Today’s challenging environment is reflected in the Euro 100, Institutional Investor’s annual ranking of the region’s largest money managers. In times past managers could usually count on a rising tide to lift all boats. But in the current volatile climate, performance can vary widely. Total assets of the Euro 100 stood at €17.5 trillion ($24.3 trillion) at the end of June, up a modest 3.6 percent from December 2009, a measure of the low returns prevalent across many markets. The performance of individual managers varied significantly, though.Allianz Group, the giant German insurer, remains on top of the list, with €1.69 trillion in assets, up 19 percent from the previous ranking. France’s AXA rises one place, to second, although its assets edged up just 1.5 percent, to €1.05 trillion. Switzerland’s UBS slips one place, to third, even though its assets rose 14.7 percent, to €703 billion. (The bank’s figures represent only discretionary assets, unlike previous years, when they included advisory assets.) France’s Amundi Group is in fourth place, with €691.9 billion, up 3.3 percent; and New York–based
How the Ranking Was CompiledTo compile this ranking, Institutional Investor surveyed banks, insurance companies, pension funds, hedge fund managers, independent fund managers and foreign money management firms with registered offices in Europe. European companies and companies headquartered in Europe (for example, HSBC Global Asset Management) were asked to report global assets under management. Non-European companies were asked to report only European-derived assets (invested domestically or internationally) and non-European assets slated for investment in Europe. Senior Editor Jane B. Kenney gathered 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.
The numbers are as comparable as possible, considering the different accounting practices in Europe. Assets are stated in euros. In some cases assets at continental European institutions are higher than reported because their accounting rules require that they value assets at the lower of cost or market value. As a result of currency conversion and rounding, not all columns add up. Unless otherwise specified, 2011 assets are as of June 30, 2011, and 2010 assets are as of December 31, 2009. Asset totals for 2010 may differ from those previously published and totals for 2011 may differ from portfolio or subsidiary sums because of rounding.