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P&I/Watson Wyatt's world 300 largest managers
Ranked by total assets, in millions, as of Dec. 31, 2003.
| RANK | manager | Country | Assets |
| 1 | UBS | Switzerland | $1,782,000 |
| 2 | Allianz Group | Germany | $1,327,000 |
| 3 | Fidelity Investments | U.S. | $1,138,891 |
| 4 | State Street Global | U.S. | $1,106,385 |
| 5 | Barclays Global Investors | U.K. | $1,070,224 |
| 6 | AXA Group | France | $972,780 |
| 7 | Crdit Suisse | Switzerland | $971,000 |
| 8 | Kampo | Japan | $877,049 |
| 9 | Capital Group | U.S. | $814,097 |
| 10 | Vanguard Group | U.S. | $725,300 |
| 11 | Deutsche Asset Mgmt. | Germany | $714,899 |
| 12 | Mellon Financial | U.S. | $616,622 |
| 13 | Citigroup | U.S. | $608,985 |
| 14 | ING Investment Mgmt. | Netherlands | $590,000 |
| 15 | J.P. Morgan Fleming | U.S. | $558,998 |
| 16 | Merrill Lynch | U.S. | $499,667 |
| 17 | Northern Trust Global | U.S. | $478,626 |
| 18 | Crdit Agricole | France | $476,725 |
| 19 | Morgan Stanley | U.S. | $450,252 |
| 20 | AIG Global Investment | U.S. | $440,897 |
| 21 | Prudential Financial | U.S. | $432,073 |
| 22 | Aviva | U.K. | $426,696 |
| 23 | HSBC Holdings | U.K. | $399,000 |
| 24 | CDC IXIS Asset Mgmt. | France | $396,500 |
| 25 | Wellington Management | U.S. | $393,992 |
| 26 | Fortis Group | Belgium | $384,041 |
| 27 | American Express | U.S. | $366,325 |
| 28 | AMVESCAP | U.K./U.S. | $365,443 |
| 29 | Socit Gnrale | France | $356,477 |
| 30 | Nippon Life Insurance | Japan | $355,3831 |
| 31 | MetLife | U.S. | $350,235 |
| 32 | Generali | Italy | $348,455 |
| 33 | Goldman Sachs | U.S. | $347,724 |
| 34 | BNP Paribas | France | $346,435 |
| 35 | Aegon Asset Mgmt. | Netherlands | $345,590 |
| 36 | Franklin Templeton | U.S. | $336,721 |
| 37 | Bank of America | U.S. | $335,700 |
| 38 | Zenkyoren | Japan | $331,3291 |
| 39 | BlackRock | U.S. | $309,356 |
| 40 | TIAA-CREF | U.S. | $307,089 |
| 41 | MassMutual Financial | U.S. | $285,000 |
| 42 | Prudential M&G | U.K. | $278,834 |
| 43 | Legg Mason | U.S. | $277,716 |
| 44 | Sun Life Financial | Canada | $277,306 |
| 45 | Wachovia Corp. | U.S. | $248,246 |
| 46 | Charles Schwab | U.S. | $244,920 |
| 47 | Legal & General Group | U.K. | $242,280 |
| 48 | Putnam Investments | U.S. | $239,648 |
| 49 | Mitsubishi Trust & Banking | Japan | $238,5002 |
| 50 | Dai-ichi Mutual Life Insurance | Japan | $234,5981 |
| 51 | Norinchukin Bank Group | Japan | $233,7711 |
| 52 | Rabobank Group | Netherlands | $230,957 |
| 53 | Sumitomo Trust & Banking | Japan | $228,670 |
| 54 | Old Mutual | South Africa | $222,238 |
| 55 | ABN AMRO Asset Mgmt. | Netherlands | $196,206 |
| 56 | Federated Investors | U.S. | $195,570 |
| 57 | Bank One | U.S. | $190,890 |
| 58 | T. Rowe Price | U.S. | $189,960 |
| 59 | Stichting Pensioenfonds | Netherlands | $189,725 |
| 60 | Nationwide | U.S. | $188,443 |
| 61 | Sanpaolo IMI | Italy | $180,461 |
| 62 | GE Asset Mgmt. | U.S. | $180,382 |
| 63 | Mitsui Trust Holdings | Japan | $180,2812 |
| 64 | Sumitomo Life Insurance | Japan | $177,3271 |
| 65 | Zurich Financial Services | Switzerland | $175,967 |
| 66 | Schroder Investment Mgmt. | U.K. | $175,528 |
| 67 | New York Life Invest. Mgmt. | U.S. | $175,475 |
| 68 | Munich RE (MEAG) | Germany | $170,952 |
| 69 | FleetBoston Financial | U.S. | $168,000 |
| 70 | DekaBank | Germany | $164,714 |
| 71 | Mizuho Trust & Banking | Japan | $160,2222 |
| 72 | Standard Life Assurance | U.K. | $157,155 |
| 73 | Wells Fargo | U.S. | $152,154 |
| 74 | Janus Capital Group | U.S. | $151,455 |
| 75 | Gruppo Intesa | Italy | $151,274 |
| 76 | General Motors | U.S. | $150,655 |
| 77 | Swiss Life Holding | Switzerland | $148,309 |
| 78 | Unicredito Italiano | Italy | $147,407 |
| 79 | John Hancock Financial | U.S. | $142,543 |
| 80 | BBVA | Spain | $141,932 |
| 81 | Union Investment | Germany | $138,323 |
| 82 | Scottish Widows Investment | U.K. | $138,195 |
| 83 | Nomura Asset Mgmt. | Japan | $136,945 |
| 84 | Banco Santander Central | Spain | $136,695 |
| 85 | Meiji Life Insurance | Japan | $130,5661 |
| 86 | Commerzbank Asset Mgmt. | Germany | $128,784 |
| 87 | U.S. Bancorp Asset Mgmt. | U.S. | $127,720 |
| 88 | Resona Holdings | Japan | $126,1862 |
| 89 | HHG | U.K. | $125,520 |
| 90 | Insight Investment Mgmt. | U.K. | $124,554 |
| 91 | Manulife Financial | Canada | $121,022 |
| 92 | HVB Group | Germany | $120,499 |
| 93 | Principal Global Investors | U.S. | $118,463 |
| 94 | Lehman Brothers | U.S. | $116,2003 |
| 95 | F&C Management | U.K. | $114,256 |
| 96 | ISIS Asset Mgmt. | U.K. | $113,690 |
| 97 | SEB | Sweden | $113,461 |
| 98 | Caisse de Dept et Placement | Canada | $108,373 |
| 99 | Dodge & Cox | U.S. | $107,993 |
| 100 | AMP | Australia | $107,584 |
| 101 | The Hartford | U.S. | $105,873 |
| 102 | Lincoln National | U.S. | $105,800 |
| 103 | UFJ Trust Bank | Japan | $104,1642 |
| 104 | Providentia | Switzerland | $98,791* |
| 105 | Pictet | Switzerland | $98,000 |
| 106 | Fortis Investments | U.S. | $96,566 |
| 107 | Nuveen Investments | U.S. | $95,356 |
| 108 | Russell Investment Group | U.S. | $94,500 |
| 109 | Lombard Odier Darier Hentsch | Switzerland | $94,000 |
| 110 | Affiliated Managers Group | U.S. | $91,524 |
| 111 | SEI Investments | U.S. | $90,500 |
| 112 | TD Asset Management | Canada | $90,040 |
| 113 | Bank of New York | U.S. | $89,000 |
| 114 | Zurcher Kantonalbank | Switzerland | $87,706 |
| 115 | American Century | U.S. | $87,393 |
| 116 | KBC Asset Mgmt. | Belgium | $85,327 |
| 117 | Swiss RE | Switzerland | $85,322 |
| 118 | Nordea Investment Mgmt. | Denmark | $84,616 |
| 119 | Eaton Vance | U.S. | $83,6004 |
| 120 | Natexis Banques Populaires | France | $79,329 |
| 121 | Dexia Asset Mgmt. | Belgium | $78,448 |
| 122 | Hermes Pensions Mgmt. | U.K. | $78,228 |
| 123 | Yasuda Mutual Life Insurance | Japan | $75,9331 |
| 124 | Brandes Investment | U.S. | $75,789 |
| 125 | Commonwealth Bank Australia | Australia | $74,913 |
| 126 | BMO Financial Group | Canada | $74,154 |
| 127 | Lord, Abbett | U.S. | $72,180 |
| 128 | Lazard Freres | U.S. | $71,921 |
| 129 | Carlson Investment Mgmt. | Sweden | $71,000 |
| 130 | DnB NOR | Norway | $69,136 |
| 131 | KeyCorp | U.S. | $68,703 |
| 132 | Bank of Ireland Asset Mgmt. | Ireland | $67,916 |
| 133 | Royal Bank of Canada | Canada | $67,758 |
| 134 | CIGNA Retirement | U.S. | $67,547 |
| 135 | Danske Bank Group | Denmark | $62,375 |
| 136 | Mitsui Mutual Life Insurance | Japan | $62,1741 |
| 137 | Samsung Life Insurance | Korea | $61,1011 |
| 138 | Groupama | France | $60,877 |
| 139 | Phoenix Cos. | U.S. | $59,151 |
| 140 | Daiwa Asset Mgmt. | Japan | $58,017 |
| 141 | Nikko Asset Mgmt. | Japan | $57,096 |
| 142 | Grantham, Mayo v. Otterloo | U.S. | $54,978 |
| 143 | Bridgewater Associates | U.S. | $54,882 |
| 144 | Lend Lease | Australia | $54,6785 |
| 145 | Union Bancaire Privee | Switzerland | $54,013 |
| 146 | Monte dei Paschi di Siena | Italy | $53,050 |
| 147 | Taiyo Mutual Life Insurance | Japan | $53,0061 |
| 148 | La Baloise | Switzerland | $52,766 |
| 149 | Asahi Mutual Life Insurance | Japan | $52,7551 |
| 150 | Tokio Marine & Fire | Japan | $51,6901 |
| 151 | Payden & Rygel | U.S. | $50,345 |
| 152 | Trusco Capital | U.S. | $50,195 |
| 153 | National Australia Bank | Australia | $49,4362 |
| 154 | Gruppo Bancario Capitalia | Italy | $49,418 |
| 155 | WestAM | Germany | $49,352 |
| 156 | Daido Life Insurance | Japan | $49,1411 |
| 157 | Arca | Italy | $48,718 |
| 158 | Royal Bank of Scotland | U.K. | $48,537 |
| 159 | Banque Cantonale Vaudoise | Switzerland | $48,497 |
| 160 | Skandia | Sweden | $48,466 |
| 161 | Dimensional Fund Advisors | U.S. | $48,292 |
| 162 | Baillie Gifford | U.K. | $48,276 |
| 163 | DLIBJ Asset Mgmt. | Japan | $46,917 |
| 164 | Julius Baer Asset Mgmt. | Switzerland | $46,890 |
| 165 | Davis Advisors | U.S. | $46,125 |
| 166 | Mitsui Sumitomo Insurance | Japan | $45,6841 |
| 167 | Macquarie Bank Group | Australia | $44,148 |
| 168 | Nissay Asset Mgmt. | Japan | $43,465 |
| 169 | Alecta | Sweden | $43,314 |
| 170 | Cathay Life Insurance | Taiwan | $42,799 |
| 171 | Sanlam | South Africa | $42,481 |
| 172 | TAL Global Asset Mgmt. | Canada | $42,146 |
| 173 | Life Insurance of India | India | $42,060* |
| 174 | Gerling-Konzern | Germany | $41,785* |
| 175 | IDUNA Gruppe | Germany | $41,422 |
| 176 | Aberdeen Asset Mgmt. | U.K. | $41,282 |
| 177 | Royal London | U.K. | $41,216 |
| 178 | La Caixa | Spain | $40,251 |
| 179 | Pareto Partners | U.K. | $39,926 |
| 180 | Vontobel Group | Switzerland | $39,765 |
| 181 | Banco Sabadell | Spain | $39,143 |
| 182 | Fukoku Mutual Life Insurance | Japan | $38,6321 |
| 183 | Swissca Portfolio Mgmt. | Switzerland | $38,545 |
| 184 | Man Group | U.K. | $38,5006 |
| 185 | Fischer Francis Trees | U.S. | $38,425 |
| 186 | Brown Brothers Harriman | U.S. | $37,713 |
| 187 | Strong Capital | U.S. | $37,577 |
| 188 | Banca Nazionale del Lavoro | Italy | $36,701 |
| 189 | Banca Popolare di Verona | Italy | $36,691 |
| 190 | Waddell & Reed | U.S. | $36,573 |
| 191 | Investec Group | South Africa | $36,568 |
| 192 | Banco do Brazil | Brazil | $35,343 |
| 193 | Fifth Third Bancorp | U.S. | $35,154 |
| 194 | Delta Lloyd Asset Mgmt. | Netherlands | $34,936 |
| 195 | Sompo Japan Insurance | Japan | $34,8541 |
| 196 | Phillips, Hager & North | Canada | $34,593 |
| 197 | PRIMECAP | U.S. | $34,268 |
| 198 | Munder Capital | U.S. | $34,237 |
| 199 | Svenska Handelsbanken | Sweden | $34,200 |
| 200 | Jarislowsky Fraser | Canada | $33,592 |
| 201 | Fayez Sarofim | U.S. | $33,524 |
| 202 | Bayern Versicherung | Germany | $33,423 |
| 203 | Artisan Partners | U.S. | $31,867 |
| 204 | Westpac | Australia | $31,457 |
| 205 | Sumitomo Mitsui Asset Mgmt. | Japan | $31,4346 |
| 206 | Mackenzie Financial | Canada | $30,8856 |
| 207 | Robur | Sweden | $30,752 |
| 208 | AMR Investment | U.S. | $30,236 |
| 209 | Commonfund | U.S. | $30,145 |
| 210 | Sogeposte | France | $29,6746 |
| 211 | BPU Banca Group | Italy | $29,497 |
| 212 | AMF Pension | Sweden | $28,532 |
| 213 | National City Investment | U.S. | $28,514 |
| 214 | PFA Pension Forsikring | Denmark | $28,472 |
| 215 | Hanwha Group | Korea | $28,462 |
| 216 | Oaktree Capital | U.S. | $27,851 |
| 217 | Banca Lombarda | Italy | $27,7192 |
| 218 | Gabelli Asset Mgmt. | U.S. | $27,559 |
| 219 | Fort Washington | U.S. | $26,627 |
| 220 | 40/86 Advisors | U.S. | $26,229 |
| 221 | Raiffeisen | Austria | $25,983 |
| 222 | Britannic Asset Mgmt. | U.K. | $25,544 |
| 223 | Pathway Capital | U.S. | $25,526 |
| 224 | Southeastern Asset Mgmt. | U.S. | $25,469 |
| 225 | Bradesco | Brazil | $24,972 |
| 226 | Kyobo Life | Korea | $24,953 |
| 227 | DuPont Capital | U.S. | $24,339 |
| 228 | Wilmington Trust | U.S. | $24,300 |
| 229 | Calamos Asset Mgmt. | U.S. | $23,847 |
| 230 | Queensland Investment | Australia | $23,781 |
| 231 | Daiwa SB Investments | Japan | $23,676 |
| 232 | Nipponkoa Insurance | Japan | $23,6631 |
| 233 | Storebrand Group | Norway | $23,661 |
| 234 | Mediolanum | Italy | $23,369 |
| 235 | LaSalle Investment | U.S. | $23,247 |
| 236 | Caja Madrid | Spain | $22,990 |
| 237 | STANLIB Asset Mgmt. | South Africa | $22,948 |
| 238 | Bear Stearns | U.S. | $22,839 |
| 239 | Bank Leu | Switzerland | $22,741 |
| 240 | Sampo Group | Finland | $22,719 |
| 241 | McLean Budden | Canada | $22,643 |
| 242 | Gruppo Bipielle | Italy | $22,467 |
| 243 | Gothaer | Germany | $22,400* |
| 244 | Itau | Brazil | $22,312* |
| 245 | Mercantile Bankshares | U.S. | $21,800 |
| 246 | FirstRand Group | South Africa | $21,6445 |
| 247 | Erste Bank | Austria | $21,464 |
| 248 | Marathon Asset Mgmt. | U.K. | $21,335 |
| 249 | J. & W. Seligman | U.S. | $21,105 |
| 250 | Oppenheim Asset Mgmt. | Germany | $20,962 |
| 251 | Banca Popolare di Milano | Italy | $20,741 |
| 252 | Raymond James Financial | U.S. | $20,697 |
| 253 | Irish Life Investment | Ireland | $20,640 |
| 254 | NISA Investment | U.S. | $20,552 |
| 255 | Daehan Investment Trust | Korea | $20,465 |
| 256 | Les Mutuelles du Mans | France | $20,282* |
| 257 | Fisher Investments | U.S. | $20,229 |
| 258 | National Bank of Canada | Canada | $19,774 |
| 259 | Bank of Oklahoma | U.S. | $19,580 |
| 260 | T&D Asset Management | Japan | $19,042 |
| 261 | Nuernberger | Germany | $18,807 |
| 262 | Credem | Italy | $18,611 |
| 263 | Mapfre Vida | Spain | $18,481 |
| 264 | Caixa Gestao de Activos | Portugal | $18,391 |
| 265 | LSV Asset Mgmt. | U.S. | $18,256 |
| 266 | Ohio National | U.S. | $18,238 |
| 267 | Philips Pensions Competence | Netherlands | $17,700 |
| 268 | Ryan Labs | U.S. | $17,381 |
| 269 | William Blair | U.S. | $17,339 |
| 270 | Korea Investment Trust | Korea | $17,259 |
| 271 | Alte-Leipziger Trust | Germany | $17,146* |
| 272 | HarbourVest Partners | U.S. | $17,136 |
| 273 | HighMark Capital | U.S. | $17,040 |
| 274 | HUK Coburg | Germany | $16,796 |
| 275 | Uniqa Group | Austria | $16,611 |
| 276 | Metzler Asset Mgmt. | Germany | $16,443 |
| 277 | Seix Investment Advisors | U.S. | $16,232 |
| 278 | Ariel Capital | U.S. | $16,111 |
| 279 | Folksam | Sweden | $15,873 |
| 280 | PFM Asset Management | U.S. | $15,749 |
| 281 | M & I Investment | U.S. | $15,685 |
| 282 | Arnhold & S. Bleichroeder | U.S. | $15,481 |
| 283 | Grupo Banco Popular | Spain | $15,441 |
| 284 | Dai-lchi Kangyo Asset Mgmt. | Japan | $15,421 |
| 285 | Protective Life | U.S. | $15,233 |
| 286 | Industrial Alliance Life Insurance | Canada | $15,120 |
| 287 | Jacobs Levy Equity | U.S. | $14,998 |
| 288 | Advantus Capital | U.S. | $14,982 |
| 289 | BB&T Asset Mgmt. | U.S. | $14,935 |
| 290 | Oechsle International | U.S. | $14,608 |
| 291 | Aronson + Johnson + Ortiz | U.S. | $14,581 |
| 292 | BW Bank | Germany | $14,560 |
| 293 | CB Richard Ellis Investors | U.S. | $14,465 |
| 294 | Bank Sarasin | Switzerland | $14,328 |
| 295 | Value Asset Management | U.S. | $14,327 |
| 296 | Glenmede Trust | U.S. | $14,247 |
| 297 | NFU Mutual Insurance | U.K. | $14,200 |
| 298 | Bank Degroof | Belgium | $13,933 |
| 299 | ESAF SGPS | Portugal | $13,886 |
| 300 | Greystone Managed | Canada | $13,728 |
1As of March 31, 2003; 2As of Sept. 30; 3As of Nov. 30; 4As of Jan. 31; 5As of June 30, 2003; 6As of March 31; 7As of June 30; *Estimate
