World Investment Services Market Brief

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The global outlook series on Investment Services provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a bird's eye view of the prevalent scenario in the global Investment Services industry. The report provides a rudimentary insight into the industry's structure, and segmental composition and trends i.e. Asset Management, Mutual Funds, Institutional Asset Management, Investment Banking, Underwriting, Securities, and other alternative investments. Discussions on all of these areas are buttressed with 123 data rich tables and easy-to-understand pictorial data representations. The report also provides an exhaustive compilation of all the recent mergers, and acquisitions. Major markets discussed in the report include United States, Canada, Japan, Europe, France, Germany, UK, Russia, Asia, Australia, China, Hong Kong, and Latin America, among others. The report also includes an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 401 companies worldwide.

INVESTMENT SERVICES GOS-106

A GLOBAL OUTLOOK, SEPTEMBER 2008

CONTENTS

1. Industry Overview 1

Alternative Investments Witness Rapid Growth 1

Hedge Funds Sector Growing Fast 1

Table 1: Global Hedge Fund Assets: 2000-2005 1

Globalization Drives Industry Growth 2

Technology Advancements Spur Productivity 2

Demographics Propel Investment Markets 2

2. Industry Structure 2

Investment Management Industry 2

Investment Banking & Brokerage Industry 2

Alternative Investments 3

Hedge Funds 3

Managed Futures 3

Exchange-Traded Funds 3

Separately Managed Accounts 4

Table 2: 2005 Top 10 Securities Companies by Revenue (In $

billion) 4

Private Equity 4

3. A Review of Industry Segments 5

Investment Management 5

Table 3: Worldwide Investment Management Growth for the

Period 2004-2005 5

Asset Management Industry 6

Current Scenario 6

Table 4: Worldwide Assets Under Management (AUM) by Select

Region/ Country (2005): Annual Estimates in US$ Trillion

for North America, Europe, Asia-Pacific/other, and Japan 6

Sector Gains Momentum 7

Factors Governing the Market 7

New Regulatory Requirements 7

Relationship between Asset Management Firms and Third

Party Distributors 7

Governance Codes or Laws 7

Alternative Investments Drive Market Growth 8

Corporate Initiatives to Improve Performance 8

Expanding Operations 8

Year 2005 in Review 8

Mutual Funds Market -- A Review 9

Table 5: Global Number of Mutual Funds by Region: Annual

Estimates for 2004 and 2005 for Europe, Americas,

Asia-Pacific, and Africa 9

Net Assets of Mutual Funds Worldwide 9

Table 6: Global Net Assets Value of Mutual Funds by Region:

Annual Estimates for 2004 and 2005 in US$ Million for

Americas, Europe, Asia-Pacific, and Africa 9

Market Drivers 9

Institutional Asset Management 10

Table 7: World Leading Institutional Asset Managers: 2004 10

Custody Assets Market 11

Pension Funds Market 11

Sector Gains Importance 11

Merger Funds 11

Investment Banking 11

Industry Overview 11

Sponsorships Drives Up the Investment Banking Sector 11

Investment and Commercial Banking Convergence to Drive the

Market 12

Table 8: Worldwide Leading Investment Banks by Debt Amount:

2004 12

Table 9: Worldwide Leading Investment Banks by Equity and

Equity-Related Amount: 2004 13

Table 10: Leading Global Banks by Market Capitalization:

Annual Estimates in Euro Billion for HSBC, UBS, Royal Bank

of Scotland, SCH, BNP Paribas, ING, UniCredito Italiano,

Barclays Bank, BBVA, Credit Suisse, HBOS, Societe Generale,

Deutsche Bank, Credit Agricole, Lloyds TSB, ABN AMRO,

Fortis, KBC, Banca Intesa, and Standard Chartered 13

Table 11: Global Leading Banks by Brand Value (2005): Annual

Estimates in US$ Million for Citi, HSBC, Bank of America,

American Express, Santander, UBS, Wells Fargo, BNP Paribas,

Barclays, and JP Morgan Chase 14

Table 12: Worldwide Leading Private Banks (2006): Assets

Under Management (AUM) in US$ Billion for Merrill Lynch,

UBS, Citigroup, Melton Bank, Credit Suisse, Bank of America,

JP Morgan, Morgan Stanley, HSBC, Wachovia, Deutsche Bank,

Goldman Sachs, Julius Baer, ABN Amro, BNP Paribas, Barclays

Wealth, Sal Oppenheim, Banco Santander Central Hispano,

Dresdner Bank, Lombard Odier Darier Hentsch 15

Underwriting - A Significant Contributor to Investment

Banking Industry 16

Debt Underwriting 16

Table 13: Percentage Revenue Breakdown of Debt

Underwriting: 2004 16

Table 14: Worldwide Investment Grade Revenues by Bank: 2004 16

Equity Underwriting 16

Table 15: Revenue Breakdown of Equity Underwriting: 2004 17

M&A Advisory Business 17

Worldwide Leading Financial Advisors for Announced M&A

Transactions 17

Table 16: Worldwide Leading M&A Advisors for Announced

Deals: 2004 18

Table 17: Worldwide Leading M&A Advisors for Completed

Deals: 2004 18

A Review of the World M&A Transactions in 2004 19

Table 18: Global Merger and Acquisitions by Sector 2003 &

2004 19

Table 19: Major M&A Deals in 2004 19

Securities Industry 20

Table 20: Stock and Bond Issues Worldwide by Manager: 2004 20

Alternative Investments 20

Hedge Funds 20

Table 21: Hedge Funds Industry Growth in terms of Assets

and Number of Funds: 1995- 2005 21

Investors in Hedge Funds Industry 21

Leading Hedge Fund Managers 21

Table 22: Global Leading Hedge Fund Management Companies

(2006): Assets in US$ Million for Goldman Sachs Asset

Management, Bridgewater Associates, D.E. Shaw Group,

Farallon Capital Management, ESL Investments, Barclays

Global Investors, Och-Ziff Capital Management Group, Man

Investments, Tudor Investment Corp., and Caxton Associates 22

Regional Landscape 22

Hedging Strategies 22

Types of Hedge Funds 23

Single-manager funds 23

Funds of Hedge Funds (FOHFs) 23

Problems Faced by the Hedge Fund Industry 23

Strategies Adopted by Hedge Fund Industry 24

Private Equity 24

4. Mergers and Acquisitions 24

5. Strategic Corporate Developments 54

6. Product/Service Launches 64

REGIONAL MARKET ANALYSES

1. United States 65

Investment Management 65

A Recent Past Perspective 65

Table 23: Banking Industry in North America (2005):

Percentage Breakdown of Cash and Investment Portfolio by

Category - Retirement Accounts, Stocks, Pooled Investment

Funds, Transaction Accounts, Other managed Assets, Bonds,

Cash Value Life Insurance, and Other 66

Table 24: United States Hedge Funds and Private Equity

Market (2003-2005): Total Assets in US$ Million 66

Table 25: Investment Mix of Private Defined Benefit Plan

Assets by Type in the US: 2003 through 2005 in Billions of

US$ for Equity Bonds, Mutual Funds, Cash Items, and Other

Assets 66

Table 26: United States Investment Market (2005): Total

Assets of US-Registered Investment Companies in US$ Billion

by Select Asset Type - Exchange-Traded Fund Assets,

Closed-End Fund Assets, and Unit Investment Trust Assets 67

Table 27: United States Investment Market (2003-2005):

Number of Investment Companies by Type - Mutual Funds, Unit

Investment Trust, Closed-End Funds, and Exchange-Traded

Funds 67

Table 28: United States Investment Industry (2005):

Percentage Breakdown of Employment by Job Type - Investor

Servicing, Fund Management, Fund Administration, Sales, and

Distribution 67

Table 29: Leading Mortgage Originators in the US Market

(2005): Mortgage Origination Value in US$ Billion for

Countrywide, Wells Fargo, Washington Mutual, Chase Home

Finance, Bank of America, CitiMortgage, GMAC Residential,

Ameriquest, GMAC-RFC, and IndyMac 68

Revenues for Investment-Advice Services -- A Recent Past

Perspective 68

Friedman Billings Ramsey (FBR) 68

Market Outlook 69

Mutual Funds Market in the US 69

Table 30: United States Mutual Fund Industry: Number of

Funds, Total Net Assets, and Number of Shareholder Accounts

for 2003 through 2005 69

Table 31: United States Mutual Fund Industry (2005):

Households Owning Mutual Funds (%), Average Investment of

Fund-Owning Households in Mutual Funds (In US$), and

Aggregate of All Household Financial Investments in Mutual

Funds (%) 69

Table 32: United States Select Mutual Funds by Fund Name

(2006): 1-Year Returns and 3-Year Returns in Percentages for

Jacob Internet, Matthews Asian Technology, Royce Technology

Value Service, Waddell & Reed Adv Science & Tech A, T. Rowe

Price Global Technology, Quant Emerging Markets Ord,

Excelsior Emerging Markets, Evergreen Emerging Markets Growth

A, and RS Emerging Markets A 70

Table 33: Financial Services Mutual Funds (1-Year Total

Return and 3-Year Annualized Total Return) by Fund Name in

the US: 2005 in Percentages for Merrill Lynch Global

Financial Svcs B, Forward Emerald Banking and Finance A,

Fidelity Select Brokerage & Investment, and Others 71

Table 34: United States Mutual Fund Industry: Number of Share

Classes for 2004 and 2005 by Fund Type -Equity Funds, Bond

Funds, Money Market Funds, and Hybrid Funds 71

Table 35: United States Mutual Fund Industry: Number of

Shareholder Accounts in ˜000 for 2004 and 2005 by Long-term

Fund Type - Equity Funds, Money Market Funds, Bond Funds,

and Hybrid Funds 72

Table 36: Number of Mutual Funds in the US by Type: 2005 72

Table 37: United States Mutual Fund Industry: Total Net

Assets in US$ Billion for 2004 and 2005 by Long-term Fund

Type - Equity Funds, Money Market Funds, Bond Funds, and

Hybrid Funds 72

Table 38: Assets in 401(K) Plans by Type in the US: 2003

through 2005 in Billions of US$ for Mutual Fund 401(K) Plan

Assets, and Other 401(k) Plan Assets 73

Table 39: Top Ten Mutual Fund Companies by Assets in the US:

2005 in Billions of US$ for Fidelity Investments, Vanguard

Group, Capital Research & Management, and Others 74

Table 40: United States Leading Mutual Fund Management Firms

by Direct-contribution (DC) Assets (2005 & 2006): Annual

Estimates in US$ Million for Fidelity Investments, The

Vanguard Group, Barclays Global Investors, State Street

Global Advisors, T. Rowe Price, Nationwide Financial, JP

Morgan Retirement Plan Services, Prudential Retirement,

Principal Financial Group, ING, INVESCO, Charles Schwab

Corporate Services, Wells Fargo, Lincoln Financial Group, and

MassMutual Financial Services 75

Table 41: United States'Leading Mutual Fund Management

Companies by Non-US Securities/Assets Under Management

(2005): Annual Estimates in US$ Million for Barclays Global

Investors, Capital Group Cos., State Street Global Advisors,

AXA Group, J.P.