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America's top 300 money managers Total assests under management
($ millions) 2005 Portfolio mix ($ millions) Tax-exempt assests under management Rank Equities Fixed-Income Cash equivalents Real estate Alternative investments 05 04 * Firm 2005 2004 Dom. For. Dom. For. 1 1 Barclays Global Investors $1,513,043 $1,361,949 $568,021 $506,364 $96,903 $159,556 $152,320 $15,549 $14,330 $1,246,385 (San Francisco, CA) 2 2 State Street Global Advisors 1,436,328 1,347,760 451,814 364,135 73,386 64,721 436,463 4,236 41,573 1,058,233 (Boston, MA) 3 3 Fidelity Investments 1,207,677 1,106,967 622,698 182,927 163,574 10,128 219,350 9,000 -- 774,533 (Boston, MA) 4 4 Capital Group Cos. 1,165,361 1,020,750 469,787 487,914 102,390 15,120 90,150 -- -- 564,948 (Los Angeles, CA) Capital Research and Mgmt Co. 857,183 1 703,431 430,956 241,076 94,284 4,094 86,773 -- -- 403,820 Capital Guardian Trust Co. 157,320 162,136 38,831 103,930 8,106 6,453 -- -- -- 148,648 Capital International Ltd. 84,686 81,038 -- 80,013 -- 2,765 1,908 -- -- -- Capital International Inc. 42,150 48,046 -- 40,601 -- 555 994 -- -- 12,480 Capital International S.A. 12,098 13,980 -- 10,682 -- 1,198 218 -- -- -- Capital International K.K. 11,924 12,119 -- 11,612 -- 55 257 -- -- -- 5 19 Legg Mason 858,328 370,582 260,371 27,652 251,989 152,574 146,904 679 18,159 382,668 (Baltimore, MD) 6 5 J.P. Morgan Asset Mgmt 846,915 791,185 169,709 177,283 149,519 63,333 216,618 24,884 45,569 241,975 (New York, NY) Security Capital Research & Mgmt 5,635 5,540 -- -- -- -- -- 5,635 -- 3,030 7 6 AXA Group 727,770 2 654,038 277,000 259,154 125,261 54,174 2,684 -- 9,497 358,401 (Paris, France) AllianceBernstein 578,552 538,764 211,426 200,103 105,460 54,174 2,684 -- 4,705 317,471 AXA Rosenberg Investment Mgmt 84,330 56,024 25,279 59,051 -- -- -- -- -- 40,930 8 11 Allianz Global Investors of America 710,074 2 539,834 65,316 10,484 482,732 95,933 51,995 -- 3,614 264,244 (Newport Beach, CA) Pacific Investment Mgmt Co. 594,079 445,721 105 20 457,379 85,017 51,558 -- -- 209,468 Oppenheimer Capital 25,861 24,343 19,196 2,660 4,005 -- -- -- -- 10,022 RCM 21,302 24,115 15,210 4,166 1,926 -- -- -- -- 18,362 Nicholas-Applegate Capital Mgmt 15,637 14,517 10,253 2,773 2,582 -- -- -- 29 6,818 9 7 Mellon Financial Corp. 707,699 640,738 208,508 86,303 131,170 17,795 254,707 -- 9,216 319,935 (Pittsburgh, PA) Standish Mellon Asset Mgmt 136,279 207,103 -- -- 91,826 5,744 38,709 -- -- 101,496 Dreyfus Corp. 124,346 124,498 12,117 891 13,177 -- 98,161 -- -- 23,069 Mellon Capital Mgmt Corp. 124,304 114,772 91,813 7,704 10,784 793 9,268 -- 3,942 83,131 Boston Co. Asset Mgmt 59,925 49,554 19,149 40,365 275 -- -- -- 136 31,510 Mellon Private Wealth Mgmt 49,336 47,654 29,649 -- 14,718 -- 4,969 -- -- 2,960 Newton Capital Mgmt 47,154 42,095 1,583 33,595 54 11,258 607 -- 57 23,105 Franklin Portfolio Associates 32,389 26,641 31,991 -- -- -- -- -- 398 32,139 Mellon Equity Associates 21,300 20,100 20,644 25 327 -- 304 -- -- 21,300 10 9 Vanguard Group 663,214 582,082 336,240 38,873 169,761 2,600 115,740 -- -- 273,438 (Valley Forge, PA) 11 10 Northern Trust Global Investments 617,915 571,883 212,170 27,930 87,900 12,690 271,225 -- 6,000 432,541 (Chicago, IL) 12 12 Merrill Lynch Investment Managers 538,861 496,171 160,417 124,014 116,005 34,363 99,518 940 3,604 195,598 (New York, NY) 13 14 Wellington Mgmt Co. 520,693 469,884 251,384 98,086 129,129 25,196 16,898 -- -- 210,116 (Boston, MA) 14 16 Goldman Sachs Asset Mgmt 496,118 421,656 92,701 58,597 99,169 40,914 101,965 2,308 100,464 203,860 (New York, NY) 15 13 Morgan Stanley Investment Mgmt 487,964 471,643 123,539 118,522 84,347 23,773 90,409 37,028 10,346 189,832 (New York, NY) 16 18 PNC Financial Services Group 485,690 375,556 49,866 12,574 271,047 25,084 101,320 9,355 16,444 191,010 (Pittsburgh, PA) BlackRock 451,426 340,326 27,485 11,184 263,224 25,084 99,126 9,355 15,968 185,937 PNC Wealth Mgmt 34,264 35,230 22,381 1,390 7,823 -- 2,194 -- 476 5,073 17 17 Franklin Resources 464,850 402,206 115,430 192,274 130,178 18,985 5,639 -- 2,344 165,473 (San Mateo, CA) 18 15 Prudential Financial 446,613 424,689 100,775 34,598 226,167 47,182 15,242 20,930 1,719 295,903 (Newark, NJ) Jennison Associates 72,302 64,324 55,978 801 15,523 -- -- -- -- 33,309 Quantitative Mgmt Associates 51,862 51,815 42,543 5,447 3,259 30 362 167 54 44,315 Prudential Mortgage Capital Co. 25,321 25,764 -- -- 25,321 -- -- -- -- 11,878 19 20 Columbia Mgmt 361,178 331,206 131,188 11,940 40,955 -- 177,095 -- -- 47,425 (Boston, MA) 20 21 TIAA-CREF 358,249 330,770 128,011 33,268 113,770 19,474 8,998 43,541 11,187 356,677 (New York, NY) 21 27 MassMutual Financial Group 313,890 253,180 76,123 56,056 106,277 16,353 34,013 8,163 16,905 80,234 (Springfield, MA) OppenheimerFunds 177,199 156,824 59,984 37,914 46,027 3,847 27,483 250 1,694 41,809 Babson Capital Mgmt 92,342 89,684 8,306 -- 55,628 -- 5,568 7,678 15,162 13,155 Baring Asset Mgmt 34,796 -- 1,043 15,971 4,059 12,506 962 235 20 20,511 OFI Institutional Asset Mgmt 9,553 6,672 6,790 2,171 563 -- -- -- 29 4,759 22 25 AIG Global Investment Group 303,407 277,569 15,927 15,053 161,202 89,820 2,553 4,779 14,073 265,703 (New York, NY) 23 26 Wells Fargo & Co. 274,343 259,807 74,105 3,183 77,400 9 114,802 4,519 325 75,695 (San Francisco, CA) Wells Capital Mgmt 174,029 158,343 36,933 1,505 43,490 -- 92,101 -- -- 36,29 Galliard Capital Mgmt 20,326 17,087 -- -- 20,326 -- -- -- -- 20,326 Peregrine Capital Mgmt 11,680 13,499 11,041 -- 639 -- -- -- -- 11,509 Lowry Hill Investment Advisors 6,117 6,277 3,668 536 890 -- 524 174 325 -- 24
-- Ameriprise Financial 272,302 113,367 59,305 61,497 83,639 38,600 10,506 10,039 8,716 56,494 (Minneapolis, MN) RiverSource Investments 153,487 -- 49,952 6,991 82,690 2,159 4,716 144 6,835 8,997 Threadneedle Investments 116,166 115,324 7,907 54,491 -- 36,441 5,551 9,895 1,881 45,199 25 22 Deutsche Asset Mgmt 271,209 2 303,962 47,326 16,206 117,724 3,817 52,497 27,860 5,779 55,799 (New York, NY) 26 24 Amvescap 269,945 2 282,967 96,191 30,860 82,487 1,735 45,197 11,122 2,353 88,317 (Atlanta, GA) AIM Mgmt Group 118,782 127,913 64,248 10,774 5,108 -- 38,652 -- -- 22,155 Atlantic Trust 16,182 15,225 9,365 -- 4,460 -- 1,104 111 1,142 2,881 27 31 MetLife 269,531 214,975 88,336 -- 157,621 -- 3,964 19,610 -- 125,369 (New York, NY) 28 30 T. Rowe Price Group 269,493 235,190 183,040 24,168 42,235 6,156 12,505 961 428 42,871 (Baltimore, MD) 29 29 Charles Schwab Corp. 256,515 243,822 74,081 4,398 59,482 -- 116,704 122 1,728 16,450 (San Francisco, CA) Charles Schwab Investment Mgmt 148,182 138,373 25,634 2,628 9,302 -- 109,728 -- 890 -- U.S. Trust Corp. 108,333 105,449 48,447 1,770 50,180 -- 6,976 122 838 16,450 30 28 Evergreen Investments 248,991 247,658 73,612 5,938 102,764 15,086 50,300 -- 1,291 68,188 (Boston, MA) Evergreen Investments Mgmt Co. 148,472 153,237 37,317 5,347 57,939 -- 47,869 -- -- 34,345 Tattersall Advisory Group 18,817 18,442 49 591 18,177 -- -- -- -- 18,708 Evergreen International Advisors 15,086 15,031 -- -- -- 15,086 -- -- -- 588 J.L. Kaplan Associates 4,864 5,287 4,864 -- -- -- -- -- -- 3,632 31 35 Old Mutual Asset Mgmt 226,294 2 184,600 84,131 37,551 59,627 14,078 16,649 9,891 4,367 145,240 (Boston, MA) Dwight Asset Mgmt Co. 54,311 42,351 -- -- 50,228 -- 4,083 -- -- 36,260 Barrow, Hanley, Mewhinney & Strauss 53,222 41,938 48,795 -- 4,427 -- -- -- -- 52,424 Acadian Asset Mgmt 32,137 12,605 680 31,457 -- -- -- -- -- 32,064 Rogge Global Partners 12,929 8,229 -- -- 1,716 9,282 1,721 -- 210 10,393 First Pacific Advisors 9,944 8,417 4,672 -- 3,195 -- 1,935 -- 142 1,943 Clay Finlay 6,612 7,023 735 5,696 -- -- 181 -- -- 4,272 Provident Investment Counsel 4,408 5,948 3,745 398 61 -- 204 -- -- 3,333 Liberty Ridge Capital 4,184 3,745 4,184 -- -- -- -- -- -- -- 32 33 MFC Global Investment Mgmt 213,890 156,426 32,551 11,770 89,780 33,247 308 31,532 14,702 40,414 (Boston, MA) Sovereign Asset Mgmt 26,945 30,050 13,947 174 10,841 1,675 308 -- -- 3,141 Declaration Mgmt & Research 13,457 8,369 519 -- 8,937 -- -- -- 4,001 4,818 Independence Investment 7,657 10,047 7,493 -- 164 -- -- -- -- 7,479 Hancock Natural Resource Group 3,153 2,037 -- -- -- -- -- -- 3,153 2,750 33 37 Federated Investors 212,907 178,862 27,276 1,595 22,022 2,280 159,734 -- -- 37,116 (Pittsburgh, PA) 34 34 ING Group 208,819 2 196,612 34,129 12,217 98,473 35,549 5,711 18,582 4,158 65,323 (Amsterdam, NE) ING Investment Mgmt 180,151 168,425 27,584 9,628 97,361 35,549 5,711 160 4,158 44,715 ING Clarion 28,668 21,406 6,545 2,589 1,112 -- -- 18,422 -- 18,636 35 36 UBS Global Asset Mgmt 207,928 2 165,552 87,877 18,465 44,756 3,615 39,054 10,656 3,505 -- (Chicago, IL) DSI International Mgmt 7,124 6,690 4,762 2,043 -- -- -- -- 319 7,007 36 32 Putnam Investments 188,797 213,350 88,174 33,909 56,859 3,860 5,065 -- 930 49,465 (Boston, MA) PanAgora Asset Mgmt 16,941 17,352 6,550 6,198 3,288 905 -- -- -- 15,094 37 38 Sun Life Financial 185,805 169,903 80,230 42,668 51,605 6,212 2,124 2,966 -- 68,068 (Wellesley Hills, MA) MFS Investment Mgmt 162,102 145,971 80,039 42,635 35,202 2,416 1,810 -- -- 64,355 Sun Capital Advisers 23,703 23,932 191 33 16,403 3,796 314 2,966 -- 3,713 38 39 IXIS Asset Mgmt US Group 185,669 2 168,250 80,678 17,822 58,771 5,684 13,931 4,785 3,998 99,206 (Boston, MA) Loomis, Sayles & Co. 74,528 63,054 18,070 -- 50,642 5,143 -- -- 673 67,783 Harris Associates 63,409 60,319 41,470 17,291 4,648 -- -- -- -- 13,350 Reich & Tang Asset Mgmt 17,279 18,569 2,253 -- 938 478 13,494 -- 116 1,045 AEW Capital Mgmt 11,344 10,610 6,886 -- 37 -- -- 4,421 -- 9,045 Capital Growth Mgmt 5,647 4,515 5,448 -- -- -- 199 -- -- 1,103 Vaughan Nelson Investment Mgmt 4,688 3,617 2,039 -- 2,496 63 90 -- -- 2,729 Caspian Capital Mgmt 3,209 2,223 -- -- -- -- -- -- 3,209 -- 39 42 Lehman Brothers Holdings 179,458 140,499 71,438 2,354 53,912 157 29,549 2,601 19,447 50,838 (New York, NY) Neuberger Berman 107,355 82,896 70,687 2,354 17,672 157 12,249 2,601 1,635 20,867 Lehman Brothers Asset Mgmt 41,517 36,194 -- -- 36,240 -- 5,277 -- -- 29,971 40 40 GE Asset Mgmt 173,034 162,878 35,867 18,091 104,356 878 8,614 3,986 1,242 68,841 (Stamford, CT) 41 41 Dodge & Cox 166,406 142,904 94,880 12,518 52,478 -- 6,530 -- -- 128,172 (San Francisco, CA) 42 45 Principal Global Investors 158,935 137,761 23,688 9,555 65,062 23,684 3,676 31,998 1,272 108,464 (Des Moines, IA) Spectrum Asset Mgmt 13,246 -- -- -- 9,532 3,264 450 -- -- 3,251 Post Advisory 8,072 -- -- 48 6,679 679 666 -- -- 5,867 Columbus Circle Investors 6,200 -- 6,038 162 -- -- -- -- -- 5,274 43 44 Janus Capital Group 148,506 139,010 90,398 27,859 10,921 328 18,645 334 21 81,631 (Denver, CO) Enhanced Investment Technologies 44,731 25,810 44,708 23 -- -- -- -- -- 44,691 44 43 New York Life Investment Mgmt Holdings 145,262 139,989 22,760 1,704 93,781 10,171 4,800 9,913 2,133 113,431 (Parsippany, NJ) MacKay Shields 38,329 39,208 11,168 1,704 21,982 1,492 1,360 -- 623 21,654 45 51 Credit Suisse Group 139,672 2 103,600 -- -- -- -- -- -- -- -- (New York, NY) Credit Suisse Asset Mgmt 52,572 27,351 6,496 2,905 8,891 400 33,366 -- 514 2,930 46 48 SunTrust Banks 135,304 111,613 39,455 3,338 48,651 -- 42,983 877 -- 69,449 (Atlanta, GA) Trusco Capital Mgmt 70,369 67,917 18,219 1,467 29,841 -- 20,842 -- -- 69,449 47 53 California Public Employees' Retirement System 129,316 100,501 65,998 14,307 42,435 -- 6,256 320 -- 129,316 (Sacramento, CA) 48 47 Société Générale Asset Mgmt 124,522 2 118,401 53,134 1,539 56,560 3,216 511 796 8,766 86,399 (Paris, France) TCW Group 122,861 109,717 53,082 523 56,560 2,623 511 796 8,766 86,399 49 46 FAF Advisors 124,300 123,727 39,903 1,634 47,068 -- 34,997 698 -- 18,375 (Minneapolis, MN) 50 49 Nuveen Investments 122,421 103,599 43,565 12,785 63,928 121 -- -- 2,022 -- (Chicago, IL) NWQ Investment Mgmt Co. 45,870 30,879 31,187 12,785 1,898 -- -- -- -- 26,722 51 50 Affiliated Managers Group 119,579 104,166 57,956 26,417 2,269 52 8,399 4,818 19,668 63,531 (Prides Crossing, MA) First Quadrant 26,644 20,962 6,438 1,018 -- -- -- -- 19,188 23,625 Third Avenue Mgmt 20,213 11,745 4,765 4,967 578 2 5,015 4,815 71 2,975 Tweedy, Browne Co. 12,944 11,751 2,437 8,026 -- -- 2,481 -- -- 2,324 Friess Associates 10,923 8,790 9,113 1,503 -- -- 307 -- -- 4,067 Genesis Asset Managers 10,736 7,510 -- 10,736 -- -- -- -- -- 9,327 Systematic Financial Mgmt 7,067 7,007 7,067 -- -- -- -- -- -- 5,676 TimeSquare Capital Mgmt 6,244 -- 6,244 -- -- -- -- -- -- -- Frontier Capital Mgmt Co. 5,412 5,631 5,343 -- 69 -- -- -- -- 4,715 Davis Hamilton Jackson & Associates 4,152 4,710 3,125 -- 764 -- 263 -- -- 3,884 Essex Investment Mgmt Co. 4,070 5,672 3,718 -- -- -- -- -- 352 2,776 Welch & Forbes 4,007 4,042 2,853 138 611 12 333 3 57 108 52 52 BNY Asset Mgmt 111,910 102,400 34,730 2,270 20,700 -- 32,510 -- 21,700 78,700 (New York, NY) Gannett Welsh & Kotler 7,443 6,366 1,308 -- 6,135 -- -- -- -- 675 53 61 Grantham, Mayo, Van Otterloo & Co. 111,308 82,495 26,044 68,640 4,546 5,824 -- 204 6,050 84,064 (Boston, MA) 54 57 Eaton Vance Corp. 106,480 94,564 65,611 -- 40,457 -- 412 -- -- 12,900 (Boston, MA) Eaton Vance Mgmt 83,090 72,880 44,450 -- 38,228 -- 412 -- -- 4,000 Parametric Portfolio Associates 11,772 9,334 11,772 -- -- -- -- -- -- -- Atlanta Capital Mgmt Co. 9,753 9,488 8,085 -- 1,668 -- -- -- -- 6,907 55 58 Lord, Abbett & Co. 101,946 93,560 78,230 2,191 20,295 899 331 -- -- 11,510 (Jersey City, NJ) 56 54 Brandes Investment Partners 101,874 98,078 24,766 76,724 298 86 -- -- -- 61,884 (San Diego, CA) 57 55 American Century Investment Mgmt 100,634 97,856 75,381 8,481 8,898 1,111 6,763 -- -- 40,802 (Kansas City, MO) 58 56 Delaware Investments 99,725 96,614 31,907 28 64,513 -- 1,677 1,600 -- 32,852 (Philadelphia, PA) 59 59 Teacher Retirement System of Texas 96,009 91,235 50,169 15,032 26,060 -- 1,368 80 3,300 96,009 (Austin, TX) 60 69 Dimensional Fund Advisors 86,398 65,210 47,762 28,926 4,505 5,205 -- -- -- 55,313 (Santa Monica, CA) 61 62 Gartmore Group 84,691 80,244 21,293 24,465 19,676 5,622 3,984 -- 9,651 32,021 (Conshohocken, PA) Gartmore Morley Financial Services 14,807 13,180 -- -- 14,807 -- -- -- -- 14,807 62 63 New York State Common Retirement Fund 79,930 77,866 45,137 -- 30,227 -- 4,566 -- -- 79,930 (Albany, NY) 63 64 Lazard Asset Mgmt 77,163 76,094 11,957 53,082 2,374 6,691 -- -- 3,059 42,014 (New York, NY) 64 65 KeyCorp. 76,779 74,223 34,350 -- 21,098 -- 21,331 -- -- 49,998 (Cleveland, OH) Victory Capital Mgmt 56,012 53,505 18,675 -- 17,655 -- 19,682 -- -- 49,998 65 72 Davis Selected Advisers 72,123 58,257 71,481 -- 50 -- 592 -- -- 10,894 (Tuscon, AZ) 66 67 New Jersey Division of Investment 71,656 70,321 35,676 12,200 18,358 1,112 4,310 -- -- 71,656 (Trenton, NJ) 67 66 PPM America 71,281 2 71,312 5,863 -- 58,668 -- 603 5,063 1,084 333 (Chicago, IL) 68 68 New York State Teachers' Retirement System 69,865 68,222 49,395 557 10,465 -- 2,247 7,201 -- 69,865 (Albany, NY) 69 79 Bridgewater Associates 67,388 47,606 -- -- 7,276 32,961 -- -- 27,151 59,852 (Westport, CT) 70 70 Thrivent Financial for Lutherans 65,486 64,006 15,165 -- 35,724 -- 6,567 14 8,016 17,301 (Appleton, WI) <>&a 71 71 National City Corp. 64,858 62,997 29,750 1,581 14,818 116 18,142 319 132 9,245 (Cleveland, OH) 72 73 Federal Retirement Thrift Investment Board 64,450 56,671 -- -- -- -- 64,450 -- -- 64,450 (Washington, D.C.) 73 60 Florida State Board of Administration 57,128 54,853 42,126 249 14,154 -- 599 -- -- 57,128 (Tallahassee, FL) 74 76 Payden & Rygel 55,713 53,520 3,272 1,044 48,164 3,233 -- -- -- 44,940 (Los Angeles, CA) 75 81 Primecap Mgmt Co. 52,302 46,332 44,119 5,785 -- -- 2,398 -- -- 13,704 (Pasadena, CA) 76 95 LSV Asset Mgmt 51,825 35,425 29,554 22,271 -- -- -- -- -- 51,334 (Chicago, IL) 77 78 BNP Paribas Asset Mgmt 51,426 2 47,689 4,487 6,032 6,024 27,581 6,352 -- 950 35,783 (Paris, France)