Financial Benchmarking of Top 10 Asset Managers in US
Disclaimer This document is the proprietary and exclusive property of Sutherland Global Services except as otherwise indicated. No part of this document, in whole or in part, may be reproduced, stored, transmitted, or used for design purposes without the prior written permission of Sutherland Global Services. The information contained in this document is subject to change without notice. The information in this document is for information purposes only. Sutherland Global Services® disclaims all warranties, express or limited, including, but not limited, to the implied warranties of merchantability and fitness for a particular purpose, except as provided for in a separate software license agreement. All confidential or proprietary information contained in Sutherland’s response shall at all times be and remain the sole and exclusive property of Sutherland Global Services, Inc.
©©2014 GlobalServices Services Inc., rights reserved. Privileged and confidential information of Sutherland Global 2010Sutherland Sutherland Global Inc., All All rights reserved. Privileged and confidential information of Sutherland Global Services Inc. Services Inc.
www.sutherlandglobal.com
AUM growth for the past 10 years AUM’s (in Millions) & YoY Growth BlackRock
Legg Mason
Franklin Resources
Invesco
T. Rowe Price Group
AllianceBernstein
Federated Investors
Schroders
Aberdeen
Eaton Vance
Y03
Y04
Y05
Y06
Y07
Y08
Y09
Y10
Y11
Y12
$309,356
$341,760
$452,682
$1,124,627
$1,356,644
$1,307,151
$3,346,256
$3,560,968
$3,512,681
$3,791,588
13%
10%
32%
148%
21%
-4%
156%
6%
-1%
8%
$192,224
$286,168
$374,529
$867,550
$968,510
$950,122
$632,404
$684,549
$677,646
$643,318
9%
49%
31%
132%
12%
-2%
-33%
8%
-1%
-5%
$301,900
$361,900
$453,100
$511,300
$645,900
$507,300
$523,400
$644,900
$659,900
$749,900
22%
20%
25%
13%
26%
-21%
3%
23%
2%
14%
$370,600
$382,100
$386,300
$482,000
$529,300
$377,100
$459,500
$616,500
$625,300
$687,700
11%
3%
1%
25%
10%
-29%
22%
34%
1%
10%
$190,000
$235,200
$269,500
$334,700
$400,000
$276,300
$391,300
$482,000
$489,500
$576,800
35%
24%
15%
24%
20%
-31%
42%
23%
2%
18%
$474,799
$538,800
$578,600
$716,900
$790,478
$448,808
$486,683
$478,019
$405,897
$430,017
23%
13%
7%
24%
10%
-43%
8%
-2%
-15%
6%
$197,917
$179,268
$213,423
$237,440
$301,616
$407,310
$389,316
$358,241
$369,697
$379,771
1%
-9%
19%
11%
27%
35%
-4%
-8%
3%
3%
$173,194
$202,921
$211,337
$251,834
$277,685
$160,451
$236,468
$303,685
$289,191
$342,444
-
17%
4%
19%
10%
-42%
47%
28%
-5%
18%
$38,747
$40,494
$102,994
$143,457
$190,247
$161,762
$233,277
$275,895
$262,326
$303,264
25%
5%
154%
39%
33%
-15%
44%
18%
-5%
16%
$75,000
$94,300
$108,500
$128,900
$161,671
$123,087
$154,896
$185,243
$188,204
$199,508
35%
26%
15%
19%
25%
-24%
26%
20%
2%
6%
Š 2014 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.
www.sutherlandglobal.com February 28, 2014
2
Revenue growth for the past 10 years Revenues (in Millions) & YoY Growth BlackRock Legg Mason Franklin Resources
Invesco T. Rowe Price Group AllianceBernstein Federated Investors Schroders Aberdeen Eaton Vance
Y03
Y04
Y05
Y06
Y07
Y08
Y09
Y10
Y11
Y12
$598
$725
$1,191
$2,098
$4,845
$5,064
$4,700
$8,612
$9,081
$9,337
4%
21%
64%
76%
131%
5%
-7%
83%
5%
3%
$803
$1,153
$1,571
$2,645
$4,344
$4,634
$3,357
$2,635
$2,784
$2,663
12%
44%
36%
68%
64%
7%
-28%
-22%
6%
-4%
$2,624
$3,438
$4,310
$5,051
$6,206
$6,032
$4,194
$5,853
$7,140
$7,101
4%
31%
25%
17%
23%
-3%
-30%
40%
22%
-1%
$1,918
$2,125
$2,167
$2,428
$2,888
$2,490
$1,985
$2,602
$2,898
$2,959
-6%
11%
2%
12%
19%
-14%
-20%
31%
11%
2%
$996
$1,277
$1,516
$1,819
$2,233
$2,121
$1,872
$2,371
$2,750
$3,023
8%
28%
19%
20%
23%
-5%
-12%
27%
16%
10%
$2,733
$3,055
$3,213
$3,950
$4,525
$3,514
$2,907
$2,949
$2,750
$2,740
0%
12%
5%
23%
15%
-22%
-17%
1%
-7%
0%
$823
$847
$909
$989
$1,128
$1,222
$1,176
$955
$898
$947
16%
3%
7%
9%
14%
8%
-4%
-19%
-6%
5%
$796
$1,028
$1,381
$1,834
$2,262
$1,875
$1,683
$2,351
$2,360
$2,302
6%
29%
34%
33%
23%
-17%
-10%
40%
0%
-2%
$236
$253
$276
$564
$709
$767
$675
$1,006
$1,221
$1,408
-22%
7%
9%
105%
26%
8%
-12%
49%
21%
15%
$523
$662
$753
$862
$1,084
$1,096
$890
$1,122
$1,249
$1,209
0%
27%
14%
14%
26%
1%
-19%
26%
12%
-3%
Š 2014 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.
www.sutherlandglobal.com February 28, 2014
3
Operating Margin for the past 10 years Operating Margin
Y03
Y04
Y05
Y06
Y07
Y08
Y09
Y10
Y11
Y12
BlackRock
38%
24%
28%
29%
29%
20%
27%
34%
35%
38%
Legg Mason
27%
27%
31%
27%
24%
26%
19%
12%
14%
13%
Franklin Resources
24%
28%
30%
33%
33%
35%
30%
34%
37%
35%
Invesco
22%
24%
23%
32%
34%
30%
24%
23%
31%
30%
T. Rowe Price Group
36%
41%
43%
43%
45%
40%
37%
44%
45%
45%
AllianceBernstein
26%
24%
28%
29%
31%
26%
20%
16%
14%
16%
Federated Investors
37%
35%
31%
31%
31%
29%
28%
31%
27%
33%
Schroders
9%
20%
26%
27%
31%
25%
17%
25%
26%
24%
Aberdeen
13%
19%
21%
24%
20%
17%
16%
26%
30%
32%
Eaton Vance
30%
33%
34%
29%
34%
30%
23%
28%
32%
33%
Š 2014 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.
www.sutherlandglobal.com February 28, 2014
4
ROE for the past 10 years ROE
Y03
Y04
Y05
Y06
Y07
Y08
Y09
Y10
Y11
Y12
BlackRock
21.8%
18.6%
25.4%
3.0%
8.6%
6.5%
3.5%
7.9%
9.3%
9.7%
Legg Mason
15.3%
19.1%
17.8%
19.6%
9.9%
4.0%
-43.7%
3.5%
4.4%
3.9%
Franklin Resources
11.7%
13.8%
18.6%
19.0%
24.2%
22.5%
11.7%
18.6%
22.5%
21.7%
Invesco
-0.8%
-8.9%
0.1%
7.8%
10.2%
8.5%
4.7%
5.6%
9.0%
8.2%
T. Rowe Price Group
17.1%
19.9%
21.2%
21.8%
24.1%
19.7%
15.0%
20.3%
22.5%
22.4%
AllianceBernstein
6.8%
15.1%
18.1%
20.9%
24.0%
15.3%
8.8%
7.6%
-5.7%
3.2%
Federated Investors
48.4%
39.6%
29.7%
37.4%
37.9%
53.0%
37.4%
36.4%
27.8%
36.3%
Schroders
4.8%
12.2%
14.2%
15.3%
17.7%
4.7%
5.8%
17.1%
16.6%
14.3%
Aberdeen
-9.2%
-60.8%
1.3%
8.7%
5.2%
5.5%
-1.7%
9.2%
16.6%
19.8%
Eaton Vance
25.3%
30.7%
34.9%
32.0%
61.7%
79.9%
37.2%
42.2%
45.2%
36.9%
Š 2014 Sutherland Global Services Inc., All rights reserved. Privileged and confidential information of Sutherland Global Services Inc.
www.sutherlandglobal.com February 28, 2014
5