subject: Asset Management Superleague - Market Research Report On Aarkstore Enterprise [print this page] 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
