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2012 Towers Watson. All rights reserved.

The Worlds 500 Largest Asset

Managers

The P&I/Towers Watson global 500 ranking is prepared using

joint research by Pensions & Investments and Towers Watson

Year end 2011

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towerswatson.com 2012 Towers Watson. All rights res erved. Proprietary and Confidential. For Towers Watson and Towers Watson client use onl y.

2

Contents

l Executive Summary 3

l Analysis

Section 1: Total value of assets and growth rates 6

Section 2: Analysis of the largest 20 asset managers 10

Section 3: Passive management 17

l Contact details and limitations of reliance 21

l Appendix Complete ranking 22

Page

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3

Executive Summary

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4

Executive summary

l Total assets under management of the 500 managers includedin the ranking totalled US$ 63 trillion at the end of 2011, down2.5% from the end of 2010.

l The first three positions in the ranking include the samemanagers, with BlackRock in the first position for the thirdconsecutive year.

l Assets under management of North American managers wereUS$ 33.1 trillion at 2011 year end, a decrease of 1.1% from theprevious year. The assets managed by European managersalso declined by 7.0%, ending on US$ 21.3 trillion.

l Japanese managers ended 2011 with US$ 5.3 trillion, the onlyincrease in assets during 2011 (6.4%).

l The Top 20 managers share of the total assets decreased from

40.7% to 38.7%.

AUM d ecreased 2.5%

in 2011

BlackRock remained

in the top spot

AUM of North

Amer ican and

European managers

decreased, whi lst

Japanese managers

experienced an

increase

Top 20 managers

decreased their sharein the total 500

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5

Executive summary

l U.S. managers in the Top 20 managed 64.2% of total AUM forthat group, while European managers had a share of 32.9%and Japans share was of 2.8%.

l By number, the structure of managers in the Top 20 remainedstatic: bank-owned and independent managers accounted forthe majority followed by insurer-owned managers.

l Assets under management of managers from developingcountries slightly decreased its share from 3.9% to 3.7%.

Bank-owned

managers and

Independent

managers shared the

major i ty o f the Top 20segment.

Assets under

management f rom

developing coun tr ies

s l ight ly dropped

U.S. manag ersdominated the Top 20

group once again.

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6

Analysis

Section 1: Total value of assets and growth rates

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7

Total value of assets managedSplit by manager domicile

Assets under management of the worlds top 500 managers decreased by 2.5% in 2011, which is still below its 2006level.

Japanese managers assets increased 6.4% in 2011, while European managers assets as well as U.S. managers assetsdeclined 7.0% and 1.1% respectively.

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8

Total value of assets managedSplit by segment

The extreme segments, top 20 and 251-500, experienced declines of 7.2% and 3.0% respectively in 2011. The mostsignificant increase was experienced by managers in the 51-250 segment, who saw their share of top 500 assetsincrease from 31.5% to 32.8%.

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9

Distribution of assets by country10 year overview 2001 to 2011

The last decade has seen an increase of the representationof managers from Japan and the US. In contrast, severalEuropean markets have experienced a relative decline in theglobal asset management industry.

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10

Analysis

Section 2: Analysis of the largest 20 asset managers

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11

Total value of assets managed by top 20Split by manager domicile

Top 20 managers assets for all regions, except Japan, experienced a decline in 2011. In 2011, there were 11 U.S. managers in the top 20 and the remaining managers were European and Japanese. The U.S. based managers accounted for a share of 64.2% of top 20 assets at the end of 2011 (60.1% at the end of

2010).

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12

Annual growth of 500 vs. growth of top 20

CAGR o f 500 sin ce 2001: 5.45%

CAGR of top 20 sinc e 2001: 5.55%

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13

Top 20 managers by manager type

At the end of 2011, bank-owned and independent managers accounted for the majority in the top 20,while insurer-owned asset managers were a minority.

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14

Growth in manager AUM 2006 2011The fastest growing firms among the top 50

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15

Growth in manager AUM 2006 2011The 20 fastest growing firms among the top 50

Manager Rank change Market

Great-West Lifeco +45 (9348) Canada

Nippon Life Insurance +22 (3917) Japan

Wells Fargo +21 (5231) U.S.

Federated Investors +20 (6747) U.S.

Meiji Yasuda Life Insurance +20 (7050) Japan

Zenkyoren +18 (4426) Japan

Mitsubishi UFJ Financial +13 (4633) Japan

Shinkin Central Bank +13 (5744) Japan

Prudential Financial +12 (2311) U.S.

HSBC Holdings +12 (2513) U.K.

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Growth in manager AUM 2006 2011The 20 fastest growing firms among the top 50

Manager Rank change Market

Invesco +12 (3624) U.S.

T. Rowe Price +12 (4735) U.S.

Franklin Templeton +11 (2918) U.S.

Manulife Financial +11 (4534) Canada

MetLife +10 (3121) U.S.

Legal & General Group +10 (3727) U.K.

BlackRock +9 (101) U.S.

Ameriprise Financial +9 (4132) U.S.

Dai-ichi Life Insurance +9 (5546) Japan

Goldman Sachs Group +8 (2214) U.S.

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17

Analysis

Section 3: Passive management

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Annual growth of passive management vs. growth of500

CAGR o f 500 sin ce 2001: 5.45%

CAGR o f pas siv e sinc e 2001: 11.57%

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19

Total value of AUM of leading passive managers withannual growth rate

CAGR s inc e 01: 11.57%

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20

Value of passive AUM of leading passive managers -At Dec. 31, 2011

Data available as of June 30.

The assets of State Street Global reflect a restated amount .

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21

Contact details and limitations of reliancel Contact details

Jessica GaoTowers Watson Investment+44 207 227 2061

[email protected]

James Price

Towers Watson Investment+44 207 227 2560

[email protected]

l In preparing this report at times we have relied upon estimates and data supplied to us by third parties.While reasonable care has been taken to gauge the reliability of this data, this report carries noguarantee of accuracy or completeness and Towers Watson cannot be held accountable for themisrepresentation of data by third parties involved.

l This report is based on information available to Towers Watson at the date of the report and takes noaccount of subsequent developments after that date. It may not be modified or provided to any otherparty without Towers Watsons prior written permission. It may also not be disclosed to any other

party without Towers Watsons prior written permission except as may be required by law. In theabsence of our express written agreement to the contrary, Towers Watson accepts no responsibilityfor any consequences arising from any third party relying on this report or the opinions we haveexpressed. This report is not intended by Towers Watson to form a basis of any decision by a thirdparty to do or omit to do anything.
mailto:[email protected]:[email protected]:[email protected]

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22

Appendix

Complete ranking

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Ranking 2011

Rank Manager Market Total assets Rank Manager Market Total assets

1. BlackRock U.S. $3,512,681 26. Zenkyoren Japan $575,3892. Allianz Group Germany $2,117,123 27. Legal & General Group U.K. $573,310

3. State Street Global U.S. $1,856,852 28. Sum itom o Mits ui Trus t & Bank Japan $551,308

4. Vanguard Group U.S. $1,848,488 29. Aegon Group Netherlands $548,392

5. Fidelity Investments U.S. $1,715,910 30. Prudential U.K. $542,404

6. J.P. Morgan Chase U.S. $1,341,463 31. Wells Fargo U.S. $534,900

7. Bank of New York Mellon U.S. $1,260,298 32. Am eripris e Financial U.S. $527,600

8. BNP Paribas France $1,205,775 33. Mitsubishi UFJ Financial Japan $522,724

9. Capital Group U.S. $1,081,659 34. Manulife Financial Canada $489,879

10. UBS Switzerland $945,852 35. T. Rowe Price U.S. $489,500

11. Prudential Financial U.S. $900,666 36. TIAA-CREF U.S. $477,08212. Amundi Asset Mgmt. France $852,788 37. Sun Life Financial Canada $456,424

13. HSBC Holdings U.K. $847,000 38. Morgan Stanley U.S. $453,407

14. Goldman Sachs Group U.S. $828,000 39. MassMutual Financial U.S. $443,000

15. Natixis France $706,003 40. Credit Suisse Switzerland $434,067

16. Deutsche Bank Germany $703,766 41. ING Group Netherlands $416,514

17. Nippon Life Insurance Japan $693,328 42. Old Mutual South Africa $412,907

18. Franklin Templeton U.S. $670,255 43. Aviva U.K. $405,652

19. Northern Trust Global U.S. $662,900 44. Shinkin Central Bank Japan $397,264

20. AXA Group France $661,366 45. APG Group Netherlands $389,750

21. MetLife U.S. $657,250 46. Dai-ichi Life Insurance Japan $384,87922. Wellington Mgmt. U.S. $651,432 47. Federated Investors U.S. $369,697

23. Legg Mason U.S. $626,960 48. Great-West Lifeco Canada $357,035

24. Invesco U.S. $625,306 49. Rabobank Group Netherlands $341,322

25. Generali Group Italy $604,185 50. Meiji Yasuda Life Insurance Japan $340,839

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Ranking 2011


51. Principal Financial U.S. $335,000 76. Dimensional Fund Advisors U.S. $213,86552. Affiliated Managers Group U.S. $327,500 77. Unicredit Group Italy $209,895

53. Royal Bank of Canada Canada $308,241 78. DekaBank Group Germany $194,363

54. Samsung Group South Korea $307,977 79. Neuberger Berman U.S. $193,083

55. New York Life Investments U.S. $299,840 80. TD Asset Mgm t. Canada $188,833

56. Zurich Financial Services Switzerland $298,988 81. Eaton Vance U.S. $188,204

57. Northwestern Mutual U.S. $290,832 82. BBVA Spain $185,595

58. Societe Generale France $289,917 83. Resona Bank Japan $185,273

59. Schroders U.K. $289,362 84. SEB Sweden $182,870

60. Intesa SanPaolo Italy $287,313 85. Daiwa Securities Group Japan $180,880

61. DZ BANK Germany $286,347 86. Dodge & Cox U.S. $174,94962. Lloyds Banking Group U.K. $281,246 87. Banco Santander Central Spain $170,215

63. Nomura Holdings Japan $279,989 88. La Poste France $168,289

64. MEAG Munich ERGO Germany $279,777 89. Credit Agricole France $163,540

65. Sumitom o Life Insurance Japan $267,444 90. Nikko Ass et Mgmt. Japan $158,000

66. Macquar ie Bank Group Austra lia $267,163 91. Caisse de Depot et Placement Canada $155,890

67. Aberdeen Asset Mgmt. U.K. $262,548 92. F&C Asset Mgmt. U.K. $154,686

68. Hartford Financial U.S. $249,879 93. U.S. Bank U.S. $154,237

69. Nordea Denm ark $242,655 94. Itau-Unibanco Banco Multiplo Brazil $154,141

70 . Stan dard Li fe U.K. $240,694 95 . Lo mba rd Odi er Darier Hents ch Switze rlan d $1 51,187

71. Union Investment Germ any $232,037 96. BMO Financial Group Canada $150,123

72. Banco do Brazil Brazil $229,606 97. Janus Capital Group U.S. $148,20073 . Mizuho Fi nancia l Gro up Japan $222,224 98 . MS&AD Ins urance Group Ja pan $1 47,869

74. Nuveen Investments U.S. $220,096 99. PGGM Netherlands $147,613

75. Charles Schwab Investment U.S. $214,842 100. Commonwealth Bank Group Austra lia $144,375

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Ranking 2011


101. Swis s Life Group Switzerland $142,888 126. Dexia As set Mgmt. Belgium $100,998102. Credit Mutuel France $141,786 127. SunTrust Banks U.S. $100,700

103. Lazard U.S. $141,039 128. Mn Services Netherlands $99,700

104 . Pictet As set Mgm t. Switze rlan d $129,485 129 . Henders on Gl oba l In ves tors U.K. $ 99,339

105. AMP Australia $125,174 130. Talanx Group Germany $98,085

106. Banco Sabadell Spain $124,386 131. Grantham , Mayo v. Otterloo U.S. $96,674

107. Guggenheim Investm ents U.S. $121,678 132. CBRE Global Investors U.S. $94,100

108. Banco Bradesco Brazil $121,171 133. General Re - New England U.S. $93,808

109. Commerzbank Germany $120,421 134. Investec Group South Africa $88,146

110. Stifel Financial U.S. $119,000 135. Aquiline Capital U.S. $87,221

111. SEI Inves tments U.S. $118,327 136. Caixa Economica Federal Brazil $83,364112. Bridgewater Associates U.S. $118,000 137. DnB NOR Norway $83,330

113. Fubon Group Taiwan $117,239 138. Waddell & Reed U.S. $83,157

114. Groupama France $116,610 139. CIBC Group Canada $81,316

115. IGM Financial Group Canada $116,391 140. NISA Investment U.S. $81,185

116. GE Asset Mgmt. U.S. $115,214 141. Mapfre Spain $81,039

117. GAM Holding Switzerland $113,843 142. Brookfield As set Mgm t. Canada $80,368

118. Pearl Group U.K. $111,417 143. NAB/MLC Australia $77,051

119. Lord, Abbett U.S. $110,364 144. Regions Financial U.S. $76,100

120. American Century U.S. $109,484 145. Sum itomo Mitsui Ass et Mgm t. Japan $75,252

121. Geode Capital Mgmt. U.S. $107,620 146. Oaktree Capital U.S. $74,857

122. PNC Financial U.S. $107,388 147. Westpac/BT Australia $74,690123. Swedbank Sweden $106,590 148. Thornburg Investment U.S. $73,262

124. Danske Bank Denmark $105,541 149. Royal London Group U.K. $72,321

125. Baillie Gifford U.K. $103,846 150. As ahi Mutual Life Insurance Japan $71,947

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Ranking 2011


151. Fukoku Mutual Life Ins urance Japan $71,477 176. NKSJ Holdings Japan $54,545152. Storebrand Group Norway $68,989 177. Metzler Seel Sohn Germany $54,384

153. CI Financial Canada $68,198 178. Royal Bank of Scotland U.K. $54,086

154. PineBridge Inves tments U.S. $67,277 179. Hanwha Group South Korea $53,157

155. Caja Mediterraneo Spain $66,102 180. Mercer U.S. $53,000

156. Mondrian Investment U.K. $65,900 181. KeyCorp U.S. $51,732

157. Tokio Marine Holdings Japan $65,697 182. BTG Pactual Brazil $51,101

158. PRIMECAP U.S. $63,996 183. Industrial Alliance Insurance Canada $51,098

159. Payden & Rygel U.S. $62,142 184. Vontobel Ass et Mgmt. Switzerland $50,481

160. QIC Australia $61,644 185. Goodman Investment Canada $50,204

161. Monte dei Paschi di Siena Ita ly $60,687 186. Vers icherungskammer Bayern Germany $49,951162. Ashmore Investment U.K. $60,400 187. Warburg Group Germany $49,276

163. Sanlam South Africa $60,342 188. Marathon-London U.K. $48,662

164. Firs t Eagle Investm ent U.S. $59,646 189. Sal. Oppenheim Jr. Germany $47,948

165. Kohlberg Kravis Roberts U.S. $59,009 190. UBI Banca Italy $47,770

166. Wilmington Trust U.S. $58,857 191. LaSalle Investment U.S. $47,358

167. Mesirow Financial U.S. $58,679 192. Ares Mgmt. U.S. $47,325

168. Man Inves tments U.K. $58,400 193. Bayerischen Landesbank Germany $47,003

169. La Caixa Spain $58,127 194. AQR Capital Mgmt. U.S. $46,900

170. LSV Asset Mgmt. U.S. $57,555 195. Research Affiliates U.S. $45,699

171. Artisan Partners U.S. $57,104 196. Brown Brothers Harriman U.S. $45,355

172. National Bank of Canada Canada $55,364 197. Hermes U.K. $45,278173. Davis Advisors U.S. $55,291 198. AGF Investments Canada $45,142

174. SNS As set Mgm t. Netherlands $55,161 199. MMI Holdings South Africa $44,090

175. Swiss canto Switzerland $54,897 200. Am erican Beacon Advisors U.S. $43,890

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Ranking 2011


201 . Fortres s In ves tm ent Grou p U.S. $ 43,713 226 . BPI-Ba nca Po pol are di Lod i Ita ly $ 34,328202. KBC Asset Mgmt. Belgium $42,730 227. BB&T U.S. $34,131

203. Iris h Life & Permanent Group Ireland $42,197 228. GAMCO Investors U.S. $34,085

204. PFM Asset Mgmt. U.S. $42,132 229. Harvest Fund Mgmt. China $34,000

205. Folksam Sweden $41,346 230. HarbourVest Partners U.S. $33,881

206. Cohen & Steers U.S. $41,282 231. Berenberg Bank Germany $33,666

207. William Blair U.S. $41,163 232. Safra Brazil $33,465

208. Manning & Napier U.S. $40,200 233. Van Eck Associates U.S. $33,149

209. Fort Washington U.S. $39,962 234. Greystone Managed Canada $32,956

210. Stone Harbor Inves tment U.S. $39,638 235. Calamos Advisors U.S. $32,777

211. Raiffeisen Capital Austria $39,312 236. Northern Cross U.S. $32,687212. Fisher Investments U.S. $39,254 237. Brandes Investment U.S. $32,514

213 . Jaris lows ky Fras er Cana da $ 38,782 238 . Delta Lloyd As set Mg mt. Neth erlands $ 32,501

214. Mediolanum Italy $38,265 239. Partners Group Switzerland $32,112

215. LGT Group Liechtenstein $38,247 240. Industry Funds Mgm t. Australia $31,940

216. Connor Clark & Lunn Canada $37,939 241. Uniqa Finanz Group Austria $31,855

217. Desjardins Group Canada $37,234 242. Southeastern Ass et Mgmt. U.S. $31,485

218. Allan Gray South Africa $37,000 243. City National U.S. $31,326

219. STANLIB South Africa $36,038 244. Bank Degroof Belgium $31,206

220. Jupiter U.K. $35,233 245. Clifton Group U.S. $30,898

221. Raymond Jam es Financial U.S. $34,928 246. Incom e Research & Mgm t. U.S. $30,677

222. Arrowstreet Capital U.S. $34,792 247. Ohio National U.S. $30,611223 . Virtus Inves tm ent U.S. $ 34,588 248 . Ers te-Spa rinve st Kapi tal anla ge Au stria $ 30,584

224. Cutwater Asset Mgmt. U.S. $34,460 249. Artio Global Mgmt. U.S. $30,359

225. Banco Popo lare Socie ta Ita ly $34,328 250 . Coronation Fund Managers Sou th Afri ca $30,337

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Ranking 2011


251. Challenger Financial Australia $30,083 276. T&D Holdings Japan $24,923252. F Van Lanschot Netherlands $30,041 277. Commonfund U.S. $24,423

253. Strategic Investment Group U.S. $28,971 278. Clarion Partners U.S. $24,235

254. Fiera Sceptre Canada $28,796 279. Pathway Capital U.S. $24,202

255. Bosera Asset Mgmt. China $28,600 280. Commerce Trust U.S. $24,100

256. E Fund Mgmt. China $28,324 281. Fifth Third Bancorp U.S. $24,000

257 . Mirae As set Financia l Grou p South Korea $ 28,215 282 . Ad va ntu s Cap ita l U.S. $ 23,626

258. UMB Financial U.S. $28,000 283. Cazenove Capital Mgmt. U.K. $23,180

259. Helaba Invest Germany $27,839 284. Perpetual Australia $22,991

260. Reliance Capital India $27,510 285. Paulson U.S. $22,955

261. Kyobo Life Insurance South Korea $27,264 286. Hines U.S. $22,901

262. Caixa Gestao de Activos Portugal $27,215 287. Votorantim Brazil $22,831

263. QBE Australia $26,928 288. Letko Brosseau Canada $22,550

264. Fayez Sarofim U.S. $26,274 289. Alexander Forbes South Africa $22,476

265. American United Life U.S. $25,970 290. Royal & SunAlliance U.K. $22,407

266. DuPont Capital U.S. $25,923 291. Adams Street Partners U.S. $22,111

267. Brown Advisory Holdings U.S. $25,850 292. Investment Solutions Holdings South Africa $22,108

268. Nurnberger Germany $25,766 293. Highland Capital (Texas) U.S. $22,076

269. Heitman U.S. $25,619 294. ICMA Retirement U.S. $22,051

270. Mirabaud Group Switzerland $25,535 295. Angelo, Gordon U.S. $22,000

271. Beutel Goodman Canada $25,435 296. Alte Leipziger Holding Germany $21,783

272. Record Currency U.K. $25,400 297. Hamilton Lane U.S. $20,930273. Inland Group U.S. $25,300 298. RS Investments U.S. $20,240

274. Rhum bLine Advis ers U.S. $25,122 299. Annaly Capital Mgmt. U.S. $19,840

275. OP Bank Group Finland $25,120 300. Aronson Johnson Ortiz U.S. $19,456

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Ranking 2011


301. Epoch Inves tment Partners U.S. $19,217 326. Hotchkis & Wiley U.S. $16,167302. Gruppo Bancario Emiliano Italy $19,151 327. Munder Capital U.S. $16,045

303. Boston Private Financial U.S. $19,125 328. Baron Capital Group U.S. $16,021

304. Starwood Capital U.S. $19,086 329. Wiener Stadtische Austria $15,956

305. Gruppo Azimut Italy $18,932 330. BOK Financial U.S. $15,762

306. Arca Italy $18,894 331. Rainier Investment U.S. $15,475

307. Quoniam Asset Mgmt. Germany $18,734 332. Caser Spain $15,432

308. EARNEST Partners U.S. $18,704 333. Madison Investment U.S. $15,356

309. Perennial Investment Australia $18,580 334. GPT Group Australia $15,058

310. Bentall Kennedy U.S. $18,567 335. Fred Alger Mgmt. U.S. $14,919

311. Firs t Reserve U.S. $18,333 336. HDFC Asset Mgmt. India $14,883

312. Robert W. Baird U.S. $18,258 337. McDonnell Investment U.S. $14,804

313. Platinum Asset Mgmt. Australia $18,125 338. BCV Switzerland $14,576

314. Sprucegrove Inves tment Canada $17,789 339. Carnegie Inves tm ent Sweden $14,502

315. Firs t Pacific Advisors U.S. $17,750 340. Oddo et Cie France $14,502

316. King Street Capital U.S. $17,600 341. Grupo Banco Popular Spain $14,254

317. COMGEST France $17,480 342. BankInvest Denmark $14,243

318. Petercam Belgium $17,082 343. Westfield Capital U.S. $14,212

319. Gruppo Bipiemme Italy $16,932 344. Westbrook Partners U.S. $13,967

320. Artemis Investm ent U.K. $16,892 345. Dexus Property Group Australia $13,939

321. Shinhan BNPParibas South Korea $16,852 346. Wintrust Financial U.S. $13,800

322. SCOR France $16,833 347. Unigestion Switzerland $13,700323. ICBC Credit Suisse China $16,828 348. World Asset Mgmt. U.S. $13,659

324 . Colches ter Glob al Inves tors U.K. $ 16,575 349 . Univer sal -Inves tm ent Germ any $ 13,596

325. Interna tional Value Advisers U.S. $16,450 350 . Wentworth, Hauser & Vio lich U.S. $13,509

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Ranking 2011


351. Mutual of America U.S. $13,505 376. Guardian Capital Canada $11,569352. Edinburgh Partners U.K. $13,441 377. STW Fixed Income U.S. $11,384

353. Turner Investments U.S. $13,363 378. Woori South Korea $11,326

354. Close Brothers Group U.K. $13,322 379. ProLogis Private Capital U.S. $11,248

355. Hunt U.S. $13,104 380. J O Hambro Capital U.K. $11,202

356. Westwood Holdings U.S. $13,079 381. Ibercaja Spain $11,089

357. Grupo March Spain $13,027 382. Birla Sun Life Asset Mgmt. India $11,073

358. Insurance Australia Group Australia $12,926 383. MGPA U.K. $10,823

359. Oak Hill Advisors U.S. $12,861 384. Sit Investment U.S. $10,823

360. Fiduciary Mgmt./Milwaukee U.S. $12,830 385. TT International U.K. $10,798

361. Hua An Fund Mgm t. China $12,823 386. Leith Wheeler Investment Canada $10,770

362 . Svens ka Handels ban ken Swed en $ 12,762 387 . To cqu evil le As set Mg mt. U.S. $ 10,641

363 . Da Che ng Fun d Mg mt. Chin a $ 12,570 388 . Pres ci ent Inve stm ent South Afri ca $ 10,636

364. Cramer Rosenthal McGlynn U.S. $12,482 389. Eagle Capital U.S. $10,634

365. Kepler Fonds KAG Austria $12,392 390. UTI Asset Mgmt. India $10,604

366. Calvert Investment U.S. $12,363 391. Amalgamated Bank U.S. $10,452

367. Gruppo Banca Carige Italy $12,331 392. Kimco Realty U.S. $10,400

368. Piper Jaffray U.S. $12,225 393. Wasatch Advisors U.S. $10,294

369. Montag & Caldwell U.S. $12,199 394. Charter Hall Group Australia $10,276

370. C.S. McKee U.S. $12,069 395. Ramius U.S. $10,266

371. Foyston, Gordon & Payne Canada $11,863 396. Banca Esperia Italy $10,260

372. Horsley Bridge Partners U.S. $11,752 397. Portfolio Advis ors U.S. $10,196373. Causeway Capital U.S. $11,676 398. Axiom International U.S. $10,163

374. Prime Advisors U.S. $11,669 399. Goodman Australia $10,073

375. QS Investors U.S. $11,620 400. Peregrine Holdings South Africa $10,016

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401. Renaiss ance Technologies U.S. $10,010 426. Numeric Investors U.S. $8,622402. K2 Advisors U.S. $9,983 427. McKinley Capital U.S. $8,585

403. Sage Advisory Services U.S. $9,913 428. Synovus Financial U.S. $8,550

404. Marathon Asset Mgmt. U.S. $9,900 429. KBS Realty Advisors U.S. $8,518

405. BPI Portugal $9,810 430. WEDGE Capital U.S. $8,439

406. Lend Lease Australia $9,804 431. KGAL Germany $8,324

407. European Credit Mgmt. U.K. $9,500 432. Titanium Ass et Mgmt. U.S. $8,317

408. Caja Navarra Spain $9,448 433. Pacific Alternative Asset U.S. $8,237

409. Maple-Brown Abbott Australia $9,440 434. Gulf International Bank U.K. $8,200

410. China Merchants Fund Mgmt. China $9,427 435. Rock Creek Group U.S. $8,200

411. Guotai Fund Mgmt. China $9,427 436. Los Angeles Capital U.S. $8,171

412. Denver Investments U.S. $9,389 437. Cantillon Capital Mgmt. U.S. $8,064

413. Mawer Inves tment Mgmt. Canada $9,359 438. Jacobs Levy Equity U.S. $7,883

414. Hexavest Canada $9,309 439. Segall Bryant & Hamill U.S. $7,867

415. Majedie Asset Mgmt. U.K. $9,272 440. Lion Fund Mgmt. China $7,856

416. DRA Advisors U.S. $9,142 441. Atalanta Sosnoff Capital U.S. $7,848

417. ASB Capital Mgmt. U.S. $9,010 442. Beacon Capital U.S. $7,769

418 . Burgu nd y As set Mg mt. Cana da $8,938 443 . Lu pus Alp ha As set Mgm t. Germ any $7,769

419. New Brunswick Investm ent Canada $8,922 444. Value Partners Hong Kong $7,700

420. Bankinter Spain $8,842 445. EnTrust Capital U.S. $7,683

421. Ersel Group Italy $8,805 446. State Bank of India India $7,621

422. Luther King Capital U.S. $8,780 447. Tortoise Capital U.S. $7,593423. Diamond Hill Capital U.S. $8,671 448. M.D. Sass Group U.S. $7,459

424. Financial Risk Mgmt. U.S. $8,662 449. Samson Capital U.S. $7,440

425. Martin Currie U.K. $8,654 450. Co-operators Group Canada $7,377

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451. JCP Investment Partners Australia $7,226 476. HFT China $6,159452. Abbott Capital U.S. $7,149 477. Odey Asset Mgmt. Switzerland $6,153

453. Silvercrest Asset Mgmt. U.S. $7,096 478. KDB South Korea $6,095

454. Congress Asset Mgmt. U.S. $7,014 479. Beach Point Capital U.S. $6,026

455. AREA Property Partners U.S. $6,999 480. Chandler As set Mgmt. U.S. $5,938

456. Kornitzer Capital U.S. $6,987 481. Hois ington Investment U.S. $5,920

457. Horizon Kinetics U.S. $6,955 482. SkyBridge Capital U.S. $5,855

458. Driehaus Capital U.S. $6,953 483. Capital At Work Group Belgium $5,827

459. Sanderson Asset Mgmt. U.K. $6,908 484. VP Bank Switzerland $5,776

460. European Investors U.S. $6,835 485. PENN Capital U.S. $5,713

461. Iridian Asset Mgmt. U.S. $6,731 486. Zazove Associates U.S. $5,699

462. IDFC Asset Mgmt. India $6,641 487. Dreman Value Mgmt. U.S. $5,654

463. PCCP U.S. $6,616 488. Access Capital Advisers Australia $5,596

464. Cambiar Investors U.S. $6,609 489. Aurion Canada $5,589

465. DePrince, Race & Zollo U.S. $6,588 490. Sound Shore Mgmt. U.S. $5,555

466. Rongtong Fund Mgmt. China $6,489 491. Advent Capital U.S. $5,538

467. Progress Investment U.S. $6,458 492. Parnassus Investments U.S. $5,522

468. SPARX Group Japan $6,413 493. Richmond Capital U.S. $5,440

469. Crestline Investors U.S. $6,400 494. Mercator Asset Mgmt. U.S. $5,437

470. Paradice Investment Australia $6,378 495. Jensen Inves tment U.S. $5,434

471. Opportunity Brazil $6,321 496. Lighthouse Partners U.S. $5,400

472 . Johns on Ins titu tio nal Mgm t. U.S. $6,294 497 . Bos ton Tru st & In ve stm ent U.S. $5,399473. Northcape Capital Australia $6,206 498. Forum Partners U.S. $5,314

474. E.I.M. Switzerland $6,200 499. Independence Capital U.S. $5,250

475. Smith Breeden U.S. $6,174 500. Glenmede Investment U.S. $5,243

pi500 analysis ye2011

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