Blackrock保留了皇冠作为美国最大的货币经理

投资者已经赞成目前在积极管理的同行上的指数基金，但积极的经理正在看到机会as markets shudder关于中国经济放缓的消息，疑虑Greece’s futurein the euro zone and other concerns. While it’s safe to say that no one in asset management wants a market meltdown, managers are clearly itching to prove they can protect investors from the full brunt of any damage and once again outpace their benchmarks.

And investors appear willing to let them. Total assets of the firms in the II300,亚博赞助欧冠’s annual ranking of America’s largest asset managers, rose nearly 7 percent year-over-year in 2014, from$42.3 trillion达到45.2万亿美元。

超过10％的总数由纽约管理BlackRock, which holds the top spot on this roster for a sixth year running.Vanguard集团- 一个明确的受益者对指数投资的趋势，致力于其交流交易和目标日期基金 - 将一级升至第二名，价格为2.71万亿美元。宾夕法尼亚州的Malvernmutual fund giant增加近4190亿美元，使其成为美元的最大奖金。（纽约的TIAA-CREF，其中截止了第12号到第15号，是今年百分比的最大奖金;其AUM总量飙升近48％，达到816亿美元。）

Vanguard的提升颠簸基于波士顿State Street Global Advisors, with $2.45 trillion, down a notch to third place. State Street’s crosstown rival, Fidelity Investments, rises one rung to No. 4, with $2 trillion. It displaces Allianz Asset Management of America, which slips one spot largely owing to losses at its Newport Beach, California-based subsidiary Pacific Investment Management Co. PIMCO’s assets dropped from $1.9 trillion to $1.7 trillion after famed bond managerBill Gross departedfor Janus Capital Management last fall.

要查看完整列表，请单击“America’s Top 300 Money Managers在右侧导航表中。Subscribers可以访问其他数据，包括公司投资组合混合的区域排名和详细信息。

芝加哥北部信托资产管理总裁Stephen Potter表示，“工程股权”有助于推动该公司的增长，从13亿美元增加到9.34亿美元后，从第13岁跳跃至第11号。“工程股权比smart beta,” he says. “We use factor models rather than just focusing on the benchmark.”

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投资者are increasingly投资于智能β，混合有源和被动策略，并且通常可以提供系统暴露于质量和低波动等因素。在过去，他们可能已经沿着风格箱的线路投资，例如小帽的增长。现在他们通过更多关于风险来改进它。波特说，他的公司正在继续对因素进行研究，并通过市场周期监测它们。“毫无疑问，这些产品的商业化有很多空间来运行，”他补充道。

腿部梅森有七个联盟经理，也有其目光，也有眼睛对智能β产品。“机构正越来越意识到市场上加权指数中的嵌入式偏见，”巴尔的摩的公司的业务发展负责人观察到托马斯·篮球，即使它的总升起by $30 billion, to $709 billion: “There’s an interesting debate going on about what beta really is. It’s not just the S&P 500.”

Eric Colson, CEO of this year’s No. 61 firm, Milwaukee’s Artisan Partners (with AUM of $108 billion), believes that active management “is about products that are difficult to replicate with passive exposure.” If an investment can simply fit into a style box or category, an index fund might be able to compete; he wants Artisan’s offerings to be different. The firm just launched the Artisan Developing World Fund, which seeks to capitalize on growth opportunities but is not pegged to the MSCI Emerging Markets Index. It also boasts Mark Yockey, a renowned portfolio manager of global equity, who manages products that are concentrated and vary their exposure around the world.

“如果被动在一边，纯粹的alpha是另一方，中间才有太多，”哥尔森说。“如果你是一个活跃的经理，你必须增加你的自由度，以便可以将您的投资暴露与指数区分开来。”

Lisa Jones, CEO of the U.S. division of No. 81, Italy’s Pioneer Investments, agrees that active managers can fight back against index funds by building flexibility into their products. “If you can smooth out volatility of returns and damp the drawdown, then you can compete alongside passive,” she maintains. Pioneer’s $6.5 billion concentrated equity strategy, which invests in 35 to 40 stocks and has delivered upside while protecting investors on the downside, is one example. The strategy has contributed to the firm’s growth this year, she says.

Jones explains that in the past managers could defend underperformance relative to a benchmark based on whether their style was in or out of favor. “As long as the underperformance was consistent, you got a hall pass,” she explains.

随着增长的变化被动投资;机构客户现在预计管理人员在所有市场环境中占外。“客户看出了在投资组合中真正在投资组合中进行主动赌注的经理，他们拥有高信念和有限的投资组合控股，”Jones报告。

J.P.摩根资产管理，仍然是II300的第6号，以1.7万亿美元，在美国和欧洲的养老金和保险咨询中建立了诸如养老金和保险咨询的团队，以及大卫凯利，主要全球战略博士的市场洞察计划。该公司为投资组合建设和资产分配的顾问提供指导，例如如何使用替代方案，并在固定收入中获得更好的多样化。

George Gatch, global head of investment management clients, says half of the $55 billion that J.P. Morgan attracted in new global assets went into multiasset strategies, which include target-date funds, custom glide path funds, mandates for pensions and insurance companies, and alternatives. “Clients want more holistic advice, and we’re building that out,” he says. “The conversations that we’re having start broadly, then end with a solution around liability-driven investments or a strategic partnership with a defined benefit plan where we get a vertical slice of their portfolio. It’s a fundamental shift.”

为了更好地竞争指标基金，积极的管理人员需要保护他们的才能和能力产生巨大的回报。虽然关闭了流行的产品并不总是有趣，但结束资金是保护经理的Alpha发生器的最佳方法之一。MFS投资管理，该管理从今年名单中的第23次下降，已关闭12个机构战略，从新兴市场债务和全球股权的债务和国际小组资产。“我们需要限制保护客户的能力，”波士顿的公司迈克尔·罗伯格，共同首席执行官和首席投资官争夺430亿美元。“更大的资金得到了，他们越漂泊和对性能的效果越多。”

Visit Julie Segal’s blog and follow her on Twitter at@julie_segal..