RESEARCH | June 20, 2015

2015
DCIO Survey

Each year since this survey’s inception in 2012, investment managers have reported increased asset levels in their Defined Contribution Investment Only (DCIO) businesses. Although the names of the firms participating in the survey have changed somewhat, we can report that the 37 managers on this year’s list enjoyed a nearly $230 billion (8%) increase in DCIO assets from year-end 2013 to year-end 2014, and a $63 billion (2%) increase in just the three months between 12/31/2014 and 3/31/2015.

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Top 10 Providers

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Top 10 Providers

DCIO MANAGERS BY ASSETS ($mm as of Q1 2015)
1	BlackRock	$634,610
2	TIAA-CREF	$433,498
3	Capital Group/American Funds	$286,573
4	State Street Global Advisors	$272,068
5	T. Rowe Price	$226,415
6	J.P. Morgan Asset Management	$146,304
7	PIMCO	$130,500
8	Northern Trust	$120,099
9	Invesco	$97,817
10	Goldman Sachs Asset Management	$78,424

NUMBER OF RECORDKEEPER SELLING AGREEMENTS
1	Capital Group/American Funds	259
2	Janus	225
3	American Beacon Advisors	200
4	Lord Abbett	134
5	Legg Mason	125
6	American Century Investments	114
7	AB	105
8	Putnam Investments	100
9	Wells Fargo	100
10	Ivy Funds	98

LARGEST INCREASE IN DCIO ASSETS (2013 vs. 2014)
1	Principal Funds	47.4%
2	Goldman Sachs Asset Management	31.8%
3	J.P. Morgan Asset Management	27.6%
4	Prudential Investments	26.6%
5	Lazard Asset Management	25.4%
6	Nuveen Investments	17.4%
7	Great-West Financial	15.7%
8	T. Rowe Price	15.3%
9	BlackRock	13.8%
10	Dimensional Fund Advisors	13.1%

TOP DCIO FUNDS BY ASSETS ($mm as of Q1 2015)
1	BlackRock LifePath Target Date Fund	$126,904
2	T. Rowe Price Retirement Date Funds	$84,772
3	American Funds EuroPacific Growth Fund	$74,454
4	State Street Global Advisors S&P 500	$73,652
5	PIMCO Total Return Fund	$58,298
6	J.P. Morgan SmartRetirement Funds	$51,751
7	John Hancock Lifestyle Portfolios	$49,104
8	Invesco Stable Value Trust	$43,727
9	AB Target-Date Strategies	$25,613
10	Northern Trust S&P 500 Index Fund – DC Non-Lending	$19,679

NUMBER OF RECORDKEEPING PLATFORMS WITH DC ASSETS
1	Fidelity Investments	255
2	Capital Group/American Funds	229
3	Janus	225
4	American Century Investments	200
5	Legg Mason	125
6	Lord Abbett	102
7	Putnam Investments	100
7	Wells Fargo	100
9	Franklin Templeton Investments	90
10	Federated Investors	87

LARGEST INCREASE IN DCIO ASSETS (12/31/14 vs. Q1 2015)
1	Prudential Investments	14.7%
2	Principal Funds	10.4%
3	Natixis Global Asset Management	10.0%
4	Dimensional Fund Advisors	9.4%
5	T. Rowe Price	8.2%
6	John Hancock Investments	6.6%
7	BlackRock	5.9%
8	Wellington Management Company LLP	5.3%
9	J.P. Morgan Asset Management	5.0%
10	Franklin Templeton Investments	4.4%