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 2013

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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$ 76.4 trillion at the end of 2013, up 12.0% from the end of 2012.



BlackRock is in first position for the fourth consecutive year. Vanguard continued its growth and reached second position, moving Allianz down to third in the ranking.



Assets under management of North American managers were US$ 42.0 trillion at 2013 year end, an increase of 17.0% from the previous year. The assets managed by European managers also increased by 9.8%, to US$ 26.3 trillion.



Japanese managers ended 2013 with US$ 4.6 trillion, a decrease in assets of 5.4% during 2013.



The Top 20 managers’ share of the total assets decreased marginally from 41.4% to 41.0%.

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“AUM increased 12.0% in 2013” “BlackRock remained in the top spot”

“AUM of North American and European managers increased, whilst Japanese managers experienced a decrease” “Top 20 managers decreased their share in the total 500”

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Executive summary 

U.S. managers in the Top 20 managed 66.6% of total AUM for that group, while European managers had a share of 33.4%. No Japanese companies made it to the top 20 this year.

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



Independent managers accounted for the majority of top 20 members (9), the same as the previous year, with banks second with 8 members. Only 3 managers are insurer-owned.



Assets under management of managers from developing countries decreased from 3.8% last year to 3.0%.

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

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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 12.0% in 2013. This is the first year that the value is above its pre crisis level of 2007. • Japanese managers’ assets declined by 5.4% in 2013, while European managers’ assets as well as North American managers’ assets increased 9.8% and 17.0% respectively. towerswatson.com

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Total value of assets managed Split by segment

• The bottom 250 managers increased their proportion of assets at the expense of the top 50 managers’ share of assets

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Distribution of assets by country 10 year overview – 2003 to 2013 U.S.

U.K. Switzerland Sweden Spain Portugal Norway

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

Netherlands Japan Italy Ireland Germany France Finland Denmark Canada Belgium Austria Australia Other 0%

5%

10%

15%

20%

2013 towerswatson.com

2008

25%

30%

35%

40%

45%

50%

55%

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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 both regions, Europe and U.S., experienced an increase in assets in 2013. In 2013, 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 66.6% of top 20 assets at the end of 2013 (64.2% at the end of 2012).

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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 2013, bank-owned and independent managers accounted for the majority in the top 20, while insurerowned asset managers were a minority.

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Growth in manager AUM 2008 – 2013 The fastest growing firms among the top 50

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Growth in manager AUM 2008 – 2013 The fastest growing firms among the top 50 Manager

Rank change

Market

Schroder Investment Mgmt.

+44 (87→43)

U.K.

Affiliated Managers Group

+43 (81→38)

U.S.

Royal Bank of Canada

+28 (77→49)

Canada

T. Rowe Price

+27 (54→27)

U.S.

Sumitomo Mitsui Trust & Bank

+26 (59→33)

Japan

Principal Financial

+24 (63→39)

U.S.

New York Life Investments

+22 (69→47)

U.S.

Invesco

+20 (41→21)

U.S.

Prudential

+19 (43→24)

U.K.

Ameriprise Financial

+19 (49→30)

U.S.

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Growth in manager AUM 2008 – 2013 The fastest growing firms among the top 50 Manager

Rank change

Market

Legal & General Group

+15 (38→23)

U.K.

Franklin Templeton

+14 (32→18)

U.S.

Great-West Lifeco

+12 (53→41)

Canada

Northwestern Mutual

+12 (56→44)

U.S.

Wellington Mgmt.

+11 (31→20)

U.S.

MassMutual Financial

+11 (40→29)

U.S.

Prudential Financial

+10 (22→12)

U.S.

Zurich Financial Services

+10 (60→50)

Switzerland

Sun Life Financial

+7 (44→37)

Canada

Vanguard Group

+6 (8→2)

U.S.

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Analysis Section 3: Passive management

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Annual growth of leading passive managers vs. growth of 500

CAGR of 500 since 2003: 5.8% CAGR of passive since 2003: 12.4% towerswatson.com

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Total AUM value of leading passive managers with annual growth rate

CAGR since 2003: 12.4%

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Value of passive AUM of leading passive managers At June 30, 2013

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Contact details and limitations of reliance 

Contact details Amandeep Shihn Towers Watson Investment +44 207 227 2081 [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 – 2013 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 Vanguard Group Allianz Group State Street Global Fidelity Investments J.P. Morgan Chase Bank of New York Mellon AXA Group Capital Group BNP Paribas Deutsche Bank Prudential Financial UBS Amundi Goldman Sachs Group HSBC Holdings Northern Trust Asset Mgmt. Franklin Templeton Natixis Global Asset Mgmt. Wellington Mgmt. Invesco MetLife Legal & General Group Prudential Generali Group

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

Total assets $4,324,088 $2,752,919 $2,392,531 $2,344,789 $2,159,845 $1,601,983 $1,582,982 $1,532,156 $1,338,805 $1,325,176 $1,270,602 $1,107,029 $1,095,904 $1,069,771 $1,042,000 $921,000 $884,473 $879,139 $867,193 $834,405 $778,187 $771,661 $741,960 $730,254 $699,843

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.

Aegon Group T. Rowe Price Legg Mason MassMutual Financial Ameriprise Financial Mitsubishi UFJ Financial Group Wells Fargo Sumitomo Mitsui Trust & Bank Morgan Stanley Nippon Life Insurance TIAA-CREF Sun Life Financial Affiliated Managers Group Principal Financial Zenkyoren Great-West Lifeco Crédit Suisse Schroder Invesment Mgmt. Northwestern Mutual Samsung Group Aviva New York Life Investments Federated Investors Royal Bank of Canada Zurich Financial Services

Market Netherlands U.S. U.S. U.S. U.S. Japan U.S. Japan U.S. Japan U.S. Canada U.S. U.S. Japan Canada Switzerland U.K. U.S. South Korea U.K. U.S. U.S. Canada Switzerland

Total assets $692,430 $692,400 $679,475 $639,000 $635,200 $635,020 $627,800 $609,720 $608,045 $600,461 $598,817 $598,304 $537,300 $483,200 $479,200 $477,847 $466,810 $433,451 $425,765 $416,060 $396,548 $388,536 $376,084 $373,996 $341,547 23

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Ranking – 2013 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.

Dimensional Fund Advisors Macquarie Group Old Mutual Munich RE Meiji Yasuda Life Insurance Standard Life Nomura Asset Mgmt. Aberdeen Asset Mgmt. Union Investment Intesa SanPaolo Shinkin Central Bank DZ BANK Eaton Vance Voya Financial Blackstone Group Manulife Asset Mgmt. Lloyds Banking Group Bankia Charles Schwab Investment Neuberger Berman ING Investment Mgmt. Int'l Unicredit Group Dekabank Group SEB Mizuho Financial Group

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Market U.S. Australia U.K. Germany Japan U.K. Japan U.K. Germany Italy Japan Germany U.S. U.S. U.S. Canada U.K. Spain U.S. U.S. Netherlands Italy Germany Sweden Japan

Total assets $337,523 $330,617 $327,122 $314,052 $306,287 $303,564 $301,467 $294,109 $291,839 $291,813 $284,886 $283,855 $280,669 $274,342 $265,758 $260,126 $250,288 $250,248 $248,493 $241,725 $239,699 $239,425 $233,741 $227,534 $227,525

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.

Nordea BB Gestao de Recursos Societe Generale Dodge & Cox Sumitomo Life Insurance Nuveen Investments Banco Santander Central TD Asset Mgmt. Hartford Financial Banco do Brasil Banco Sabadell Lombard Odier Investment La Poste PGGM Commonwealth Bank Group Brookfield Asset Mgmt. Lazard Resona Bank BRADESCO Swiss Life Asset Managers Pioneer Global Asset Mgmt. Janus Capital Group Geode Capital Mgmt. Guggenheim Investments Itau Unibanco

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

Total assets $227,091 $226,309 $225,762 $224,417 $222,300 $220,504 $215,234 $210,915 $209,366 $208,929 $205,283 $197,950 $196,854 $194,754 $187,352 $186,970 $186,924 $185,559 $181,321 $174,148 $173,925 $173,895 $173,181 $171,837 $169,427 24

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Ranking – 2013 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.

Baillie Gifford Stifel Financial BBVA Nikko Asset Mgmt. Pictet Asset Mgmt. SEI Investments Bridgewater Associates Scotiabank Crédit Mutuel American Century Le Groupe LCF Rothschild Lord, Abbett Swedbank F&C Asset Mgmt. Danske Bank Dai-ichi Life Insurance TCW Group MN NAB/MLC GAM Holding PNC Financial Waddell & Reed AMP Capital Henderson Global Investors BMO Global Asset Mgmt.

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

Total assets $167,955 $165,600 $165,192 $161,000 $158,309 $155,732 $150,100 $145,470 $145,231 $139,001 $137,660 $137,265 $137,137 $135,366 $134,168 $133,000 $131,881 $129,731 $128,743 $128,465 $127,192 $126,543 $124,411 $124,051 $123,696

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.

IGM Financial Group Royal London Group GE Asset Mgmt. Talanx Group Grantham, Mayo v. Otterloo Groupama ORIX Pearl Group Covéa Group Investec Asset Mgmt. Artisan Partners AQR Capital Mgmt. Nationwide Financial Dexia Asset Mgmt. NISA Investment Union Bancaire Privée Thornburg Investment Kohlberg Kravis Roberts First Eagle Investment General Re - New England Mapfre CBRE Global Investors PRIMECAP Kutxabank BCV

Market Canada U.K. U.S. Germany U.S. France Japan U.K. France South Africa U.S. U.S. U.S. Belgium U.S. Switzerland U.S. U.S. U.S. U.S. Spain U.S. U.S. Spain Switzerland

Total assets $123,192 $121,348 $119,076 $118,814 $116,575 $116,336 $115,995 $113,108 $111,642 $110,163 $105,477 $103,565 $102,101 $100,492 $99,042 $98,483 $94,410 $94,320 $92,511 $91,203 $90,922 $89,100 $87,863 $85,734 $85,598 25

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Ranking – 2013 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.

EFG International CI Financial Baloise Asset Mgmt. DnB NOR Mesirow Financial Oaktree Capital Mercer Aquiline Capital Payden & Rygel Westpac Banking LSV Asset Mgmt. Wilmington Trust Storebrand Group Vontobel Asset Mgmt. IDUNA Gruppe Research Affiliates Ashmore Group OFI AM Caixa Economica Federal Ares Mgmt. Pacific Century Group Sanlam CIBC Asset Mgmt. Fiera Capital Mondrian Investment Partners

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Market Switzerland Canada Switzerland Norway U.S. U.S. U.S. U.S. U.S. Australia U.S. U.S. Norway Switzerland Germany U.S. U.K. France Brazil U.S. Hong Kong South Africa Canada Canada U.K.

Total assets $85,344 $85,155 $84,872 $84,753 $84,563 $83,605 $83,600 $83,424 $82,809 $82,782 $82,292 $82,154 $79,527 $77,596 $77,365 $76,723 $75,300 $75,300 $74,528 $74,005 $73,500 $73,494 $72,766 $72,451 $70,356

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.

Sumitomo Mitsui Asset Mgmt. Warburg Gruppe Anima Holding Vidacaixa QIC Delta Lloyd Erste-Sparinvest Kapitalanlage Industrial Alliance Insurance Zürcher Kantonalbank Stone Harbor Investment Monte dei Paschi di Siena William Blair Fortress Investment Group Brown Brothers Harriman BTG Pactual SNS Asset Mgmt. Raymond James China Asset Mgmt. Versicherungskammer Bayern Fukoku Mutual Life Insurance Swisscanto Asset Mgmt. KBL Virtus Investment Tokio Marine Holdings Northern Cross

Market Japan Germany Italy Spain Australia Netherlands Austria Canada Switzerland U.S. Italy U.S. U.S. U.S. Brazil Netherlands U.S. China Germany Japan Switzerland Luxembourg U.S. Japan U.S.

Total assets $70,218 $68,968 $68,830 $68,830 $67,232 $67,178 $66,765 $64,882 $63,334 $62,265 $62,093 $61,979 $61,750 $61,551 $61,405 $60,846 $60,505 $58,660 $58,567 $58,523 $58,281 $58,092 $57,740 $55,860 $55,411 26

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Ranking – 2013 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.

Irish Life Investment Managers Harvest Fund Mgmt. UBI Banca Svenska Handelsbanken Man Investments Fisher Investments American Beacon Advisors Jupiter OP Bank Group Marathon-London Manning & Napier Record RidgeWorth Capital Arrowstreet Capital PFM Asset Mgmt. Coronation Fund Managers Daiwa Securities Group Royal Bank of Scotland Davis Advisors LaSalle Investment Mediolanum GAMCO Investors Folksam Brown Advisory Connor,Clark & Lunn Financial

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Market Ireland China Italy Sweden U.K. U.S. U.S. U.K. Finland U.K. U.S. U.K. U.S. U.S. U.S. South Africa Japan U.K. U.S. U.S. Italy U.S. Sweden U.S. Canada

Total assets $55,064 $54,523 $54,450 $54,300 $54,100 $53,644 $53,371 $52,267 $52,173 $50,863 $50,826 $50,783 $50,336 $50,053 $49,964 $49,771 $49,033 $48,969 $48,174 $47,989 $47,646 $47,010 $46,941 $46,330 $46,120

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.

Market

Cohen & Steers U.S. City National U.S. LGT Group Switzerland IFM Investors Australia Commerzbank Germany F Van Lanschot Netherlands Fort Washington U.S. Partners Group Switzerland Kempen Capital Mgmt. Netherlands Berenberg Germany Hermes Fund Managers U.K. UMB Financial U.S. KBC Group Belgium Metzler Asset Mgmt. Germany NKSJ Holdings Japan Challenger Australia Robert W. Baird U.S. Bank Degroof Belgium Landesbank Hessen-Thuringen Germany Ohio National U.S. National Bank of Canada Canada Uniqa Finanz Group Austria STANLIB South Africa Strategic Investment Group U.S. Income Research & Mgmt. U.S.

Total assets $45,907 $45,001 $44,366 $44,323 $44,051 $43,914 $43,794 $43,501 $43,267 $41,436 $41,410 $41,400 $41,376 $40,174 $39,932 $39,914 $39,758 $39,095 $39,068 $38,800 $38,593 $37,696 $37,414 $37,257 $37,224 27

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Ranking – 2013 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.

China Southern Fund Mgmt. DuPont Capital HarbourVest Partners Allan Gray Proprietary Beutel Goodman Desjardins Group Southeastern Asset Mgmt. Mirae Asset Financial Group RhumbLine Advisers MMI Holdings Caixa Gestão de Activos Fayez Sarofim Starwood Capital Ameritas Mutual Holding Jarislowsky, Fraser Nürnberger AGF Mgmt. GLC Asset Mgmt. Group Bosera Asset Mgmt. Bank Syz D.E. Shaw Group Bank J. Safra Sarasin Caixa Geral de Depósitos Van Eck Associates Greystone Managed

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Market China U.S. U.S. South Africa Canada Canada U.S. South Korea U.S. South Africa Portugal U.S. U.S. U.S. Canada Germany Canada Canada China Switzerland U.S. Switzerland Portugal U.S. Canada

Total assets $37,144 $36,838 $36,593 $36,483 $36,262 $35,477 $35,073 $34,963 $34,694 $34,653 $34,500 $34,261 $34,240 $34,100 $33,748 $33,217 $33,159 $33,052 $32,313 $32,229 $32,006 $31,507 $31,057 $31,013 $30,845

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.

Reliance Capital Raiffeisen Zentralbank Clarion Partners Northill Capital Hamilton Lane Gruppo Azimut SECOR Asset Mgmt. Commerce Trust Mirabaud Group Heitman Artemis Investment Mgmt. First Pacific Advisors Arca SGR Hines Causeway Capital Brock Fiduciary Services Advantus Capital Safra RS Investments Korea Investment Holdings Antares Capital Fifth Third Bancorp Brandes Investment Pathway Capital ICMA Retirement

Market India Austria U.S. U.K. U.S. Italy U.S. U.S. Switzerland U.S. U.K. U.S. Italy U.S. U.S. U.S. U.S. Brazil U.S. South Korea Australia U.S. U.S. U.S. U.S.

Total assets $30,322 $30,133 $29,973 $29,900 $29,522 $29,488 $29,328 $29,285 $29,197 $29,138 $28,546 $28,305 $28,223 $28,161 $27,999 $27,970 $27,814 $27,730 $27,698 $27,247 $27,062 $27,000 $26,913 $26,772 $26,555 28

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Ranking – 2013 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.

Market

Calamos Advisors U.S. Prologis U.S. Quoniam Asset Mgmt. Germany Hotchkis & Wiley U.S. Baron Capital Group U.S. Letko Brosseau Canada Adams Street Partners U.S. Angelo, Gordon U.S. Pzena Investment U.S. Hunt U.S. Commonfund U.S. Sprucegrove Investment Canada E Fund Mgmt. China Gruppo Bancario Credito Emiliano Italy Boston Private Financial U.S. Shenkman Capital U.S. AJO U.S. Cutwater Asset Mgmt. U.S. Eagle Capital U.S. ESAF Portugal Investment Solutions South Africa Blue Sky Group Netherlands Renaissance Technologies U.S. EARNEST Partners U.S. Bentall Kennedy U.S.

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Total assets $26,543 $26,432 $26,018 $25,957 $25,368 $25,208 $25,085 $25,000 $24,976 $24,750 $24,604 $24,572 $24,534 $24,348 $24,280 $24,069 $23,965 $23,898 $23,873 $23,843 $23,800 $23,402 $23,399 $23,249 $23,235

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.

Universal-Investment Colchester Global Investors J O Hambro Capital Mgmt. Royal & SunAlliance Perpetual Frankfurt-Trust First Republic Investment COMGEST Oak Hill Advisors Providence Equity Fred Alger Mgmt. Gruppo Bipiemme SCOR Fiduciary Mgmt./Milwaukee Platinum Investment Mgmt. Mawer Investment Mgmt. BOK Financial Inland Group King Street Capital International Value Advisers Wasatch Advisors Petercam Highland Capital (Texas) Magellan Asset Mgmt. Westwood Holdings

Market Germany U.K. U.K. U.K. Australia Germany U.S. France U.S. U.S. U.S. Italy France U.S. Australia Canada U.S. U.S. U.S. U.S. U.S. Belgium U.S. Australia U.S.

Total assets $23,097 $22,986 $22,958 $22,753 $22,448 $22,026 $21,800 $21,750 $21,320 $21,273 $21,116 $20,924 $20,924 $20,651 $20,572 $20,567 $20,285 $20,000 $19,800 $19,545 $19,277 $19,243 $19,168 $18,961 $18,931 29

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Ranking – 2013 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.

Victory Capital Carnegie Investment Banco Popolare Società Wintrust Financial Penn Mutual Life Burgundy Asset Mgmt. Munder Capital HDFC Asset Mgmt. Oddo Westfield Capital World Asset Mgmt. T&D Asset Mgmt. Perennial Investment Hexavest ASB Capital Mgmt. Huntington Bancshares Mutual of America Co-operators Group Fullgoal Fund Bankinter Hanwha Group Los Angeles Capital AAM Unigestion Madison Investment

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Market U.S. Sweden Italy U.S. U.S. Canada U.S. India France U.S. U.S. Japan Australia Canada U.S. U.S. U.S. Canada China Spain South Korea U.S. U.S. Switzerland U.S.

Total assets $18,775 $18,665 $18,061 $18,000 $17,900 $17,724 $17,650 $17,602 $17,483 $17,368 $17,121 $17,072 $16,954 $16,851 $16,700 $16,700 $16,670 $16,642 $16,580 $16,485 $16,428 $15,896 $15,630 $15,500 $15,483

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.

Close Brothers Group Kepler Fonds KAG Guardian Capital Vinva Investment Mgmt. Luther King Capital Banco Votorantim Cramer Rosenthal McGlynn Gruppo Banca Carige Leith Wheeler Investment Montag & Caldwell Tortoise Capital Lend Lease Investment Mgmt. Sit Investment Birla Sun Life Asset Mgmt. GPT Group Amalgamated Bank Edinburgh Partners Numeric Investors Grupo March WHV Investment C.S. McKee Horsley Bridge Partners Cantillon Capital Mgmt. USAA Real Estate Odey Asset Mgmt.

Market U.K. Austria Canada Australia U.S. Brazil U.S. Italy Canada U.S. U.S. Australia U.S. India Australia U.S. U.K. U.S. Spain U.S. U.S. U.S. U.S. U.S. U.K.

Total assets $15,326 $15,253 $15,237 $14,772 $14,722 $14,673 $14,573 $14,454 $14,311 $14,221 $14,189 $14,019 $13,985 $13,727 $13,487 $13,346 $13,132 $13,087 $12,972 $12,696 $12,549 $12,500 $12,450 $12,420 $12,306 30

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Ranking – 2013 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.

Foyston, Gordon & Payne Diamond Hill Capital EII Capital Mgmt. Driehaus Capital UTI Asset Mgmt. Westbrook Partners Pacific Income Advisers Grupo Banco Popular Prime Advisors Caixa Catalunya Group Colony Capital Iridian Asset Mgmt. Tocqueville Asset Mgmt. Kornitzer Capital Piper Jaffray Canso Investment Counsel Gulf International Bank Marathon Asset Mgmt. BPI Bahl & Gaynor StepStone Group WEDGE Capital DRA Advisors Value Partners State Bank of India

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Market Canada U.S. U.S. U.S. India U.S. U.S. Spain U.S. Spain U.S. U.S. U.S. U.S. U.S. Canada U.K. U.S. Portugal U.S. U.S. U.S. U.S. Hong Kong India

Total assets $12,258 $12,186 $12,172 $12,167 $12,008 $11,943 $11,829 $11,711 $11,701 $11,654 $11,600 $11,451 $11,447 $11,320 $11,232 $11,218 $11,200 $11,200 $11,164 $11,078 $10,966 $10,842 $10,572 $10,489 $10,427

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.

Rainier Investment Parnassus Investments Herndon Capital Sage Advisory Services Silvercrest Asset Mgmt. Denver Investments EnTrust Capital Rock Creek Group KGAL Synovus Financial Jacobs Levy Equity Horizon Kinetics BOCI-Prudential SkyBridge Capital Ramius Segall Bryant & Hamill New Brunswick Investment Charter Hall Martin Currie Ausbil Investment Mgmt. JCP Investment Partners Ariel Investments Pacific Alternative Asset Neptune Investment MKP Capital

Market U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. Germany U.S. U.S. U.S. Hong Kong U.S. U.S. U.S. Canada Australia U.K. Australia Australia U.S. U.S. U.K. U.S.

Total assets $10,419 $10,395 $10,210 $10,123 $10,093 $10,009 $9,954 $9,900 $9,808 $9,800 $9,756 $9,727 $9,654 $9,625 $9,544 $9,468 $9,442 $9,441 $9,217 $9,026 $9,018 $8,992 $8,988 $8,866 $8,750 31

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Ranking – 2013 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.

Kyobo Life Insurance Kimco Realty DePrince, Race & Zollo KBS TT International Turner Investments Cambiar Investors London Co. Progress Investment Analytic Investors Opportunity Maple-Brown Abbott Investment Cornerstone Investment Boston Trust & Investment Johnson Investment Counsel Opus Investment McKinley Capital HFA Holdings Rockwood Capital Abbott Capital Crestline Investors Rongtong Fund Mgmt. Glenmede Investment PENN Capital Investa

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Market South Korea U.S. U.S. U.S. U.K. U.S. U.S. U.S. U.S. U.S. Brazil Australia U.S. U.S. U.S. U.S. U.S. Australia U.S. U.S. U.S. China U.S. U.S. Australia

Total assets $8,698 $8,575 $8,517 $8,515 $8,484 $8,429 $8,418 $8,401 $8,359 $8,289 $8,253 $8,233 $8,211 $8,200 $8,195 $8,161 $8,135 $8,085 $8,023 $7,888 $7,800 $7,753 $7,663 $7,636 $7,631

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.

Advent Capital Paradice Investment Mgmt. Cooper Investors Lion Fund Mgmt. Peregrine Holdings Chartwell Investment Ibercaja Hastings Funds Mgmt. Stockbridge Capital Group Dongbu Caisse de Depôt et Placement Jensen Investment Beach Point Capital Lupus Alpha DDJ Capital Westwood Global BNG Samson Capital Capital At Work Group RARE Infrastructure Brown Capital Chandler Asset Mgmt. Rohatyn Group Yapi Kredi Asset Mgmt. SPARX Group

Market U.S. Australia Australia China South Africa U.S. Spain Australia U.S. South Korea Canada U.S. U.S. Germany U.S. U.S. Netherlands U.S. Belgium Australia U.S. U.S. U.S. Turkey Japan

Total assets $7,591 $7,542 $7,529 $7,524 $7,483 $7,457 $7,434 $7,400 $7,304 $7,260 $7,234 $7,209 $7,202 $7,158 $7,145 $7,140 $7,136 $7,076 $7,075 $7,070 $7,019 $6,999 $6,987 $6,883 $6,831 32

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