NEW YORK, NY--(Marketwire - July 7, 2008) - With the economy struggling, markets in
turmoil, and investment banks reeling, asset management firms are proving
to be amazingly resilient. The assets of the 300 largest U.S. money
managers, the Institutional Investor 300, grew last year by 12.2% to $34.9
trillion -- more than double the pace of the Standard and Poor's 500, which
rose only 5.5%.
The asset management business continues to be richly lucrative. Operating
profits rose two percentage points in 2007 to 33%.
This performance is in sharp contrast to the last time there was a severe
downturn in financial markets in 2002 when assets under management shrank.
This time around alternative investment strategies including hedge funds
are fueling the increase in profits. Alternatives grew faster than any
other asset class tracked for the II300 ranking, rising 46% to $1.9
trillion, breaking 2006's record of 39.8% growth. Asset growth also
reflected growing interest in low-risk, low-cost index funds.
Rank Firm Total Assets Under
Management ($ Millions)
1 Barclay's Global Investors $2,078,699
2 State Street Global Advisors $1,973,030
3 Capital Group Cos. $1,548,324
4 Fidelity Investments $1,519,940
5 BlackRock $1,356,644
6 JPMorgan Asset Mgmt $1,193,406
7 AXA Group $1,023,638
8 Vanguard Group $1,011,024
9 Legg Mason $990,783
10 Bank of New York Mellon Corp. $982,369
For the complete ranking including a breakdown of asset classes, visit
www.iimagazine.com. The II300 is also available in the July/August 2008
America's issue of Institutional Investor magazine.
Contact Information: Contact:
Chris Cavanagh
212-224-3369
chriscavanagh@iimagazine.com
www.iimagazine.com