AuM down in Europe but rising in US

New York stock exchangeAssets under management by European managers declined nearly 5% in 2010 while in the United States the figure increased nearly 10%, according to a survey of 500 managers by consultancy Towers Watson. Total assets under management for the 500 companies was $64.7 trillion (€46 trillion) at the end of 2010, says the survey, up from 2009 but still below the 2007 level. With $33.5 trillion under management, US firms account for more than half the total assets. Europe is in second place with $22.9 trillion, while Japanese firms have a steadily growing total of nearly $5 trillion. The world's biggest asset manager, BlackRock, had $3.6 trillion under management at the end of 2010, though the firm's third-quarter earnings report reveals this has since declined to $3.3 trillion. In second place, State Street Global Advisors was slightly ahead of Allianz Group, the only non-US firm in the top five, followed by Fidelity Investments and Vanguard Group. ©2011 funds europe

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