Overview
In the space of a few weeks this autumn, the betting line among investors on a December rate hike by the U.S. Federal Reserve Board went from a long shot to a strong consensus. Across the pond conditions are very different. With inflation virtually nonexistent and growth still sluggish, president Mario Draghi has made it clear that easy money remains the order of the day at the European Central Bank.
Investors are taking note. “We live in a world of low growth, which probably means monetary policy that’s lower for longer,” says Jay Ralph, Munich-based chair of Allianz Asset Management, the investment arm of the German insurer Allianz. “For investors that leaves no alternative but to take some risk.”
Allianz retains its place at the top of the Euro 100, Institutional Investor’s exclusive ranking of the region’s largest investment managers, with $1.81 trillion in assets under management on June 30. Its lead over rivals has narrowed, though, reflecting outflows at its U.S. bond specialist arm, Pacific Investment Management Co., following the departure of co-founder Bill Gross last year.
How This Ranking Was Compiled
To compile this ranking, Institutional Investor surveyed banks, insurance companies, independent fund managers, foreign money management firms with registered offices in Europe, hedge funds and pension funds (internally managed). Companies headquartered in Europe 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 Research Editor Jane B. Kenney, assisted by Researcher Valentina McKenzie, gathered the data from questionnaires completed by the institutions themselves. We supplemented this information with additional reporting, annual reports and follow-up e-mails and telephone calls.
The numbers are as comparable as possible considering different accounting practices. 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, asset figures are as of June 30 of 2015 and 2014, respectively. Totals for 2014 may differ from those previously published, and totals for 2015 may differ from portfolio or subsidiary sums because of rounding.