In Practice January 27, 2011

Vanguard Atop 2010 Fund Managers

The Vanguard Group was the largest fund manager as of December 31, 2010, according to Strategic Insight, an Asset International company.
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SI’s “Mutual Fund Management Companies Rankings & Analysis” report listed Vanguard with $1.6 trillion in assets at the end of the year (13.1% of market share), and Fidelity having $1.3 trillion (11.2% of market share).  American Funds ($977 billion), BlackRock ($801 billion), and PIMCO/Allianz Global ($461 billion) rounded out the top five of the largest fund managers.  

Vanguard also topped the 2010 fund flow ranking, taking in $77.8 billion for the year, followed by PIMCO/Allianz Global which had year-to-date net new flows of $65.1 billion.  

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According to the SI report, Vanguard held the largest market share of the stock/hybrid and bond fund managers market (15.21%), followed by American Funds (10.41%), and Fidelity (9.57%). However, Fidelity holds the largest share of the money market fund managers market (16.46%), with JPMorgan Funds (10.34%) and Federated (8.67%) rounding out the top three.  

When it comes to funds of funds (both lifecycle and non-lifecycle) though, Fidelity pulls ahead of Vanguard with $172.5 billion in assets – more than a quarter (25.89%) of the market share. Vanguard held $119.6 billion in fund of fund assets at the end of 2010 (17.96% of market share), and T. Rowe Price held nearly 10% of the market share, or $65.6 billion.  

The top exchange-traded funds manager was BlackRock, with $449 billion in assets (44.61% of the market) as of the end of 2010. State Street Global Advisors held $235 billion in exchange-traded fund assets (23.34% of market share), and Vanguard held $148 billion (14.74% of market share). 

Deals & People January 27, 2011

New Director for Product Innovation at Allianz

Allianz Life Insurance Company of North America named Karen Gemmill as senior director of Product Innovation.
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Gemmill will be responsible for leading the product innovation team on projects including fixed annuity, fixed index annuity, and life insurance. Gemmill will also partner with market-management leadership to develop a holistic product portfolio and offerings. 

Gemmill came to Allianz Life from Ameriprise Financial, where she most recently served as vice president of Consumer Marketing, responsible for developing strategic initiatives to improve the client experience. Prior to that, she was vice president of Marketing Planning and Campaign Management. Before joining Ameriprise, Gemmill held executive-level positions with a variety of financial service companies including ING Minneapolis, American Express Financial Advisors, U.S. Bancorp, and Retail Payment Systems.

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Gemmill earned her Bachelor’s of Business Administration from the University of Wisconsin. She also has a Master’s of Business Administration Degree from the University of Minnesota’s Carlson School of Management.

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