The P&I/Towers Watson World 500: World's largest money managers

Ranked by total assets under management, in U.S. millions, as of Dec. 31, 2011.

RankManagerCountryTotal assets
1 BlackRock (BLK)U.S.$3,512,681
2Allianz GroupGermany$2,117,123
3State Street GlobalU.S.$1,856,852
4 Vanguard GroupU.S.$1,848,488
5 Fidelity InvestmentsU.S.$1,715,910
6J.P. Morgan ChaseU.S.$1,341,463
7 Bank of New York Mellon (BK)U.S.$1,260,298
8BNP ParibasFrance$1,205,775
9Capital GroupU.S.$1,081,659
10UBSSwitzerland$945,852
11 Prudential FinancialU.S.$900,666
12 Amundi Asset Mgmt.France$852,788
13HSBC HoldingsU.K.$847,000
14 Goldman Sachs Group (GS)U.S.$828,000
15NatixisFrance$706,003
16Deutsche BankGermany$703,766
17Nippon Life InsuranceJapan$693,328
18 Franklin Templeton (BEN)U.S.$670,255
19Northern Trust GlobalU.S.$662,900
20AXA GroupFrance$661,366
21 MetLifeU.S.$657,250
22Wellington Mgmt.U.S.$651,432
23 Legg Mason (LM)U.S.$626,960
24 Invesco (IVZ)U.S.$625,306
25Generali GroupItaly$604,185
26Zenkyoren1Japan$575,389
27Legal & General GroupU.K.$573,310
28Sumitomo Mitsui Trust & BankJapan$551,308
29Aegon GroupNetherlands$548,392
30PrudentialU.K.$542,404
31Wells FargoU.S.$534,900
32Ameriprise FinancialU.S.$527,600
33Mitsubishi UFJ FinancialJapan$522,724
34Manulife FinancialCanada$489,879
35T. Rowe PriceU.S.$489,500
36 TIAA-CREFU.S.$477,082
37Sun Life FinancialCanada$456,424
38 Morgan Stanley (MS)U.S.$453,407
39MassMutual FinancialU.S.$443,000
40Credit SuisseSwitzerland$434,067
41 ING GroupNetherlands$416,514
42Old MutualSouth Africa$412,907
43AvivaU.K.$405,652
44Shinkin Central Bank2Japan$397,264
45APG Group3Netherlands$389,750
46Dai-ichi Life InsuranceJapan$384,879
47 Federated Investors (FII)U.S.$369,697
48Great-West LifecoCanada$357,035
49Rabobank GroupNetherlands$341,322
50Meiji Yasuda Life Insurance2Japan$340,839
51Principal FinancialU.S.$335,000
52Affiliated Managers GroupU.S.$327,500
53Royal Bank of CanadaCanada$308,241
54Samsung GroupSouth Korea$307,977
55 New York Life InvestmentsU.S.$299,840
56Zurich Financial ServicesSwitzerland$298,988
57Northwestern MutualU.S.$290,832
58Societe GeneraleFrance$289,917
59 SchrodersU.K.$289,362
60Intesa SanPaoloItaly$287,313
61DZ BANKGermany$286,347
62Lloyds Banking GroupU.K.$281,246
63Nomura HoldingsJapan$279,989
64MEAG Munich ERGOGermany$279,777
65Sumitomo Life Insurance2Japan$267,444
66Macquarie Bank GroupAustralia$267,163
67Aberdeen Asset Mgmt.1U.K.$262,548
68Hartford FinancialU.S.$249,879
69NordeaDenmark$242,655
70Standard LifeU.K.$240,694
71Union Investment4Germany$232,037
72Banco do BrazilBrazil$229,606
73Mizuho Financial GroupJapan$222,224
74 Nuveen InvestmentsU.S.$220,096
75Charles Schwab InvestmentU.S.$214,842
76 Dimensional Fund AdvisorsU.S.$213,865
77Unicredit GroupItaly$209,895
78DekaBank GroupGermany$194,363
79 Neuberger BermanU.S.$193,083
80TD Asset Mgmt.Canada$188,833
81 Eaton Vance (EV)5U.S.$188,204
82BBVASpain$185,595
83Resona BankJapan$185,273
84SEBSweden$182,870
85Daiwa Securities Group2Japan$180,880
86 Dodge & CoxU.S.$174,949
87Banco Santander CentralSpain$170,215
88La Poste6France$168,289
89Credit AgricoleFrance$163,540
90Nikko Asset Mgmt.4Japan$158,000
91Caisse de Depot et PlacementCanada$155,890
92F&C Asset Mgmt.U.K.$154,686
93U.S. BankU.S.$154,237
94Itau-Unibanco Banco MultiploBrazil$154,141
95Lombard Odier Darier HentschSwitzerland$151,187
96BMO Financial Group5Canada$150,123
97Janus Capital GroupU.S.$148,200
98MS&AD Insurance Group2Japan$147,869
99PGGMNetherlands$147,613
100Commonwealth Bank GroupAustralia$144,375
101Swiss Life GroupSwitzerland$142,888
102Credit MutuelFrance$141,786
103LazardU.S.$141,039
104Pictet Asset Mgmt.4Switzerland$129,485
105AMPAustralia$125,174
106Banco SabadellSpain$124,386
107Guggenheim InvestmentsU.S.$121,678
108Banco BradescoBrazil$121,171
109CommerzbankGermany$120,421
110Stifel FinancialU.S.$119,000
111 SEI Investments (SEIC)U.S.$118,327
112 Bridgewater AssociatesU.S.$118,000
113Fubon Group1Taiwan$117,239
114GroupamaFrance$116,610
115IGM Financial GroupCanada$116,391
116GE Asset Mgmt.U.S.$115,214
117GAM HoldingSwitzerland$113,843
118Pearl GroupU.K.$111,417
119Lord, AbbettU.S.$110,364
120American CenturyU.S.$109,484
121Geode Capital Mgmt.U.S.$107,620
122PNC FinancialU.S.$107,388
123SwedbankSweden$106,590
124Danske BankDenmark$105,541
125Baillie GiffordU.K.$103,846
126Dexia Asset Mgmt.Belgium$100,998
127SunTrust BanksU.S.$100,700
128Mn ServicesNetherlands$99,700
129 Henderson Global InvestorsU.K.$99,339
130Talanx GroupGermany$98,085
131Grantham, Mayo v. OtterlooU.S.$96,674
132 CBRE Global InvestorsU.S.$94,100
133General Re - New EnglandU.S.$93,808
134Investec GroupSouth Africa$88,146
135Aquiline CapitalU.S.$87,221
136Caixa Economica Federal6Brazil$83,364
137DnB NORNorway$83,330
138Waddell & ReedU.S.$83,157
139CIBC GroupCanada$81,316
140NISA InvestmentU.S.$81,185
141MapfreSpain$81,039
142Brookfield Asset Mgmt.Canada$80,368
143NAB/MLCAustralia$77,051
144Regions FinancialU.S.$76,100
145Sumitomo Mitsui Asset Mgmt.Japan$75,252
146Oaktree CapitalU.S.$74,857
147Westpac/BTAustralia$74,690
148Thornburg InvestmentU.S.$73,262
149Royal London GroupU.K.$72,321
150Asahi Mutual Life InsuranceJapan$71,947
151Fukoku Mutual Life InsuranceJapan$71,477
152Storebrand GroupNorway$68,989
153CI Financial7Canada$68,198
154 PineBridge InvestmentsU.S.$67,277
155Caja MediterraneoSpain$66,102
156Mondrian InvestmentU.K.$65,900
157Tokio Marine HoldingsJapan$65,697
158PRIMECAPU.S.$63,996
159 Payden & RygelU.S.$62,142
160QICAustralia$61,644
161Monte dei Paschi di Siena4Italy$60,687
162Ashmore InvestmentU.K.$60,400
163SanlamSouth Africa$60,342
164First Eagle InvestmentU.S.$59,646
165 Kohlberg Kravis RobertsU.S.$59,009
166 Wilmington TrustU.S.$58,857
167 Mesirow FinancialU.S.$58,679
168Man InvestmentsU.K.$58,400
169La CaixaSpain$58,127
170LSV Asset Mgmt.U.S.$57,555
171 Artisan Partners (APAM)U.S.$57,104
172National Bank of Canada5Canada$55,364
173Davis AdvisorsU.S.$55,291
174SNS Asset Mgmt.Netherlands$55,161
175SwisscantoSwitzerland$54,897
176NKSJ Holdings2Japan$54,545
177Metzler Seel SohnGermany$54,384
178Royal Bank of ScotlandU.K.$54,086
179Hanwha Group4South Korea$53,157
180 MercerU.S.$53,000
181 KeyCorpU.S.$51,732
182BTG Pactual6Brazil$51,101
183Industrial Alliance InsuranceCanada$51,098
184Vontobel Asset Mgmt.Switzerland$50,481
185Goodman Investment8Canada$50,204
186Versicherungskammer BayernGermany$49,951
187Warburg GroupGermany$49,276
188 Marathon-LondonU.K.$48,662
189Sal. Oppenheim Jr.Germany$47,948
190UBI BancaItaly$47,770
191LaSalle InvestmentU.S.$47,358
192Ares Mgmt.U.S.$47,325
193Bayerischen LandesbankGermany$47,003
194AQR Capital Mgmt.U.S.$46,900
195 Research AffiliatesU.S.$45,699
196 Brown Brothers HarrimanU.S.$45,355
197Hermes4U.K.$45,278
198 AGF Investments9Canada$45,142
199MMI HoldingsSouth Africa$44,090
200 American Beacon AdvisorsU.S.$43,890
201Fortress Investment GroupU.S.$43,713
202KBC Asset Mgmt.Belgium$42,730
203Irish Life & Permanent GroupIreland$42,197
204PFM Asset Mgmt.U.S.$42,132
205FolksamSweden$41,346
206Cohen & SteersU.S.$41,282
207 William BlairU.S.$41,163
208Manning & NapierU.S.$40,200
209Fort WashingtonU.S.$39,962
210Stone Harbor InvestmentU.S.$39,638
211Raiffeisen CapitalAustria$39,312
212 Fisher InvestmentsU.S.$39,254
213 Jarislowsky FraserCanada$38,782
214MediolanumItaly$38,265
215LGT GroupLiechtenstein$38,247
216Connor Clark & LunnCanada$37,939
217Desjardins GroupCanada$37,234
218Allan GraySouth Africa$37,000
219STANLIBSouth Africa$36,038
220JupiterU.K.$35,233
221Raymond James FinancialU.S.$34,928
222 Arrowstreet CapitalU.S.$34,792
223Virtus InvestmentU.S.$34,588
224Cutwater Asset Mgmt.U.S.$34,460
225Banco Popolare SocietaItaly$34,328
226BPI-Banca Popolare di LodiItaly$34,328
227BB&TU.S.$34,131
228 GAMCO Investors (GBL)U.S.$34,085
229Harvest Fund Mgmt.China$34,000
230 HarbourVest PartnersU.S.$33,881
231Berenberg BankGermany$33,666
232SafraBrazil$33,465
233 Van Eck AssociatesU.S.$33,149
234Greystone ManagedCanada$32,956
235 Calamos Advisors (CLMS)U.S.$32,777
236Northern CrossU.S.$32,687
237Brandes InvestmentU.S.$32,514
238Delta Lloyd Asset Mgmt.Netherlands$32,501
239 Partners GroupSwitzerland$32,112
240Industry Funds Mgmt.Australia$31,940
241Uniqa Finanz GroupAustria$31,855
242Southeastern Asset Mgmt.U.S.$31,485
243City NationalU.S.$31,326
244Bank DegroofBelgium$31,206
245Clifton GroupU.S.$30,898
246Income Research & Mgmt.U.S.$30,677
247Ohio NationalU.S.$30,611
248Erste-Sparinvest Kapitalanlage10Austria$30,584
249Artio Global Mgmt.U.S.$30,359
250Coronation Fund Managers1South Africa$30,337
251Challenger FinancialAustralia$30,083
252F Van LanschotNetherlands$30,041
253 Strategic Investment GroupU.S.$28,971
254Fiera SceptreCanada$28,796
255Bosera Asset Mgmt.2China$28,600
256E Fund Mgmt.China$28,324
257Mirae Asset Financial GroupSouth Korea$28,215
258UMB FinancialU.S.$28,000
259Helaba InvestGermany$27,839
260Reliance Capital2India$27,510
261Kyobo Life Insurance4South Korea$27,264
262Caixa Gestao de ActivosPortugal$27,215
263QBEAustralia$26,928
264 Fayez SarofimU.S.$26,274
265American United LifeU.S.$25,970
266 DuPont CapitalU.S.$25,923
267Brown Advisory HoldingsU.S.$25,850
268NurnbergerGermany$25,766
269 HeitmanU.S.$25,619
270Mirabaud GroupSwitzerland$25,535
271Beutel GoodmanCanada$25,435
272Record CurrencyU.K.$25,400
273 Inland GroupU.S.$25,300
274 RhumbLine AdvisersU.S.$25,122
275OP Bank GroupFinland$25,120
276T&D HoldingsJapan$24,923
277 CommonfundU.S.$24,423
278 Clarion PartnersU.S.$24,235
279Pathway CapitalU.S.$24,202
280 Commerce TrustU.S.$24,100
281 Fifth Third BancorpU.S.$24,000
282Advantus CapitalU.S.$23,626
283Cazenove Capital Mgmt.U.K.$23,180
284PerpetualAustralia$22,991
285PaulsonU.S.$22,955
286 HinesU.S.$22,901
287VotorantimBrazil$22,831
288Letko BrosseauCanada$22,550
289Alexander Forbes2South Africa$22,476
290Royal & SunAllianceU.K.$22,407
291 Adams Street PartnersU.S.$22,111
292Investment Solutions HoldingsSouth Africa$22,108
293Highland Capital (Texas)U.S.$22,076
294 ICMA RetirementU.S.$22,051
295Angelo, GordonU.S.$22,000
296Alte Leipziger HoldingGermany$21,783
297Hamilton LaneU.S.$20,930
298 RS InvestmentsU.S.$20,240
299Annaly Capital Mgmt.U.S.$19,840
300Aronson Johnson OrtizU.S.$19,456
301 Epoch Investment PartnersU.S.$19,217
302Gruppo Bancario EmilianoItaly$19,151
303Boston Private FinancialU.S.$19,125
304 Starwood CapitalU.S.$19,086
305Gruppo AzimutItaly$18,932
306ArcaItaly$18,894
307Quoniam Asset Mgmt.Germany$18,734
308 EARNEST PartnersU.S.$18,704
309Perennial InvestmentAustralia$18,580
310Bentall KennedyU.S.$18,567
311 First ReserveU.S.$18,333
312Robert W. BairdU.S.$18,258
313Platinum Asset Mgmt.Australia$18,125
314Sprucegrove InvestmentCanada$17,789
315 First Pacific AdvisorsU.S.$17,750
316King Street CapitalU.S.$17,600
317COMGESTFrance$17,480
318PetercamBelgium$17,082
319Gruppo BipiemmeItaly$16,932
320Artemis InvestmentU.K.$16,892
321Shinhan BNP ParibasSouth Korea$16,852
322SCORFrance$16,833
323ICBC Credit SuisseChina$16,828
324 Colchester Global InvestorsU.K.$16,575
325 International Value AdvisersU.S.$16,450
326 Hotchkis & WileyU.S.$16,167
327Munder CapitalU.S.$16,045
328 Baron Capital GroupU.S.$16,021
329Wiener StadtischeAustria$15,956
330 BOK FinancialU.S.$15,762
331Rainier InvestmentU.S.$15,475
332CaserSpain$15,432
333Madison InvestmentU.S.$15,356
334GPT GroupAustralia$15,058
335Fred Alger Mgmt.U.S.$14,919
336HDFC Asset Mgmt.India$14,883
337McDonnell InvestmentU.S.$14,804
338BCVSwitzerland$14,576
339Carnegie InvestmentSweden$14,502
340Oddo et CieFrance$14,502
341Grupo Banco PopularSpain$14,254
342BankInvestDenmark$14,243
343Westfield CapitalU.S.$14,212
344 Westbrook PartnersU.S.$13,967
345Dexus Property Group8Australia$13,939
346Wintrust FinancialU.S.$13,800
347Unigestion4Switzerland$13,700
348World Asset Mgmt.U.S.$13,659
349Universal-InvestmentGermany$13,596
350Wentworth, Hauser & ViolichU.S.$13,509
351Mutual of AmericaU.S.$13,505
352 Edinburgh PartnersU.K.$13,441
353Turner InvestmentsU.S.$13,363
354Close Brothers Group11U.K.$13,322
355HuntU.S.$13,104
356Westwood HoldingsU.S.$13,079
357Grupo MarchSpain$13,027
358Insurance Australia GroupAustralia$12,926
359Oak Hill AdvisorsU.S.$12,861
360Fiduciary Mgmt./MilwaukeeU.S.$12,830
361Hua An Fund Mgmt.China$12,823
362Svenska HandelsbankenSweden$12,762
363Da Cheng Fund Mgmt.China$12,570
364 Cramer Rosenthal McGlynnU.S.$12,482
365Kepler Fonds KAG12Austria$12,392
366Calvert InvestmentU.S.$12,363
367Gruppo Banca CarigeItaly$12,331
368Piper JaffrayU.S.$12,225
369 Montag & CaldwellU.S.$12,199
370 C.S. McKeeU.S.$12,069
371Foyston, Gordon & PayneCanada$11,863
372 Horsley Bridge PartnersU.S.$11,752
373Causeway CapitalU.S.$11,676
374 Prime AdvisorsU.S.$11,669
375QS InvestorsU.S.$11,620
376 Guardian CapitalCanada$11,569
377STW Fixed IncomeU.S.$11,384
378WooriSouth Korea$11,326
379 ProLogis Private CapitalU.S.$11,248
380J O Hambro CapitalU.K.$11,202
381IbercajaSpain$11,089
382Birla Sun Life Asset Mgmt.India$11,073
383 MGPAU.K.$10,823
384Sit InvestmentU.S.$10,823
385 TT InternationalU.K.$10,798
386Leith Wheeler InvestmentCanada$10,770
387Tocqueville Asset Mgmt.U.S.$10,641
388Prescient InvestmentSouth Africa$10,636
389Eagle CapitalU.S.$10,634
390UTI Asset Mgmt.India$10,604
391 Amalgamated BankU.S.$10,452
392 Kimco RealtyU.S.$10,400
393 Wasatch AdvisorsU.S.$10,294
394Charter Hall GroupAustralia$10,276
395 RamiusU.S.$10,266
396Banca EsperiaItaly$10,260
397Portfolio AdvisorsU.S.$10,196
398Axiom InternationalU.S.$10,163
399Goodman4Australia$10,073
400Peregrine Holdings2South Africa$10,016
401 Renaissance TechnologiesU.S.$10,010
402 K2 AdvisorsU.S.$9,983
403 Sage Advisory ServicesU.S.$9,913
404Marathon Asset Mgmt.U.S.$9,900
405BPIPortugal$9,810
406Lend LeaseAustralia$9,804
407European Credit Mgmt.U.K.$9,500
408Caja NavarraSpain$9,448
409Maple-Brown AbbottAustralia$9,440
410China Merchants Fund Mgmt.13China$9,427
411Guotai Fund Mgmt.China$9,427
412Denver InvestmentsU.S.$9,389
413Mawer Investment Mgmt.Canada$9,359
414HexavestCanada$9,309
415Majedie Asset Mgmt.U.K.$9,272
416 DRA AdvisorsU.S.$9,142
417ASB Capital Mgmt.U.S.$9,010
418Burgundy Asset Mgmt.7Canada$8,938
419New Brunswick Investment2Canada$8,922
420BankinterSpain$8,842
421Ersel Group6Italy$8,805
422Luther King CapitalU.S.$8,780
423Diamond Hill CapitalU.S.$8,671
424Financial Risk Mgmt.U.S.$8,662
425 Martin CurrieU.K.$8,654
426 Numeric InvestorsU.S.$8,622
427McKinley CapitalU.S.$8,585
428Synovus FinancialU.S.$8,550
429 KBS Realty AdvisorsU.S.$8,518
430WEDGE CapitalU.S.$8,439
431KGALGermany$8,324
432Titanium Asset Mgmt.U.S.$8,317
433Pacific Alternative AssetU.S.$8,237
434Gulf International BankU.K.$8,200
435 Rock Creek GroupU.S.$8,200
436Los Angeles CapitalU.S.$8,171
437 Cantillon Capital Mgmt.U.S.$8,064
438Jacobs Levy EquityU.S.$7,883
439 Segall Bryant & HamillU.S.$7,867
440Lion Fund Mgmt.China$7,856
441 Atalanta Sosnoff CapitalU.S.$7,848
442Beacon CapitalU.S.$7,769
443Lupus Alpha Asset Mgmt.14Germany$7,769
444Value Partners11Hong Kong$7,700
445 EnTrust CapitalU.S.$7,683
446State Bank of IndiaIndia$7,621
447Tortoise CapitalU.S.$7,593
448 M.D. Sass GroupU.S.$7,459
449Samson CapitalU.S.$7,440
450Co-operators GroupCanada$7,377
451JCP Investment PartnersAustralia$7,226
452Abbott CapitalU.S.$7,149
453Silvercrest Asset Mgmt.U.S.$7,096
454Congress Asset Mgmt.U.S.$7,014
455 AREA Property PartnersU.S.$6,999
456Kornitzer CapitalU.S.$6,987
457 Horizon KineticsU.S.$6,955
458Driehaus CapitalU.S.$6,953
459Sanderson Asset Mgmt.U.K.$6,908
460European InvestorsU.S.$6,835
461Iridian Asset Mgmt.U.S.$6,731
462IDFC Asset Mgmt.4India$6,641
463 PCCPU.S.$6,616
464 Cambiar InvestorsU.S.$6,609
465DePrince, Race & ZolloU.S.$6,588
466Rongtong Fund Mgmt.1China$6,489
467Progress InvestmentU.S.$6,458
468SPARX GroupJapan$6,413
469 Crestline InvestorsU.S.$6,400
470Paradice InvestmentAustralia$6,378
471Opportunity6Brazil$6,321
472Johnson Institutional Mgmt.U.S.$6,294
473Northcape CapitalAustralia$6,206
474 E.I.M.Switzerland$6,200
475Smith BreedenU.S.$6,174
476HFT8China$6,159
477Odey Asset Mgmt.Switzerland$6,153
478KDBSouth Korea$6,095
479Beach Point CapitalU.S.$6,026
480Chandler Asset Mgmt.U.S.$5,938
481Hoisington InvestmentU.S.$5,920
482 SkyBridge CapitalU.S.$5,855
483Capital At Work GroupBelgium$5,827
484VP BankSwitzerland$5,776
485PENN CapitalU.S.$5,713
486 Zazove AssociatesU.S.$5,699
487Dreman Value Mgmt.U.S.$5,654
488Access Capital AdvisersAustralia$5,596
489AurionCanada$5,589
490Sound Shore Mgmt.U.S.$5,555
491Advent CapitalU.S.$5,538
492 Parnassus InvestmentsU.S.$5,522
493Richmond CapitalU.S.$5,440
494Mercator Asset Mgmt.U.S.$5,437
495Jensen InvestmentU.S.$5,434
496 Lighthouse PartnersU.S.$5,400
497Boston Trust & InvestmentU.S.$5,399
498 Forum PartnersU.S.$5,314
499Independence CapitalU.S.$5,250
500Glenmede InvestmentU.S.$5,243
  Total$63,090,376
Notes: 1: As of Sept. 30, 2011; 2: As of March 31, 2011; 3: As of June 30, 2012; 4: As of March 31, 2012; 5: As of Oct. 31, 2011; 6: As of May 31, 2012; 7: As of April 30, 2012; 8: As of June 30, 2011; 9: As of Nov. 30, 2011; 10: As of Dec. 29, 2011; 11: As of Jan. 31, 2012; 12: As of May 1, 2011; 13: As of Feb. 29, 2012; 14: As of Jan. 12, 2012.

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