AUM growth at 10 largest fund managers outstrips sector – Top 400
GLOBAL – All of the world’s largest institutional managers saw assets under management (AUM) increase over the last year, with AUM rising by nearly €1.2trn, according to research conducted by IPE.
Globally, the 10 largest institutional managers were responsible for €12.8bn in assets at the end of December, up by 9% year-on-year and ahead of the 8% increase witnessed across the IPE Top 400 Asset Managers 2013, published alongside the current issue of IPE.
While BlackRock remained the world’s largest manager with €2.86trn in assets, Vanguard rose to second place after a nearly €200bn increase in assets to €1.62trn.
The company’s 13% increase in assets was the largest total rise, beaten in relative terms only by the 19.4% increase seen by the UK’s Legal & General Investment Management (LGIM).
However, despite the €500bn in assets, LGIM remained in eighteenth place, not far behind BNP Paribas Investment Partners with €503bn.
With the exception of Vanguard’s rise to second-largest manager, overtaking State Street Global Advisors, which remained third, the top 10 remained unchanged over the last 12 months.
Fidelity Investments stayed in fourth place, followed by Allianz Asset Management-owned PIMCO with €1.23trn.
JP Morgan and BNY Mellon’s asset management divisions crossed the €1trn threshold in 2012, joining five other institutional managers in the club.
JP Morgan Asset Management saw assets rise by around €100bn to €1.06trn, while BNY Mellon’s institutional business grew from €926bn to €1.05trn.
US-based Pramerica Investment Management saw AUM increase to €802bn, while Amundi and the recently renamed Deutsche Asset & Wealth Management were a distant ninth and tenth place, respectively, with €727bn and €607bn.
Greater upset occurred within the top 20, with Franklin Templeton Investments leapfrogging Natixis Global Asset Management (NGAM) and Goldman Sachs Asset Management (GSAM) to come eleventh, followed by NGAM and a gap of just over €1bn.
Despite a €20bn increase in assets to €563bn, GSAM fell to fifteenth, behind Northern Trust Asset Management – itself rising by several spots over last year – and Wellington Management Company.
Wellington’s inclusion in the top 15 meant Axa Investment Management – with €553bn, up by €40bn year-on-year – ranked sixteenth, ahead of Invesco, BNP Paribas Investment Partners, LGIM and new submission Sumitomo Mitsui Trust Bank with just under 500bn.
The Japanese firm’s first listing meant Legg Mason was forced out the Top 20, while Invesco’s additional €40bn in assets meant the manager was up several places to seventeenth this year with €521bn, well ahead of BNP and its €503bn in assets.
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