 430. 431. 432. 433. 434. 435. 436. 437. 438. 439. 440. 441. 442. 443. 444. 445. 446. 447. 448. 449. 450.

Guotai Fund Mgmt. Peregrine Holdings Pacific Alternative Asset China Merchants Fund Mgmt. Value Partners BOCI-Prudential Maple-Brown Abbott Gulf International Bank Rock Creek Group Kornitzer Capital EnTrust Capital Rongtong Fund Mgmt. Ramius Iridian Asset Mgmt. Silvercrest Asset Mgmt. Odey Asset Mgmt. Opus Investment BNG M.D. Sass Group Abbott Capital Bahl & Gaynor Ersel Group Numeric Investors Paradice Investment Herndon Capital

Market China South Africa U.S. China Hong Kong Hong Kong Australia U.K. U.S. U.S. U.S. China U.S. U.S. U.S. U.K. U.S. Netherlands U.S. U.S. U.S. Italy U.S. Australia U.S.

Total assets $8,609 $8,574 $8,558 $8,549 $8,500 $8,483 $8,400 $8,200 $8,200 $8,153 $8,137 $8,074 $8,071 $8,032 $8,021 $8,000 $7,960 $7,929 $7,880 $7,733 $7,661 $7,651 $7,616 $7,590 $7,562 31

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Ranking – 2012 Rank Manager 451. 452. 453. 454. 455. 456. 457. 458. 459. 460. 461. 462. 463. 464. 465. 466. 467. 468. 469. 470. 471. 472. 473. 474. 475.

Congress Asset Mgmt. Caisse de Depôt et Placement McKinley Capital Lion Fund Mgmt. Samson Capital Merganser Capital Crestline Investors Lupus Alpha Asset Mgmt. KBS Northcape Capital Johnson Investment Counsel Horizon Kinetics SkyBridge Capital PENN Capital Progress Investment Beacon Capital Westwood Global Parnassus Investments DePrince, Race & Zollo Rockwood Capital AREA Property Partners SPARX Group Cambiar Investors Lighthouse Partners Chandler Asset Mgmt.

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Market U.S. Canada U.S. China U.S. U.S. U.S. Germany U.S. Australia U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. Japan U.S. U.S. U.S.

Total assets $7,498 $7,446 $7,408 $7,351 $7,318 $7,303 $7,300 $7,268 $7,267 $7,264 $7,235 $7,231 $7,137 $7,051 $7,039 $7,036 $6,928 $6,847 $6,766 $6,755 $6,701 $6,636 $6,590 $6,500 $6,431

Rank Manager 476. 477. 478. 479. 480. 481. 482. 483. 484. 485. 486. 487. 488. 489. 490. 491. 492. 493. 494. 495. 496. 497. 498. 499. 500.

Dongbu PCCP Beach Point Capital Boston Trust & Investment Quadrant Real Estate Invesco Great Wall Fund Mgmt. Smith Breeden Analytic Investors Independence Capital Huatai-PineBridge Investment Richmond Capital Advent Capital Aurion Adrian Lee & Partners Capital At Work Group Glenmede Investment Fortune SGAM Fund Mgmt. L&B Realty UBS SDIC Zazove Associates KMAMCL Oechsle Int'l Hoisington Investment Mercator Asset Mgmt. Polaris Capital

Market South Korea U.S. U.S. U.S. U.S. China U.S. U.S. U.S. China U.S. U.S. Canada U.K. Belgium U.S. China U.S. China U.S. India U.S. U.S. U.S. U.S.

Total assets $6,430 $6,422 $6,403 $6,377 $6,345 $6,324 $6,297 $6,248 $6,189 $6,099 $6,094 $6,092 $6,019 $6,000 $5,947 $5,929 $5,891 $5,831 $5,817 $5,800 $5,779 $5,766 $5,704 $5,642 $5,554 32

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