The world’s largest 500 asset managers | Joint study with Pensions & Investments | October 2020

TAI / P&I 500

03 04

Thinking Ahead Executive

Institute summary

10 29 36 38

Section 1 Section 2 Section 3 Section 4

Total value of assets Analysis of the largest 20 Passive management Manager insights on the
asset managers industry

40 43

Section 5 Section 6 31
Definitions TAI/ P&I 500 ranking

55

Limitations of reliance

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02
The Thinking Ahead Institute

T h i n ki n g Ah ead I n sti tu te
Formed in 2015, the Thinking Ahead Institute is a global not-for-profit research and
innovation group whose aim is to mobilise capital for a sustainable future. The Institute’s members comprise
asset owners, investment managers and other groups that are similarly motivated. It is an outgrowth of Willis
Towers Watson Investments’ Thinking Ahead Group and more research is available on its website.

The Thinking Ahead Group research team

Marisa Hall Tim Hodgson Roger Urwin Liang Yin

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03
 TAI / P&I 500

Executive summary
Overview and key findings
 Executive summary
Execu ti ve su mmary

Key industry-wide observations (1/2)

▪ Investment is a fast-changing industry: 232 names in our 2009 list of 500 largest 232 names in our
asset managers are not in our 2019 list. There seems to be a quickening of the 2009 list of 500
pace of consolidation.
largest asset
managers are not in
▪ Mandate and process trends have been broadly favouring drivers which enhance our 2019 list.
competitive edges and reduce the friction points in products through more
advanced technology, lighter governance or more streamlined service.
▪ Client requirements for returns are increasing which is tending to favour products
Passive, factors and
private markets are
that may involve higher risk. all growth areas for
▪ Mandate transitions: these drivers above have been present in the growth of mandates.
passive and index tracking, factors, private markets and solutions products.
▪ Process transitions: these drivers above are evolving ways of doing: Outsourced CIO
- OCIO. Where scale and specialisation provides Asset Owners (AOs) some (OCIO), Total Portfolio
streamlining benefits Approaches (TPA) and
- TPA. Where managing to a goal, especially an absolute return target, is ETFs have all be
preferred to managing to benchmarks subject to process
transitions.
- Index tracking and ETFs. Where the index embeds the strategy.

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05
 Executive summary
Execu ti ve su mmary

Key industry-wide observations (2/2)

▪ The implications of Covid-19 for asset managers (AMs) are
significant, particularly with respect to the use of technology,
incorporation of ESG and evolution of culture
▪ The Covid-19 crisis has created conditions for more innovations
to be put into practice – notably a remote working operating
model, supported by technology
▪ Technology advancements, incorporating increasing
digitalisation, have contributed to improvements in AMs’ service
and delivery models
▪ The circumstances have also supported new leadership and
cultural norms. Leadership communication has been stronger
and more relevant as a result. Cultural progress has been
evident through greater focus on: organisational purpose and
stakeholder management; new ways to support and re-establish
trust; and the sustainability nexus that links purpose, diversity &
inclusion and ESG.
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06
 Execu ti ve su mmary

Infographic

07
 Executive summary
Execu ti ve su mmary

Figures to end 2019, unless otherwise stated

Top 500 managers
▪ Total discretionary assets under management (AUM) of the 500 managers amounted US$ 104.4
included in the ranking amounted to US$ 104.4 trillion at the end of 2019,
trillion AuM at the
up 14.8% from the end of 20181. Median AUM was US$ 49.9 billion in
end of 2019.
2019, up from US$ 45.5 billion last year1.

▪ BlackRock has retained its position as the largest asset manager in the Total growth,
ranking since 2009. For the sixth consecutive year, Vanguard and State compared to end of
Street complete the top three.
2018, was 14.8%.

▪ AUM growth by region ranged from 24.9%1 in Japan to 4.5%1 for the rest of
the world category. North America and Europe (inc U.K.) experienced a
20.3% and 5.3% increase1 respectively. AuM increased in
every region,
▪ AUM for North America was US$ 62.3 trillion at the end of 2019, accounting varying from 24.9%
for 59.7% of the total, a slight increase from last year1. to 4.5%.

1New sources of information were used for some countries in 2019. Figures and charts have been amended retrospectively to reflect this.
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08
 Executive summary
Execu ti ve su mmary

Figures to end 2019, unless otherwise stated

Top 20 managers’
▪ The top 20 managers’ share of the total assets increased from 42.1% in 2018 to
share increased to
43% in 2019. Their total AUM increased by 17.3% to US$ 44.9 trillion.
43%.
▪ U.S. managers gained two members in the Top 20, Invesco and Morgan Stanley.
There are 15 U.S. managers in the Top 20, accounting for 81.3% of the top 20
AUM. The rest are European managers. There are two new
US managers in the
▪ Out of the Top 20, over half of them (11) are independent asset managers,
Top 20.
followed by banks (7) and insurer-owned managers (2).

▪ Traditional asset classes1 of equity and fixed income continued to make up the
majority of assets: 79.7% of all assets (45.9% equity, 33.8% fixed income), Passive investments
experiencing an increase of 19.5% during 2019. increased by 25.3%.

▪ Passive investments1 increased by 25.3%, resuming the trend observed in

previous years excluding 2018.
1Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.
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09
 TAI / P&I 500

Section 1 | Total
value of assets
 Total value of assets managed
Secti o n 1

Split by manager domicile1

110,000
▪ AUM of the world’s top 500 100,000 6,655
managers increased by 90,000 5,418
6,368
14.8% in 2019.
80,000 4,675
3,508 3,836 4,166
70,000
▪ The AUM increase for 3,292
3,583 62,321
3,308 54,549

US$ billion
60,000 51,791
managers in Europe 47,399
50,000 42,020 44,458 43,990
(inc. U.K.), North America 33,520 33,143
35,905
40,000
and Japan were 5.3%,
4,517 4,501 5,623
30,000
20.3% and 24.9% in 2019. 4,963 5,278
4,820
4,560 3,902 4,023 3,748
20,000
26,340 25,950 29,275 28,291 29,789
22,935 21,361 23,987 24,655 25,344
▪ Assets managed by firms in 10,000

the Rest of the world 0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
category increased by 4.5% Europe (inc U.K.) Japan North America Rest of the world
during 2019.

1New sources of information were used for some countries in 2019. Figures and charts have been amended retrospectively to reflect this.
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11
 Total value of assets managed
Secti o n 1

Split by segment1

100.0%
5.4% 5.4% 5.2% 5.7% 6.1% 5.9% 5.9% 5.6% 5.9% 5.5%
▪ AUM participation for Top 20 90.0%
managers grew fastest of all,
80.0% 31.5% 32.8% 31.0% 31.1% 29.5% 29.6% 29.4% 28.8% 30.0% 30.3%
by 0.9%, followed by
70.0%
managers between 51-250,
60.0%
growing by 0.3%. The 251- 22.8% 22.8% 21.2%
22.5% 22.3% 22.2% 22.8% 23.1% 21.9%
23.1%
500 and 21-50 brackets, 50.0%

decreased by 0.5% and 40.0%

0.7% respectively. 30.0%

20.0% 40.7% 41.4% 41.0% 41.6% 41.4% 41.9% 42.8% 42.1% 43.0%
38.7%

10.0%

0.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Top 20 managers Managers 21-50 Managers 51-250 Managers 251-500

1New sources of information were used for some countries in 2019. Figures and charts have been amended retrospectively to reflect this.
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12
 Evolution of median assets under management
Secti o n 1

50,000 20.0%

45,000
▪ Median assets under
management for the Top 500 40,000 15.0%

reached US$ 49.9 billion in 35,000

2019, up 9.6% since 2018.
30,000 10.0%

US$ billion
25,000

20,000 5.0%

15,000

10,000 0.0%

5,000

0 -5.0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

500 Median AUM 500 Growth Median growth

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13
 Distribution of assets by country
Secti o n 1

Five-year intervals (2009 to 2019, in USD)

45.20%

▪ The last decade has 0.92% 0.75% 1.04% 4.11% 0.44%

9.17% 7.95%
2.58% 6.94% 0.74% 3.21% 1.22% 1.78% 0.52% 4.31%
7.16% 1.96%
seen an increase in
the representation of
managers from U.S.,
Canada, China and 52.04%

Australia. In
7.24% 6.53% 1.94% 4.99% 8.66% 1.42%
contrast, some 1.38% 0.25% 0.87% 4.85% 1.29% 0.61% 1.98% 0.46% 0.79% 0.62% 4.06%

European countries
have lost market
share during this
54.59%
period.
6.95%
1.55% 0.06% 0.79% 5.11% 2.43% 6.05% 5.57% 1.45% 5.39% 0.72% 2.09% 0.43% 0.69% 0.51% 3.95% 1.66%

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14
 Growth of AUM by market over 5 years
Secti o n 1

Local currency (LC) and USD

China 22.3%
25.5%
▪ The conversion to India 11.9%
14.4%
USD has generally Brazil 4.0%
12.9%
8.5%
had a dampening Australia 11.9%
9.3%
effect on the USD South Korea 10.6%
6.7%
managers assets Norway 10.4%
Canada 7.1%
growth rate 9.6%
Hong Kong 9.0%
9.1% 5yr CAGR to 2019 USD
South Africa 4.3% 5yr CAGR to 2019 LC
8.4%
US 7.0%
7.0%
Japan 7.6%
5.6%
Sweden 1.7%
5.4%
Switzerland 5.4%
5.0%
UK 1.4%
4.9%
Euro countries 2.8%
4.5%
Denmark 0.8%
2.5%
0% 5% 10% 15% 20% 25% 30%

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 Asset participation by asset allocation1
Secti o n 1

▪ Equity and fixed income assets 60,000

55,000 4,087
continue to dominate with a 79.7% 4,092
50,000 3,767
share of AUM. 3,566
3,659 3,678
45,000 3,618
3,030 3,088
40,000 3,339
2,725 3,180
▪ Year-on-year AUM growth in 2019 was 35,000
3,143 2,667 19,738
2,333

US$ billion
led by the Equity (inc. REITSs) asset 30,000
17,491
17,447
class, with 24.7%, followed by Fixed 25,000 14,413
15,205

Income and Cash, with 13.1%. Other 20,000

and Alternatives had growths of 11.7% 15,000

26,785
23,721
and 10.2%, respectively. 10,000 18,088 19,487 21,478

5,000

▪ The average asset allocation, for 2019 0

2015 2016 2017 2018 2019
was 45.9% Equity, 33.8% Fixed Equity (inc REITS) Fixed Income Alternatives Cash Other

Income, 6.3% Alternatives, 7.0% Cash

and 7.0% Other.
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.

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16
 YoY% growth of asset classes1
Secti o n 1

Equity (inc REITS) Fixed Income Alternatives

30.00%

20.00%

10.00%

0.00%
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019
-10.00%

Cash Other Total

30.00%

20.00%

10.00%

0.00%
2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019
-10.00%

1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.
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17
 Performance of benchmark indices
Secti o n 1

Equities
35%

▪ All equity indices 30%

experienced positive
25%
returns over 2019.
20%

▪ Emerging Markets and

15%
Asia (ex. Japan) had the
worst performance, 10%
with similar returns
around 18%. 5%

0%

MSCI USA (Unhedged) MSCI Europe (Unhedged)

MSCI AC Asia ex Japan (Unhedged) MSCI EM (Emerging Markets) (Unhedged)
MSCI AC World (Unhedged)

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 Performance of benchmark indices
Secti o n 1

Bonds
16%
▪ Bond indices experienced
14%
positive returns over 2019.
12%

▪ The Bloomberg Barclays 10%

US Corporate High Yield
8%
Index outperformed the
6%
other benchmarks,
experiencing returns of 4%

14.3% over the year. 2%

0%
▪ On the other hand, Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Bloomberg Barclays US
Aggregate performed the JPMorgan EMBI Global Core USD Bloomberg Barclays US Aggregate (Unhedged)
worst, with returns of 8.7% iBoxx $ Corporates (Unhedged) Bloomberg Barclays US Corporate High Yield (Unhedged)

in 2019.

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 Secti o n 1
Secti o n 1

Asset allocation by vehicle1 ▪ Mutual Funds/UCITs

55,000
comprised 51.1% of
surveyed assets in 2019.
50,000
7,270 Its participation has been
45,000
steadily growing in the
8,086
6,397
40,000 last five years, increasing
35,000 6,877 by 620bps in 2019.
6,344
26,547 ▪ Year-on-year AUM
US$ billion

30,000

25,000
21,057 21,416 growth in 2019 was led
16,132
17,204 by the Mutual
20,000
Funds/UCITs, by 24.0%.
15,000
Separate Accounts and
10,000
16,503 18,173 Other pooled/
14,293 15,974
13,487
5,000 commingled funds also
0
increased by 13.8%
2015 2016 2017 2018 2019 and 13.7%.
Separate Accounts Mutual Funds/UCITs Other pooled/commingled

1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.

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 Secti o n 1
Secti o n 1

Asset participation by regional client exposure 1

60,000
2,275
55,000 1,504
1,092
50,000 3,122
1,973
1,468 2,031
977 1,367 5,304
45,000 2,567 922
2,605
1,752 4,883
40,000 1,566 7871,258 4,676 8,437
1,176 2,195
769
35,000 2,014 4,080 8,128 1,275
4,152 7,700
US$ billion

30,000 6,475 1,168

1,076
6,033
25,000 973
942
20,000
34,356
15,000 29,415 28,170
23,341 25,228
10,000

5,000

0
2015 2016 2017 2018 2019

U.S. Canada Europe (ex U.K.) U.K. Japan Australia Other Asia (ex Japan)
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.
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Secti o n 1

Asset allocation based on client category1

30,000

25,000 6,856

6,984
6,415
20,000 5,667
US$ billion

15,000 13,088

11,144 10,979
10,309
10,000
768
654 650
552 2,988
2,651 2,570
5,000 2,206

3,044 3,500
2,670 2,872
771 844 800 961
0 405 436 402 433
2016 2017 2018 2019
Central banks Sovereign wealth funds Non-affiliated insurance companies Government retirement plans
Endowments & foundations Non-government retirement plans Other
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.
Only a 4-year period is shown due to information on every category not being available previous to 2016.
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22
 Secti o n 1
Secti o n 1

Assets managed for high-net-worth individuals1

1,700 1,683 35%

1,500 30%
1,373

1,300 1,269 25%

1,212
1,131
1,100 20%
US$ billion

900 15%

700 10%

500 5%

300 0%

100 -5%

-100 2015 2016 2017 2018 2019 -10%

Dollar amounts managed for High-Net-Worth Individuals Growth Rate
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.
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Secti o n 1

Allocation to factor-based strategies1

Amount invested in Factor based strategies

2019 2,228
▪ Assets allocated to factor-
2018 1,877
based strategies increased
by 18.7% in 2019.
2017 1,984

0 500 1,000 1,500 2,000 2,500 25th 75th

N=67 percentile Median percentile Average
US$ billion

Dispersion on Factor based strategies allocation in 2019 2017 1.3% 3.1% 9.8% 14.8%
100%

80% 2018 1.2% 3.2% 10.0% 15.1%

60%
2019 1.3% 3.5% 10.5% 14.8%

40%

20%

0%
1 Basedon a subset of asset managers in the 2019 ranking who provided relevant data for 2017, 2018 and 2019.
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Secti o n 1

Allocation to ESG principles1

Amount invested in ESG Principles

2019 8,511
▪ Assets allocated to ESG
2018 5,957
principles increased by
42.9% in 2019.
2017 5,462

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 25th 75th
US$ billion N=51 percentile Median percentile Average
Dispersion on ESG Principles allocation in 2019
100% 2017 3.0% 11.0% 45.8% 28.3%

80% 2018 6.7% 18.8% 59.5% 34.0%

60%
2019 8.8% 31.0% 80.0% 42.8%

40%

20%

0%
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for 2017, 2018 and 2019.
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Secti o n 1

Allocation to ESG mandates1

Dollar amount invested in ESG mandates

2019 999
▪ Assets allocated to ESG
2018 873
mandates increased by
14.4% in 2019.
2017 803

0 500 1,000 25th 75th

US$ billion N=36 percentile Median percentile Average
Dispersion on ESG mandates allocation in 2019
100% 2017 0.9% 3.4% 30.5% 21.0%

80%
2018 0.8% 3.9% 40.0% 23.8%

60%
2019 1.1% 4.7% 43.2% 24.6%

40%

20%

0%
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for 2017, 2018 and 2019.
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Secti o n 1

Allocation to LDI1
Dollar amount invested in LDI

2019 3,700
▪ Assets invested in LDI
2018 3,410 strategies increased by
8.5% in 2019.
2017 3,327

0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

US$ billion 25th 75th
N=41 percentile Median percentile Average
Dispersion on LDI in 2019
100%
2017 2.0% 5.7% 18.5% 15.7%

80%
2018 1.8% 6.1% 19.6% 16.2%
60%
2019 1.5% 7.0% 19.7% 15.8%
40%

20%

0%
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for 2017, 2018 and 2019.
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 Secti o n 1
Secti o n 1

Annualised change in exchange rates (LC against US$)

31 December 2014 to 31 December 2019

4.0% 3.7%

3.0%

2.0%
2.0% 1.9% 1.8%

1.2%
0.9%
1.0%
0.5% 0.5% 0.4%
0.2%
0.0%
-0.1% -0.1%

-1.0% -0.7%
-0.8%

-1.5% -1.5%
-2.0%
-2.1%
-2.4%
-3.0%
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 TAI / P&I 500

Section 2 | Analysis of the

largest 20 asset
managers
 10 Secti o n 1
Secti o n 2

Total value of assets managed by Top 20

Split by manager domicile ▪ In 2019, there were 15 U.S.
45,000 managers in the Top 20
40,000 8,397 accounting for 81.3% of the
assets. The remaining assets
35,000 10,817 were managed by
10,220

30,000
European firms.
9,019
11,191 9,618 ▪ Reversing the decrease in 2018,
US$ billion

656 10,474
25,000
693
10,124 assets of U.S. Top 20 companies
9,842
20,000 8,040 increased in 2019 by 30.1% (from
36,524
US$28,084bn to US$36,524bn)
15,000 29,325 28,084

21,280 22,190
24,993 ▪ Assets of European (including
10,000 20,852
15,814 15,679
18,158 UK) top companies decreased
5,000 17.8% (from US$10,220bn to
US$8,397bn) in the same period.
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
U.S. Europe (inc U.K.) Japan
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 Annual growth1 of 500 vs. growth of Top 20
Secti o n 2

In USD
18.0%
17.3%
15.9%

11.9% 14.8%
15.5%
10.8%
6.9%
5.7% 8.3%
3.7% 5.6% Growth of Top 500
Growth of Top 20
4.4%
2.2%
-2.5%
-1.7%
-2.0% -3.0%
-4.6%

-7.2%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

▪ In 6 of the last 10 years, the growth in assets managed by the largest 20 firms has exceeded the
growth rate of the broader group of 500 firms. In 2019 the Top 20 managers had an increase of 17.3
% versus 14.8% of the Top 500.

▪ The 10-year CAGR of the Top 20 was 6.1% versus 5.4% of the Top 500.
1New sources of information were used for some countries in 2019. Figures and charts have been amended retrospectively to reflect this.
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 Annual growth1 of AUM
Secti o n 2

Local currency and USD

Growth of Top 500 Growth of Top 20

15.5% 18.0%
17.4%
14.8%
17.3%
10.8% 14.7%
14.6%
7.9% 8.5%
8.5%
USD 6.9%
5.6%
LC
-0.8% 0.5%
2.5%
-1.7%
-2.0%
-3.0% -4.6%

2015 2016 2017 2018 2019

2015 2016 2017 2018 2019

5-year CAGR for the Top 500 5-year CAGR for the Top 20
• in USD: 6.0% • in USD: 6.7%
• in local currency: 6.9% • in local currency: 7.2%

▪ Asset growth in local currency terms in 2019 was 14.7% for the Top 500 and 17.4% for the Top 20.
1New sources of information were used for some countries in 2019. Figures and charts have been amended retrospectively to reflect this.
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 10 Secti o n 1
Secti o n 2

Top 20 managers
By manager type
20

7 8 8
15 9 9 9 9 10 11 11 11

3
10 3 4 3 3 3 3
3 2
3 3
5 10 9 8 8 8 8 8 7 7
6 6

0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Bank Insurer Independent
▪ Over the last 10 years there has been an increase of independent managers in the Top 20.
▪ Distribution of assets vary by manager type, with independent managers dominating the Top 20, amounting to 66.3% of
assets even though they make up only 55% of the companies. Bank assets represent 24.5% of assets while making up
35% of the companies and insurers manage 9.1% of assets while representing 10% of companies.

▪ The average independent manager had $2.7 trillion assets under management as of the end of 2019, while the average
Insurer had $2.0 trillion and the average bank $1.6 trillion.
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33
 Growth in manager AUM 2014 – 2019
Secti o n 2

The fastest growing firms among the top 50 by CAGR1

AUM % change in USD AUM % change in LC

Manulife Financial Corp. 23.97% 26.88%

Geode Capital Mgmt. 23.91% 23.91%
Brookfield Asset Mgmt. 21.74% 24.59%
Blackstone Group 14.49% 14.49%
Vanguard Group 14.34% 14.34%
Wells Fargo 11.15% 11.15%
Morgan Stanley 10.41% 10.41%
T. Rowe Price 10.07% 10.07%
Dimensional Fund Advisors 9.87% 9.87%
BlackRock 9.82% 9.82%
Goldman Sachs Group 9.55% 9.55%
Sumitomo Mitsui Trust Holdings 9.30% 7.24%
Invesco 9.12% 9.12%
Fidelity Investments 9.04% 9.04%
Amundi 8.97% 10.77%
Royal Bank of Canada 8.46% 11.01%
Aegon Group 8.24% 10.03%
Capital Group 8.05% 8.05%
Legal & General Group 7.81% 11.51%
Schroders 7.30% 10.99%

Notes: Federated Hermes was not included in this analysis, as it was Federated Investors (US) and Hermes Investment Mgmt. (U.K.) in
2014. Manulife Financial Corporation’s CAGR reflects the incorporation of Manulife Asset Management’s 2014 AuM figure.
1Based on USD asset growth.
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 Growth in manager AUM 2014 – 20191
Secti o n 2

Largest ranking gains in the top 50

Manager Market Rank change Manager Market Rank change

Geode Capital Mgmt. U.S. +38 (83→45) Principal Financial U.S. +6 (39→33)

Manulife Financial Corp. Canada +36 (66→30) Schroders U.K. +6 (44→38)

Aegon Group Netherlands +5 (29→24)

Brookfield Asset Mgmt. Canada +31 (81→50)
Legal & General Group U.K. +4 (15→11)
Wells Fargo U.S. +13 (33→20)
Northern Trust U.S. +3 (18→15)
Blackstone Group U.S. +13 (60→47)
Royal Bank of Canada Canada +3 (47→44)
Sumitomo Mitsui Trust Holdings Japan +11 (36→25) Capital Group U.S. +2 (9→7)

T. Rowe Price U.S. +9 (26→17) Goldman Sachs Group U.S. +2 (11→9)

Morgan Stanley U.S. +9 (28→19) Fidelity Investments U.S. +1 (5→4)

Wellington Mgmt. U.S. +1 (19→18)

Dimensional Fund Advisors U.S. +8 (49→41)
Mitsubishi UFJ Financial Group Japan +1 (32→31)
Invesco U.S. +7 (23→16)
Affiliated Managers Group U.S. +1 (35→34)
Amundi France +6 (16→10)

Sun Life Financial Canada +6 (34→28) Nippon Life Insurance Japan +1 (38→37)

Note: Federated Hermes (U.S.), Power Financial (Canada) and Standard Life Aberdeen (UK) were not included, due to being
accounted in 2014 as Hermes Investment Mgmt. and Federated Investors, Great-West Lifeco, and Aberdeen Asset Mgmt, respectively.
Manulife Financial Corporation’s ranking change reflects the incorporation of Manulife Asset Management’s 2014 AuM figure.
1New sources of information were used for some countries in 2019. Figures and charts have been amended retrospectively to reflect this.
© 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Thinking Ahead Institute members’ use only. 35
 TAI / P&I 500

Section 3 | Passive
management
 Overall Passive vs Active Split1
Secti o n 3

35,000

30,000

Passive assets 25,000

experienced a
25,167
year-on-year AUM 20,000
23,260
increase of 25.3% 22,374

in 2019, while 15,000 19,642

20,244

active assets
experienced an 10,000
increase of 12.5%.
5,000
US$ billion

6,958 7,869
5,415 6,282
4,908

0
2015 2016 2017 2018 2019
Passive Active
1 Based on a subset of asset managers in the 2019 ranking who provided relevant data for all years since 2015.
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37
 TAI / P&I 500

Section 4 | Manager
insights on the industry
Secti o n 3
Manager insights on the industry 1

Percentage of minority and women at high positions 2% 48% 47% 3%

Resources deployed to cyber security 24% 65% 11%

Level of client interest in sustainable investing, including

12% 52% 36%
voting

Resources deployed to technology and big data 16% 66% 18%

4%
Number of product offerings across the firm 4% 31% 61%

Aggregate investment management fee level across the 2%

34% 58% 5%
firm
1%
Level of regulatory oversight 48% 38% 13%

Significant decrease Moderate decrease Remained the same Moderate Increase Significant Increase

▪ 50% of managers increased the number of ethnic minorities and women at high positions.
▪ Client interest in sustainable investing, including voting, increased across 88% of the firms surveyed.
▪ 84% of managers increased resources deployed to technology and big data and 76% increased resources
deployed to cyber security.
▪ The number of product offerings during the year increased across 65% of surveyed firms.
▪ Aggregate investment management fee levels decreased for 34% of the surveyed managers and only increased
for 7% of the managers over the year.
▪ 51% of managers surveyed experienced an increase in the level of regulatory oversight.
1Relates to non-U.S. managers only.
© 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Thinking Ahead Institute members’ use only. 39
 TAI / P&I 500

Section 5 | Definitions
 10 Secti o n 1
Secti o n 5

Definitions
▪ This analysis is focused on Discretionary assets under management. These refer to assets managers take
decisions on as opposed to assets they advise on.
Examples of assets which would not be consistent with the term 'discretionary assets under management'
include the following:
▪ Saving/Current Accounts
▪ Assets under administration and custody
▪ Advisory portfolios
▪ Assets held for purely transactional purposes
▪ Company assets unrelated to investment business

▪ Alternatives can include Private equity (including venture capital), Hedge funds, Funds of funds, Real estate,
Infrastructure, Commodities, Real assets, Illiquid credit and Insurance-linked investments strategies.
▪ The asset class Other mainly includes Multi-Asset portfolios, Balanced strategies, Overlay mandates and
Absolute Return strategies.

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41
Secti o n 5

Definitions

▪ Factor based strategies are described as a rules-based strategy that selects securities according to
fundamental or technical characteristics identified through research. Examples of factors are size, value,
momentum, volatility, credit risk and quality. Factor-based strategies are sometimes called “Smart beta”. This
definition excludes all enhanced and market-cap weighted strategies.

▪ ESG Principles involve an investment approach where environmental, social and governance (ESG) criteria
are partially or exclusively used in security selection. Examples of ESG factors are climate change, child-labor
policies and executive pay. Includes socially responsible investing (SRI) and impact investing.

▪ Passive assets under management refers to those assets invested in any strategy where an index is being
tracked of any type, for example, the MSCI World, Barclays Global High Yield or Bloomberg Commodity
Indices.

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42
 TAI / P&I 500

Section 6 | Thinking
Ahead Institute
(TAI) / Pensions and
Investments (P&I) 500
ranking
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] U.S. $7,429,632 [Link] Holdings U.K. $867,000
[Link] Group U.S. $6,151,920 [Link] Germany $859,379
[Link] Street Global U.S. $3,116,424 [Link] Life Financial Canada $841,264
[Link] Investments U.S. $3,043,134 [Link] Mason U.S. $803,534
[Link] Group Germany $2,539,842 [Link] Financial Corp. Canada $798,498
6.J.P. Morgan Chase U.S. $2,364,000 [Link] UFJ Financial Group Japan $780,655
[Link] Group U.S. $2,056,991 [Link] Financial U.S. $778,100
[Link] Mellon U.S. $1,910,000 [Link] Financial U.S. $735,300
[Link] Sachs Group U.S. $1,859,000 [Link] Managers Group U.S. $722,500
[Link] France $1,617,280 [Link] Financial Canada $714,734
[Link] & General Group U.K. $1,568,891 [Link] Templeton U.S. $698,305
[Link] Financial U.S. $1,550,982 [Link] Life Insurance1 Japan $688,267
[Link] Switzerland $1,413,000 [Link] U.K. $662,630
[Link] Paribas France $1,257,603 [Link] Life Aberdeen U.K. $638,141
[Link] Trust U.S. $1,231,300 [Link] U.S. $622,915
[Link] U.S. $1,226,173 [Link] Fund Advisors U.S. $609,337
17.T. Rowe Price U.S. $1,206,800 [Link] Investment U.S. $600,030
[Link] Mgmt. U.S. $1,154,735 [Link] York Life Investments U.S. $596,573
[Link] Stanley U.S. $1,131,824 [Link] Bank of Canada Canada $592,337
[Link] Fargo U.S. $1,091,100 [Link] Capital Mgmt. U.S. $584,279
[Link] Group France $1,085,547 [Link] Hermes U.S. $575,874
[Link] U.S. $1,060,770 [Link] Group U.S. $571,122
[Link] Investment Managers France $1,048,507 [Link] U.S. $567,000
[Link] Group Netherlands $1,007,636 [Link] Group Italy $559,930
[Link] Mitsui Trust Holdings Japan $928,145 [Link] Asset Mgmt. Canada $545,000
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44
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] U.K. $543,900 [Link] Investments U.S. $307,397
[Link] Vance U.S. $518,600 [Link] U.S. $305,100
[Link]-ichi Life Holdings Japan $508,603 [Link] Life Insurance Japan $302,726
[Link] Suisse Switzerland $504,273 [Link] Generale France $300,122
[Link] Management One Japan $490,837 [Link] Kantonalbank Switzerland $287,035
[Link] Asset Mgmt. Japan $488,788 [Link] Gifford U.K. $280,111
[Link] Schwab Investment U.S. $487,100 [Link] Financial Services Switzerland $275,423
[Link] Baden-Wurttemberg Germany $481,389 [Link] Poste France $263,167
[Link] U.K. $458,537 [Link] do Brazil4 Brazil $263,128
[Link] Group Australia $412,127 [Link] Germany $262,483
[Link] Sanpaolo Italy $380,933 [Link] Life Asset Managers Switzerland $261,971
[Link] International2 U.K. $380,900 [Link] U.S. $248,239
[Link] Henderson Group U.K. $374,829 [Link] Investments U.S. $244,561
[Link] Investment Germany $365,251 [Link] Principal Asset Mgmt. China $231,822
[Link] Wealth Mgmt.3 Canada $360,550 90.Scotiabank3 Canada $230,820
[Link] Berman U.S. $355,794 [Link] Santander Spain $225,092
[Link] Yasuda Life Insurance2 Japan $352,593 [Link] Investment U.S. $224,820
[Link] Central Bank1 Japan $351,954 [Link] Sweden $218,734
[Link] Germany $332,962 [Link] Kravis Roberts U.S. $218,355
[Link] Financial U.S. $329,500 [Link] Group South Korea $218,002
[Link] & Cox U.S. $326,660 [Link] Group U.S. $217,480
[Link] Denmark $324,100 [Link] Investments U.S. $215,553
[Link] Financial U.S. $322,538 [Link] Asset Mgmt. Switzerland $208,350
[Link] Asset Mgmt.3 Canada $314,130 [Link], Abbett U.S. $205,217
[Link] Investment Partners Netherlands $309,081 100.E Fund Mgmt. China $205,077
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45
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] U.S. $204,400 [Link] James U.S. $151,652
[Link] Bank of China China $200,912 [Link] Mgmt. U.S. $148,916
[Link] Securities China $199,590 [Link] One South Africa $148,883
[Link] Unibanco4 Brazil $196,938 [Link] Towers Watson Ireland $147,881
[Link] Group Netherlands $194,733 [Link] Bancaire Privee Switzerland $144,475
[Link] Holding Italy $192,963 [Link] Bank Denmark $142,864
[Link] Capital Mgmt. U.S. $186,016 [Link] Asset Mgmt. Switzerland $142,195
[Link] Credit Suisse Asset Mgmt. China $184,599 [Link] Capital Australia $142,043
[Link] U.S. $179,262 [Link] Asset Mgmt.6 Australia $140,927
[Link] Century U.S. $178,050 [Link] Asset Mgmt. Canada $140,852
[Link] Holdings Japan $174,110 [Link] Hessen-Thuringen Germany $139,535
[Link] Asset Mgmt. China $171,600 [Link] W. Baird U.S. $138,522
[Link] Services Netherlands $171,342 [Link] Group Germany $137,337
[Link] London Group5 U.K. $170,508 [Link] Holding Switzerland $136,649
[Link] Fund Mgmt. China $169,518 [Link] Merchants Fund China $133,583
[Link] U.K. $169,000 [Link] Bradesco4 Brazil $133,134
[Link] Netherlands $165,145 [Link] Capital Canada $130,843
[Link] Sweden $163,970 [Link] Financial U.S. $130,689
[Link] Investors Australia $163,248 [Link] Spain $127,273
[Link] First State Australia $159,811 [Link] Mitsui DS Asset Mgmt. Japan $123,188
[Link] International Switzerland $158,395 [Link] Investments U.S. $121,034
[Link] Financial U.S. $153,930 [Link] Partners U.S. $121,017
[Link] Southern Asset Mgmt. China $153,900 [Link] Asset Mgmt. U.S. $120,591
[Link] Asset Mgmt. China $152,659 [Link] Spain $119,841
[Link] Capital U.S. $151,832 [Link] & Rygel U.S. $119,100
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46
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] Asset Mgmt. France $117,720 [Link] Asset Financial Group South Korea $90,364
[Link] Group France $113,778 [Link] Gruppe Germany $90,171
[Link] Asset Mgmt. U.S. $113,147 [Link] Investment U.S. $86,700
[Link] Trust U.S. $112,981 179.F Van Lanschot Netherlands $85,669
[Link] Global Investors U.S. $112,900 [Link] France $85,109
[Link] Landesbank Germany $112,546 [Link] England Asset Mgmt. U.S. $83,236
[Link] Economica Federal4 Brazil $110,392 [Link] Handelsbanken Sweden $82,199
[Link] Investment Partners U.S. $108,904 [Link] AM France $81,750
[Link] Capital U.S. $106,168 [Link] Fund Mgmt. China $81,330
[Link] Group U.K. $104,200 [Link] Group South Korea $80,034
[Link] Universal Asset Mgmt. China $103,748 [Link] Life U.S. $79,300
[Link] Financial Canada $101,318 [Link] Gruppe Germany $78,166
[Link] Century Group Hong Kong $101,300 [Link] Francaise France $77,270
[Link] Switzerland $100,752 [Link] Alliance Insurance Canada $76,709
[Link] Eagle Investment U.S. $100,595 [Link] Netherlands $75,863
[Link] Group U.K. $98,400 [Link] Mutual Investment Group South Africa $75,281
[Link] Holdings Japan $96,799 [Link] Research & Mgmt. U.S. $75,105
[Link] Asset Mgmt. Germany $96,308 [Link] Advisory U.S. $74,488
[Link]-PineBridge Investment6 China $96,200 [Link] Funds China $74,038
[Link] Group Norway $94,383 [Link] Technologies U.S. $72,740
[Link] Group Switzerland $94,000 [Link] & Steers U.S. $72,182
[Link] Financial U.S. $93,400 [Link] Netherlands $71,447
[Link] of China Investment Mgmt. China $93,187 [Link] Spain $71,265
[Link] Capital U.K. $91,300 [Link] Group6 Australia $70,219
[Link] Financial Group Finland $90,918 [Link] Investments U.S. $69,958
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47
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] U.S. $69,707 [Link] Capital U.S. $61,873
[Link] Banca Italy $69,700 [Link] Bank of Canada Canada $61,801
[Link] Investment U.S. $69,452 [Link] Asset Mgmt. Switzerland $61,477
[Link] Switzerland $68,470 [Link] South Africa $61,010
[Link] Asset Mgmt. Australia $68,202 [Link] Asset Mgmt. U.K. $60,697
[Link] Group Canada $67,553 [Link], Clark & Lunn Financial Canada $60,454
[Link] Degroof Petercam Belgium $67,192 [Link] Allianz Fund Mgmt. China $60,102
[Link] Capital U.S. $67,179 [Link] Blair U.S. $58,429
[Link] Advisers U.S. $67,062 [Link] Capital U.S. $58,175
[Link] Mutuel France $66,856 [Link] Australia $58,049
[Link] dei Paschi di Siena Italy $66,410 [Link] Italy $57,417
[Link] Lane U.S. $66,271 237.Challenger5 Australia $57,189
[Link] BPM Italy $65,288 [Link] and Mercantile U.K. $56,661
[Link]-Sparinvest Kapitalanlage7 Austria $65,176 [Link] Asset Mgmt. U.K. $56,136
[Link] Group Liechtenstein $65,141 [Link] Private Bank Luxembourg $56,105
[Link] BHF Asset Mgmt. France $65,064 [Link] Eck Associates U.S. $55,555
[Link] Currency Mgmt. U.K. $64,713 [Link] Investment Partners U.K. $54,401
[Link], Mayo v. Otterloo U.S. $64,199 [Link] Asset Mgmt. India $53,455
[Link] Group Norway $63,993 [Link] Capital U.S. $53,218
[Link] U.S. $63,926 [Link] Bank Japan $52,871
[Link] Washington U.S. $63,058 [Link] Group Netherlands $52,745
[Link] Marine Holdings2 Japan $62,300 [Link] Asset Mgmt. South Korea $50,884
[Link] Group U.S. $62,172 [Link] Odier Investment Switzerland $50,852
[Link] Bayern Germany $61,918 [Link] Bank of India India $49,970
[Link] Mutual Life Insurance Japan $61,916 [Link] Mutual Life Insurance Japan $49,964
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48
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] Securities China $49,895 [Link] France $39,195
[Link] Immobilien Germany $49,834 [Link] Coburg Germany $38,651
[Link] Investment Mgmt. Canada $49,692 [Link] ITMC South Korea $38,575
[Link] Sweden $48,713 [Link], Gordon U.S. $38,000
255.J. Safra Sarasin Group Switzerland $48,535 [Link] Mutual Holding U.S. $37,400
[Link]-Investment Germany $48,465 [Link]-CA South Korea $37,214
[Link] Zentralbank Austria $48,415 [Link] France $37,067
[Link] Global Investors U.K. $46,980 [Link] Investments Bermuda $36,785
[Link] Biller U.S. $45,602 [Link] Investors U.S. $36,475
[Link] U.S. $45,508 [Link] SGR Italy $36,319
[Link] Pactual4 Brazil $43,304 [Link] U.S. $36,100
[Link] BNPParibas South Korea $43,243 [Link] Fudosan Investment1 Japan $35,763
[Link] Norway $43,149 [Link] Group Switzerland $35,733
[Link] de Rothschild Group Switzerland $43,134 [Link] Germany $35,468
[Link] Investment Mgmt. Group Australia $43,082 [Link] Hong Kong $35,000
[Link] Investment U.S. $42,660 [Link] Spain $34,862
[Link] Asset Mgmt. U.S. $42,344 [Link] Capital U.S. $34,784
[Link] Capital Group1 U.K. $41,527 [Link] Trust U.S. $34,434
[Link] Securities China $41,279 [Link] Group Australia $34,410
[Link] Investment U.S. $41,238 [Link] Financial U.S. $34,323
[Link] Fund Managers South Africa $41,199 [Link] Sun Life Asset Mgmt. India $34,254
[Link] Street Partners U.S. $40,727 [Link] AMC South Korea $34,038
[Link] Azimut Italy $40,723 [Link] & Wiley U.S. $33,623
[Link] Capital U.S. $40,243 [Link] South Africa $32,732
[Link] Partners U.S. $39,922 [Link] Holdings South Africa $32,676
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49
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link], Goodman Canada $32,347 [Link] Global Mgmt. Australia $27,683
[Link] Asset Mgmt. U.S. $32,335 [Link] Australia $27,635
[Link] International2 U.K. $32,298 [Link] Group U.S. $27,620
[Link] Capital U.S. $32,000 [Link] Spain $27,583
[Link] Geral de Depósitos Portugal $31,303 [Link] U.S. $27,357
[Link] Galaxy Securities China $30,991 [Link] International U.S. $27,314
[Link] Investments U.S. $30,985 [Link] Gray Proprietary South Africa $27,227
[Link] Leipziger Group Germany $30,713 [Link] Hall Australia $27,226
[Link] Wealth & Asset Mgmt. Germany $30,693 [Link] Sky Group Netherlands $27,178
[Link] Bank of Scotland U.K. $30,429 [Link] Städtische Versicherung Austria $26,959
[Link] Life Insurance South Korea $30,122 [Link] Advisors U.S. $26,926
[Link] Capital Mgmt. U.S. $30,035 [Link] Angeles Capital U.S. $26,757
[Link] Capital Mgmt.8 U.K. $30,000 [Link] Kutxa Spain $26,417
[Link] Mgmt. Canada $29,691 [Link] Partners U.S. $26,315
[Link] Investment U.S. $29,630 [Link] Capital U.S. $26,264
[Link] Global Investors (UK) U.K. $29,380 [Link] Advisors U.S. $26,133
[Link] Finanz Group Austria $29,199 [Link] Asset Mgmt. Canada $25,912
[Link] Pacific Advisors U.S. $28,965 [Link] of Columbus Asset U.S. $25,807
[Link] Capital France $28,892 [Link] U.S. $25,584
[Link] Train U.K. $28,800 [Link] Syz Switzerland $25,332
[Link] Forbes6 South Africa $28,562 [Link] U.S. $25,193
[Link] Estate Group1 Japan $28,519 [Link] Investment Mgmt. U.K. $25,100
[Link] ITMC South Korea $28,111 348.Ruffer2 U.K. $25,052
[Link] Sabadell Spain $28,050 [Link] Mahindra Asset Mgmt. India $24,970
[Link] U.S. $27,816 [Link] Investment Mgmt.5 Australia $24,619
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50
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] Investment Counsel Canada $24,051 [Link] Harbor Investment U.S. $20,423
[Link] Capital Canada $23,835 [Link] of Comm. Schroder AM China $20,339
[Link] Australia $23,790 [Link] Group U.S. $20,070
[Link] Australia $23,640 [Link] Private Equity Asia China $20,000
[Link] Advisors U.S. $23,622 [Link] Bryant & Hamill U.S. $19,659
[Link] Mgmt./Milwaukee U.S. $23,461 [Link] Asset Mgmt. U.S. $19,552
[Link] Hill Capital U.S. $23,399 [Link] & Napier U.S. $19,480
[Link] Switzerland $23,311 [Link] Financial Group South Korea $18,965
[Link]-operators Group Canada $23,277 [Link] Partners U.S. $18,848
[Link] France $23,037 [Link] Spain $18,802
[Link] Credito Emiliano Italy $22,427 [Link] Asset Mgmt. U.S. $18,800
[Link] Square Partners U.S. $22,348 [Link] U.S. $18,784
[Link] Spain $22,242 [Link] Asset Mgmt. Australia $18,500
[Link] Investment Group Canada $22,115 [Link] King Capital U.S. $18,248
[Link] Equity U.S. $22,114 [Link] Australia $18,175
[Link] Group U.S. $21,604 [Link] Novo Banco Portugal $18,170
[Link] Street Capital U.S. $21,600 [Link] Netherlands $18,100
[Link] Investment U.S. $21,426 [Link] Global Asset Mgmt. U.S. $18,000
[Link] Asset Mgmt. U.K. $21,358 [Link] Mutual Fund India $17,800
[Link] Royal Fund China $21,300 [Link] Group Australia $17,731
[Link] Mutual Fund India $21,101 396.CQS5 U.K. $17,700
[Link] Investment Mgmt. U.K. $20,990 397.Opportunity4 Brazil $17,390
[Link] Global Investors U.S. $20,841 398.T&D Asset Mgmt. Japan $17,369
[Link] Brosseau Canada $20,815 [Link] Fonds2 Austria $17,335
[Link] Asset Mgmt. U.K. $20,674 [Link] U.K. $17,022
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51
 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] Financial U.S. $17,000 [Link] Fund Mgmt. China $14,310
[Link] Private Financial U.S. $16,768 [Link] Creek Group U.S. $14,300
[Link] & SunAlliance5 U.K. $16,673 [Link] Investment U.S. $14,240
[Link] Asset Mgmt.1 U.K. $16,598 [Link] Capital Holdings U.K. $14,222
[Link] UBS Fund Mgmt. China $16,597 [Link] Asset Mgmt.6 U.K. $14,165
[Link] Dynamics6 Switzerland $16,476 [Link] Bank U.S. $13,859
[Link] Capital Group U.S. $16,346 [Link] Hwang Asset Mgmt. Malaysia $13,728
[Link] Wheeler Investment5 Canada $16,070 [Link] Capital U.S. $13,728
[Link] Australia $15,984 [Link] Investment Sweden $13,718
[Link] Franchise U.K. $15,830 [Link] Investment U.S. $13,671
[Link] Real Estate Asset Mgmt. Japan $15,707 [Link] Canada $13,584
[Link] Capital Mgmt. U.S. $15,558 [Link] Fund Mgmt. China $13,529
[Link] Investment U.S. $15,546 [Link] Partners U.S. $13,455
[Link] Brothers Group9 U.K. $15,310 [Link] Alpha Asset Mgmt. Germany $13,438
[Link] Investment Canada $15,045 [Link] Global Investments Australia $13,370
[Link] Partners Hong Kong $15,007 [Link] Investments U.S. $13,216
[Link] Lee & Partners U.K. $15,000 [Link] Levy Equity U.S. $13,096
[Link] Hamilton U.S. $14,997 [Link] Capital U.S. $13,049
[Link] Investment Mgmt. South Korea $14,785 [Link] Asset Mgmt. South Korea $12,968
[Link] Advisory Services U.S. $14,621 [Link] Investment Counsel U.S. $12,931
[Link] Asset Mgmt. India $14,580 [Link] Point Capital U.S. $12,917
[Link] Capital U.S. $14,463 [Link] Investment U.S. $12,878
[Link] Asset Mgmt.4 Brazil $14,438 [Link] Securities Taiwan $12,822
[Link] Partners U.K. $14,381 [Link] Asset Mgmt.10 U.K. $12,723
[Link]-Prudential Hong Kong $14,310 [Link] Investment AMC South Korea $12,489
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 TAI | P&I 500 ranking
Secti o n 6

(in US$ million)

Rank Manager Market Total assets Rank Manager Market Total assets
[Link] Investment Trust Taiwan $12,405 [Link] AMC South Korea $10,508
[Link] Banca Carige5 Italy $12,318 [Link], Schroeder U.S. $10,475
[Link] Asset Mgmt. U.S. $12,268 [Link] Investment U.S. $10,398
[Link] Germany $12,066 [Link] Asset Mgmt.2 Brazil $10,398
[Link] Value Advisers U.S. $12,003 [Link] Co. U.S. $10,347
[Link] Investment Australia $11,890 [Link] Endowment Mgmt. U.S. $10,300
[Link] 4 Spain $11,810 [Link] Realty Advisors U.S. $10,260
[Link] Investment Mgmt. U.K. $11,804 [Link] Asset Mgmt. U.S. $10,108
[Link] Street Capital U.S. $11,639 [Link] Real Estate U.S. $10,096
[Link] Advisors U.S. $11,614 [Link] AMC South Korea $10,092
[Link] U.S. $11,608 [Link] Fund Mgmt. France $10,000
[Link] Group Japan $11,456 [Link] International Bank6 U.K. $10,000
[Link] Italy $11,448 [Link]-Brown Abbott Australia $9,925
[Link] Investimentos4 Brazil $11,389 [Link] Asset Mgmt. South Korea $9,876
[Link] Capital U.S. $11,330 [Link] Spain $9,842
[Link] Switzerland $11,327 [Link] Lakes Advisors U.S. $9,804
[Link] Investment U.S. $11,311 [Link] Asset Mgmt.1 U.K. $9,789
[Link] Group U.S. $11,300 [Link] Asset4 Brazil $9,776
[Link] Watterson U.S. $11,104 [Link] & Bieler U.S. $9,757
[Link] Global U.S. $11,096 [Link] Investment U.S. $9,701
[Link] Oak Capital U.S. $11,011 [Link] Capital U.S. $9,673
[Link] Asset Mgmt. Switzerland $10,998 [Link] Asset Mgmt.4 Brazil $9,673
[Link] Haven Investments U.S. $10,980 [Link] Asset Mgmt. Thailand $9,653
[Link] South Korea $10,766 [Link] Investors Australia $9,640
[Link] Capital U.S. $10,763 500.SPX4 Brazil $9,637
© 2020 Willis Towers Watson. All rights reserved. Proprietary and Confidential. For Willis Towers Watson and Thinking Ahead Institute members’ use only.
53
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(in US$ million)

Endnotes in ranking:

1 As of March 31, 2019

2 As of March 31, 2020
3 As of Oct. 31, 2019
US data was sourced from the P&I500,
while figures for other regions were 4 As of Feb. 29, 2020
sourced from annual reports, websites, and 5 As of June 30, 2019
direct communication with asset managers
through Thinking Ahead Institute / Pensions 6 As of Sept. 30, 2019
& Investments Global Manager Survey. 7 As of April 30, 2020
8 As of Sept. 16, 2019
9 As of July 31, 2019
10 As of April 30, 2019

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54
 TAI / P&I 500

Limitations of reliance
 Limitations of reliance
Limitations of reliance – Thinking Ahead Group 2.0
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