Assets of the 500 biggest managers of U.S. institutional tax-exempt money jumped 11.2% in 2010, just half a percentage point off the pace of the prior year’s rebound from the global financial crisis, according to Pensions & Investments’ latest annual money manager survey.
Despite a second year in a row of solid growth, the group’s combined $11.42 trillion in assets under management remained $1 trillion short of the pre-crisis high reached at the end of 2007.
Among managers, BlackRock grabbed the top spot in the latest rankings with $929.4 billion in U.S. institutional tax-exempt assets, up 6% from the year before. BlackRock traded places with State Street Global Advisors, at $848.1 billion, down 4.4%.
Executives at top 10 firms called the year a strong one, even if outflows from safe-haven segments and wind-downs of assets the government was left holding during the crisis depressed AUM gains for some of the biggest firms.
In fact, the $5.087 trillion in combined AUM for the 10 biggest managers was up only 5.6% from the year before, or roughly half the gain for the top 500 — even as a number of observers predicted growing client demand for partnerships with managers would increasingly favor bigger firms.
The complete story plus data from the survey will appear in the May 30 issue of P&I.