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2009 Euro 100 -Europe's Biggest Money Managers
Overview | Euro 100 Equities | Euro 100 Fixed-Income | Euro 100 Miscellaneous | Methodology | 2008 Results | View Article |


Overview

Financial Crisis Leaves Its Mark on Europe’s Fund Managers

The financial turbulence of the past two years had a significant impact the Euro 100, Institutional Investor’s exclusive annual ranking of the region’s largest fund managers. Assets managed by these firms fell by 22.2 percent, or a whopping €4.5 trillion ($6.7 trillion), in 2008, to a total of €15.8 trillion.

UBS leads the Euro 100 for a 12th consecutive year, but the big Swiss bank suffers a big decline in assets that substantially narrows its lead. The bank’s assets under management tumbled by 24.3 percent, or €410 billion, to €1.28 trillion at the end of 2008. UBS reported further outflows of Sf54 billion ($50 billion) in the first half of this year, a period in which it paid a $780 million fine and agreed to pull out of cross-border money management for U.S. clients to settle U.S. allegations that the bank had helped American investors avoid income taxes.

Allianz Group jumps two places, to second. The German insurer saw its assets decline by a relatively modest 11.1 percent last year, to €1.14 trillion. Allianz benefited from a heavy exposure to bonds, reflecting the strength of its big fixed-income subsidiary, Pacific Investment Management Co. Fully 85 percent of the assets of Allianz Global Investor, the fund management arm that contains Pimco, were in bonds at the end of last year. The insurer also moved to bulk up by agreeing in November to acquire Cominvest Asset Management, the €55.4 billion arm of Commerzbank; the deal closed in January.

BGI slips one place to third, followed by France’s AXA and -Credit -Suisse Group.


More-detailed coverage of the 2009 Europe's Biggest Money Managers can be found in the November issue of Institutional Investor. To start your subscription, click here.

For more information about these rankings, please contact Alyssa Walker at awalker@iiresearchgroup.com.

Click here to purchase this ranking, as well as other money management rankings, in Excel format.



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