Institutional Investor Magazine

UBS Takes Top Honors For the Seventh Straight Year in Institutional Investor Magazine's Euro 100 Ranking

    New York, November 12 (ots/PRNewswire) - For the seventh year running, UBS tops the Euro 100, Institutional Investor magazine's annual ranking of Europe's largest money managers by assets under management, published in the November issue. The Swiss bank managed a total of euro 1.4 trillion at year-end 2003. Munich-based Allianz Group, with euro 935 billion under its purview, takes second place for a second year, and Barclays Global Investors of London, with euro 847 billion under management, surges from sixth place to third.

    Last year total assets of the Euro 100 grew by only 5.3 percent, to euro 14.5 trillion, despite strong equity market appreciation -- a 28.7 percent rise in the Standard & Poor's 500 index and a 17.4 percent gain in the MSCI EAFE index.

    European money managers face ever more demanding clients, who are suspicious of size -- and increasingly skeptical about the promises of active management. As more and more pension funds turn to index funds for their beta and high-octane strategies such as hedge funds for their alpha, traditional active managers are feeling the pinch. Indeed, BGI and State Street Global Advisors, both of which offer index funds and hedge funds, have profited from this trend; BGI's three-notch climb is the biggest gain among the top 10 managers in the Euro 100, while archrival State Street rises from No. 23 to No. 18.

    Here are the five largest firms ranked in the 2004 Euro 100:

                                                                              under Mgmt
                    Rank    Firm                              (euro  millions)
                        1      UBS                                  euro 1,416,853
                        2      Allianz Group                              934,690
                        3      Barclays Global Investors          846,930
                        4      AXA Group                                    775,000
                        5      Credit Suisse Group                    769,295

    Boutiques -- some decades old, others just start-ups -- are thriving. London-based Marathon Asset Management debuts in the Euro 100 at No. 99, with euro 17 billion in assets. In the three years ended December 31, 2003, Marathon topped the charts of all global equity managers, with an average annual return of 27 percent. And some midsize firms are prospering too. Edinburgh-based Baillie Gifford & Co., with euro 38.5 billion under management, moves up seven places in the ranking to No. 76, posting the biggest gain, in terms of places, of any firm in the Euro 100.

    Based on a survey of hundreds of institutions, II's Euro 100 ranks European firms and firms based in Europe based on global assets under management. Non-European firms are ranked on their assets derived from Europe and non-European assets slated for investment there. All data is as of December 31, 2003.

    For the complete article and more details on the ranking, please visit

    Web site:

ots Originaltext: Institutional Investor Magazine
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Kim Lemmonds of Institutional Investor magazine, +1-212-224-3650,

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