Asset Management Competitor Tracker, Q1 2009

Table of Contents

OVERVIEW

• Catalyst
• Summary
• Methodology

INTRODUCTION

• The Asset Management Competitor Tracker provides both one month and 12 month views of developments
  • Each quarter, Datamonitor tracks the most relevant announcements from 49 competitors
  • Datamonitor' s Asset Management Team provides analysis of the key developments
  • A fully searchable database of the past 12 months of developments is also delivered alongside the report

KEY TRENDS AND DEVELOPMENTS IN Q1 2009

• The asset management industry is still reeling from the events of Q4 2008 and developments remain low, but they are no longer dominated by M&A
  • Q1 2009 registered 46 competitor developments
  • Activity in M&A, organic growth and partnerships has now been matched by product innovation
  • The asset management industry continues to be in turmoil and companies are focusing on ensuring their core strength
  • Europe-based M&A, partnership and organic growth deals have driven competitor activity
  • Europe was also a major player in the limited M&A and partnership activity in Q1
  • M&A-based development has contracted drastically in Q1 2009
  • Competitor activity has dropped across the board, with large international deals becoming more important
  • Product innovations and customer targeting comprised the majority of competitor activity at the beginning of 2008, and have made a comeback
  • Although customer targeting is almost non-existent there are some prevalent areas within product innovation

PRODUCT INNOVATION AND CUSTOMER TARGETING

• Aviva
  • Aviva launches a new scheme for savers to invest in the volatile financial markets - January 09
  • Aviva allows cash converters to invest into other asset classes and funds - February 09
  • Delta Lloyd expands range of funds for unit-linked products - January 09

• Bank of New York Mellon
  • BNY Mellon launches BNY Mellon Cash Investment Strategies - January 09
  • Mellon Capital Management launches long bond strategy - February 09
  • BNY Mellon Asset Management launches two new investment products - February 2009
  • The Bank of New York Mellon Launches Euro-Pacific Select ADR Index - March 09

• BNP Paribas
  • BNP Paribas Assurance creates three socially responsible investing funds - March 2009

• Citigroup
  • Krung Thai Asset Management and Citi Thailand launch a new foreign investment fund - January 2009

• Credit Agricole
  • Credit Agricole Structured Asset Management launches CASAM ETF EONIA - March 2009
  • Credit Agricole Structured Asset Management launches 11 new ETFs - March 2009

• Credit Suisse
  • Credit Suisse/Tremont launches an enhanced Chinese version of its website - March 2009
  • Credit Suisse Fund Global Responsible Equities launches a new fund - March 2009

• Deutsche Bank
  • Deutsche Bank launched a new fund in the commodity space - January 09
  • Deutsche Bank launches Sharia compliant issuance platform - January 09
  • Deutsche Bank launches an ETF on hedge funds - March 09

• Invesco
  • Invesco announces the launch of Invesco Perpetual Global Equity Income Fund - January 09
  • Invesco PowerShares to launch non-agency mortgage-backed securities ETFs - January 09

• JP Morgan Chase
  • JP Morgan launches new tool to help investors - March 09

• Morgan Stanley
  • Morgan Stanley Global Infrastructure Fund reopened to new investors - January 09

• Old Mutual
  • Gilt Fund is now known as Old Mutual Bond Fund - March 09

• Prudential PLC
  • Prudential launches special offer on onshore bonds - January 09

• State Street
  • State Street introduces automated solution to manage fund expenses- March 09

M&A, PARTNERSHIPS AND ORGANIC GROWTH

• Allianz
  • Banking business in Germany reorganized - February 09

• Bank of New York Mellon
  • Grail Advisors ETF Trust appoints BNY Mellon Asset Servicing to provide services - January 09
  • BNY Mellon Asset Management opens new office in France - March 09
  • The Bank of New York Mellon completes acquisition of JPMorgan Trust Bank in Japan - March 09

• BNP Paribas
  • BNP Paribas and Henderson Group enter into a new partnership - February 09
  • BNP Paribas launches an asset management venture with Northern Lights - February 09
  • New terms governing the acquisition of Fortis' s activities - March 09

• Citigroup
  • Citibank to segregate its business - January 09

• Commerzbank
  • Closure of Dresdner bank takeover - January 09

• Credit Agricole
  • Credit Agricole and Societe Generale to combine their asset management business - January 09
  • EDHEC and CASAM partner a research chair on the use of ETFs - March 09

• Franklin Templeton
  • Franklin Templeton opens office in Malaysia - February 09
  • Franklin Templeton launches an asset management company in Mexico - February 09
  • Franklin Templeton strengthens relationship with Algebra Capital - March 09

• ING
  • Delisting of ING from Paris, Frankfurt and Swiss stock exchanges - January 09
  • ING completes the sale of its stake in ING Canada - February 09

• Merrill Lynch
  • Bank of America completes Merrill Lynch purchase - January 09

• Goldman Sachs
  • Goldman Sachs announces new share lock-up commitment with ICBC - March 09

• JP Morgan Chase
  • Water Street Healthcare Partners appoints JP Morgan for private equity fund administration - March 09

• Old Mutual
  • Old Mutual Bermuda closing to new business - March 09
  • Old Mutual South Africa to buy financial advisory group Acsis - March 09

• Sal Oppenheim
  • Sal Oppenheim business is reorganized - February 09

APPENDIX

• Methodology
• Further reading
• Ask the analyst
• Datamonitor consulting
• Disclaimer

TABLES

• Table: The 49 companies covered by Datamonitor' s Asset Management Competitor Tracker

FIGURES

• Figure: Competitor developments remain low in Q1 2009
• Figure: Competitor developments are extremely low, but the split between them is now more even than in the last six months of 2008
• Figure: M&A activity fell drastically in Q1 2009, while organic growth (or often contraction) became more prevalent than in Q4 2008
• Figure: Europe maintains its dominance in M&A, partnership and organic growth based activity in Q1 2009
• Figure: There has been an increase in the number of international developments, as large firms adjust to the financial crisis
• Figure: Customer targeting dries up and product innovation levels remain low
• Figure: A lot of innovation is currently taking place in ETFs