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Vault Guide to the Top 25 Investment Management Employers 2009 Edition Table of Contents A GUIDE TO THIS GUIDE 1 INTRODUCTION 3 Investment Management Overview.................................................. 5 History/State of the Industry ............................................................ 6 THE VAULT PRESTIGE RANKINGS 17 Ranking Methodology .................................................................... 19 The Vault 25: 2008 Rankings ........................................................ 20 THE VAULT 25 21 1. Goldman Sachs ...........................................................................22 2. BlackRock .................................................................................. 30 3. The Blackstone Group................................................................ 44 4. Barclays Global Investors, N A ................................................. 56 5. Lehman Brothers--Investment Management Division ............. 62 6. JPMorgan Asset Management.................................................... 72 7. Pacific Investment Management Co. (PIMCO) ......................... 82 8. D. E. Shaw and Co. ....................................................................... 90 9. Wellington Management Co., LLP ............................................ 96 10. Deutsche Bank--Private Clients and Asset Management .... 102 11. Merrill Lynch--Global Wealth Management ........................ 110 12. Morgan Stanley Investment Management ............................. 122 13. Fidelity Investments ............................................................... 130 14. Lazard Asset Management ..................................................... 138 15. UBS ........................................................................................ 144 16. Credit Suisse's Asset Management Business ...........................156 17. Ca1PERS ................................................................................. 164 18. AllianceBernstein .................................................................... 170 19. The Vanguard Group ............................................................... 178 20. HSBC North America Holdings .............................................. 184 21. T. Rowe Price .......................................................................... 192 22. GE Asset Management ............................................................ 198 23. Franklin Resources, Inc. (Franklin Templeton Investments) 202 24. Pequot Capital Management ....................................................210 25. ING Investment Management ................................................. 218 THE BEST OF THE REST 227 Allianz Group ................................................................................ 228 American Century Investments ..................................................... 234 Ameriprise Financial ..................................................................... 241 Bank of America ............................................................................ 249 The Bank of New York Mellon ..................................................... 256 The Capital Group Companies ...................................................... 266 Charles Schwab ............................................................................. 272 DC Energy ..................................................................................... 278 Dreyfus Corporation ...................................................................... 288 Edward Jones.................................................................................. 294 E*TRADE FINANCIAL................................................................ 301 Federated Investors ........................................................................ 309 GAMCO Investors, Inc. .................................................................314 GMO .............................................................................................. 319 Invesco Ltd. ................................................................................... 323 Janus Capital Group .......................................................................331 Legg Mason ..................................................................................... 338 MFC Global Investment Management LLC ................................... 344 MFS Investment Management ........................................................ 348 Morgan Keegan­Wealth Management Division .......................... 354 NATIXIS Global Asset Management ...........................................360 Northern Trust Corporation .......................................................... 364 Nuveen Investments ..................................................................... 370 Pioneer Investments ......................................................................376 Principal Global Investors ............................................................ 381 Putnam Investments ...................................................................... 385 Raymond James Financial ............................................................ 391 Russell Investments ...................................................................... 399 Schroders plc ................................................................................ 404 State Street Corporation ............................................................... 410 The TCW Group ........................................................................... 420 TIAA-CREF ................................................................................. 424 Victory Capital Management.........................................................430 Wachovia/Evergreen Investments ................................................ 434 ABOUT THE EDITOR 444