Top investment managers, benchmarked against volume-weighted average price
Rank 1	Investment manager 2	Difference vs. E/M universe (basis points)
1	Brandywine Global Investment Mgmt	18.74
2	AXA Rosenberg Investment Mgmt	17.63
3	Goldman Sachs Asset Mgmt	17.10
4	Brandes Investment Partners	13.02
5	Kinetics Asset Mgmt	12.60
6	Numeric Investors	11.03
7	First Quandrant	10.72
8	Barclays Global Investors	9.46
9	Leuthold Weeden Capital Mgmt	9.39
10	Intech Investment Mgmt	9.31
11	Capital Guardian Trust Co.	7.81
12	Artio Global Mgmt	6.76
13	Jacobs Levy Equity Mgmt	6.00
14	Nicholas-Applegate Capital Mgmt	3.99
15	AllianceBernstein	3.85

Top brokerage firms, benchmarked against volume-weighted average price
Rank 1	Brokerage Firm 3	Difference vs. E/M universe (basis points)
1	Knight Direct	17.39
2	Bloomberg Tradebook	15.45
3	Fox River Execution Technology	14.22
4	Kellogg Partners	13.66
5	Crédit Agricole Cheuvreux	13.23
6	Source Trading	12.28
7	Investment Technology Group	9.67
8	Pipeline Trading Systems	6.49
9	Citigroup	5.57
10	Merlin Securities	5.45
11	Deutsche Bank	5.21
12	Merrill Lynch & Co.	5.13
13	UBS Securities	4.57
14	Weeden & Co.	4.38
15	Instinet	3.97

Top brokerage firms, benchmarked against arrival price
Rank 1	Brokerage Firm 4	Difference vs. E/M universe (basis points)
1	BTIG	69.32
2	Fox River Execution Technology	60.77
3	Knight Direct	58.89
4	Merlin Securities	54.25
5	Guzman & Co.	48.18
6	Instinet	45.78
7	Brockhouse & Cooper International	42.62
8	Kellogg Partners	39.28
9	Sanford C. Bernstein & Co.	38.71
10	Goldman, Sachs & Co.	29.67

¹ Rank is for 12 months ended June 30.
² Includes managers with more than $500 million in principal traded.
³ Includes brokerages with more than $3 billion in principal traded.
⁴ Includes brokerages with more than $500 million in principal traded.

Source: Elkins/McSherry.