2 International Place, Boston, Mass. 02110; phone: (617) 654-4378; fax:
(617) 654-6012
(U.S. $ millions)
Total discretionary assets140,874
Non-U.S. pension assets14,744
U.S. discretionary tax-exempt assets managed:
Total international/global22,565
International21,861
*Active equity accounts2,329
*Active bond accounts253
*Balanced370
*Indexed equity accounts17,022
*Emerging markets1,800
*Other87
Global704 *Active equity accounts100
*Balanced604
State Street Global Advisors had $21.861 billion in international accounts and $704 million in global accounts as of March 31.
The firm's asset mix for international accounts was 95% equity, 3% bonds, 2% cash as of March 31; equity assets were committed most heavily to Japan, the United Kingdom, Germany, France and Switzerland.
As of the same date, its global account asset mix was 62% equity, 35% bonds, 3% cash; equity assets were committed most heavily to the United States, Japan, the Netherlands, France and the United Kingdom.
The firm's active strategies use quantitative techniques and favor countries with low relative price multiples, low interest rates and high cash flow growth. They select stocks with improving earnings outlooks and lower multiples. Their passive products use replication.
The firm runs $3.978 billion of U.S. institutional, discretionary tax-exempt assets in passive currency hedging, currency protection, currency selection and currency as an asset class programs; $2.738 billion of the underlying assets is managed internally.
Analysts or portfolio managers are stationed in Boston, Montreal, London, Paris, Sydney and Tokyo.
The firm is a subsidiary of State Street Boston Corp.
Peter Stonberg is chief investment officer; John Grady is client contact.
Strategic Investment
Partners Inc.
1001 19th St. N., 16th floor, Arlington, Va. 22209; phone: (703) 243-4433; fax: (703) 243-2266
(U.S. $ millions)
Total global discretionary:
Assigned to other firms8,442
U.S. tax-exempt:
Assigned to other firms7,205
Minimum separate account30
Strategic Investment Partners Inc., a manager of managers, invests in global equities and fixed income through broadly diversified value-based portfolios that comprise active and passive equity and active fixed-income management allocated in accordance with its in-house global valuation model.
The firm runs $2.267 billion of U.S. institutional, discretionary tax-exempt assets in currency hedging programs; none of the underlying assets is managed internally.
Analysts or portfolio managers are stationed in Arlington, Va.
The firm has been registered with the SEC since 1987.
Hilda Ochoa is chief investment officer; Mary Choksi is client contact.
TCW Group of Cos.
865 S. Figueroa St., Los Angeles, Calif. 90017; phone: (213) 244-0000; fax: (213) 244-0741
(U.S. $ millions)
Total discretionary assets38,956
U.S. discretionary tax-exempt assets managed:
Total international/global1,126
International1,126
*Active equity accounts386
*Active bond accounts319
*Balanced421
TCW Group of Cos. had $1.126 billion in international accounts as of March 31.
The firm offers multiple investment approaches.
In addition to assets listed above, $5.806 billion in U.S. institutional, discretionary, tax-exempt assets are managed in global accounts on the firm's behalf by external managers.
Analysts or portfolio managers are stationed in Los Angeles, New York, Houston, London and Hong Kong.
The firm, a subsidiary of TCW Group Inc., has been registered with the SEC since 1971.
Marc I. Stern is chief investment officer; Thomas E. Larkin Jr. is client contact.
Templeton Worldwide
500 E. Broward Blvd., Suite 2100, Fort Lauderdale, Fla. 33394; phone: (305) 527-7500; fax: (305) 527-7379
(U.S. $ millions)
Total discretionary assets42,398
Non-U.S. pension assets1,445
U.S. discretionary tax-exempt assets managed:
Total international/global4,208
International4,199
*Active equity accounts4,168
*Active bond accounts31
Global9
*Active equity accounts9
Minimum separate account25
Templeton Worldwide had $4.199 billion in international accounts and $9.3 million in global accounts as of March 31.
The firm is a bottom-up value manager.
Analysts or portfolio managers are stationed in Fort Lauderdale, Nassau, Hong Kong, San Mateo, Toronto and Edinburgh.
The firm, a subsidiary of Franklin Resources Inc., has been registered with the SEC since 1979.
James Wood is client contact.
TSA Capital Management
888 W. Sixth St., Suite 1500, Los Angeles, Calif. 90017; phone: (213) 688-3015; fax: (213) 688-8856
(U.S. $ millions)
Total discretionary assets1,316
Non-U.S. pension assets69
U.S. discretionary tax-exempt assets managed:
Total international/global295
Global295
*Active equity accounts168
*Active bond accounts119
*Currency8
Minimum separate account10
TSA Capital Management had $295 million in global accounts as of March 31.
As of the same date, its global account asset mix was 58% equity, 26% bonds, 16% cash; equity assets were committed most heavily to the United States, Japan, the United Kingdom and Hong Kong.
The firm is an active global asset allocator, using a quantitative and pragmatic approach, combined with disciplined implementation.
In addition to assets listed above, $287 million in U.S. institutional, discretionary, tax-exempt assets are managed in global accounts on the firm's behalf by external managers.
The firm runs $287 million of U.S. institutional, discretionary tax-exempt assets in currency overlay programs; none of the underlying assets is managed internally.
Analysts or portfolio managers are stationed in Los Angeles.
The firm has been registered with the SEC since 1985.
Roger G. Clarke is chief investment officer; Charles M. Miller is client contact.
UBS International
Investment London
1211 Avenue of the Americas, 38th floor, New York, N.Y. 10036; phone: (212) 319-2009; fax: (212) 319-1589
(U.S. $ millions)
Total discretionary assets4,997
Non-U.S. pension assets802
U.S. discretionary tax-exempt assets managed:
Total international/global961
International961
*Active equity accounts961
Minimum separate account20
UBS International Investment London had $961 million in international accounts as of March 31.
The firm's asset mix for international accounts was 94% equity, 6% cash as of March 31; equity assets were committed most heavily to Japan, France, the United Kingdom, Australia and Germany.
The firm's value-oriented bottom-up equity approach is based on fundamental analysis of company-specific and macroeconomic factors to uncover companies selling at below-market valuations with improving fundamentals and strong growth potential.
Analysts or portfolio managers are stationed in London, Zurich, New York and Tokyo.
The firm, a subsidiary of Union Bank of Switzerland, has been registered with the SEC since 1987.
Tony Dye is chief investment officer; George M. Jamgochian is client contact.
Warburg Investment
Management International
780 Third Ave., New York, N.Y. 10017; phone: (212) 751-8340; fax: (212) 751-8553
(U.S. $ millions)
Total discretionary assets3,631
Non-U.S. pension assets449
U.S. discretionary tax-exempt assets managed:
Total international/global2,872
International2,197
*Active equity accounts682
*Active bond accounts1,515
Global675
*Active equity accounts45
*Active bond accounts630
Warburg Investment Management International Ltd. had $2.197 billion in international accounts and $675 million in global accounts as of March 31.
The firm's asset mix for international accounts was 31% equity, 69% bonds as of March 31; equity assets were committed most heavily to Japan, the United Kingdom, France, Hong Kong and the Netherlands.
As of the same date, its global account asset mix was 7% equity, 93% bonds; equity assets were committed most heavily to Japan, the United States, the United Kingdom, Australia and the Netherlands.
The firm's equity style incorporates both a top-down and bottom-up methodology. It follows 25 countries, and will be invested in 16 to 20 countries. The firm's fixed-income approach is top-down and emphasizes investment in major government bond markets. The firm separates currency and bond investment decisions, and actively manages the average duration and duration profile of the portfolio.
Analysts or portfolio managers are stationed in London, Hong Kong, Melbourne, Montreal, New York, Singapore and Tokyo.
The firm, a subsidiary of Mercury Asset Management Group PLC, has been registered with the SEC since 1976.
Richard J. Oldfield is chief investment officer; J. Eric Nelson is client contact for fixed income and Steven W. Golann is client contact for equity.
75 State St., Boston, Mass. 02109; phone: (617) 951-5000; fax: (617) 263-4024
(U.S. $ millions)
Total discretionary assets88,512
Non-U.S. pension assets331
U.S. discretionary tax-exempt assets managed:
Total international/global1,928
International1,689
*Active equity accounts1,501
*Active bond accounts120
*Balanced23
*Emerging markets45
Global239
*Active equity accounts212
*Active bond accounts27
Wellington Management Co. had $1.689 billion in international accounts and $239 million in global accounts as of March 31.
The firm's asset mix for international accounts was 93% equity, 7% bonds as of March 31; equity assets were committed most heavily to Japan, France, the United Kingdom, Spain and Malaysia.
As of the same date, its global account asset mix was 89% equity, 11% bonds; equity assets were committed most heavily to the United States, Japan, France, Malaysia and Hong Kong.
The firm offers a wide range of investment styles. Investment decisions are based on top-down country allocation and bottom-up stock selection, based primarily on internal fundamental research.
Analysts or portfolio managers are stationed in Boston and Valley Forge, Pa.
The firm has been registered with the SEC since 1960.
Dena G. Willmore is client contact.