Asset Management Superleague - Market Research Report On Aarkstore Enterprise

Introduction

Introduction

The market turbulence experienced in 2008 and 2009 had a dramatic effect on the investment environment worldwide, yet several global asset managers still managed to build their assets under management and turn a profit. As the markets recover, it is imperative for asset managers to understand the dynamics of these success stories, in order to position their own business for recovery.

Scope

*Analyses assets under management, net inflows, geographic/product/client base mix, and business performance metrics for 11 asset management businesses

*BNY Mellon AWM, State Street Global Advisors, Goldman Sachs AM &WM, JPMorgan AM, AXA's investment management businesses, Schroders, Templeton ...

*... Allianz AM, Blackrock, Bank of America Global Wealth & Investment Management, and Morgan Stanley Asset Mgt.

*Includes in-depth quantitative and qualitative profiles on 8 of these asset managers.

Highlights

Several among the Peer Group had large net inflows in 2009, including SSgA, Blackrock and Allianz Asset Management, proving that with the right investment expertise, distribution channels, client and geographic mix, it was possible to not only weather the market turbulence, but to continue to build business.

Despite large net outflows in AUM at Bank of America GWIM, operating revenue more than doubled in 2009, with two thirds of this result coming from Merrill Lynch's Global Wealth Management and its investment and brokerage services income.

Analyzing the Peer Group's performance measured by income before taxes, some of the strongest asset managers in 2009 are also those with predominantly institutional customer bases. Allianz and Blackrock, for example, were two of the three players posting results that beat their 2008 performance.

Reasons to Purchase

*Quantitatively benchmark your performance through 2009 against the world's largest (and some of the most successful) asset managers.

*Compare your business model and strategies, including client and product mix, geographic focus and performance using 8 in-depth asset manager profiles

*Identify your place in the increasingly complex competitive landscape

Table of Contents :

Overview 1

Catalyst 1

Summary 1

Methodology 1

Executive Summary 2

SSgA, BlackRock and Allianz Asset Management managed strong net inflows in 2009 2

Allianz Asset Management and Bank of America GWIM saw large increases in income before taxes in 2009 2

Institutionally focused asset managers had some of the most positive results in 2009 2

A strong fixed-income platform was one key to success 3

Table of Contents 4

Table of figures 5

Table of tables 5

The Asset Management Super League Peer Group Comparison 6

Assets under management and net inflows 6

Peer group performance 11

Client mix 14

Product mix 16

Geographic mix 19

Peer Group Profiles 21

Allianz Asset Management 21

Operating structure: The third-party asset manager 21

Superstar Bill Gross is at PIMCO's investment helm 24

AGI has a mainly institutional client base 26

AGI's product mix is strongly skewed towards fixed-income funds, and follows an active strategy 27

Through PIMCO, AGI is geographically fairly well-diversified 28

AXA's investment management businesses 30

AXA Investment Managers 30

AllianceBernstein 31

AXA Framlington fund performance fell well behind some of its peers 32

60% of AllianceBernstein's client base is institutional 33

AXA Investment Managers is much more fixed-income-focused than AllianceBernstein 33

AXA Investment Managers is mainly European, while AllianceBernstein is mainly US 34

Bank of America Global Wealth and Investment Management 36

Expansion plans 37

Columbia Management's performance was well below its peer group 37

The company's client base is predominantly affluent 37

Group AUM in money market funds contracted sharply in 2009 38

Bank of America Global Wealth and Investment Management is US-based, but planning for international expansion 39

BlackRock 40

BlackRock is organized along geographic and client lines 40

BlackRock has a "significant" local portfolio management and distribution presence outside the US, and leverages Merrill's wide reach 41

Changes are coming to BlackRock's fixed-income unit 42

BlackRock is a strongly institutional asset manager, although the inclusion of BGI has added a large retail base 43

BlackRock's equity funds are skewed towards passive investment 45

BlackRock's retail business is more US-focused than its institutional business 46

BNY Mellon AWM 48

A large part of BNY Mellon's activities involve security services, but asset management accounts for a quarter of its business 48

Distribution is clearly separated from the manufacture of investments 49

BNY Mellon's client base has become more retail-focused in the last year, as institutional AUM contracted 50

Money market funds account for nearly a third of the company's AUM 51

BNY Mellon is heavily reliant on the US and UK 52

Schroders 54

Schroders' entire business is asset management 54

Schroders' investment performance was moderate in 2009 compared to its peers 54

Schroders' client base is slightly more institutional than retail-based 56

Schroders' AUM leans relatively heavily toward equities 56

The company is not heavily UK-dependent, and has a sizeable business in Asia 57

State Street Global Advisors 59

State Street Global Advisors had the highest level of net inflows among the peer group in 2009 59

Class action lawsuits cost the company 59

SSgA serves a solely institutional client base 60

SSgA is predominantly a passive fund manager 60

The asset manager is strongly US-centric in terms of AUM, but nearly half of its net inflows are ex-US 61

Templeton 65

Despite a sharp fall in AUM, Templeton managed to turn a profit in 2008 and 2009 65

Of Templeton's US-registered mutual funds, 85% were in the top two quartiles in 2009 67

The firm's client base is one of the most retail-focused among the peer group 68

There were sharp declines in equity AUM in 2008, while fixed-income funds continued to grow 69

Templeton is the most-US centric among the peer group 70

APPENDIX 74

Definitions 74

Net inflows 74

Assets under management (AUM) 74

Asset Management Peer Group 74

Methodology 74

Further reading 74

Bibliography 74

Ask the analyst 74

Datamonitor consulting 74

Disclaimer 74

For more information please visit :

http://www.aarkstore.com/reports/Asset-Management-Superleague-45780.html

by: Aarkstore Enterprise

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