M&As and restructuring also played a part in pushing some firms up the rankings. JPMorgan Fleming Asset Management snapped up US-based Bank One, with the aim of leveraging its fixed income business overseas, whilst Allianz Dresdner Asset Management rebranded its various subsidiaries under one name as Allianz Global Investors after restructuring.
Other firms slid significantly down the table. Janus Capital Group fell 13 places in 2004, continuing to suffer from the mutual fund scandal that shook the industry in 2003. And Dreyfus Corporation dropped 12 places, as its products fared less well against the competition when the markets started to make a comeback.
Gary Dowsett, senior investment consultant for Watson Wyatt, said that international fund houses won more business due to a predilection for global equity mandates. Dowsett also underscored the need for asset managers to focus more on creating good products and understanding the capacity for those products. He predicted that more autonomy and accountability would be handed to investment teams in the near term.
GI 100 largest asset managers of third party business
| 1 | (2) | SsgA | $1,217,436m |
| 2 | (1) | Fidelity Investments | $1,197,500m |
| 3 | (3) | BGI | $1,150,518m |
| 4 | (5) | Vanguard | $750,000m |
| 5 | (7) | JP Morgan Fleming | $747,397m |
| 6 | (4) | Deutsche AM | $700,000m |
| 7 | (14) | Allianz Global Invs | $669,100m |
| 8 | (6) | Capital Research & Mngt Co | $603,674m |
| 9 | (12) | Northern Trust Global Inv | $527,358m |
| 10 | (8) | Citigroup AM | $491,000m |
Global Investor magazine is published by Euromoney Institutional Investor PLC
