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2005 League Tables - 2005 League Tables

Capital Group Companies, whose largest components are its American Funds and Capital Guardian Trust Co. units, took the top spot in DCN's annual ranking of defined contribution asset managers by accounts won from U.S. plans with 42 net, new mandates.

Capital Group Companies, whose largest components are its American Funds and Capital Guardian Trust Co. units, took the top spot in DCN's annual ranking of defined contribution asset managers by accounts won from U.S. plans with 42 net, new mandates. Bond management giant PIMCO came in at a not-so-close second with 20, followed by T. Rowe Price with a dozen. Better known names such as Fidelity and Barclays Global Investors garnered seven each to earn eighth place. Last year, Barclays placed first in mandates gained and Fidelity was second and Capital Group did not even make the top 10. Lord, Abbett & Co. dropped from third to tie State Street Global Advisors and Dodge & Cox. All three gained four accounts, putting them out of the top ten, whereas last year Lord, Abbett and Dodge & Cox were ranked third and fifth, respectively.

The bottom five were all firms that had been touched by the mutual fund scandals that broke in 2003. Janus, down by 23 accounts, took the biggest hit, followed by Putnam Investments (27), INVESCO (19) and Strong Capital Management (16). Janus, Putnam and INVESCO retained their places at the bottom, though last year Lazard Asset Management and John Hancock, both of which were down two mandates, were just ahead of them. Strong, meanwhile, fell from the top third of firms, after ranking number 26 last year it went to 107. MFS fell even further, from number eight to number 106.

Among the top five firms, the total number of accounts gained was 96. Among the five firms that lost the most, the total was 104. That could point to a near-saturated market in which one firm's losses are another's gain.


BISYS Tops Recordkeepers

Fidelity was pushed back to second place this year by BISYS Group, which tacked on $80 billion in recordkeeping assets. JPMorgan Retirement Plan Services shot all the way from number 19 to number three. Nationwide Retirement Solutions had the fourth spot, while the The Vanguard Group came in at number five. Some of the big accounts won were Delaware Investments, which outsourced its recordkeeping to BISYS, and the University of California Retirement System, which went to Fidelity, adding $8.4 billion to the firm's recordkeeping assets.

Merrill Lynch lost $2.3 billion this past year when it was dropped by Sun Microsystems in November, putting it at the bottom of the rankings and boosting J.P. Morgan. Merrill was followed by PNC Advisors, MetLife and Union Bank of California. Some losses came as the result of firms exiting the business--Aon Consulting finished fifth from last, but the firm exited the recordkeeping business entirely last year.


Fidelity Boasts Best Bundling Gains

It's another first-place year for Fidelity, which garnered $8.6 billion in bundled assets in 2004. JPMorgan Fleming Asset Management followed with $2 billion. Nationwide Retirement Solutions, MassMutual Retirement Services and The 401(k) Company followed. MassMutual picked up more accounts--52--than any of the others in the top five, pointing to a shift to smaller individual plans. The average account won for MassMutual was $26 million, compared with $1.2 billion for Fidelity. Seventh-place Vanguard Capital had the second-largest average, at $800 million, while Nationwide came in at $650 million. MassMutual gained little, moving up only one spot and displacing The 401(k) Company, which slipped one.

Some of the big shifts in ranking were Prudential Investments, which fell from third place last year to 21st. Diversified Investment Advisors fell to 17th place from second. Nationwide had one of the biggest jumps; the firm came in 32nd last year.

In the losses column, the leaders were Putnam, Hewitt Associates, The Bank of New York, American Express Retirement Services and AMVESCAP Retirement. Putnam's losses of $1.2 billion are in part due to the mutual fund scandals, which came to light in 2003 and had ripple effects that lasted through 2004, as many sponsors dropped their accounts over the spring and summer. Among them were Hanford Site and Koch Industries, both of which dropped Putnam in July. BNY, which lost a $1 billion account from Pearson, Inc., had the largest average asset loss.

2004 Manager Ranking by Accounts Gained
  Net Net 
11Capital Group Companies742
3T. Rowe Price Associates-12
4Vanguard Group18411
4Vanguard Capital-11
6Oppenheimer Capital-9
7Artisan Partners-8
8Barclays Global Investors477
8Fidelity Investments17
8Royce & Associates-7
11American Funds & Capital Research-6
11FTI Institutional-6
13Mellon Financial1,2725
13AMR Investment Services-5
13Calamos Asset Management-5
13Hotchkis and Wiley Capital Mgmt.-5
17Dodge & Cox-4
17State Street Global Advisors-4
17Lord Abbett & Company-4
20Ariel Capital Management183
20Diversified Investment Advisors-3
20Charles Schwab & Company-3
20William Blair & Co-3
26Northern Trust Global Investments2,9002
26BNY Asset Management2,0002
26GE Asset Management Incorporated9052
26New Amsterdam Partners1602
26ABN AMRO Asset Management62
26FleetBoston Financial-2
26Calvert Group-2
26Zurich Scudder Investments-2
26Thornburg Investment Management-2
26Julius Baer Investment Management-2
26ING Financial Services-2
38Fiduciary Capital Management5801
38Marsico Capital Management2371
38Smith Breeden Associates1701
38New York Life Investment Management191
38Chase Investment Counsel Corp.101
38Seneca Capital Management101
38Suncoast Equity Management61
38Goldman Sachs Asset Management-1
38Delaware Investment Advisors-1
38ABC Financial Center-1
38Dimensional Fund Advisors-1
38Harbor Capital Management Co.-1
38Equitable Asset Management-1
38Galliard Capital Management-1
38Davis Selected Advisers-1
38Fifth Third Bank-1
38Financial Directors-1
38Eaton Vance Management-1
38Baron Capital Management-1
38AIG Global Investment Group-1
38Cramer Rosenthal McGlynn-1
38Brandes Investment Partners-1
38Bridgewater Associates-1
38Horace Mann-1
38Third Avenue Management-1
38Oberweis Asset Management-1
38Pioneer Investment Management-1
38SEI Investments-1
38Neuberger Berman LLC-1
38Touchstone Investments-1
38Turner Investment Partners-1
38Wachovia Retirement Services-1
38Wellington Management Co.-1
38Wells Fargo Bank-1
38Meridian Investments-1
38Lazard Asset Management-1
38Meridian Capital Partners-1
38Morgan Stanley Investment Mgmt.-1
77Great-West Life & Annuity--
77AIM Fund Management--
77Hartford Life--
77Van Kampen American Capital--
77Lincoln Financial Group--
77Merrill Lynch Investment Managers--
77Credit Suisse Asset Management-170-
84Jennison Associates --1
84Fred Alger Management--1
84Liberty Ridge Capital--1
84American Express Retirement Services--1
84Munder Capital Management--1
84Deutsche Asset Management--1
84Babson Capital Management --1
84Brazos Mutual Funds--1
84Managers Funds--1
84Seligman Henderson--1
84Skyline Asset Management--1
84Davis Funds--1
84Bank of America--1
84Cohen & Steers Capital Management--1
84Waddell & Reed Asset Management--1
84Ashland Management-30-1
101Alliance Capital Management--2
103JPMorgan Fleming Asset Management--3
103Prudential Investments--3
105American Century Investment Management--4
106MFS Institutional Advisors-168-9
107Strong Capital Management--16
108Putnam Investments-80-27
109Janus Capital Corporation-16-33
2004 Bundled Ranking by Assets Gained
  Net Net 
1Fidelity Investments78,636
2JPMorgan Fleming Asset Mgmt.42,000
3Nationwide Retirement Solutions31,950
4MassMutual Retirement Services521,372
5The 401(k) Company2850
6Vanguard Capital1800
7New York Life Investment Mgmt. 5374
9Wells Fargo Bank3299
10Schwab Institutional1280
11Mellon Financial-1206
12Vanguard Group1200
13Principal Global Investors1125
14Charles Schwab & Co.2121
15National Deferred Compensation186
16T. Rowe Price Associates465
17Diversified Investment Advisors463
18Merrill Lynch Investment Managers150
19Swerdlin & Company149
20Banc of America Capital Mgmt.135
21Prudential Investments134
22Lincoln National Life Insurance 125
23Lincoln Financial Group112
24GE Asset Management Inc.28
25ABN AMRO Asset Management26
27First National Bank-1-
28ING Financial Services-1-
29Milliman USA-1-
30PNC Advisors-1-
31UMB Bank-1-
32Union Bank of California-1-
33Wachovia Retirement Services-1-8
34U.S. Bank--19
35Deutsche Asset Management-1-20
36Equitable Asset Management-1-25
37ICMA Retirement Corp.-2-90
38Strong Capital Management-3-93
39MFS Institutional Advisors--95
40Stanley, Hunt, Dupree & Rhine-1-134
41Great-West Life & Annuity-1-160
42Northern Trust Global Investments-1-240
43AMVESCAP Retirement2-264
44American Express Retirement Services-1-301
45Bank of New York (The)-1-1,000
46Hewitt Associates-2-1,490
47Putnam Investments-3-1,526

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