Assets down for world's largest managers
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October 31, 2016 01:00 AM

Assets down for world's largest managers

Drop of 1.7%, first since 2011, blamed on volatility, insourcing, other trends

Sophie Baker
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    Luba Nikulina cited declining DB plans as one reason for the drop.

    Assets run by the world's 500 largest money managers declined in 2015, for the first time since 2011, as volatility, insourcing and other trends take hold, the latest annual Pensions & Investments/Willis Towers Watson ranking shows.

    The assets under management of these firms fell 1.7% in the year ended Dec. 31, to $76.7 trillion.

    “That is a big change,” said Luba Nikulina, London-based global head of manager research at Willis Towers Watson PLC.

    The 2015 decline follows slowed growth for 2014, when assets increased 2.1% to $78.1 trillion. Assets under management increased 11.9% in 2013, and 8.3% in 2012. In 2011, assets fell 2.5% to $63.1 trillion.

    Ms. Nikulina said the decline in 2015 could be assigned to a number of factors. One could be that defined benefit plan assets have begun to decrease across the globe. Another potential factor reflects a trend Ms. Nikulina said is evident among the consulting firm's own clients.

    “Especially at the larger end of the spectrum, (clients) are rethinking the best way to use the asset management industry, and internalizing some of the asset management capabilities, which takes money away from the industry,'' said Ms. Nikulina. “That is quite important, and ... is very likely to put significant pressure on the industry — not only on capital flows, but also revenues.”

    Revenues are more likely to be affected than capital flows, she added.

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

    Ranked by total assets under management, in millions, as of Dec. 31, 2015, unless otherwise noted.

    RankManagerCountryTotal assets  

    1BlackRockU.S.$4,645,412
    2Vanguard GroupU.S.$3,398,795
    3State Street GlobalU.S.$2,244,816
    4Fidelity InvestmentsU.S.$2,035,658
    5Allianz GroupGermany$1,926,034
    6J.P. Morgan ChaseU.S.$1,722,503
    7Bank of New York MellonU.S.$1,624,654
    8AXA GroupFrance$1,489,132
    9Capital GroupU.S.$1,390,432
    10Goldman Sachs GroupU.S.$1,252,000
    11Deutsche BankGermany$1,217,090
    12BNP ParibasFrance$1,195,853
    13Prudential FinancialU.S.$1,183,673
    14UBSSwitzerland$1,149,668
    15Legal & General GroupU.K.$1,106,077
    16AmundiFrance$985,028
    17Wellington Mgmt.U.S.$926,918
    18HSBC HoldingsU.K.$896,000
    19Wells FargoU.S.$890,300
    20Northern Trust Asset Mgmt.U.S.$875,300
    21Natixis Global Asset Mgmt.France$870,319
    22TIAAU.S.$854,270
    23MetLifeU.S.$779,006
    24InvescoU.S.$775,587
    25Aegon GroupNetherlands$772,852
    26Franklin TempletonU.S.$763,872
    27T. Rowe PriceU.S.$763,100
    28PrudentialU.K.$754,521
    29Morgan StanleyU.S.$711,646
    30Legg MasonU.S.$671,474
    31Sun Life FinancialCanada$642,829
    32MassMutual FinancialU.S.$642,000
    33Sumitomo Mitsui Trust HoldingsJapan$641,136
    34Ameriprise FinancialU.S.$629,000
    35Affiliated Managers GroupU.S.$611,300
    36Nippon Life InsuranceJapan$595,620
    37Mitsubishi UFJ Financial GroupJapan$594,089
    38Principal FinancialU.S.$527,400
    39New York Life InvestmentsU.S.$497,805
    40Old MutualU.K.$486,066
    41Generali GroupItaly$470,885
    42Great-West LifecoCanada$470,522
    43Schroder Investment Mgmt.U.K.$462,113
    44Aberdeen Asset Mgmt.U.K.$430,694
    45Aviva InvestorsU.K.$429,751
    46Credit SuisseSwitzerland$413,787
    47Royal Bank of CanadaCanada$411,334
    48DZ BankGermany$391,896
    49Dimensional Fund AdvisorsU.S.$388,263
    50Standard LifeU.K.$375,346
    51Federated InvestorsU.S.$361,112
    52Macquarie GroupAustralia$355,440
    53Blackstone GroupU.S.$336,385
    54Nomura Asset Mgmt.Japan$334,837
    55Intesa SanPaoloItaly$315,201
    56NordeaDenmark$314,870
    57Manulife Asset Mgmt.Canada$310,143
    58Eaton VanceU.S.$308,000
    59Meiji Yasuda Life Insurance1Japan$295,590
    60OrixJapan$291,195
    61BMO Global Asset Mgmt.Canada$287,008
    62Charles Schwab InvestmentU.S.$280,190
    63Munich REGermany$279,728
    64Shinkin Central Bank1Japan$273,195
    65Fidelity WorldWide InvestmentsU.K.$273,000
    66Voya FinancialU.S.$270,815
    67Dodge & CoxU.S.$259,474
    68Zurich Financial ServicesSwitzerland$254,210
    69Pioneer Global Asset Mgmt.Italy$243,448
    70London Stock Exchange GroupU.K.$241,842
    71Neuberger BermanU.S.$240,358
    72Societe GeneraleFrance$237,081
    73Stifel FinancialU.S.$234,070
    74Brookfield Asset Mgmt.Canada$227,803
    75Mizuho Financial Group2Japan$225,600
    76TD Asset Mgmt.Canada$217,382
    77Geode Capital Mgmt.U.S.$212,198
    78Sumitomo Life Insurance1Japan$207,500
    79Dekabank GroupGermany$206,824
    80NN GroupNetherlands$203,506
    81SEBSweden$202,521
    82Guggenheim InvestmentsU.S.$198,753
    83Janus Capital GroupU.S.$189,134
    84PGGMNetherlands$188,463
    85Swiss Life Asset ManagersSwitzerland$186,952
    86LazardU.S.$186,380
    87SEI InvestmentsU.S.$184,111
    88TCW GroupU.S.$180,733
    89Caisse de Depot et PlacementCanada$178,876
    90Baillie GiffordU.K.$177,014
    91Banco Santander CentralSpain$176,991
    92Samsung GroupSouth Korea$172,848
    93Banco do BrasilBrazil$165,826
    94La PosteFrance$163,979
    95Le Groupe LCF RothschildFrance$163,881
    96Pictet Asset Mgmt.Switzerland$152,357
    97Bridgewater AssociatesU.S.$151,708
    98American CenturyU.S.$146,164
    99Colonial First StateAustralia$142,287
    100Nikko Asset Mgmt.Japan$141,889
    101AQR Capital Mgmt.U.S.$141,447
    102BBVASpain$138,007
    103Henderson Global InvestorsU.K.$136,355
    104MercerU.S.$135,324
    105PNC FinancialU.S.$133,502
    106SwedbankSweden$129,852
    107Scotiabank3Canada$129,095
    108Resona HoldingsJapan$128,351
    109Itau UnibancoBrazil$126,408
    110Lord, AbbettU.S.$125,488
    111Royal London GroupU.K.$125,259
    112MNNetherlands$124,877
    113Zurcher KantonalbankSwitzerland$122,722
    114NISA InvestmentU.S.$121,312
    115GAM HoldingSwitzerland$120,070
    116Kohlberg Kravis RobertsU.S.$119,554
    117AMP CapitalAustralia$116,515
    118NationwideU.S.$113,916
    119Union Bancaire PriveeSwitzerland$110,989
    120GE Asset Mgmt.U.S.$110,249
    121Talanx GroupGermany$110,103
    122KBC GroupBelgium$109,261
    123Syntrus AchmeaNetherlands$109,254
    124Investec Asset Mgmt.South Africa$105,483
    125Danske BankDenmark$104,530
    126Waddell & ReedU.S.$104,398
    127CandriamBelgium$102,808
    128PRIMECAPU.S.$102,571
    129Banco Bradesco4Brazil$102,187
    130Grantham, Mayo, Van OtterlooU.S.$100,844
    131Groupama Asset Mgmt.France$100,253
    132Artisan PartnersU.S.$99,848
    133Covea GroupFrance$98,438
    134Oaktree CapitalU.S.$97,359
    135NAB Asset Mgmt.Australia$96,924
    136Mesirow FinancialU.S.$96,830
    137IGM Financial GroupCanada$96,352
    138Payden & RygelU.S.$95,300
    139CIBC Asset Mgmt.Canada$94,927
    140Vontobel Asset Mgmt.Switzerland$94,744
    141Credit MutuelFrance$93,816
    142Ares Mgmt.U.S.$93,632
    143New England Asset Mgmt.U.S.$91,896
    144First Eagle InvestmentU.S.$90,321
    145CBRE Global InvestorsU.S.$89,000
    146BCVSwitzerland$88,763
    147EFG InternationalSwitzerland$84,889
    148Pacific Century GroupHong Kong$84,500
    149LSV Asset Mgmt.U.S.$84,410
    150CaixabankSpain$81,394
    151CI FinancialCanada$80,143
    152Baloise Asset Mgmt.Switzerland$79,153
    153Man InvestmentsU.K.$78,700
    154Wilmington TrustU.S.$73,795
    155Fiera CapitalCanada$73,288
    156OFI AMFrance$71,015
    157IDUNA GruppeGermany$70,906
    158Fortress Investment GroupU.S.$70,501
    159Metzler Asset Mgmt.Germany$69,923
    160Pearl GroupU.K.$69,671
    161Bank of China InvestmentChina$67,819
    162Raymond JamesU.S.$67,815
    163Mirae Asset Financial GroupSouth Korea$66,362
    164Fisher InvestmentsU.S.$65,437
    165Svenska HandelsbankenSweden$65,283
    166Storebrand GroupNorway$65,251
    167William BlairU.S.$64,727
    168Securian Financial GroupU.S.$64,400
    169Sumitomo Mitsui Asset Mgmt.Japan$63,920
    170Hanwha GroupSouth Korea$63,867
    171Anima HoldingItaly$63,239
    172Robert W. BairdU.S.$63,108
    173E Fund Mgmt.China$62,830
    174Erste-Sparinvest KapitalanlageAustria$62,275
    175PFM Asset Mgmt.U.S.$61,965
    176Monte dei Paschi di SienaItaly$60,653
    177Arrowstreet CapitalU.S.$59,622
    178LGT GroupLiechtenstein$58,728
    179Brown Brothers HarrimanU.S.$58,574
    180LaSalle InvestmentU.S.$58,310
    181QICAustralia$57,507
    182Industrial Alliance InsuranceCanada$56,897
    183Mondrian Investment PartnersU.K.$56,857
    184CarmignacFrance$56,600
    185China Asset Mgmt.China$56,482
    186Delta Lloyd Asset Mgmt.Netherlands$56,000
    187Bank Degroof PetercamBelgium$55,900
    188Sompo Japan Nipponkoa HoldingsJapan$55,822
    189ACTIAMNetherlands$55,720
    190Warburg GruppeGermany$55,720
    191BT Investment Mgmt.2Australia$55,260
    192Income Research & Mgmt.U.S.$54,876
    193Thornburg InvestmentU.S.$54,858
    194Brown AdvisoryU.S.$53,979
    195Fukoku Mutual Life InsuranceJapan$53,527
    196Record Currency Mgmt.U.K.$53,490
    197KBLLuxembourg$53,097
    198Caixa Economica Federal4Brazil$52,960
    199Marathon-LondonU.K.$52,935
    200Harvest Fund Mgmt.China$52,923
    201Starwood CapitalU.S.$52,895
    202Jupiter Asset Mgmt.U.K.$52,882
    203Cohen & SteersU.S.$52,594
    204Tokio Marine HoldingsJapan$51,460
    205OP Bank GroupFinland$51,349
    206Versicherungskammer BayernGermany$51,162
    207Sterling CapitalU.S.$51,155
    208SanlamSouth Africa$51,015
    209Landesbank Hessen-ThuringenGermany$50,563
    210Daiwa SB InvestmentsJapan$50,362
    211Partners GroupSwitzerland$50,257
    212ICBC Credit Suisse Asset Mgmt.China$50,242
    213Ashmore GroupU.K.$49,400
    214IFM InvestorsAustralia$49,247
    215OddoFrance$49,164
    216American Beacon AdvisorsU.S.$48,118
    217Virtus InvestmentU.S.$47,385
    218UBI BancaItaly$46,656
    219Connor, Clark & Lunn FinancialCanada$46,054
    220Fort WashingtonU.S.$45,826
    221Lombard Odier InvestmentSwitzerland$45,807
    222F Van LanschotNetherlands$45,777
    223China Southern Fund Mgmt.China$45,512
    224Northern CrossU.S.$45,294
    225FolksamSweden$43,894
    226Berenberg Asset Mgmt.Germany$43,811
    227MediolanumItaly$43,620
    228ASRNetherlands$42,844
    229ChallengerAustralia$41,976
    230HinesU.S.$41,674
    231KB Asset Mgmt.South Korea$41,594
    232Causeway CapitalU.S.$41,225
    233Coronation Fund ManagersSouth Africa$40,403
    234Clarion PartnersU.S.$40,330
    235Ohio NationalU.S.$40,200
    236UMB FinancialU.S.$40,000
    237Bank SyzSwitzerland$39,552
    238Reliance CapitalIndia$39,398
    239HarbourVest PartnersU.S.$39,205
    240Stone Harbor InvestmentU.S.$39,183
    241D.E. Shaw GroupU.S.$38,773
    242GAMCO InvestorsU.S.$38,659
    243RidgeWorth CapitalU.S.$37,689
    244STANLIBSouth Africa$37,553
    245PrologisU.S.$37,260
    246National Bank of Canada3Canada$35,875
    247Ameritas Mutual HoldingU.S.$35,600
    248Manning & NapierU.S.$35,442
    249Shinhan BNP ParibasSouth Korea$35,282
    250HeitmanU.S.$35,187
    251DNBNorway$35,171
    252Portfolio AdvisorsU.S.$35,067
    253Strategic Investment GroupU.S.$35,037
    254Fullgoal Fund Mgmt.5China$34,072
    255Hamilton LaneU.S.$33,983
    256CommerzbankGermany$33,869
    257Westpac Banking5Australia$33,741
    258Desjardins GroupCanada$33,213
    259Winton Capital Mgmt.U.K.$33,135
    260Victory CapitalU.S.$33,120
    261Raiffeisen Zentralbank6Austria$32,776
    262RhumbLine AdvisersU.S.$32,445
    263Commerce TrustU.S.$32,439
    264Uniqa Finanz GroupAustria$32,381
    265Gruppo AzimutItaly$32,309
    266Hermes Investment Mgmt.U.K.$32,155
    267Caixa Geral de DepositosPortugal$31,432
    268Pathway CapitalU.S.$31,205
    269China Universal Asset Mgmt.China$31,061
    270Arca SGRItaly$30,975
    271Allan Gray ProprietarySouth Africa$30,960
    272Renaissance TechnologiesU.S.$30,302
    273First Pacific AdvisorsU.S.$30,125
    274NurnbergerGermany$30,110
    275Northill CapitalU.K.$29,925
    276SECOR Asset Mgmt.U.S.$29,858
    277Korea ITMCSouth Korea$29,565
    278BTG PactualBrazil$29,499
    279Davis AdvisorsU.S.$28,970
    280Magellan Asset Mgmt.Australia$28,897
    281Jackson Square PartnersU.S.$28,880
    282Penghua Fund Mgmt.5China$28,853
    283Shenkman CapitalU.S.$28,681
    284J O Hambro Capital Mgmt.U.K.$28,621
    285Hotchkis & WileyU.S.$28,367
    286CCB Principal Asset Mgmt.China$28,087
    287Quoniam Asset Mgmt.Germany$28,085
    288Boston Private FinancialU.S.$27,595
    289Bank J. Safra SarasinSwitzerland$27,509
    290DuPont CapitalU.S.$27,313
    291ICMA RetirementU.S.$27,279
    292Adams Street PartnersU.S.$27,137
    293Universal-InvestmentGermany$27,000
    294Royal Bank of ScotlandU.K.$26,979
    295Ruffer2U.K.$26,979
    296Beutel, GoodmanCanada$26,879
    297GF Fund Mgmt.China$26,839
    298Yinhua Fund Mgmt.China$26,452
    299Eagle CapitalU.S.$26,310
    300AJOU.S.$26,281
    301Lexington PartnersU.S.$26,109
    302Fifth Third BancorpU.S.$26,000
    303Pzena InvestmentU.S.$25,999
    304Banco SabadellSpain$25,965
    305Jarislowsky, FraserCanada$25,894
    306GLC Asset Mgmt. GroupCanada$25,675
    307Matthews InternationalU.S.$25,536
    308Brandes InvestmentU.S.$25,400
    309CommonfundU.S.$25,199
    310Van Eck AssociatesU.S.$25,111
    311Angelo, GordonU.S.$25,000
    312Mawer Investment Mgmt.Canada$24,881
    313Gruppo Credito EmilianoItaly$24,629
    314Goodman GroupAustralia$24,340
    315AGF Mgmt.Canada$23,613
    316HDFC Asset Mgmt.India$23,608
    317Bosera Asset Mgmt.China$23,443
    318NH-CASouth Korea$23,346
    319Breckinridge CapitalU.S.$23,306
    320Sarofim GroupU.S.$22,963
    321Gruppo BipiemmeItaly$22,834
    322COMGESTFrance$22,725
    323China Merchants Fund Mgmt.5China$22,631
    324Kyobo Life InsuranceSouth Korea$22,610
    325Greystone ManagedCanada$22,428
    326Kiwoom AMCSouth Korea$22,210
    327AlgerU.S.$22,115
    328Intermediate Capital Group5U.K.$22,052
    329Investment Solutions2South Africa$22,052
    330Calamos AdvisorsU.S.$21,908
    331PerpetualAustralia$21,811
    332Fiduciary Mgmt./MilwaukeeU.S.$21,731
    333Knights of Columbus AssetU.S.$21,310
    334ASB Capital Mgmt.U.S.$21,268
    335Callan AssociatesU.S.$21,235
    336Canyon PartnersU.S.$21,100
    337Penn Mutual Asset Mgmt.U.S.$20,964
    338BankiaSpain$20,917
    339Westwood HoldingsU.S.$20,762
    340Montage InvestmentsU.S.$20,745
    341Blue Sky GroupNetherlands$20,720
    342Birla Sun Life Asset Mgmt.India$20,580
    343Southeastern Asset Mgmt.U.S.$20,430
    344EARNEST PartnersU.S.$20,214
    345Grupo Banco PopularSpain$20,203
    346Burgundy Asset Mgmt.Canada$20,115
    347Letko BrosseauCanada$19,820
    348SCORFrance$19,666
    349King Street CapitalU.S.$19,600
    350Platinum Asset Mgmt.Australia$19,516
    351Royal & SunAllianceU.K.$19,271
    352QBEAustralia$18,971
    353Los Angeles CapitalU.S.$18,862
    354International Value AdvisersU.S.$18,684
    355Carnegie InvestmentSweden$18,465
    356Hana UBS AMCSouth Korea$18,381
    357Highland Capital (Texas)U.S.$18,340
    358KutxabankSpain$18,302
    359Patrizia ImmobilienGermany$18,136
    360Tongyang Investment Mgmt.South Korea$17,975
    361Co-operators GroupCanada$17,918
    362Hungkuk ITMCSouth Korea$17,895
    363RS InvestmentsU.S.$17,731
    364UnigestionSwitzerland$17,700
    365China Post FundChina$17,564
    366Sprucegrove InvestmentCanada$17,376
    367Highland AssociatesU.S.$17,200
    368Majedie Asset Mgmt.5U.K.$17,145
    369Wasatch AdvisorsU.S.$17,109
    370Diamond Hill CapitalU.S.$16,841
    371Hua An Fund Mgmt.5China$16,812
    372Providence EquityU.S.$16,812
    373Banco Popolare SocietaItaly$16,388
    374Iridian Asset Mgmt.U.S.$16,243
    375IbercajaSpain$16,236
    376Guardian CapitalCanada$16,223
    377BankinterSpain$16,186
    378Rongtong Fund Mgmt.5China$16,070
    379Lendlease Investment Mgmt.Australia$16,033
    380UTI Asset Mgmt.India$15,994
    381Tian Hong Asset Mgmt.5China$15,970
    382DEXUS Property GroupAustralia$15,668
    383Value PartnersHong Kong$15,600
    384Westfield CapitalU.S.$15,407
    385Grupo Novo BancoPortugal$15,405
    386Safra4Brazil$15,306
    387State Bank of IndiaIndia$15,078
    388Madison InvestmentU.S.$15,000
    389Pacific Asia GroupHong Kong$15,000
    390Da Cheng Fund Mgmt.5China$14,596
    391Kepler Fonds4Austria$14,585
    392Sit InvestmentU.S.$14,245
    393StepStone GroupU.S.$14,039
    394Bahl & GaynorU.S.$14,017
    395HexavestCanada$13,484
    396Horsley Bridge PartnersU.S.$13,456
    397Glenmede InvestmentU.S.$13,453
    398RamiusU.S.$13,322
    399GPT GroupAustralia$13,190
    400Fortis Haitong Investment Mgmt.5China$13,152
    401Luther King CapitalU.S.$13,150
    402Banco BPIPortugal$12,958
    403Analytic InvestorsU.S.$12,920
    404SkyBridge CapitalU.S.$12,900
    405Guotai Fund Mgmt.5China$12,894
    406Marathon Asset Mgmt.U.S.$12,800
    407Cantillon Capital Mgmt.U.S.$12,781
    408Amalgamated BankU.S.$12,759
    409Canso Investment CounselCanada$12,548
    410Gulf International BankU.K.$12,400
    411Reliance TrustU.S.$12,344
    412H/2 CapitalU.S.$12,341
    413Votorantim Asset Mgmt.Brazil$12,154
    414Silvercrest Asset Mgmt.U.S.$12,077
    415Gruppo Banca CarigeItaly$12,067
    416AXA SPDB Investment Managers5China$12,019
    417Sage Advisory ServicesU.S.$11,822
    418EnTrust CapitalU.S.$11,820
    419DongbuSouth Korea$11,771
    420World Asset Mgmt.U.S.$11,727
    421Leith Wheeler InvestmentCanada$11,716
    422Chandler Asset Mgmt.U.S.$11,700
    423RWC Asset Mgmt.U.K.$11,676
    424Odey Asset Mgmt.U.K.$11,594
    425Charter HallAustralia$11,587
    426Hyundai Investment AMCSouth Korea$11,299
    427Aegon-Industrial5China$11,249
    428Cambiar InvestorsU.S.$11,188
    429Shinyoung ITMCSouth Korea$11,174
    430T&D Asset Mgmt.Japan$11,153
    431AristotleU.S.$10,916
    432Bank of Comm. Schroders5China$10,877
    433Rockpoint GroupU.S.$10,855
    434Close Brothers Group7U.K.$10,821
    435Synovus FinancialU.S.$10,800
    436MapfreSpain$10,721
    437London Co.U.S.$10,642
    438Aetos CapitalU.S.$10,638
    439HI Asset Mgmt.South Korea$10,630
    440HuntU.S.$10,624
    441Tocqueville Asset Mgmt.U.S.$10,498
    442Edinburgh PartnersU.K.$10,457
    443KBSU.S.$10,454
    444Polar Capital HoldingsU.K.$10,400
    445Crestline InvestorsU.S.$10,365
    446C.S. McKeeU.S.$10,319
    447Truvalue Asset Mgmt.5China$10,276
    448Lombarda China Fund Mgmt.5China$10,250
    449BOCI-PrudentialHong Kong$10,230
    450Pacific Income AdvisersU.S.$10,166
    451Ariel InvestmentsU.S.$10,133
    452Pacific Alternative AssetU.S.$10,099
    453Stockbridge Capital GroupU.S.$9,757
    454Westbrook PartnersU.S.$9,716
    455Segall Bryant & HamillU.S.$9,592
    456Beach Point CapitalU.S.$9,458
    457QV Investors2Canada$9,376
    458New Brunswick Investment1Canada$9,352
    459IBK AMCSouth Korea$9,270
    460Lindsell TrainU.K.$9,265
    461Invesco Great Wall5China$9,222
    462Opus InvestmentU.S.$9,219
    463Verde Asset Mgmt.2Brazil$9,218
    464JCP Investment PartnersAustralia$9,149
    465Perella WeinbergU.S.$9,022
    466Patria InvestimentosBrazil$8,982
    467CaserSpain$8,980
    468Piper JaffrayU.S.$8,878
    469UBS SDIC Fund Mgmt.5China$8,854
    470Driehaus CapitalU.S.$8,844
    471Alexander ForbesSouth Africa$8,821
    472GTJA Allianz Fund Mgmt.5China$8,805
    473CornerStone PartnersU.S.$8,800
    474Axiom InvestorsU.S.$8,704
    475Baoying Fund5China$8,634
    476Mirabaud GroupSwitzerland$8,576
    477Advent CapitalU.S.$8,563
    478KTBSouth Korea$8,502
    479Changsheng Fund Mgmt.5China$8,490
    480Polen CapitalU.S.$8,471
    481CCLA Investment Mgmt.1U.K.$8,449
    482Kleinwort Benson Investors Int'lIreland$8,413
    483Johnson Investment CounselU.S.$8,347
    484KGALGermany$8,291
    485Kotak Mahindra Asset Mgmt.India$8,274
    486IDFC Asset Mgmt.India$8,246
    487SPARX GroupJapan$8,149
    488MKP CapitalU.S.$8,137
    489Huatai-PineBridge Investment5China$8,028
    490Progress InvestmentU.S.$8,012
    491Ping An UOB Fund Mgmt.5China$8,007
    492TriState Capital HoldingsU.S.$8,005
    493Adrian Lee & PartnersU.K.$8,000
    494AffinityHong Kong$8,000
    495UNICAJASpain$7,925
    496Jacobs Levy EquityU.S.$7,909
    497Huashang Fund Mgmt.5China$7,899
    498Kairos PartnersItaly$7,838
    499Midas Asset AMCSouth Korea$7,820
    500SulAmerica InvestimentosBrazil$7,755
     Total$76,716,951

    Notes:

    1: As of March 31, 2015

    2: As of March 31, 2016

    3: As of Oct. 31, 2015

    4: As of Feb. 29, 2016

    5: As of Sept. 30, 2015

    6: As of June 30, 2015

    7: As of Jan. 31, 2016

    Another potential factor affecting the assets run by the 500 largest money managers is currency, with the U.S. dollar moving against most other major currencies. The dollar gained 5.4% in 2015 vs. the British pound, and gained 10.22% against the euro.

    North American managers saw their assets decrease in 2015, by 1.1%. However, that compares with a 3.3% decrease in the assets run by European money managers, and a 3.1% fall for Japanese managers. The yen fell 0.47% against the dollar in 2015.

    The final factor that could have hit AUM is the overall performance of markets, said Ms. Nikulina. Valuations had been growing across assets in 2014, but in 2015 were “for the first time, a little all over the place.” The MSCI All-Country World index fell 1.87% in 2015, vs. a 4.67% gain in 2014. The U.S. equities market fared better, gaining 0.47% last year, but that was far behind its 12.55% return in 2014.

    Bond returns also fell, gaining 0.55% in 2015, vs. 5.97% in 2014, showed the Barclays Capital Global Aggregate index.

    “The combination of all these factors added up to the decline, and it is not unlikely that (the value of assets run by managers) will continue to go down in the future,” added Ms. Nikulina.

    Bigger piece of the pie

    The share of assets managed by the 50 largest money managers in the ranking continued to grow in 2015, although these managers also saw the overall value of their AUM decline.

    Continuing a trend of recent years, the top 20 managers took the lion's share of total assets, with 41.9% vs. 41.6% in 2014.

    Assets reported by the 20 largest ranged from $4.6 trillion to $875 billion. Assets managed by these firms also decreased, although at a slower pace than for the top 500 overall, by 1% in the year, to total $32.1 trillion.

    Of the top 20, U.S. managers held the bulk of assets, at 69%, up from 65.5% in 2015. The remaining assets were held by European managers in both years.

    Managers in places 21 to 50, whose assets ranged from $870 billion down to $375 billion, grew their share to 23.2%, up from 22.9% a year previous. However, midsize managers — with assets ranging from $361 billion to $35 billion, and taking places 51 to 250 — saw their share of total assets fall to 29%, from 29.5% in 2014. The smallest managers in the ranking, places 251 to 500 and with assets between $35 billion and $7.8 billion, took the remaining 5.8% of the pie, compared with 6% in the 2014 ranking.

    The continued barbell of money managers by size and asset slice is probably the result of a combination of factors, said Ms. Nikulina, including consolidation of money managers, and also the “significant move toward fiduciary management or outsourced CIO models, and in the (defined contribution) space toward platforms and master trusts. It means that, essentially, we have a little bit of consolidation happening driven by asset owners,” Ms. Nikulina said.

    Another significant move in 2015 relates to the active vs. passive debate. The share of assets run by the top 500 managers in active strategies continued to be dominant and in fact grew over the year, at 78.3% vs. 77.8% in 2014. That follows a decline from 79.7% of assets run in active strategies in 2013.

    And while assets reported in active and passive strategies totaled $24 trillion, down 3.4% vs. 2014, active strategies' share declined 2.8%, vs. a 5.5% drop in assets run in passive strategies.

    “This is an interesting one. Considering the state of the market — when it becomes a bit choppier and more volatile — you would expect (investors) will have a bit more trust in active” management, said Ms. Nikulina. While the moves are not particularly big, she said it is “directionally quite interesting,” and also reflects the move toward fiduciary management and outsourced CIO models, “where governance is shifted — this also to a degree allows (investors) to use active strategies more.”

    Another interesting directional move is in asset allocation. Investments in alternative asset classes increased 25.1% to total $1.8 trillion. Investment in equities totaled $20.2 trillion, down 5.5%; exposure to fixed-income fell 9.3% to $14.6 trillion; and allocations to other assets declined 3.2% to $6.9 trillion. Real estate allocations dropped 13.2% to $988 billion.

    While the allocation to alternatives is small in asset terms, the move is still significant, said Ms. Nikulina. “We see it very clearly from what clients are doing, how money gets reallocated, and (by the) number of conversations we have dedicated to traditional asset classes vs. alternatives. I am not surprised, and thinking what asset owners are facing,” with volatile markets and low returns, investors are making their assets work harder.

    It is also a continuation of a trend to diversify exposures, she said.

    For 2016, Ms. Nikulina expects most of these trends to have continued. A number of consolidation deals have already taken place this year, which will possibly continue the trend of the top 20 managers growing their share of total assets. Markets have also continued to be volatile, although are in relatively better shape than 2015. The MSCI ACWI is up 4.9% for 2016 through Oct. 17, and the Russell 3000 index is up 5.98%. Bonds have returned 5.25% to that date, according to the BarCap Global Aggregate index. Market volatility, however, may support the trend toward active, said Ms. Nikulina.

    “The runoff of DB, internalizing of asset management by larger schemes ... (those trends) are all still there,” she said.

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