Internally managed defined contribution assets, riding the rebound in the equity markets, rose 20.3% to $2.3 trillion for the year ended Dec. 31, after declining for each of the three previous years, according to Pensions & Investments' annual survey of defined contribution asset management firms.
However, on a market-adjusted basis, internally managed assets under management rose only 2%.
Overall defined contribution assets rose 19.9%, to $2.6 trillion, after falling 8.1% in 2002.
There were 377 managers included in the 2003 survey, compared with 357 managers the year before. And the largest 100 managers account for the lion's share of the money, with $2.5 trillion in total defined contribution assets under management. That's a 19% increase from $2.1 trillion a year earlier.
Nine of the 10 largest managers of internally managed defined contribution assets had increases in 2003. Capital Research & Management Co., Los Angeles, rose to fourth place from sixth place a year earlier with a 57% increase in assets to $135.1 billion. Fidelity Investments, Boston, solidified its hold on first place with a 33% increase in assets, to $359.5 billion. Barclays Global Investors, San Francisco, held on to fifth place with a 28% hike, to $118.5 billion. Putnam Investments, Boston, held on to 10th place with an 8% increase in assets in 2003 to $44 billion.