Midsize money management firms see growth shrinking
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November 02, 2015 12:00 AM

Midsize money management firms see growth shrinking

Largest and smallest asset managers gaining, but those in middle losing out

Sophie Baker
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    P&I/Towers Watson World 500
    AUM: $770.4 billionCountry: U.K.Top 500 ranking: 25
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    AUM: $890.0 billionCountry: FranceTop 500 ranking: 20
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    AUM: $1,052 billionCountry: FranceTop 500 ranking: 16
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    AUM: $1,491 billionCountry: FranceTop 500 ranking: 8
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    AUM: $2,189 billionCountry: GermanyTop 500 ranking: 4

    For the first time in a decade, midsize managers are beginning to feel the squeeze, the Pensions & Investments/Towers Watson World 500 ranking of money managers shows.

    “The trend we have observed ... (is in) the proportion of assets held by the larger managers, middle-sized managers, and small firms,” said Luba Nikulina, London-based global head of manager research at Towers Watson & Co.

    Assets managed by the world's 500 largest money managers increased 2.1% to $78.1 trillion in the year ended Dec. 31.

    The data show the 20 largest money managers in the ranking saw the proportion of assets they manage grow, to account for 41.6% of the total, up from 41% a year previous. Those in spots 21 to 50 also took a bigger share, up to 22.9% at Dec. 31, from 22.2% in 2013.

    At the other end of the scale, the managers occupying places 251 to 500 accounted for 6% of the total assets under management. That compared with 5.7% a year previous.

    However, the money managers taking up spots 51 to 250 held a 29.5% share of the total assets under management, compared with 31.1% a year previous. That marks the first time these midsize managers accounted for a less-than 30% share of the total assets under management in the past 10 years.

    “We can see the reasons why this is happening: At the larger end, we have trends such as the growth of passive (management) — we have been observing it for a few years and it still continues,” Ms. Nikulina said. She said that most of the capital allocated to passive strategies will be awarded to a larger firm with the infrastructure necessary to manage passive strategies on a large scale.

    The P&I/Towers Watson World 500: World's largest

    money managers

    Ranked by total assets under management, in millions, as of Dec. 31, 2014.

    RankManagerCountryTotal assets

    1BlackRockU.S.$4,651,896
    2Vanguard GroupU.S.$3,148,496
    3State Street GlobalU.S.$2,448,112
    4Allianz GroupGermany$2,189,296
    5Fidelity InvestmentsU.S.$1,974,077
    6J.P. Morgan ChaseU.S.$1,748,849
    7Bank of New York MellonU.S.$1,710,282
    8AXA GroupFrance$1,491,394
    9Capital GroupU.S.$1,396,777
    10Deutsche BankGermany$1,262,884
    11Goldman Sachs GroupU.S.$1,178,000
    12Prudential FinancialU.S.$1,175,947
    13UBSSwitzerland$1,158,763
    14BNP ParibasFrance$1,114,595
    15Legal & General GroupU.K.$1,077,425
    16AmundiFrance$1,052,587
    17HSBC HoldingsU.K.$954,000
    18Northern Trust Asset Mgmt.U.S.$934,100
    19Wellington Mgmt.U.S.$913,720
    20Natixis Global Asset Mgmt.France$890,030
    21Franklin TempletonU.S.$880,146
    22TIAA-CREFU.S.$851,000
    23InvescoU.S.$792,382
    24MetLifeU.S.$790,710
    25PrudentialU.K.$770,387
    26T. Rowe PriceU.S.$746,800
    27Legg MasonU.S.$709,086
    28Morgan StanleyU.S.$689,966
    29Aegon GroupNetherlands$678,238
    30Ameriprise FinancialU.S.$658,600
    31MassMutual FinancialU.S.$651,000
    32Mitsubishi UFJ Financial GroupJapan$646,530
    33Wells FargoU.S.$643,100
    34Sun Life FinancialCanada$631,128
    35Affiliated Managers GroupU.S.$620,200
    36Sumitomo Mitsui Trust HoldingsJapan$595,064
    37Generali GroupItaly$583,033
    38Nippon Life Insurance1Japan$570,810
    39Principal FinancialU.S.$519,300
    40Aberdeen Asset Mgmt.U.K.$502,166
    41Old MutualU.K.$497,179
    42New York Life InvestmentsU.S.$495,052
    43Great-West LifecoCanada$492,379
    44Schroder Invesment Mgmt.U.K.$465,986
    45Crédit SuisseSwitzerland$433,513
    46Standard LifeU.K.$413,488
    47Royal Bank of Canada1Canada$394,620
    48AvivaU.K.$381,924
    49Dimensional Fund AdvisorsU.S.$380,636
    50Macquarie GroupAustralia$370,288
    51Federated InvestorsU.S.$362,905
    52ORIXJapan$341,550
    53Zurich Financial Services2Switzerland$339,276
    54BMO Global Asset Mgmt.Canada$326,207
    55NordeaDenmark$318,699
    56Intesa SanPaoloItaly$313,281
    57Munich REGermany$308,732
    58Eaton Vance3U.S.$297,735
    59Nomura Asset Mgmt.Japan$292,833
    60Blackstone GroupU.S.$290,381
    61DZ BANKGermany$282,113
    62Union InvestmentGermany$282,061
    63Meiji Yasuda Life InsuranceJapan$279,428
    64Voya FinancialU.S.$278,906
    65Fidelity Worldwide Investment3U.K.$275,800
    66Manulife Asset Mgmt.Canada$272,703
    67London Stock Exchange GroupU.K.$272,568
    68Dodge & CoxU.S.$269,574
    69Charles Schwab InvestmentU.S.$267,462
    70Shinkin Central BankJapan$259,491
    71Neuberger BermanU.S.$250,041
    72Dekabank GroupGermany$245,816
    73Unicredit GroupItaly$244,348
    74Societe GeneraleFrance$233,372
    75NN GroupNetherlands$226,631
    76Mizuho Financial GroupJapan$226,621
    77Banco do BrasilBrazil$221,647
    78PGGMNetherlands$221,096
    79TD Asset Mgmt.3Canada$220,195
    80SEBSweden$218,726
    81Brookfield Asset Mgmt.Canada$203,840
    82Hartford FinancialU.S.$203,153
    83Geode Capital Mgmt.U.S.$200,006
    84Sumitomo Life InsuranceJapan$197,658
    85LazardU.S.$197,103
    86Guggenheim InvestmentsU.S.$195,857
    87Caisse de Depôt et Placement4Canada$194,081
    88Stifel FinancialU.S.$186,600
    89Swiss Life Asset ManagersSwitzerland$184,917
    90Janus Capital GroupU.S.$183,056
    91Baillie GiffordU.K.$173,139
    92La PosteFrance$172,598
    93Banco Santander CentralSpain$171,831
    94SEI InvestmentsU.S.$170,082
    95TCW GroupU.S.$163,359
    96Le Groupe LCF RothschildFrance$162,388
    97Itau UnibancoBrazil$161,739
    98Bridgewater AssociatesU.S.$160,000
    99Pictet Asset Mgmt.Switzerland$158,652
    100Commonwealth Bank GroupAustralia$156,278
    101Nikko Asset Mgmt.Japan$155,458
    102American CenturyU.S.$145,577
    103ScotiabankCanada$141,635
    104Resona HoldingsJapan$139,329
    105Crédit MutuelFrance$137,957
    106Lord, AbbettU.S.$137,347
    107BBVASpain$137,113
    108PNC FinancialU.S.$135,046
    109MNNetherlands$134,918
    110SwedbankSweden$134,719
    111Banco BradescoBrazil$131,880
    112AQR Capital Mgmt.U.S.$130,208
    113Danske BankDenmark$129,972
    114NISA InvestmentU.S.$129,671
    115Royal London GroupU.K.$127,362
    116Henderson Global InvestorsU.K.$126,059
    117GAM HoldingSwitzerland$124,496
    118Waddell & ReedU.S.$123,650
    119AMP CapitalAustralia$123,544
    120IGM Financial GroupCanada$121,938
    121Talanx GroupGermany$117,184
    122GE Asset Mgmt.U.S.$116,312
    123Grantham, Mayo v. OtterlooU.S.$116,291
    124MercerU.S.$115,524
    125Samsung GroupSouth Korea$114,300
    126Investec Asset Mgmt.South Africa$111,955
    127Nationwide FinancialU.S.$111,817
    128Groupama Asset Mgmt.France$111,123
    129Artisan PartnersU.S.$107,915
    130Zürcher KantonalbankSwitzerland$106,172
    131PRIMECAPU.S.$103,882
    132Union Bancaire PrivéeSwitzerland$99,692
    133Kohlberg Kravis RobertsU.S.$98,613
    134Covéa GroupFrance$98,454
    135General Re - New EnglandU.S.$96,574
    136CandriamBelgium$96,144
    137Aquiline CapitalU.S.$94,417
    138MapfreSpain$94,120
    139First Eagle InvestmentU.S.$93,855
    140Mesirow FinancialU.S.$91,612
    141Oaktree CapitalU.S.$90,831
    142CIBC Asset Mgmt.Canada$90,702
    143CBRE Global InvestorsU.S.$90,600
    144LSV Asset Mgmt.U.S.$89,058
    145CI FinancialCanada$88,396
    146BCVSwitzerland$87,291
    147China Asset Mgmt.China$86,052
    148EFG InternationalSwitzerland$85,894
    149Syntrus AchmeaNetherlands$85,084
    150Vontobel Asset Mgmt.Switzerland$83,853
    151Payden & RygelU.S.$83,718
    152Ares Mgmt.U.S.$81,761
    153Baloise Asset Mgmt.Switzerland$81,582
    154Wilmington Trust1U.S.$80,998
    155Pearl GroupU.K.$80,766
    156CaixabankSpain$78,336
    157Fiera CapitalCanada$74,418
    158DnB NORNorway$73,645
    159Caixa Economica FederalBrazil$73,369
    160Delta LloydNetherlands$73,172
    161Man InvestmentsU.K.$72,900
    162Pacific Century GroupHong Kong$72,900
    163Westpac BankingAustralia$72,590
    164Storebrand GroupNorway$71,786
    165Metzler Asset Mgmt.Germany$70,498
    166OFI AMFrance$70,376
    167Anima HoldingItaly$69,404
    168Svenska HandelsbankenSweden$68,256
    169Warburg GruppeGermany$68,067
    170Fortress Investment GroupU.S.$67,531
    171Raymond JamesU.S.$66,712
    172E Fund Mgmt.China$66,463
    173Erste-Sparinvest KapitalanlageAustria$66,122
    174Industrial Alliance InsuranceCanada$65,991
    175SanlamSouth Africa$65,558
    176Thornburg InvestmentU.S.$64,456
    177Harvest Fund Mgmt.China$64,372
    178Mondrian Investment PartnersU.K.$64,102
    179Ashmore GroupU.K.$63,700
    180Securian Financial GroupU.S.$63,200
    181William BlairU.S.$62,940
    182Monte dei Paschi di SienaItaly$62,620
    183ActiamNetherlands$62,476
    184CarmignacFrance$61,246
    185Fisher InvestmentsU.S.$60,700
    186Brown Brothers HarrimanU.S.$60,491
    187American Beacon AdvisorsU.S.$58,751
    188Hanwha GroupSouth Korea$58,500
    189Mirae Asset Financial GroupSouth Korea$58,500
    190QICAustralia$57,770
    191LGT GroupSwitzerland$57,355
    192Virtus InvestmentU.S.$56,702
    193Stone Harbor InvestmentU.S.$56,272
    194Fullgoal FundChina$55,863
    195Penghua Fund Mgmt.China$55,636
    196LaSalle InvestmentU.S.$55,346
    197Robert W. BairdU.S.$54,675
    198Versicherungskammer BayernGermany$54,161
    199Jupiter Fund Mgmt.5U.K.$53,992
    200Cohen & SteersU.S.$53,137
    201PFM Asset Mgmt.U.S.$52,978
    202Record Currency Mgmt.U.K.$52,723
    203UBI BancaItaly$52,695
    204Fukoku Mutual Life InsuranceJapan$52,366
    205Arrowstreet CapitalU.S.$52,206
    206Northern CrossU.S.$51,956
    207ICBC Credit Suisse Asset Mgmt.China$51,811
    208Brown AdvisoryU.S.$51,682
    209Landesbank Hessen-ThüringenGermany$51,456
    210Coronation Fund ManagersSouth Africa$51,220
    211Marathon-LondonU.K.$50,231
    212BTG PactualBrazil$50,201
    213OP Bank GroupFinland$49,835
    214Connor,Clark & Lunn FinancialCanada$49,079
    215Income Research & Mgmt.U.S.$48,414
    216Tokio Marine HoldingsJapan$48,372
    217City NationalU.S.$48,063
    218Fort WashingtonU.S.$47,904
    219Manning & NapierU.S.$47,802
    220Sterling Capital1U.S.$47,540
    221GAMCO InvestorsU.S.$47,487
    222Daiwa Securities GroupJapan$46,657
    223ChallengerAustralia$46,653
    224Partners GroupSwitzerland$45,702
    225Industry Funds Mgmt.Australia$45,675
    226RidgeWorth CapitalU.S.$45,639
    227KBC GroupBelgium$44,918
    228FolksamSweden$44,843
    229MediolanumItaly$44,437
    230Royal Bank of ScotlandU.K.$43,956
    231Berenberg Asset Mgmt.Germany$43,879
    232F Van Lanschot2Netherlands$43,393
    233Lombard Odier InvestmentSwitzerland$43,090
    234UMB FinancialU.S.$42,800
    235Hermes Investment Mgmt.U.K.$42,704
    236HinesU.S.$42,674
    237National Bank of CanadaCanada$42,592
    238Starwood CapitalU.S.$42,270
    239Ohio NationalU.S.$41,400
    240Bosera Asset Mgmt.China$39,681
    241CommerzbankGermany$38,895
    242China Southern Fund Mgmt.China$38,844
    243Bank DegroofBelgium$38,531
    244HarbourVest PartnersU.S.$37,980
    245China Universal Asset Mgmt.China$37,435
    246Banco SabadellSpain$36,925
    247Davis AdvisorsU.S.$36,772
    248Allan Gray ProprietarySouth Africa$36,662
    249Strategic Investment Group6U.S.$36,499
    250Raiffeisen ZentralbankAustria$36,305
    251Causeway CapitalU.S.$36,256
    252Portfolio AdvisorsU.S.$36,187
    253Beutel, GoodmanCanada$36,107
    254NKSJ HoldingsJapan$36,066
    255Bank of China InvestmentChina$36,009
    256Ameritas Mutual HoldingU.S.$35,900
    257Victory CapitalU.S.$35,808
    258Uniqa Finanz GroupAustria$35,507
    259RhumbLine AdvisersU.S.$35,218
    260GF Fund Mgmt.7China$34,877
    261Reliance CapitalIndia$34,819
    262Desjardins GroupCanada$34,799
    263Caixa Geral de DepósitosPortugal$34,232
    264Yinhua Fund Mgmt.China$34,082
    265MMI HoldingsSouth Africa$34,006
    266D.E. Shaw GroupU.S.$33,698
    267First Pacific AdvisorsU.S.$33,603
    268Arca SGRItaly$33,523
    269KB Asset Mgmt.South Korea$33,300
    270Fayez Sarofim & Co.U.S.$33,136
    271Clarion PartnersU.S.$33,038
    272GLC Asset Mgmt. GroupCanada$32,655
    273STANLIBSouth Africa$32,408
    274HeitmanU.S.$32,327
    275Hamilton LaneU.S.$32,262
    276Hotchkis & WileyU.S.$32,190
    277DuPont CapitalU.S.$32,117
    278Gruppo AzimutItaly$31,982
    279Commerce TrustU.S.$31,933
    280Guotai Fund Mgmt.China$31,484
    281Jarislowsky, FraserCanada$31,199
    282NürnbergerGermany$31,125
    283Southeastern Asset Mgmt.U.S.$30,677
    284Caixa Gestão de ActivosPortugal$30,561
    285SECOR Asset Mgmt.U.S.$30,472
    286Pathway CapitalU.S.$30,355
    287Northill CapitalU.K.$30,113
    288Bank J. Safra SarasinSwitzerland$29,972
    289Boston Private FinancialU.S.$29,907
    290PrologisU.S.$29,755
    291AGF Mgmt.Canada$29,653
    292Jackson Square PartnersU.S.$29,400
    293Bank SyzSwitzerland$28,901
    294Van Eck AssociatesU.S.$28,261
    295Quoniam Asset Mgmt.Germany$28,053
    296Greystone ManagedCanada$27,999
    297Korea ITMCSouth Korea$27,900
    298Pzena InvestmentU.S.$27,738
    299RufferU.K.$27,661
    300First Republic InvestmentU.S.$27,500
    301Renaissance TechnologiesU.S.$27,418
    302Eagle CapitalU.S.$27,408
    303Shenkman CapitalU.S.$27,042
    304Angelo, GordonU.S.$27,000
    305Fifth Third BancorpU.S.$27,000
    306Matthews InternationalU.S.$26,882
    307Baron Capital GroupU.S.$26,853
    308Adams Street PartnersU.S.$26,831
    309ICMA RetirementU.S.$26,600
    310China Merchants Fund Mgmt.China$26,332
    311Brandes InvestmentU.S.$25,945
    312Magellan Asset Mgmt.Australia$25,794
    313CommonfundU.S.$25,459
    314AJOU.S.$25,442
    315J O Hambro Capital Mgmt.U.K.$25,215
    316Oak Hill AdvisorsU.S.$25,198
    317PerpetualAustralia$25,189
    318BOK FinancialU.S.$25,160
    319HuntU.S.$24,623
    320Gruppo Bancario Credito EmilianoItaly$24,562
    321Letko BrosseauCanada$24,291
    322Mawer Investment Mgmt.Canada$23,809
    323Bentall KennedyU.S.$23,696
    324HDFC Asset Mgmt.India$23,608
    325Da Cheng Fund Mgmt.China$23,552
    326Calamos AdvisorsU.S.$23,506
    327Universal-InvestmentGermany$23,459
    328EARNEST PartnersU.S.$23,179
    329Religare EnterprisesIndia$23,000
    330Blue Sky GroupNetherlands$22,945
    331Hua An Fund Mgmt.China$22,851
    332COMGESTFrance$22,729
    333Sprucegrove InvestmentCanada$22,654
    334Lexington PartnersU.S.$22,604
    335Kyobo Life Insurance5South Korea$22,500
    336AlgerU.S.$22,408
    337Royal & SunAllianceU.K.$22,055
    338Fiduciary Mgmt./MilwaukeeU.S.$21,987
    339Intermediate Capital GroupU.K.$21,894
    340Goodman GroupAustralia$21,859
    341King Street CapitalU.S.$21,800
    342Gruppo BipiemmeItaly$21,757
    343Investment SolutionsSouth Africa$21,740
    344Platinum Asset Mgmt.Australia$20,978
    345BankiaSpain$20,865
    346Highland Capital (Texas)U.S.$20,436
    347International Value AdvisersU.S.$20,419
    348RS InvestmentsU.S.$20,418
    349Westwood HoldingsU.S.$20,250
    350CCB Principle Asset Mgmt.China$20,083
    351UBS SDIC Fund Mgmt.China$20,042
    352Highland AssociatesU.S.$20,000
    353Burgundy Asset Mgmt.Canada$19,887
    354Banco Popolare SocietàItaly$19,841
    355Kiwoom AMCSouth Korea$19,800
    356SCORFrance$19,691
    357Penn Mutual Life1U.S.$19,500
    358ASB Capital Mgmt.U.S.$19,394
    359Rongtong Fund Mgmt.China$19,147
    360SWS MU Fund Mgmt.China$19,064
    361KutxabankSpain$18,989
    362SafraBrazil$18,960
    363Wasatch Advisors1U.S.$18,849
    364Los Angeles CapitalU.S.$18,817
    365PetercamBelgium$18,232
    366Hana UBS AMCSouth Korea$18,000
    367Carnegie InvestmentSweden$17,928
    368UnigestionSwitzerland$17,800
    369Westfield CapitalU.S.$17,498
    370OddoFrance$17,381
    371Providence EquityU.S.$17,311
    372Tortoise CapitalU.S.$17,306
    373Tian Hong Asset Mgmt.China$17,189
    374Birla Sun Life Asset Mgmt.India$16,940
    375Bank of Comm. SchrodersChina$16,768
    376Majedie Asset Mgmt.U.K.$16,489
    377Huashang Fund Mgmt.China$16,344
    378Vinva Investment Mgmt.8Australia$16,312
    379Hungkuk ITMCSouth Korea$16,200
    380Tongyangorion ITMC1South Korea$16,200
    381Madison InvestmentU.S.$16,120
    382HexavestCanada$15,970
    383Close Brothers Group1U.K.$15,855
    384Co-operators GroupCanada$15,851
    385BankinterSpain$15,840
    386Diamond Hill CapitalU.S.$15,656
    387Guardian Capital1Canada$15,593
    388Perennial InvestmentAustralia$15,334
    389NH-CASouth Korea$15,300
    390Grupo Banco PopularSpain$15,150
    391Luther King CapitalU.S.$15,019
    392Kepler Fonds KAGAustria$14,963
    393IbercajaSpain$14,927
    394DexusAustralia$14,926
    395Marsico CapitalU.S.$14,847
    396Iridian Asset Mgmt.U.S.$14,835
    397GPT GroupAustralia$14,763
    398Parnassus InvestmentsU.S.$14,700
    399Leith Wheeler InvestmentCanada$14,609
    400Sit InvestmentU.S.$14,320
    401Lend LeaseAustralia$14,192
    402Baoying FundChina$14,093
    403UTI Asset Mgmt.India$13,712
    404T&D Asset Mgmt.Japan$13,573
    405Pacific Global AdvisorsU.S.$13,518
    406Votorantim Asset Mgmt.Brazil$13,398
    407Lion Fund Mgmt.China$13,316
    408Bahl & GaynorU.S.$13,246
    409Canso Investment CounselCanada$13,062
    410Gulf International BankU.K.$13,000
    411Value PartnersHong Kong$12,895
    412Amalgamated BankU.S.$12,880
    413Invesco Great WallChina$12,864
    414Marathon Asset Mgmt.U.S.$12,800
    415World Asset Mgmt.U.S.$12,762
    416Horsley Bridge PartnersU.S.$12,500
    417RamiusU.S.$12,486
    418EnTrust CapitalU.S.$12,467
    419SkyBridge CapitalU.S.$12,465
    420Prime AdvisorsU.S.$12,398
    421Cantillon Capital Mgmt.U.S.$12,391
    422Gruppo Banca CarigeItaly$12,376
    423StepStone GroupU.S.$12,329
    424Banco BPIPortugal$12,156
    425Millennium Group HoldingsU.K.$12,004
    426Tocqueville Asset Mgmt.U.S.$12,000
    427Edinburgh PartnersU.K.$11,890
    428USAA Real EstateU.S.$11,809
    429Odey Asset Mgmt.U.K.$11,773
    430Truston AMCSouth Korea$11,700
    431Changsheng Fund Mgmt.China$11,607
    432Analytic InvestorsU.S.$11,594
    433Silvercrest Asset Mgmt.U.S.$11,583
    434International Fund Mgmt.China$11,578
    435WEDGE CapitalU.S.$11,558
    436C.S. McKeeU.S.$11,491
    437Piper JaffrayU.S.$11,469
    438CaserSpain$11,345
    439State Bank of IndiaIndia$11,319
    440Pacific Income AdvisersU.S.$11,184
    441Perella WeinbergU.S.$11,107
    442Pacific Asia GroupHong Kong$11,000
    443H/2 CapitalU.S.$10,963
    444Hyundai investment AMCSouth Korea$10,800
    445Shinyoung ITMCSouth Korea$10,800
    446Reliance TrustU.S.$10,739
    447BOCI-PrudentialHong Kong$10,734
    448Huatai-PineBridge InvestmentChina$10,648
    449Sage Advisory ServicesU.S.$10,600
    450Synovus FinancialU.S.$10,600
    451Fortune SGAM Fund Mgmt.3China$10,412
    452Kornitzer CapitalU.S.$10,326
    453QV InvestorsCanada$10,239
    454Cramer Rosenthal McGlynnU.S.$10,182
    455Ariel InvestmentsU.S.$10,042
    456New Brunswick InvestmentCanada$9,968
    457DongbuSouth Korea$9,900
    458Midas asset AMCSouth Korea$9,900
    459Herndon CapitalU.S.$9,791
    460Montag & CaldwellU.S.$9,755
    461Glenmede InvestmentU.S.$9,754
    462Segall Bryant & HamillU.S.$9,729
    463Denver InvestmentsU.S.$9,596
    464Aegon-IndustrialChina$9,566
    465Patria InvestimentosBrazil$9,485
    466Axiom InternationalU.S.$9,482
    467Crestline InvestorsU.S.$9,390
    468Charter HallAustralia$9,380
    469Horizon KineticsU.S.$9,235
    470Cambiar InvestorsU.S.$9,232
    471KBSU.S.$9,182
    472Cornerstone InvestmentU.S.$9,154
    473Opus InvestmentU.S.$9,041
    474HI Asset Mgmt.South Korea$9,000
    475IBK AMCSouth Korea$9,000
    476KTBSouth Korea$9,000
    477RARE InfrastructureAustralia$9,000
    478London Co.U.S.$8,977
    479Callan AssociatesU.S.$8,942
    480Stockbridge Capital GroupU.S.$8,923
    481Chandler Asset Mgmt.U.S.$8,894
    482Jacobs Levy EquityU.S.$8,883
    483Pacific Alternative AssetU.S.$8,878
    484Aristotle CapitalU.S.$8,848
    485MKP CapitalU.S.$8,825
    486Johnson Investment CounselU.S.$8,676
    487JCP Investment PartnersAustralia$8,671
    488Miller/Howard InvestmentsU.S.$8,654
    489KGALGermany$8,646
    490CornerStone PartnersU.S.$8,600
    491Mirabaud GroupSwitzerland$8,589
    492Advent Capital3U.S.$8,428
    493Mairs & PowerU.S.$8,404
    494WHV InvestmentsU.S.$8,395
    495Kleinwort Benson Investors Int'lIreland$8,319
    496Progress InvestmentU.S.$8,295
    497Peregrine HoldingsSouth Africa$8,261
    498Beach Point CapitalU.S.$8,257
    499Cooper InvestorsAustralia$8,156
    500Boston Trust & InvestmentU.S.$8,121
     Total$78,069,416

    Notes:

    1 As of March 31, 2015;

    2 As of Oct. 31, 2014;

    3 As of March 31, 2014;

    4 As of April 30, 2015;

    5 As of Sept. 30, 2014;

    6 As of Sept. 1, 2014;

    7 As of June 30, 2014;

    8 As of Jan. 31, 2015.

    A second trend supporting the larger end of the universe relates to the growth of regulatory requirements that are affecting the money management industry, such as increased transparency and reporting requirements.

    “You need to have the large infrastructure to be able to comply with additional and new requirements,” she said.

    Passive is not the reason for growth at the smaller end of the scale. “We think what is happening there is, alongside this move toward passive, which is very, very significant, we also have more and more asset owners and consultants looking for more skill in the current market environment,” Ms. Nikulina said, as they tend to focus on one niche area of investment.

    Market beta might have looked “relatively attractive” in the past few years, she said, but volatility had not been particularly high, leaving alpha strategies with relatively poor performance.

    “Now the outlook has changed quite a bit — think about possible scenarios, (and) the downside risks outweigh possible upsides. Alpha and skilled beta could be really beneficial. That is likely to (support) the growth at the smaller end — independent, small managers able to attract more capital,” she said.

    Slower growth

    The 2.1% total growth of assets last year was the smallest since 2002, with the single exception of 2008. In the year ended Dec. 31, 2013, the top 500 money managers recorded growth of 11.9%.

    “You can also see there was very little in terms of net inflows into the firms covered by our survey. We have seen a number of years of growth in the asset management industry, and now it feels like it has slowed down ... almost stopped,” Ms. Nikulina said.

    The 20 largest money managers, however, grew at a faster pace than the overall AUM. Assets increased 3.7% for the largest 20 money managers, but even that was a marked difference compared with the top 20 growth in 2013, at 10.8%.

    The U.S. retained its crown as taking the lion's share among the top 20, accounting for 65.5% of that group's assets under management. However, this proportion was smaller than the 66.6% of top 20 assets that U.S. firms represented in 2013. (Among all 500, U.S. firms gained share, accounting for 52.1%, up from 50.7%.)

    European money managers stepped into the gap, increasing their assets under management in the top 20 firms to 34.5% at Dec. 31, compared with 33.4% a year earlier.

    BlackRock Inc. took the top spot again, with $4.65 trillion of assets under management — up 7.6% for the year. Vanguard Group Inc. retained second place, with a 14.4% increase to $3.15 trillion.

    There was a change in third place: State Street Global Advisors grew 4.4% to $2.45 trillion of assets, displacing Allianz Group. Allianz slipped to fourth place as its assets decreased 8.5% to $2.19 trillion.

    There were several changes in the top 20. Deutsche Bank AG moved up one spot to 10th in the ranking, despite a -0.6% change in assets under management, to a total $1.26 trillion. The Goldman Sachs Group saw growth of 13.1%, taking it to $1.18 trillion and 11th place, up from 15th in 2013's rankings.

    Entering the top 20 was Legal & General Group PLC, climbing to 15th from 23rd a year previous. Assets under management increased 45.2% to $1.08 trillion.

    Passive management

    The popularity of passive management continues to grow. Passive assets managed by the 500 managers far outpaced their total AUM growth, rising 11.7% in 2014. However, this was a slower growth rate than in 2013, when passive grew 16.4%.

    The compound annual growth rate of passive since 2004 was 12.8%; vs. a 4.8% compound annual growth rate for total AUM of the 500.

    Of the assets that were identified as either passively or actively managed at Dec. 31, 78% were categorized as active. At Dec. 31, 2013, active accounted for 80% of the pool.

    “(Passive) has grown to a degree that we now have become a little cautious about it - we are seeing significant flows in passive strategies,” Ms. Nikulina said. “We are thinking about doing more in the alpha space. And in the alpha space there are some quite significant issues,” related in part to cost and exposure.

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