the world’s 500 largest asset managers - researched by pensions & investments and towers watson

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© 2014 Towers Watson. All rights reserved. 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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Highlights of this year’s survey of the top 500 asset managers by P&I/Towers Watson, include: •Total assets under management of the 500 managers included in the ranking totalled US$ 76.5 trillion at the end of 2013, up 11.8% 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$ 41.9 trillion at 2013 year end, an increase of 16.7% 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 5.5% during 2013. •The Top 20 managers’ share of the total assets decreased marginally from 41.4% to 41.0%.

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  • 1. 2014 Towers Watson. All rights reserved.The Worlds 500 Largest AssetManagersThe P&I/Towers Watson global 500 ranking is prepared usingjoint research by Pensions & Investments and Towers WatsonYear end 2013

2. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.2ContentsExecutive Summary 3AnalysisSection 1: Total value of assets and growth rates 6Section 2: Analysis of the largest 20 asset managers 10Section 3: Passive management 17Contact details and limitations of reliance 21Appendix Complete ranking 22Page 3. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.3Executive Summary 4. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.4Executive summaryTotal assets under management of the 500 managers included in the ranking totalled US$ 76.5 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 5.5% during 2013.The Top 20 managers share of the total assets decreased marginally from 41.4% to 41.0%.AUM increased 12.0% in 2013BlackRock remained in the top spotAUM of North American and European managers increased, whilst Japanese managers experienced a decreaseTop 20 managers decreased their share in the total 500 5. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.5Executive summaryU.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.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 decreasedU.S. managers dominated the Top 20 group once again. 6. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.6AnalysisSection 1: Total value of assets and growth rates 7. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.7Total value of assets managed Split by manager domicile Assets under management of the worlds 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 5.5% in 2013, while European managers assets as well as U.S. managers assets increased 9.8% and 17.0% respectively. 8. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.8Total value of assets managed Split by segmentThe bottom 250 managers increased their proportion of assets at the expense of the top 50 managers share of assets 9. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%OtherAustraliaAustriaBelgiumCanadaDenmarkFinlandFranceGermanyIrelandItalyJapanNetherlandsNorwayPortugalSpainSwedenSwitzerlandU.K.U.S.2013 2008 20039Distribution of assets by country10 year overview 2003 to 2013The last decade has seen an increase in the representation ofmanagers from the U.S. In contrast, the Japanese andseveral European markets have experienced a relativedecline in the global asset management industry. 10. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.10AnalysisSection 2: Analysis of the largest 20 asset managers 11. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.11Total value of assets managed by top 20 Split by manager domicileTop 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). 12. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.12Annual growth of 500 vs. growth of top 20 13. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.13Top 20 managers by manager typeAt the end of 2013, bank-owned and independent managers accounted for the majority in the top 20, while insurer-owned asset managers were a minority. 14. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.14Growth in manager AUM 2008 2013 The fastest growing firms among the top 50 15. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.15Growth in manager AUM 2008 2013 The fastest growing firms among the top 50ManagerRank changeMarketSchroder Investment Mgmt.+44 (8743)U.K.Affiliated Managers Group+43 (8138)U.S.Royal Bank of Canada+28 (7749)CanadaT. Rowe Price+27 (5427)U.S.Sumitomo Mitsui Trust & Bank+26 (5933)JapanPrincipal Financial+24 (6339)U.S.New York Life Investments+22 (6947)U.S.Invesco+20 (4121)U.S.Prudential+19 (4324)U.K.Ameriprise Financial+19 (4930)U.S. 16. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.16Growth in manager AUM 2008 2013 The fastest growing firms among the top 50ManagerRank changeMarketLegal & General Group+15 (3823)U.K.Franklin Templeton+14 (3218)U.S.Great-West Lifeco+12 (5341)CanadaNorthwestern Mutual+12 (5644)U.S.Wellington Mgmt.+11 (3120)U.S.MassMutual Financial+11 (4029)U.S.Prudential Financial+10 (2212)U.S.Zurich Financial Services+10 (6050)SwitzerlandSun Life Financial+7 (4437)CanadaVanguard Group+6 (82)U.S. 17. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.17AnalysisSection 3: Passive management 18. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.18Annual growth of leading passive managers vs. growth of 500CAGR of 500 since 2003: 5.8% CAGR of passive since 2003: 12.4% 19. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.19Total AUM value of leading passive managers with annual growth rateCAGR since 2003: 12.4% 20. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.20Value of passive AUM of leading passive managers - At June 30, 2013 21. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.21Contact details and limitations of relianceContact detailsAmandeep ShihnTowers Watson Investment +44 207 227 [email protected] PriceTowers Watson Investment +44 207 227 [email protected] 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 Watsons prior written permission. It may also not be disclosed to any other party without Towers Watsons 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. 22. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.22AppendixComplete ranking 23. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.23Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets1.BlackRockU.S.$4,324,08826.Aegon GroupNetherlands$692,4302.Vanguard GroupU.S.$2,752,91927.T. Rowe PriceU.S.$692,4003.Allianz Global InvestorsGermany$2,392,53128.Legg MasonU.S.$679,4754.State Street GlobalU.S.$2,344,78929.MassMutual FinancialU.S.$639,0005.Fidelity InvestmentsU.S.$2,159,84530.Ameriprise FinancialU.S.$635,2006.J.P. Morgan ChaseU.S.$1,601,98331.Mitsubishi UFJ Financial GroupJapan$635,0207.Bank of New York MellonU.S.$1,582,98232.Wells FargoU.S.$627,8008.AXA GroupFrance$1,532,15633.Sumitomo Mitsui Trust & BankJapan$609,7209.Capital GroupU.S.$1,338,80534.Morgan StanleyU.S.$608,04510.BNP ParibasFrance$1,325,17635.Nippon Life InsuranceJapan$600,46111.Deutsche BankGermany$1,270,60236.TIAA-CREFU.S.$598,81712.Prudential FinancialU.S.$1,107,02937.Sun Life FinancialCanada$598,30413.UBSSwitzerland$1,095,90438.Affiliated Managers GroupU.S.$537,30014.AmundiFrance$1,069,77139.Principal FinancialU.S.$483,20015.Goldman Sachs GroupU.S.$1,042,00040.ZenkyorenJapan$479,20016.HSBC HoldingsU.K.$921,00041.Great-West LifecoCanada$477,84717.Northern Trust Asset Mgmt.U.S.$884,47342.Crdit SuisseSwitzerland$466,81018.Franklin TempletonU.S.$879,13943.Schroder Invesment Mgmt.U.K.$433,45119.Natixis Global Asset Mgmt.France$867,19344.Northwestern MutualU.S.$425,76520.Wellington Mgmt.U.S.$834,40545.Samsung GroupSouth Korea$416,06021.InvescoU.S.$778,18746.AvivaU.K.$396,54822.MetLifeU.S.$771,66147.New York Life InvestmentsU.S.$388,53623.Legal & General GroupU.K.$741,96048.Federated InvestorsU.S.$376,08424.PrudentialU.K.$730,25449.Royal Bank of CanadaCanada$373,99625.Generali GroupItaly$699,84350.Zurich Financial ServicesSwitzerland$341,547 24. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.24Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets51.Dimensional Fund AdvisorsU.S.$337,52376.NordeaDenmark$227,09152.Macquarie GroupAustralia$330,61777.BB Gestao de RecursosBrazil$226,30953.Old MutualU.K.$327,12278.Societe GeneraleFrance$225,76254.Munich REGermany$314,05279.Dodge & CoxU.S.$224,41755.Meiji Yasuda Life InsuranceJapan$306,28780.Sumitomo Life InsuranceJapan$222,30056.Standard LifeU.K.$303,56481.Nuveen InvestmentsU.S.$220,50457.Nomura Asset Mgmt.Japan$301,46782.Banco Santander CentralSpain$215,23458.Aberdeen Asset Mgmt.U.K.$294,10983.TD Asset Mgmt.Canada$210,91559.Union InvestmentGermany$291,83984.Hartford FinancialU.S.$209,36660.Intesa SanPaoloItaly$291,81385.Banco do BrasilBrazil$208,92961.Shinkin Central BankJapan$284,88686.Banco SabadellSpain$205,28362.DZ BANKGermany$283,85587.Lombard Odier InvestmentSwitzerland$197,95063.Eaton VanceU.S.$280,66988.La PosteFrance$196,85464.Voya FinancialU.S.$274,34289.PGGMNetherlands$194,75465.Blackstone GroupU.S.$265,75890.Commonwealth Bank GroupAustralia$187,35266.Manulife Asset Mgmt.Canada$260,12691.Brookfield Asset Mgmt.Canada$186,97067.Lloyds Banking GroupU.K.$250,28892.LazardU.S.$186,92468.BankiaSpain$250,24893.Resona BankJapan$185,55969.Charles Schwab InvestmentU.S.$248,49394.BRADESCOBrazil$181,32170.Neuberger BermanU.S.$241,72595.Swiss Life Asset ManagersSwitzerland$174,14871.ING Investment Mgmt. Int'lNetherlands$239,69996.Pioneer Global Asset Mgmt.Italy$173,92572.Unicredit GroupItaly$239,42597.Janus Capital GroupU.S.$173,89573.Dekabank GroupGermany$233,74198.Geode Capital Mgmt.U.S.$173,18174.SEBSweden$227,53499.Guggenheim InvestmentsU.S.$171,83775.Mizuho Financial GroupJapan$227,525100.Itau UnibancoBrazil$169,427 25. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.25Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets101.Baillie GiffordU.K.$167,955126.IGM Financial GroupCanada$123,192102.Stifel FinancialU.S.$165,600127.Royal London GroupU.K.$121,348103.BBVASpain$165,192128.GE Asset Mgmt.U.S.$119,076104.Nikko Asset Mgmt.Japan$161,000129.Talanx GroupGermany$118,814105.Pictet Asset Mgmt.Switzerland$158,309130.Grantham, Mayo v. OtterlooU.S.$116,575106.SEI InvestmentsU.S.$155,732131.GroupamaFrance$116,336107.Bridgewater AssociatesU.S.$150,100132.ORIXJapan$115,995108.ScotiabankCanada$145,470133.Pearl GroupU.K.$113,108109.Crdit MutuelFrance$145,231134.Cova GroupFrance$111,642110.American CenturyU.S.$139,001135.Investec Asset Mgmt.South Africa$110,163111.Le Groupe LCF RothschildFrance$137,660136.Artisan PartnersU.S.$105,477112.Lord, AbbettU.S.$137,265137.AQR Capital Mgmt.U.S.$103,565113.SwedbankSweden$137,137138.Nationwide FinancialU.S.$102,101114.F&C Asset Mgmt.U.K.$135,366139.Dexia Asset Mgmt.Belgium$100,492115.Danske BankDenmark$134,168140.NISA InvestmentU.S.$99,042116.Dai-ichi Life InsuranceJapan$133,000141.Union Bancaire PriveSwitzerland$98,483117.TCW GroupU.S.$131,881142.Thornburg InvestmentU.S.$94,410118.MNNetherlands$129,731143.Kohlberg Kravis RobertsU.S.$94,320119.NAB/MLCAustralia$128,743144.First Eagle InvestmentU.S.$92,511120.GAM HoldingSwitzerland$128,465145.General Re - New EnglandU.S.$91,203121.PNC FinancialU.S.$127,192146.MapfreSpain$90,922122.Waddell & ReedU.S.$126,543147.CBRE Global InvestorsU.S.$89,100123.AMP CapitalAustralia$124,411148.PRIMECAPU.S.$87,863124.Henderson Global InvestorsU.K.$124,051149.KutxabankSpain$85,734125.BMO Global Asset Mgmt.Canada$123,696150.BCVSwitzerland$85,598 26. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.26Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets151.EFG InternationalSwitzerland$85,344176.Sumitomo Mitsui Asset Mgmt.Japan$70,218152.CI FinancialCanada$85,155177.Warburg GruppeGermany$68,968153.Baloise Asset Mgmt.Switzerland$84,872178.Anima HoldingItaly$68,830154.DnB NORNorway$84,753179.VidacaixaSpain$68,830155.Mesirow FinancialU.S.$84,563180.QICAustralia$67,232156.Oaktree CapitalU.S.$83,605181.Delta LloydNetherlands$67,178157.MercerU.S.$83,600182.Erste-Sparinvest KapitalanlageAustria$66,765158.Aquiline CapitalU.S.$83,424183.Industrial Alliance InsuranceCanada$64,882159.Payden & RygelU.S.$82,809184.Zrcher KantonalbankSwitzerland$63,334160.Westpac BankingAustralia$82,782185.Stone Harbor InvestmentU.S.$62,265161.LSV Asset Mgmt.U.S.$82,292186.Monte dei Paschi di SienaItaly$62,093162.Wilmington TrustU.S.$82,154187.William BlairU.S.$61,979163.Storebrand GroupNorway$79,527188.Fortress Investment GroupU.S.$61,750164.Vontobel Asset Mgmt.Switzerland$77,596189.Brown Brothers HarrimanU.S.$61,551165.IDUNA GruppeGermany$77,365190.BTG PactualBrazil$61,405166.Research AffiliatesU.S.$76,723191.SNS Asset Mgmt.Netherlands$60,846167.Ashmore GroupU.K.$75,300192.Raymond JamesU.S.$60,505168.OFI AMFrance$75,300193.China Asset Mgmt.China$58,660169.Caixa Economica FederalBrazil$74,528194.Versicherungskammer BayernGermany$58,567170.Ares Mgmt.U.S.$74,005195.Fukoku Mutual Life InsuranceJapan$58,523171.Pacific Century GroupHong Kong$73,500196.Swisscanto Asset Mgmt.Switzerland$58,281172.SanlamSouth Africa$73,494197.KBLLuxembourg$58,092173.CIBC Asset Mgmt.Canada$72,766198.Virtus InvestmentU.S.$57,740174.Fiera CapitalCanada$72,451199.Tokio Marine HoldingsJapan$55,860175.Mondrian Investment PartnersU.K.$70,356200.Northern CrossU.S.$55,411 27. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.27Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets201.Irish Life Investment ManagersIreland$55,064226.Cohen & SteersU.S.$45,907202.Harvest Fund Mgmt.China$54,523227.City NationalU.S.$45,001203.UBI BancaItaly$54,450228.LGT GroupSwitzerland$44,366204.Svenska HandelsbankenSweden$54,300229.Industry Funds Mgmt.Australia$44,364205.Man InvestmentsU.K.$54,100230.IFM InvestorsAustralia$44,323206.Fisher InvestmentsU.S.$53,644231.CommerzbankGermany$44,051207.American Beacon AdvisorsU.S.$53,371232.F Van LanschotNetherlands$43,914208.JupiterU.K.$52,267233.Fort WashingtonU.S.$43,794209.OP Bank GroupFinland$52,173234.Partners GroupSwitzerland$43,501210.Marathon-LondonU.K.$50,863235.Kempen Capital Mgmt.Netherlands$43,267211.Manning & NapierU.S.$50,826236.BerenbergGermany$41,436212.RecordU.K.$50,783237.Hermes Fund ManagersU.K.$41,410213.RidgeWorth CapitalU.S.$50,336238.UMB FinancialU.S.$41,400214.Arrowstreet CapitalU.S.$50,053239.KBC GroupBelgium$41,376215.PFM Asset Mgmt.U.S.$49,964240.Metzler Asset Mgmt.Germany$40,174216.Coronation Fund ManagersSouth Africa$49,771241.NKSJ HoldingsJapan$39,932217.Daiwa Securities GroupJapan$49,033242.ChallengerAustralia$39,914218.Royal Bank of ScotlandU.K.$48,969243.Robert W. BairdU.S.$39,758219.Davis AdvisorsU.S.$48,174244.Bank DegroofBelgium$39,095220.LaSalle InvestmentU.S.$47,989245.Landesbank Hessen-ThuringenGermany$39,068221.MediolanumItaly$47,646246.Ohio NationalU.S.$38,800222.GAMCO InvestorsU.S.$47,010247.National Bank of CanadaCanada$38,593223.FolksamSweden$46,941248.Uniqa Finanz GroupAustria$37,696224.Brown AdvisoryU.S.$46,330249.STANLIBSouth Africa$37,414225.Connor,Clark & Lunn FinancialCanada$46,120250.Strategic Investment GroupU.S.$37,257 28. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.28Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets251.Income Research & Mgmt.U.S.$37,224276.Greystone ManagedCanada$30,845252.China Southern Fund Mgmt.China$37,144277.Reliance CapitalIndia$30,322253.DuPont CapitalU.S.$36,838278.Raiffeisen ZentralbankAustria$30,133254.HarbourVest PartnersU.S.$36,593279.Clarion PartnersU.S.$29,973255.Allan Gray ProprietarySouth Africa$36,483280.Northill CapitalU.K.$29,900256.Beutel GoodmanCanada$36,262281.Hamilton LaneU.S.$29,522257.Desjardins GroupCanada$35,477282.Gruppo AzimutItaly$29,488258.Southeastern Asset Mgmt.U.S.$35,073283.SECOR Asset Mgmt.U.S.$29,328259.Mirae Asset Financial GroupSouth Korea$34,963284.Commerce TrustU.S.$29,285260.RhumbLine AdvisersU.S.$34,694285.Mirabaud GroupSwitzerland$29,197261.MMI HoldingsSouth Africa$34,653286.HeitmanU.S.$29,138262.Caixa Gesto de ActivosPortugal$34,500287.Artemis Investment Mgmt.U.K.$28,546263.Fayez SarofimU.S.$34,261288.First Pacific AdvisorsU.S.$28,305264.Starwood CapitalU.S.$34,240289.Arca SGRItaly$28,223265.Ameritas Mutual HoldingU.S.$34,100290.HinesU.S.$28,161266.Jarislowsky, FraserCanada$33,748291.Causeway CapitalU.S.$27,999267.NrnbergerGermany$33,217292.Brock Fiduciary ServicesU.S.$27,970268.AGF Mgmt.Canada$33,159293.Advantus CapitalU.S.$27,814269.GLC Asset Mgmt. GroupCanada$33,052294.SafraBrazil$27,730270.Bosera Asset Mgmt.China$32,313295.RS InvestmentsU.S.$27,698271.Bank SyzSwitzerland$32,229296.Korea Investment HoldingsSouth Korea$27,247272.D.E. Shaw GroupU.S.$32,006297.Antares CapitalAustralia$27,062273.Bank J. Safra SarasinSwitzerland$31,507298.Fifth Third BancorpU.S.$27,000274.Caixa Geral de DepsitosPortugal$31,057299.Brandes InvestmentU.S.$26,913275.Van Eck AssociatesU.S.$31,013300.Pathway CapitalU.S.$26,772 29. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.29Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets301.ICMA RetirementU.S.$26,555326.Bentall KennedyU.S.$23,235302.Calamos AdvisorsU.S.$26,543327.Universal-InvestmentGermany$23,097303.PrologisU.S.$26,432328.Colchester Global InvestorsU.K.$22,986304.Quoniam Asset Mgmt.Germany$26,018329.J O Hambro Capital Mgmt.U.K.$22,958305.Hotchkis & WileyU.S.$25,957330.Royal & SunAllianceU.K.$22,753306.Baron Capital GroupU.S.$25,368331.PerpetualAustralia$22,448307.Letko BrosseauCanada$25,208332.Frankfurt-TrustGermany$22,026308.Adams Street PartnersU.S.$25,085333.First Republic InvestmentU.S.$21,800309.Angelo, GordonU.S.$25,000334.COMGESTFrance$21,750310.Pzena InvestmentU.S.$24,976335.Oak Hill AdvisorsU.S.$21,320311.HuntU.S.$24,750336.Providence EquityU.S.$21,273312.CommonfundU.S.$24,604337.Fred Alger Mgmt.U.S.$21,116313.Sprucegrove InvestmentCanada$24,572338.Gruppo BipiemmeItaly$20,924314.E Fund Mgmt.China$24,534339.SCORFrance$20,924315.Gruppo Bancario Credito EmilianoItaly$24,348340.Fiduciary Mgmt./MilwaukeeU.S.$20,651316.Boston Private FinancialU.S.$24,280341.Platinum Investment Mgmt.Australia$20,572317.Shenkman CapitalU.S.$24,069342.Mawer Investment Mgmt.Canada$20,567318.AJOU.S.$23,965343.BOK FinancialU.S.$20,285319.Cutwater Asset Mgmt.U.S.$23,898344.Inland GroupU.S.$20,000320.Eagle CapitalU.S.$23,873345.King Street CapitalU.S.$19,800321.ESAFPortugal$23,843346.International Value AdvisersU.S.$19,545322.Investment SolutionsSouth Africa$23,800347.Wasatch AdvisorsU.S.$19,277323.Blue Sky GroupNetherlands$23,402348.PetercamBelgium$19,243324.Renaissance TechnologiesU.S.$23,399349.Highland Capital (Texas)U.S.$19,168325.EARNEST PartnersU.S.$23,249350.Magellan Asset Mgmt.Australia$18,961 30. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.30Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets351.Westwood HoldingsU.S.$18,931376.Madison InvestmentU.S.$15,483352.Victory CapitalU.S.$18,775377.Close Brothers GroupU.K.$15,326353.Carnegie InvestmentSweden$18,665378.Kepler Fonds KAGAustria$15,253354.Banco Popolare SocietItaly$18,061379.Guardian CapitalCanada$15,237355.Wintrust FinancialU.S.$18,000380.Vinva Investment Mgmt.Australia$14,772356.Penn Mutual LifeU.S.$17,900381.Luther King CapitalU.S.$14,722357.Burgundy Asset Mgmt.Canada$17,724382.Banco VotorantimBrazil$14,673358.Munder CapitalU.S.$17,650383.Cramer Rosenthal McGlynnU.S.$14,573359.HDFC Asset Mgmt.India$17,602384.Gruppo Banca CarigeItaly$14,454360.OddoFrance$17,483385.Leith Wheeler InvestmentCanada$14,311361.Westfield CapitalU.S.$17,368386.Montag & CaldwellU.S.$14,221362.World Asset Mgmt.U.S.$17,121387.Tortoise CapitalU.S.$14,189363.T&D Asset Mgmt.Japan$17,072388.Lend Lease Investment Mgmt.Australia$14,019364.Perennial InvestmentAustralia$16,954389.Sit InvestmentU.S.$13,985365.HexavestCanada$16,851390.Birla Sun Life Asset Mgmt.India$13,727366.ASB Capital Mgmt.U.S.$16,700391.GPT GroupAustralia$13,487367.Huntington BancsharesU.S.$16,700392.Amalgamated BankU.S.$13,346368.Mutual of AmericaU.S.$16,670393.Edinburgh PartnersU.K.$13,132369.Co-operators GroupCanada$16,642394.Numeric InvestorsU.S.$13,087370.Fullgoal FundChina$16,580395.Grupo MarchSpain$12,972371.BankinterSpain$16,485396.WHV InvestmentU.S.$12,696372.Hanwha GroupSouth Korea$16,428397.C.S. McKeeU.S.$12,549373.Los Angeles CapitalU.S.$15,896398.Horsley Bridge PartnersU.S.$12,500374.AAMU.S.$15,630399.Cantillon Capital Mgmt.U.S.$12,450375.UnigestionSwitzerland$15,500400.USAA Real EstateU.S.$12,420 31. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.31Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets401.Odey Asset Mgmt.U.K.$12,306426.State Bank of IndiaIndia$10,427402.Foyston, Gordon & PayneCanada$12,258427.Rainier InvestmentU.S.$10,419403.Diamond Hill CapitalU.S.$12,186428.Parnassus InvestmentsU.S.$10,395404.EII Capital Mgmt.U.S.$12,172429.Herndon CapitalU.S.$10,210405.Driehaus CapitalU.S.$12,167430.Sage Advisory ServicesU.S.$10,123406.UTI Asset Mgmt.India$12,008431.Silvercrest Asset Mgmt.U.S.$10,093407.Westbrook PartnersU.S.$11,943432.Denver InvestmentsU.S.$10,009408.Pacific Income AdvisersU.S.$11,829433.EnTrust CapitalU.S.$9,954409.Grupo Banco PopularSpain$11,711434.Rock Creek GroupU.S.$9,900410.Prime AdvisorsU.S.$11,701435.KGALGermany$9,808411.Caixa Catalunya GroupSpain$11,654436.Synovus FinancialU.S.$9,800412.Colony CapitalU.S.$11,600437.Jacobs Levy EquityU.S.$9,756413.Iridian Asset Mgmt.U.S.$11,451438.Horizon KineticsU.S.$9,727414.Tocqueville Asset Mgmt.U.S.$11,447439.BOCI-PrudentialHong Kong$9,654415.Kornitzer CapitalU.S.$11,320440.SkyBridge CapitalU.S.$9,625416.Piper JaffrayU.S.$11,232441.RamiusU.S.$9,544417.Canso Investment CounselCanada$11,218442.Segall Bryant & HamillU.S.$9,468418.Gulf International BankU.K.$11,200443.New Brunswick InvestmentCanada$9,442419.Marathon Asset Mgmt.U.S.$11,200444.Charter HallAustralia$9,441420.BPIPortugal$11,164445.Martin CurrieU.K.$9,217421.Bahl & GaynorU.S.$11,078446.Ausbil Investment Mgmt.Australia$9,026422.StepStone GroupU.S.$10,966447.JCP Investment PartnersAustralia$9,018423.WEDGE CapitalU.S.$10,842448.Ariel InvestmentsU.S.$8,992424.DRA AdvisorsU.S.$10,572449.Pacific Alternative AssetU.S.$8,988425.Value PartnersHong Kong$10,489450.Neptune InvestmentU.K.$8,866 32. towerswatson.com 2014 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only.32Ranking 2013RankManagerMarketTotal assetsRankManagerMarketTotal assets451.MKP CapitalU.S.$8,750476.InvestaAustralia$7,631452.Kyobo Life InsuranceSouth Korea$8,698477.Advent CapitalU.S.$7,591453.Kimco RealtyU.S.$8,575478.Paradice Investment Mgmt.Australia$7,542454.DePrince, Race & ZolloU.S.$8,517479.Cooper InvestorsAustralia$7,529455.KBSU.S.$8,515480.Lion Fund Mgmt.China$7,524456.TT InternationalU.K.$8,484481.Peregrine HoldingsSouth Africa$7,483457.Turner InvestmentsU.S.$8,429482.Chartwell InvestmentU.S.$7,457458.Cambiar InvestorsU.S.$8,418483.IbercajaSpain$7,434459.London Co.U.S.$8,401484.Hastings Funds Mgmt.Australia$7,400460.Progress InvestmentU.S.$8,359485.Stockbridge Capital GroupU.S.$7,304461.Analytic InvestorsU.S.$8,289486.DongbuSouth Korea$7,260462.OpportunityBrazil$8,253487.Caisse de Dept et PlacementCanada$7,234463.Maple-Brown Abbott InvestmentAustralia$8,233488.Jensen InvestmentU.S.$7,209464.Cornerstone InvestmentU.S.$8,211489.Beach Point CapitalU.S.$7,202465.Boston Trust & InvestmentU.S.$8,200490.Lupus AlphaGermany$7,158466.Johnson Investment CounselU.S.$8,195491.DDJ CapitalU.S.$7,145467.Opus InvestmentU.S.$8,161492.Westwood GlobalU.S.$7,140468.McKinley CapitalU.S.$8,135493.BNGNetherlands$7,136469.HFA HoldingsAustralia$8,085494.Samson CapitalU.S.$7,076470.Rockwood CapitalU.S.$8,023495.Capital At Work GroupBelgium$7,075471.Abbott CapitalU.S.$7,888496.RARE InfrastructureAustralia$7,070472.Crestline InvestorsU.S.$7,800497.Brown CapitalU.S.$7,019473.Rongtong Fund Mgmt.China$7,753498.Chandler Asset Mgmt.U.S.$6,999474.Glenmede InvestmentU.S.$7,663499.Rohatyn GroupU.S.$6,987475.PENN CapitalU.S.$7,636500.Yapi Kredi Asset Mgmt.Turkey$6,883