Euro 100
Overall, the Euro 100 firms saw their total assets rise 5.5 percent, to E16.1 trillion. (This total excludes the assets for J.P. Morgan Fleming Asset Management, Nextra Investment Management and Sal. Oppenheim Jr. & Cie., because these firms did not report comparable assets for year-end 2000). The top ten money managers, led once again by UBS, which has finished first for nine out of the past ten years, fared even better, with a 7.6 percent gain. But these numbers mask fundamental problems. Fully 52 companies in the top 100 showed declines in assets. The bulk of the increase in the top ten, which account for 49 percent of all assets, came from acquisitions, not organic growth: Allianz Group, for example, soared by E472 billion in assets to second place, from sixth, thanks to its purchase of Dresdner Bank and Nicholas-Applegate Capital Management. Further down the ranks, State Street Global Advisors showed one of the strongest gains, from E129.1 billion to E193.8 billion, as the Boston-based firm added Gartmore Investment Management's passive business, in addition to new business wins. State Street jumped from 32nd to 18th on our list. Schroder Investment Management, meanwhile, dipped from 16th to 20th as assets fell from E210.2 billion to E180.3 billion. All of this adds up to some unattractive performance numbers for the industry. Anticipating slower growth from retail investors and no significant pickup in institutional demand, a September 2002 Oliver Wyman survey estimates that European money managers will see revenues increase 7 percent per year between 2001 and 2006, down from about 15 percent a year between 1995 and 2000.
To complete the ranking, Institutional Investor surveyed more than 200 banks, insurance companies, pension funds, independent fund managers and foreign money management firms with registered offices in Europe. European companies and companies headquartered in Europe (for example, HSBC Holdings) were asked to report global assets under management. Non-European companies were allowed to report only European-derived assets (invested domestically or internationally) and non-European assets slated for investment in Europe. Senior Associate Editor Tucker Ewing, with the assistance of Associate Editor Erika Ihara, compiled the data from questionnaires completed by the institutions themselves. This information was supported by annual reports, additional reporting and follow-up faxes and telephone calls.
As in past years the numbers are as comparable as possible given the different accounting practices in Europe. All assets are stated in euros. In some cases, assets at continental European institutions will be higher than reported because their accounting rules require that they value assets at the lower of cost or market value. Currency conversion and rounding mean that not all columns will add up. All information is as of December 31, 2001.