Top investment managers, benchmarked against volume-weighted average price
Rank 1	Investment manager 2	Difference vs. E/M universe (basis points)
1	Hotchkis and Wiley Capital Mgmt	29.69
2	AXA Rosenberg Investment Mgmt	16.47
3	Nicholas-Applegate Capital Mgmt	15.02
4	BlackRock	14.53
5	Spectrum Asset Mgmt	14.18
6	Barrow, Hanley, Mewhinney & Strauss	13.84
7	Intech Investment Mgmt	12.90
8	Barclays Global Investors	11.52
9	Brandes Investment Partners	10.78
10	Quantitative Mgmt Associates	10.62
11	Brandywine Global Investment Mgmt	9.90
12	First Quandrant	9.24
13	Numeric Investors	9.11
14	Kinetics Asset Mgmt	8.33
15	Jacobs Levy Equity Mgmt	5.97

Top brokerage firms, benchmarked against volume-weighted average price
Rank 1	Brokerage Firm 3	Difference vs. E/M universe (basis points)
1	Bloomberg Tradebook	14.11
2	Investment Technology Group	13.83
3	Knight Direct	13.30
4	Morgan Stanley	12.56
5	Deutsche Bank	12.35
6	Source Trading	11.74
7	Fox River Execution Technology	11.61
8	Crédit Agricole Cheuvreux	10.16
9	Kellogg Partners	9.24
10	State Street Global Markets	9.23
11	JPMorgan Chase & Co.	8.64
12	Merrill Lynch & Co.	7.77
13	Merlin Securities	7.53
14	Guzman & Co.	7.22
15	Pipeline Trading Systems	6.26

Top brokerage firms, benchmarked against arrival price
Rank 1	Brokerage Firm 4	Difference vs. E/M universe (basis points)
1	Deutsche Bank	66.21
2	Natixis Bleichroeder	40.71
3	BTIG	40.45
4	Kellogg Partners	39.29
5	Fox River Execution Technology	32.58
6	Sanford C. Bernstein & Co.	31.07
7	Knight Direct	29.32
8	Merlin Securities	27.83
9	Guzman & Co.	19.34
10	Credit Suisse	13.90

¹ Rank is for 12 months ended June 30.
² Includes managers with more than $2 billion in principal traded.
³ Includes brokerages with more than $5 billion in principal traded.
⁴ Includes brokerages with more than $1 billion in principal traded.

Source: Elkins/McSherry.