The rich got richer among the top 10 managers of defined contribution assets in Pensions & Investments' annual survey of the largest managers of U.S. institutional tax-exempt assets.
Manager profiles, tables, charts
The top seven managers as of year-end 2004 are the same names, in the same order, as the year-earlier survey: Fidelity Investments, TIAA-CREF, Vanguard Group Inc., State Street Global Advisors, Capital Research & Management Co., Barclays Global Investors and ING. Many of them show substantial asset gains.
The big addition to the top 10 was Prudential Financial, which jumped to eighth place this year from 24th because of its acquisition of CIGNA Retirement & Investment Services. Prudential's total defined contribution assets under management were $74.14 billion, a 177% increase from the year-earlier $26.77 billion. (CIGNA was in 21st place in last year's survey, with $30.43 billion in assets.)
But the leaders solidified their standing. Fidelity had a 16.7% increase in total assets to $419.59 billion; TIAA-CREF was up 10.7% to $322.39 billion; Vanguard grew 19.7% to $215.94 billion; SSgA climbed 16.4% to $186.57 billion; Capital Research jumped 24% to $167.91 billion; BGI climbed 10% to $130.53 billion; and ING grew 8.2% to $80 billion.
In ninth place, down from eighth last year, was T. Rowe Price Associates Inc., which still had a 15.6% increase in assets to $65.98 billion. Diversified Investment Advisors Inc. rose two notches to 10th place, with a 20% increase in defined contribution assets to $51.7 billion.