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黑石Retains Crown as America’s Largest Money Manager
Total assets held by the II300, Institutional Investor’s annual ranking of the nation’s biggest buy-side firms, top $45 trillion.
From锁定排名
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随着市场不寒而栗on news of China’s economic slowdown, doubts about希腊的未来在欧元区等问题。虽然可以说资产管理中没有人想要市场崩溃，但是管理者显然是为了证明他们可以保护投资者免受任何损害的完全损坏，并再次出现他们的基准。
投资者似乎愿意让他们。II300中公司的总资产，亚博赞助欧冠美国最大的资产管理人员年度排名，2014年上升了近7％，从42.3万亿美元to $45.2 trillion.
超过10％的总数由纽约管理黑石，它在第六年跑了第六年的这个名单上的顶点。Vanguard Group— a clear beneficiary of the trend toward index investing, thanks largely to its exchange-traded and target-date funds — climbs one level to second place, with $2.71 trillion. The Malvern, Pennsylvania–based共同基金巨头’s increase of nearly $419 billion makes it the biggest gainer in dollar terms. (New York’s TIAA-CREF, which leaps from No. 20 to No. 15, is the year’s biggest gainer in percentage terms; its AUM total surged nearly 48 percent, to $816 billion.)
Vanguard’s ascension bumps Boston-based州街全球顾问，价格为2.45万亿美元，沿着第三名陷入困境。州街的克罗斯斯敦竞争对手，保真投资，升至4号梯级，达到4亿美元。它取代了美国的Allianz资产管理，这在加利福尼亚州的纽波特海滩亏损的损失，加利福尼亚州的附属太平洋投资管理公司Pimco资产从1.9万亿美元下降到着名的债券经理后的1.7万亿美元比尔总偏离了最后秋天的Janus Capital Management。
To view the full list, click on美国的前300名货币管理人员in the navigation table at right.订阅者can access additional data, including regional rankings and details on the firms’ portfolio mixes.
总裁史蒂芬·波特Northern Trust Asset Management in Chicago, says “engineered equity” helps drive growth at the firm, which jumps from No. 13 to No. 11 after its AUM total increased by $50 billion, to $934 billion. “Engineered equity is more fulsome than聪明的测试版，“ 他说。“我们使用因子模型而不是专注于基准。”
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投资者越来越多投资智能测试版那which mixes active and passive strategies and often can provide systematic exposure to factors such as quality and low volatility. In the past they might have invested along the lines of style boxes, such as small-cap growth. Now they’re refining that by thinking more about risk. Potter says his firm is continuing to conduct research on factors and monitor them through market cycles. “There is no question that the commercialization of these products has a lot of room to run,” he adds.
Legg Mason那which has seven affiliate managers, also has its eye on smart-beta products. “Institutions are becoming more aware of the embedded bias in market-cap-weighted indexes,” observes Thomas Hoops, head of business development at the Baltimore-based firm, which slips from No. 17 to No. 18 even though its AUM total rose 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.”
Milwaukee的第61家公司首席执行官Eric Colson（Milwaukee）的工匠合作伙伴（占1080亿美元的AUM）认为，积极的管理“是关于难以用被动暴露复制的产品。”如果投资简单地适合风格框或类别，则指数基金可能能够竞争;他希望工匠的产品不同。该公司刚刚推出了艺术家发展世界基金，旨在利用增长机会，但并未挂钩MSCI新兴市场指数。它还拥有全球股权的着名产品经理Mark Yockey，他管理集中的产品，并在全球范围内改变他们的曝光。
“If passive is on one side and pure alpha is on the other, there is just too much in the middle,” says Colson. “If you’re an active manager, you have to increase your degrees of freedom so you can differentiate your investment exposure relative to an index.”
美国美国第81号首席执行官的丽莎琼斯意大利先锋投资同意，积极经理可以通过建设产品的灵活性来反对指数基金。“如果你能够平稳地脱离返回并抑制拉出的波动，那么你可以与被动竞争，”她保持。先锋的65亿美元集中股权战略，投资35至40股股票，并在保护投资者对缺点的同时提供多余的股票。她说，该战略促成了今年该公司的增长。
琼斯解释说，在过去的经理中可以根据他们的风格是否进入或失控，相对于基准来保护表现不佳。“只要表现不佳是一致的，你就有一个大厅通行证，”她解释道。
That’s changed with the growth ofpassive investing; institutional clients now expect managers to outperform in all market environments. “Clients look at managers who are truly making active bets in the portfolio, who have high conviction and a limited number of portfolio holdings,” Jones reports.
J.P. Morgan Asset Management, which remains at No. 6 on the II300, with $1.7 trillion, has built out teams around pension and insurance advisory in the U.S. and Europe, as well as market insight programs run by David Kelly, chief global strategist. The firm provides guidance to advisers on portfolio construction and asset allocation, such as how to use alternatives and get better diversification in fixed income.
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.”
To better compete against index funds, active managers need to protect their talent and ability to generate great returns. Although it’s not always fun to shut off a popular offering, closing funds is one of the best ways to protect a manager’s alpha generator. MFS Investment Management, which drops from No. 23 to No. 24 on this year’s roster, has closed 12 institutional strategies, from emerging-markets debt and international small-cap equity to global equity. “We need to restrict capacity to protect clients,” contends Michael Roberge, co-CEO and chief investment officer of the Boston-based firm, with AUM of $430 billion. “The bigger funds get, the more they drift and the more effect that has on performance.”
访问Julie Segal的博客，然后在推特上跟随她@julie_segal。