There's something different about this year's Institutional Investor top 300 money manager rankings. Firms whose primary business is mutual funds are taking a backseat to more diversified financial services firms.

State Street Global Advisors (SSgA) and Barclays Global Investors finished first and second, beating out Fidelity.

Fellow fund firm the Capital Group maintained its fourth spot from last year, but Vanguard edged up one spot.

SSgA grew assets under management by 44.2 percent, more than double Fidelity's 22 percent growth. Barclays Global Investors (BGI) grew assets by 43.6 percent.

This year was the first in II 300's 30-year rankings where an index manager came in first place. BGI is also an index manager.

Total assets managed by II 300 firms increased by 18 percent.

Who are the Heavyweights?
The II 300 Top Money Managers (by Rank)
Manager	2003 Assets ($mil)	2002 Assets ($mil)	% Change
State Street Global Advisors	1,100,264	762,947	44.2%
Barclays Global Investors	1,070,200	745,500	43.6%
Fidelity Investments	963,986	794,167	21.4%
Capital Group Cos.	814,006	551,673	47.6%
Citigroup	608,985	534,767	13.9%
Mellon Financial	588,968	522,349	12.8%
J.P. Morgan Fleming Asset Management	558,998	515,598	8.4%
AXA Group	547,069	429,877	27.3%
Vanguard Group	503,347	410,195	22.7%
Merrill Lynch Investment Managers	499,677	462,007	8.2%
Source: Institutional Investor

 

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