要約
世界的金融サービス大手、ウイリス・タワーズワトソン傘下のシンキング・アヘッド・インスティテュート（TAI）が、2021年度の世界資産運用規模上位500社のランキングを発表した。
ヘッジファンド版のランキングはこちら
- 投資は変化の激しい業界で、10年前に発表した上位500の資産運用会社のリストにあった232の名前が2020年のリストには存在せず、競争と統合のペースが早まっていること、ブランドの再構築が行われていることが伺える。
- 顧客のリターンに対する要求は高まっており、より高いリスクを伴う可能性のある商品が好まれる傾向にあり、パッシブ、インデックス・トラッキング、ファクター商品、プライベート・マーケット、ソリューション型金融商品の成長として現れている。
- ダイバーシティ＆インクルージョン（D&I）に対してより積極的な属性を持つアセットマネージャーを探すことに対して、より慎重になっています。成功しているマネージャーは、組織内のD&Iを改善するために断固とした行動をとっている。
- Covid-19は、世界がかつてないほど相互に関連し合い、不確実性が高まっていることを業界に認識させた。また、パンデミックは、ハイブリッドワーキングモデルのようなある種のイノベーションを促進した。ネット・ゼロ・アセット・マネージャー・イニシアチブ（NZAMI）は、2020年12月に発足して以来、128社が署名し、43兆ドルの運用資産を有している。このような大きな変化は、世界中の主要なアセットマネージャーの考え方が変わってきていることを示している。
- 気候変動への配慮だけでなく、SDGs、持続可能な開発目標への注目も高まっている。
- このランキングでは、ブラックロックが2009年以来、最大の資産運用会社としての地位を維持しており、バンガードは7年連続で2位、フィデリティ・インベストメンツはトップ3に入った。
- 地域別のAUM成長率。北米は13.3％の増加、欧州（英国を含む）は16.7％の増加、日本は10.2％の増加となった。その他の地域のマネージャーの AUM は 19.4％増加した。北米のAUMは、2020年末時点で70.6兆米ドルとなり、上位500社のAUM全体の59.1％を占め、昨年より若干減少したものの、依然として圧倒的な存在感を示している。
- 上位20社の運用会社の総資産に占める割合は、2019年の43.0％から2020年には44.0％に増加した。AUM総額は17.2％増の52.6兆米ドルとなった。トップ20には米国の運用会社が14社入っており、トップ20のAUMの78.6％を占めており、残りは欧州の運用会社。
- フランクリン・テンプルトン（米国）とナティクシス・インベストメント・マネージャーズ（フランス）が新たにトップ20に加わった。インベスコ（米国）とウェリントン・アセット・マネジメント（米国）はトップ20から脱落した。
- 上位20社のうち、半数以上（11社）が独立系の資産運用会社で、銀行（7社）、保険会社系の運用会社（2社）がこれに続く。株式と債券の伝統的な資産クラスが引き続き大部分を占めており、全資産の80.2％（株式44.1％、債券36.1％）で、2019年中に16.4％の増加となった。パッシブ投資は26.0％で、Actively management AuMの15.4％の増加に対し、16.2％の増加となった。
AUM成長率が最も高い企業群
上位50社の中で最も年平均成長率（CAGR）の高い企業
トップ50で最大の順位上昇
AUM 1-50 (in US$ million)
| Rank | Manager | Market | Total assets |
| 1 | BlackRock | U.S. | $8,676,680 |
| 2 | Vanguard Group | U.S. | $7,148,807 |
| 3 | Fidelity Investments | U.S. | $3,609,098 |
| 4 | State Street Global | U.S. | $3,467,467 |
| 5 | Allianz Group | Germany | $2,934,265 |
| 6 | J.P. Morgan Chase | U.S. | $2,716,000 |
| 7 | Capital Group | U.S. | $2,383,707 |
| 8 | BNY Mellon | U.S. | $2,210,574 |
| 9 | Goldman Sachs Group | U.S. | $2,145,000 |
| 10 | Amundi | France | $2,126,391 |
| 11 | Legal & General Group | U.K. | $1,736,402 |
| 12 | Prudential Financial | U.S. | $1,720,958 |
| 13 | UBS | Switzerland | $1,641,000 |
| 14 | Franklin Templeton | U.S. | $1,497,955 |
| 15 | Morgan Stanley | U.S. | $1,474,627 |
| 16 | T. Rowe Price | U.S. | $1,470,500 |
| 17 | Wells Fargo | U.S. | $1,455,000 |
| 18 | BNP Paribas | France | $1,430,900 |
| 19 | Northern Trust | U.S. | $1,405,300 |
| 20 | Natixis Investment Managers | France | $1,389,663 |
| 21 | Invesco | U.S. | $1,349,925 |
| 22 | Wellington Mgmt. | U.S. | $1,291,419 |
| 23 | AXA Group | France | $1,267,651 |
| 24 | Nuveen | U.S. | $1,155,591 |
| 25 | Aegon Group | Netherlands | $1,126,920 |
| 26 | HSBC Holdings | U.K. | $1,118,000 |
| 27 | Sumitomo Mitsui Trust Holdings | Japan | $1,059,802 |
| 28 | Sun Life Financial | Canada | $975,154 |
| 29 | Deutsche Bank | Germany | $969,423 |
| 30 | Power Financial | Canada | $893,364 |
| 31 | Manulife | Canada | $887,691 |
| 32 | Ameriprise Financial | U.S. | $886,000 |
| 33 | Mitsubishi UFJ Financial Group | Japan | $852,892 |
| 34 | Principal Financial | U.S. | $806,600 |
| 35 | Schroders | U.K. | $785,146 |
| 36 | Nippon Life Insurance | Japan | $739,067 |
| 37 | Geode Capital Mgmt. | U.S. | $719,441 |
| 38 | Affiliated Managers Group | U.S. | $716,200 |
| 39 | Generali Group | Italy | $706,975 |
| 40 | Fidelity International | U.K. | $706,300 |
| 41 | Royal Bank of Canada | Canada | $693,286 |
| 42 | AllianceBernstein | U.S. | $685,924 |
| 43 | New York Life Investments | U.S. | $662,616 |
| 44 | MetLife Investment | U.S. | $659,600 |
| 45 | Standard Life Aberdeen | U.K. | $624,470 |
| 46 | Federated Hermes | U.S. | $619,430 |
| 47 | Blackstone Group | U.S. | $618,557 |
| 48 | MassMutual | U.S. | $616,000 |
| 49 | Brookfield Asset Mgmt. | Canada | $602,000 |
| 50 | Dimensional Fund Advisors | U.S. | $600,760 |
AUM 51-100
| 51 | Charles Schwab Investment | U.S. | $586,729 |
| 52 | Eaton Vance | U.S. | $583,100 |
| 53 | Nomura Asset Mgmt. | Japan | $568,128 |
| 54 | Prudential | U.K. | $558,300 |
| 55 | Dai-ichi Life Holdings | Japan | $551,429 |
| 56 | Landesbank Baden-Württemberg | Germany | $550,479 |
| 57 | Credit Suisse | Switzerland | $546,983 |
| 58 | Asset Management One | Japan | $526,064 |
| 59 | Intesa Sanpaolo | Italy | $515,491 |
| 60 | Aviva | U.K. | $499,992 |
| 61 | Union Investment | Germany | $474,101 |
| 62 | Nordea | Denmark | $434,551 |
| 63 | Baillie Gifford | U.K. | $430,926 |
| 64 | Macquarie Group | Australia | $424,057 |
| 65 | MEAG | Germany | $413,520 |
| 66 | Neuberger Berman | U.S. | $405,440 |
| 67 | Janus Henderson Group | U.K. | $401,600 |
| 68 | Shinkin Central Bank1 | Japan | $380,492 |
| 69 | BMO Wealth Mgmt. | Canada | $377,492 |
| 70 | Meiji Yasuda Life Insurance1 | Japan | $374,949 |
| 71 | NN Investment Partners | Netherlands | $368,472 |
| 72 | Voya Financial | U.S. | $364,610 |
| 73 | Mercer | U.S. | $356,923 |
| 74 | Sumitomo Life Insurance | Japan | $330,280 |
| 75 | Dodge & Cox | U.S. | $325,309 |
| 76 | Russell Investments | U.S. | $323,655 |
| 77 | E Fund Mgmt. | China | $320,046 |
| 78 | TD Asset Mgmt. | Canada | $319,056 |
| 79 | Societe Generale | France | $314,429 |
| 80 | Swiss Life Asset Managers | Switzerland | $305,427 |
| 81 | Zurich Financial Services | Switzerland | $303,433 |
| 82 | Dekabank Group | Germany | $301,920 |
| 83 | SEI Investments | U.S. | $274,968 |
| 84 | Agricultural Bank of China | China | $259,844 |
| 85 | Lazard | U.S. | $258,642 |
| 86 | SEB | Sweden | $257,100 |
| 87 | Samsung Group | South Korea | $254,912 |
| 88 | NISA Investment | U.S. | $252,989 |
| 89 | Pictet Asset Mgmt. | Switzerland | $252,154 |
| 90 | Kohlberg Kravis Roberts | U.S. | $251,679 |
| 91 | Achmea | Netherlands | $249,333 |
| 92 | TCW Group | U.S. | $247,616 |
| 93 | Guggenheim Investments | U.S. | $246,363 |
| 94 | China Asset Mgmt. | China | $243,973 |
| 95 | Anima Holding | Italy | $238,647 |
| 96 | Bosera Asset Mgmt. | China | $237,200 |
| 97 | Banco do Brasil4 | Brazil | $233,770 |
| 98 | Harvest Fund Mgmt. | China | $230,453 |
| 99 | Scotiabank2 | Canada | $228,192 |
| 100 | Lord, Abbett | U.S. | $223,704 |
AUM 101-150
| 101 | Banco Santander | Spain | $222,311 |
| 102 | China Southern Asset Mgmt.4 | China | $218,400 |
| 103 | CITIC Securities5 | China | $218,143 |
| 104 | Zurcher Kantonalbank | Switzerland | $216,942 |
| 105 | ICBC Credit Suisse Asset Mgmt. | China | $216,026 |
| 106 | Robeco Group | Netherlands | $215,426 |
| 107 | American Century | U.S. | $212,712 |
| 108 | Resona Holdings1 | Japan | $211,024 |
| 109 | CCB Principal Asset Mgmt. | China | $208,366 |
| 110 | Mn Services | Netherlands | $207,695 |
| 111 | Swedbank | Sweden | $204,850 |
| 112 | Royal London Group | U.K. | $200,943 |
| 113 | Conning | U.S. | $197,738 |
| 114 | Ares Mgmt. | U.S. | $196,980 |
| 115 | Aon | U.K. | $183,700 |
| 116 | EFG International | Switzerland | $179,799 |
| 117 | Ninety One | South Africa | $177,679 |
| 118 | China Merchants Fund | China | $177,237 |
| 119 | St. James’s Place | U.K. | $175,553 |
| 120 | Robert W. Baird | U.S. | $173,571 |
| 121 | PNC Financial | U.S. | $169,833 |
| 122 | Raymond James | U.S. | $169,600 |
| 123 | Union Bancaire Privee | Switzerland | $166,926 |
| 124 | Vontobel Asset Mgmt. | Switzerland | $166,360 |
| 125 | Willis Towers Watson | Ireland | $165,887 |
| 126 | Landesbank Hessen-Thuringen | Germany | $165,198 |
| 127 | Danske Bank | Denmark | $164,740 |
| 128 | Fisher Investments | U.S. | $162,785 |
| 129 | Talanx Group | Germany | $157,855 |
| 130 | Artisan Partners | U.S. | $157,776 |
| 131 | BrightSphere | U.S. | $156,700 |
| 132 | China Universal Asset Mgmt.6 | China | $153,516 |
| 133 | IFM Investors | Australia | $151,338 |
| 134 | Itau Unibanco4 | Brazil | $150,377 |
| 135 | CIBC Asset Mgmt. | Canada | $148,923 |
| 136 | Mesirow | U.S. | $147,858 |
| 137 | Victory Capital | U.S. | $147,241 |
| 138 | AMP Capital | Australia | $145,395 |
| 139 | Sumitomo Mitsui DS Asset Mgmt. | Japan | $143,923 |
| 140 | PRIMECAP | U.S. | $142,895 |
| 141 | Fiera Capital | Canada | $140,967 |
| 142 | AQR Capital Mgmt. | U.S. | $140,320 |
| 143 | GAM Holding | Switzerland | $138,161 |
| 144 | Yinhua Fund Mgmt. | China | $137,889 |
| 145 | Caixabank | Spain | $137,266 |
| 146 | Bayerischen Landesbank7 | Germany | $136,923 |
| 147 | Resolute Investment | U.S. | $135,900 |
| 148 | Wilmington Trust | U.S. | $135,801 |
| 149 | Payden & Rygel | U.S. | $135,000 |
| 150 | BBVA | Spain | $134,341 |
AUM 151-200
| 151 | Arrowstreet Capital | U.S. | $133,621 |
| 152 | Groupama Asset Mgmt. | France | $133,387 |
| 153 | Penghua Fund Mgmt.4 | China | $132,633 |
| 154 | Virtus Investment Partners | U.S. | $132,194 |
| 155 | Pacific Century Group | Hong Kong | $126,300 |
| 156 | Covea Group | France | $123,070 |
| 157 | CBRE Global Investors | U.S. | $122,700 |
| 158 | Mirae Asset Financial Group | South Korea | $121,484 |
| 159 | NAB Asset Mgmt.6 | Australia | $120,744 |
| 160 | PFM Asset Mgmt. | U.S. | $120,619 |
| 161 | Man Group | U.K. | $117,700 |
| 162 | BCV | Switzerland | $116,824 |
| 163 | Rothschild | France | $115,209 |
| 164 | IDUNA Gruppe | Germany | $113,981 |
| 165 | Storebrand Group | Norway | $112,311 |
| 166 | OP Financial Group | Finland | $109,468 |
| 167 | Brown Advisory | U.S. | $109,375 |
| 168 | Partners Group | Switzerland | $109,000 |
| 169 | Sompo Holdings | Japan | $107,310 |
| 170 | F Van Lanschot | Netherlands | $106,243 |
| 171 | CI Financial | Canada | $105,648 |
| 172 | LSV Asset Mgmt. | U.S. | $104,316 |
| 173 | Banco Bradesco4 | Brazil | $103,543 |
| 174 | Svenska Handelsbanken | Sweden | $103,280 |
| 175 | Swiss Re | Switzerland | $100,000 |
| 176 | Haitong Securities | China | $98,601 |
| 177 | Securian Financial | U.S. | $97,800 |
| 178 | Caixa Economica Federal4 | Brazil | $96,799 |
| 179 | Hanwha Group | South Korea | $96,271 |
| 180 | Northill Capital | U.K. | $95,100 |
| 181 | Ashmore Group | U.K. | $93,000 |
| 182 | ASR | Netherlands | $91,648 |
| 183 | Fullgoal Fund Mgmt. | China | $90,087 |
| 184 | Metzler Asset Mgmt. | Germany | $89,662 |
| 185 | New England Asset Mgmt. | U.S. | $88,553 |
| 186 | Income Research & Mgmt. | U.S. | $88,336 |
| 187 | Erste-Sparinvest Kapitalanlage8 | Austria | $86,652 |
| 188 | Credit Mutuel | France | $86,100 |
| 189 | Guardian Life | U.S. | $85,500 |
| 190 | KB Asset Mgmt. | South Korea | $85,264 |
| 191 | RhumbLine Advisers | U.S. | $84,053 |
| 192 | OFI AM | France | $82,292 |
| 193 | Hines | U.S. | $81,670 |
| 194 | StepStone Group | U.S. | $80,490 |
| 195 | Cohen & Steers | U.S. | $79,908 |
| 196 | Industrial Alliance Insurance | Canada | $79,523 |
| 197 | GF Securities | China | $79,022 |
| 198 | Jupiter Asset Mgmt. | U.K. | $78,571 |
| 199 | Magellan Asset Mgmt. | Australia | $77,669 |
| 200 | Bank of China Investment Mgmt. | China | $76,835 |
AUM 201-250
| 201 | Hamilton Lane | U.S. | $75,777 |
| 202 | Starwood Capital | U.S. | $75,662 |
| 203 | Old Mutual Investment Group | South Africa | $75,367 |
| 204 | Baloise Asset Mgmt. | Switzerland | $74,970 |
| 205 | Ivy Investments | U.S. | $74,822 |
| 206 | Prologis | U.S. | $74,704 |
| 207 | Bank Degroof Petercam | Belgium | $74,677 |
| 208 | Record Currency Mgmt. | U.K. | $74,645 |
| 209 | LGT Capital Partners | Liechtenstein | $74,201 |
| 210 | Monte dei Paschi di Siena | Italy | $74,186 |
| 211 | Universal-Investment | Germany | $73,572 |
| 212 | Banco BPM | Italy | $73,203 |
| 213 | BTG Pactual | Brazil | $72,497 |
| 214 | Pathway Capital | U.S. | $72,478 |
| 215 | Oddo | France | $71,729 |
| 216 | Versicherungskammer Bayern | Germany | $71,434 |
| 217 | ACTIAM | Netherlands | $71,361 |
| 218 | Lombard Odier Investment | Switzerland | $71,281 |
| 219 | Quintet Private Bank | Luxembourg | $70,869 |
| 220 | LaSalle Investment | U.S. | $70,865 |
| 221 | Pendal Group6 | Australia | $70,796 |
| 222 | Pinnacle Investment | Australia | $70,500 |
| 223 | Sterling Capital | U.S. | $70,078 |
| 224 | William Blair | U.S. | $69,691 |
| 225 | KLP Group | Norway | $69,577 |
| 226 | Sanlam | South Africa | $69,486 |
| 227 | Fort Washington | U.S. | $69,353 |
| 228 | Tokio Marine Holdings4 | Japan | $69,100 |
| 229 | National Bank of Canada2 | Canada | $68,516 |
| 230 | Connor, Clark & Lunn Financial | Canada | $67,881 |
| 231 | Mapfre | Spain | $67,777 |
| 232 | Fukoku Mutual Life Insurance | Japan | $67,121 |
| 233 | Mediolanum | Italy | $66,928 |
| 234 | State Bank of India | India | $65,768 |
| 235 | QIC | Australia | $65,371 |
| 236 | Challenger5 | Australia | $65,308 |
| 237 | La Francaise4 | France | $65,097 |
| 238 | Perpetual | Australia | $64,900 |
| 239 | Mawer Investment Mgmt. | Canada | $63,991 |
| 240 | La Poste | France | $63,623 |
| 241 | Shinhan BNPParibas | South Korea | $63,319 |
| 242 | D.E. Shaw Group | U.S. | $63,266 |
| 243 | Grantham, Mayo v. Otterloo | U.S. | $62,943 |
| 244 | GCM Grosvenor | U.S. | $61,943 |
| 245 | Desjardins Group | Canada | $60,606 |
| 246 | Rabobank Group | Netherlands | $60,061 |
| 247 | River and Mercantile5 | U.K. | $60,011 |
| 248 | Alan Biller and Associates | U.S. | $59,395 |
| 249 | Polen Capital | U.S. | $59,271 |
| 250 | Folksam | Sweden | $58,992 |
AUM 251-300
| 251 | Mondrian Investment Partners | U.K. | $58,974 |
| 252 | Renaissance Technologies | U.S. | $58,719 |
| 253 | Raiffeisen Zentralbank | Austria | $58,635 |
| 254 | Korea ITMC | South Korea | $58,379 |
| 255 | Patrizia Immobilien | Germany | $57,727 |
| 256 | Shinsei Bank | Japan | $57,667 |
| 257 | Intermediate Capital Group | U.K. | $57,655 |
| 258 | J. Safra Sarasin Group | Switzerland | $57,338 |
| 259 | Marathon-London | U.K. | $55,933 |
| 260 | HDFC Asset Mgmt. | India | $55,533 |
| 261 | Gtja Allianz Fund Mgmt. | China | $55,447 |
| 262 | Everbright Securities | China | $53,794 |
| 263 | ICICI Prudential Mutual Fund | India | $53,442 |
| 264 | Liberty Holdings | South Africa | $52,946 |
| 265 | Asahi Mutual Life Insurance | Japan | $52,569 |
| 266 | DNB | Norway | $51,810 |
| 267 | Westpac Banking6 | Australia | $51,659 |
| 268 | Oak Hill Advisors | U.S. | $49,965 |
| 269 | Aristotle | U.S. | $47,900 |
| 270 | Comgest7 | France | $47,656 |
| 271 | NH Amundi Asset Mgmt. | South Korea | $45,847 |
| 272 | Causeway Capital | U.S. | $45,519 |
| 273 | Carmignac | France | $45,445 |
| 274 | SECOR Asset Mgmt. | U.S. | $45,294 |
| 275 | Wiener Städtische Versicherung | Austria | $45,010 |
| 276 | Colliers International Group | Canada | $45,000 |
| 277 | Breckinridge Capital | U.S. | $44,815 |
| 278 | Gruppo Azimut | Italy | $44,596 |
| 279 | Kiwoom AMC | South Korea | $44,362 |
| 280 | HUK Coburg | Germany | $44,325 |
| 281 | Adams Street Partners | U.S. | $43,948 |
| 282 | Thornburg Investment | U.S. | $43,516 |
| 283 | Silchester International | U.K. | $43,475 |
| 284 | Heitman | U.S. | $43,448 |
| 285 | Pzena Investment | U.S. | $43,311 |
| 286 | Colchester Global Investors | U.K. | $43,008 |
| 287 | Angelo, Gordon | U.S. | $43,000 |
| 288 | Lexington Partners | U.S. | $42,721 |
| 289 | HuaAn Funds | China | $42,323 |
| 290 | Alger | U.S. | $42,029 |
| 291 | Beutel, Goodman | Canada | $41,364 |
| 292 | Bankia | Spain | $40,923 |
| 293 | Coronation Fund Managers | South Africa | $40,535 |
| 294 | Arca SGR | Italy | $40,519 |
| 295 | PAG | Hong Kong | $40,000 |
| 296 | Berenberg Group | Germany | $39,901 |
| 297 | Nurnberger | Germany | $39,703 |
| 298 | Goodman Group | Australia | $39,689 |
| 299 | Mirabaud Group | Switzerland | $39,523 |
| 300 | Royal Bank of Scotland | U.K. | $39,510 |
AUM 301-350
| 301 | GoldenTree Asset Mgmt. | U.S. | $39,184 |
| 302 | Kyobo Life Insurance | South Korea | $38,968 |
| 303 | Mitsui Fudosan Investment | Japan | $38,526 |
| 304 | Commerce Trust | U.S. | $38,298 |
| 305 | Parnassus Investments | U.S. | $38,144 |
| 306 | Orbis Investments | Bermuda | $37,140 |
| 307 | Regions Financial | U.S. | $37,140 |
| 308 | Edmond de Rothschild Group | Switzerland | $36,727 |
| 309 | Bank of Nanjing | China | $36,434 |
| 310 | Guardian Capital | Canada | $35,972 |
| 311 | Aditya Birla Sun Life Mutual | India | $35,759 |
| 312 | Charter Hall | Australia | $35,551 |
| 313 | Mitsubishi Estate Group1 | Japan | $35,429 |
| 314 | Alte Leipziger Group | Germany | $35,059 |
| 315 | Tikehau Capital | France | $35,005 |
| 316 | Impax Asset Mgmt. | U.K. | $34,459 |
| 317 | Huatai-PineBridge Investment4 | China | $33,000 |
| 318 | GAMCO Investors | U.S. | $32,561 |
| 319 | Hungkuk ITMC | South Korea | $32,512 |
| 320 | Calamos Advisors | U.S. | $32,348 |
| 321 | Eagle Capital | U.S. | $32,336 |
| 322 | Wasatch Global Investors | U.S. | $32,261 |
| 323 | Laboral Kutxa | Spain | $32,114 |
| 324 | Hotchkis & Wiley | U.S. | $31,687 |
| 325 | Ibercaja | Spain | $31,581 |
| 326 | Vantagepoint Investment | U.S. | $31,498 |
| 327 | Lindsell Train | U.K. | $31,436 |
| 328 | AGF Mgmt. | Canada | $30,860 |
| 329 | Generation Investment Mgmt. | U.K. | $30,700 |
| 330 | Portfolio Advisors | U.S. | $30,640 |
| 331 | Kotak Mahindra Asset Mgmt. | India | $30,492 |
| 332 | Blue Sky Group | Netherlands | $30,073 |
| 333 | MMI Holdings | South Africa | $29,768 |
| 334 | Los Angeles Capital | U.S. | $29,562 |
| 335 | Bank Syz | Switzerland | $29,444 |
| 336 | CIM Group | U.S. | $29,304 |
| 337 | Ruffer | U.K. | $28,512 |
| 338 | Matthews Asia | U.S. | $28,445 |
| 339 | Jackson Square Partners | U.S. | $28,276 |
| 340 | Knights of Columbus Asset | U.S. | $28,275 |
| 341 | NFU Mutual | U.K. | $28,241 |
| 342 | Alexander Forbes | South Africa | $28,090 |
| 343 | Co-operators Group | Canada | $27,979 |
| 344 | Lendlease Investment Mgmt. | Australia | $27,583 |
| 345 | Vinva | Australia | $27,471 |
| 346 | DuPont Capital | U.S. | $27,420 |
| 347 | Uniqa Finanz Group | Austria | $27,413 |
| 348 | Canyon Partners | U.S. | $27,381 |
| 349 | Canso Investment Counsel | Canada | $27,379 |
| 350 | Shenkman Group | U.S. | $27,276 |
免責事項
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