The State of U.S.

Retail
and Institutional Asset
Management 2019 PRODUCT DETAILS
Recognizing Opportunity Across Client Segments Included with Purchase
yy Digital copy and hardcopy in color
OVERVIEW & METHODOLOGY yy Online access to eight related reports
This report provides a comprehensive overview of the aggregate U.S. asset management yy Unlimited online firm-wide access
landscape. It is intended for U.S. asset managers, or those seeking distribution yy Exhibits in Excel
opportunities in the United States, and provides a quantitative evaluation that sizes yy Key findings
the current addressable U.S. asset management landscape, covering all distribution yy Analyst support
channels, client segments, and product vehicles within the retail and institutional yy Interactive Report Dashboards
marketplaces—with emphasis on the interaction between these two segments.
Furthermore, there are 14 chapters that take a deeper dive into a client channel or an Interactive Report Dashboards
investment vehicle wrapper to provide more granular perspective than that which can Experience Cerulli’s digital analytics platform and
be gleaned from the addressable U.S. asset management landscape. explore interactive data from this report
1. U.S. Asset Manager Addressable
USE THIS REPORT TO Marketplace Model: Review assets, growth,
and marketshare breakouts over the past 10
yy Review comprehensive market sizing and major trends evolving within the retail and
years for the entire U.S. asset management
institutional asset management industry marketplace.
yy Understand how asset managers are responding to fee pressure across retail and 2. U.S. Market Sizing Components: Compare
institutional client segments professionally managed assets, growth
rates, and marketshare across 25 different
yy Gain insight into how pricing trends within mutual funds and ETFs are impacting
channels and 16 different vehicles.
asset manager revenue
yy Learn which investment vehicles are experiencing the largest growth in assets and
where asset managers are considering product proliferation

QUESTIONS ANSWERED
yy What is the size of the addressable market in the United States?
yy Which channels are growing the most?
yy How are the assets across various investment vehicles growing?
yy How does the growth of assets between institutional and retail channels differ?
yy What are the major products and strategy trends evolving within the retail and
institutional asset management industry?

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 Market Sizing Chapter 2

Exhibit 2.29
Ownership Marketshare of Mutual Funds, 2013–2018
Sources: Department of Labor, Judy Diamond, A.M. Best, LIMRA International, Beacon Research, Coalition for Collective Investment Trusts, Financial Planning, Eager, Davis, and Holmes, IRS Form 990s,
Council on Foundations-Commonfund Study of Foundations, National Center for Education Statistics, NISA Investment Advisors, LLC, Public Plans Database, PENDAT, JP Morgan Asset Management,
Individual Company Financial Statements, Investment Company Institute, Federal Retirement Thrift Investment Board, PLANSPONSOR, SPARK Institute, Candid, The Foundation Center, NACUBO-
Commonfund Study of Endowments, Insured Retirement Institute, VARDS, eVestment, Strategic Insight/SIMFUND, Investment News, S&P Capital IQ MMD, Wealthmanagement.com, Investment Advisor
Magazine, Financial Advisor Magazine, Phoenix Marketing International, U.S. Census Bureau, Federal Reserve, United States Office of Personnel Management, Preqin, Pensions & Investments, Investments
& Wealth Institute (formerly IMCA), Morningstar Direct, Interval Fund Tracker, FDIC, Financial Planning Association® (FPA®), OCC, Barron's, Internal Revenue Service, Bureau of Labor Statistics, and the
Social Security Administration and Meridian IQ
Analyst Note: Includes money market funds, open-end funds, closed-end funds, and UITs.

Retail mutual fund assets Institutional mutual fund assets

100%

80% 38.6% 38.7% 39.0% 38.9% 39.2% 38.7%

60%

40%
61.4% 61.3% 61.0% 61.1% 60.8% 61.3%
20%

0%
2013 2014 2015 2016 2017 2018

• While assets within the mutual fund can vary substantially from year to year, the retail/institutional split has remained relatively constant, with, on
average, 61.2% of assets allocated to retail channels and 38.8% associated with institutional ownership.

Key Implication: Interestingly, despite the presence of factors that should theoretically increase the marketshare of the retail channel (migration of
assets from 401(k)s to IRAs, higher reliance on pooled investment products, etc.), the division of retail and institutional mutual fund assets remains
relatively constant. One thing to note is that overall, regardless of distribution channel, assets are slowly being allocated away from mutual funds and
toward alternative vehicles. For example, according to a recent Cerulli survey, advisors are currently allocating approximately 33.2% of assets toward
mutual funds and anticipate reducing that allocation to 29.2% by 2021. This allocation is likely to be replaced by ETFs, which are currently associated
with 15% of assets but are expected to increase to 18% in the same time period. There is a similar trend in the 401(k) space where CITs, which are
more customizable than a traditional mutual fund, are gaining traction over the mutual fund. As of year-end 2018, CITs now account for 27.8% of
assets, up from 26.9% in 2017 and 20.2% in 2016 and are expected to continue to attract assets as they move further downmarket to mid-sized plans.

The Cerulli Report | The State of U.S. Retail and Institutional Asset Management 2019 67
 Table of Contents

Table of Contents: Expanded

Key Questions Answered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
1. What is the total size of the addressable market in the U.S. and how is it broken out by client channel? . . . . . . . . . . . . . . . . . . . . . . . 19
2. Which channels are growing the most? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
3. How is the investment vehicle landscape in the United States changing? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
4. How is investment product distribution changing in the institutional client channels? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
5. How are asset managers responding to fee pressure in retail client channels? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
6. What factors are going to impact fee negotiations with institutional clients? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Chapter 1: Fee Pressure Across Retail and Institutional Client Channels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Exhibit 1.01. Financial Advisors: Sentiments Regarding Select Statements About Active and Passive, 2019 . . . . . . . . . . . . . . . . . . . . . . . . 27
Exhibit 1.02. U.S. Equity Blend Style Performance vs. Flows by Market Cap, 2017–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Exhibit 1.03. Target-Date Managers: Differentiators in Winning Target-Date Fund Mandates, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Exhibit 1.04. Index vs. Non-Index Long-Term Mutual Funds: Average Advisor Fees and Estimated Total Revenue, 2014–2018 . . . . . . . 30
Fee Pressure’s Impact on Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Exhibit 1.05. Index, Strategic Beta, and Non-Index ETF Asset-Weighted Advisor Fees and Estimated Total Revenue, 2014-2018 . . . . . . 31
Exhibit 1.06. Asset Managers: Mutual Fund Fee Reduction Plans by Expense Category, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Asset Managers’ Response to Fee Pressure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Exhibit 1.07. Asset Managers: Level of Agreement with Select Statements Related to Mutual Fund Family, 2019 . . . . . . . . . . . . . . . . . . . 33
Exhibit 1.08. Insurance Asset Managers: Estimates of Negotiated Fee Pressure by Asset Class, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Chapter 2: Market Sizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

ℹℹ Exhibit 2.01. U.S. Market Sizing: Total Assets Under Management, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Exhibit 2.02. U.S. Market Sizing Components by Channel, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Exhibit 2.03. U.S. Market Sizing Components by Channel Growth Rates, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
ℹℹ Exhibit 2.04. Total and Professionally Managed U.S. Assets Under Management, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Exhibit 2.05. U.S. Market Sizing Double-Counting and Non-Professionally Managed Assets, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . 43
ℹℹ Exhibit 2.06. Professionally Managed U.S. Market Sizing Components by Channel, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

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ℹℹ Exhibit 2.07. Professionally Managed U.S. Market Sizing Components by Channel Growth Rates, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . 45
ℹℹ Exhibit 2.08. U.S. Market Sizing Components by Channel Marketshare, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
ℹℹ Exhibit 2.09. U.S. Market Sizing Components by Investment Vehicle, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
ℹℹ Exhibit 2.10. U.S. Market Sizing Components by Investment Vehicle Growth Rates, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
ℹℹ Exhibit 2.11. U.S. Market Sizing Components by Investment Vehicle Marketshare, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
ℹℹ Exhibit 2.12. U.S. Professionally Managed Assets Distribution Matrix, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
ℹℹ Exhibit 2.13. Asset Manager Addressable Marketplace Model, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
ℹℹ Exhibit 2.14. Retail and Institutional Client Assets, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
ℹℹ Exhibit 2.15. Retail and Institutional Client Assets: Growth Rates, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
ℹℹ Exhibit 2.16. Marketshare of Retail and Institutional Client Assets, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
ℹℹ Exhibit 2.17. Retail Client Assets by Distribution Method, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
ℹℹ Exhibit 2.18. Retail Client Assets: Growth Rates by Distribution Method, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
ℹℹ Exhibit 2.19. Marketshare of Retail Client Assets by Distribution Method, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
ℹℹ Exhibit 2.20. Institutional Client Assets by Distribution Method, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
ℹℹ Exhibit 2.21. Institutional Client Assets: Growth Rates by Distribution Method, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
ℹℹ Exhibit 2.22. Marketshare of Institutional Client Assets by Distribution Method, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Exhibit 2.23. Ownership of U.S. Products by Client Type, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Exhibit 2.24 . U.S. Investment Vehicle Projections, 2019E–2024E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Exhibit 2.25. Institutional Market Asset Projections, 2019E–2024E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Exhibit 2.26. Projected Asset Marketshare by Channel, 2011–2022E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Exhibit 2.27. Ownership Breakdown of Mutual Funds, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Exhibit 2.28. Ownership of Mutual Funds, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Exhibit 2.29. Ownership Marketshare of Mutual Funds, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

Chapter 3: Subadvisory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
Exhibit 3.01. Subadvised Assets by Vehicle, 2009–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Exhibit 3.02. B
 reakdown of Long-Term U.S. Mutual Fund Assets and Growth Rates by Advisory Structure, 2014–2018 . . . . . . . . . . . . . . 71
Exhibit 3.03. B
 reakdown of Long-Term U.S. Mutual Fund Net Flows and Organic Growth Rate by Advisory Structure, 2014–2018 . . . . 72
Exhibit 3.04. U
 naffiliated Single- and Multi-Subadvisor Arrangements: Top-10 Long-Term U.S. Mutual Fund Subadvisory
Sponsors by Assets and Net Flows, 2016–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Exhibit 3.05. T
 op-10 Long-Term U.S. Mutual Fund Unaffiliated Single Subadvisors by Assets and Net Flows, 2016–2018 . . . . . . . . . . . . 74

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Exhibit 3.06. Breakdown of Retail Variable Annuity Subaccount Assets by Structure, 2014–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Exhibit 3.07. Breakdown of Retail Variable Annuity Subaccount Net Flows by Structure, 2014–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Exhibit 3.08. U
 naffiliated Variable Annuity Subadvisory and VIT Assets as a Percentage of Total Variable Annuity Assets
by Asset Class, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Exhibit 3.09. Top-10 Insurers Using Unaffiliated Subadvisors and VITs by Assets and Net Flows, 2016–2018 . . . . . . . . . . . . . . . . . . . . . . . 78
Exhibit 3.10. Breakdown of Long-Term U.S. ETF Assets and Growth Rates by Advisory Structure, 2014–2018 . . . . . . . . . . . . . . . . . . . . . . 79
Exhibit 3.11. Breakdown of Long-Term U.S. ETF Flows by Advisory Structure, 2014–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Exhibit 3.12. Subadvisors: Subadvisory Services Provided and Level of Opportunity by Vehicle/Structure, 2019 . . . . . . . . . . . . . . . . . . . . 81
Exhibit 3.13. S
 ubadvisors vs. Insurers: Asset Classes with Greatest VA Subaccount Growth Potential Over the
Next Three Years, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
Exhibit 3.14. Greatest Challenges Facing Subadvisory Sponsors Over the Next Three Years, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Exhibit 3.15. Challenges for Subadvisors of Non-Insurance Products, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Chapter 4: Advisor Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

Exhibit 4.01. Assets by Intermediary Segment, 2013–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
Exhibit 4.02 - Part 1. Description of Advisor Channels, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87
Exhibit 4.02 - Part 2. Description of Advisor Channels, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
Exhibit 4.03. Overview of Advisor Channels, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
Exhibit 4.04. Advisor Headcount and Marketshare, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Exhibit 4.05. Advisor-Managed Assets and Marketshare, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Exhibit 4.06. Advisor Productivity, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Exhibit 4.07. Branch Network vs. Independent Asset Marketshare, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
Exhibit 4.08. Projected Asset Marketshare, 2018–2023E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

Chapter 5: Direct Platforms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

Exhibit 5.01. Direct and Advisor Channel Characteristics, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Exhibit 5.02. Direct Provider Assets and Growth, 2009–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Exhibit 5.03. Top Direct Firms by Assets, 2011–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Exhibit 5.04. Direct Assets by Product and Growth Rate, 2011–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Exhibit 5.05. Direct Provider Projected Assets, 2019E–2024E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
Exhibit 5.06. Online Trading Account Balance by Investable Assets, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

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Exhibit 5.07. Features Used in Online Trading Account by Age Range, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Exhibit 5.08. Reason for Establishing Direct Account by Age Range, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
Exhibit 5.09. Expected Deposition of Direct Account in Next Five Years by Age Range, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

Chapter 6: Defined Contribution Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

Exhibit 6.01. Total Defined Contribution Assets and Growth, 2011–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106
Exhibit 6.02. Defined Contribution Assets by Subset, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Exhibit 6.03. 401(k) Investment-Only vs. Proprietary Assets, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108
Exhibit 6.04. Top-25 Defined Contribution Asset Managers by Assets, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109
Exhibit 6.05. Top-15 Target-Date Managers by Assets, 2017–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Exhibit 6.06. Top-25 DC Recordkeepers by Total DC Recordkept Assets, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Exhibit 6.07. Total Corporate Defined Contribution Net Flows by Plan Type, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
Exhibit 6.08. Total Number of Corporate Defined Contribution Plans by Plan Type, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
Exhibit 6.09. T
 otal Number of Corporate Defined Contribution Participant Accounts: Active vs. Retired/Separated, 2008–2018 . . . . 114
Exhibit 6.10. Leading 403(b) Recordkeepers by Assets, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
Exhibit 6.11. Federal Thrift Savings Plan Net Flows, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
Exhibit 6.12. Federal Thrift Savings Plan Asset Allocation, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Exhibit 6.13. Total Collective Investment Trust Assets and Growth, 2011-2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Exhibit 6.14. Top-20 Collective Investment Trust Providers, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
Exhibit 6.15. CIT Assets in DC Plans by Strategy, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
Exhibit 6.16. CIT Data Points Reported to Morningstar, 2018 vs. 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

Chapter 7: High-Net-Worth Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

Exhibit 7.01. High-Net-Worth Provider AUM by Firm Type, 2012–2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
Exhibit 7.02 - Part 1. Top U.S. Wealth Managers, 2Q 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Exhibit 7.02 - Part 2. Top U.S. Wealth Managers, 2Q 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Exhibit 7.02 - Part 3. Top U.S. Wealth Managers, 2Q 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
Exhibit 7.03. Household Nonfinancial Assets by Investable Asset Tier, 2018E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
Exhibit 7.04. Distribution of Household Investable Assets by Type of Asset and Investable Assets, 2018E . . . . . . . . . . . . . . . . . . . . . . . 128
Exhibit 7.05. Total Accumulated Wealth Transfer (Five-Year Increments), 2017–2041E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
Exhibit 7.06. Private Banks: Total Fiduciary and Related Assets by Business Line, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

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Exhibit 7.07. Availability and Distribution of Services Provided by All HNW Practices, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
Exhibit 7.08. Asset Managers: Most Important Investment Goals/Objectives When Targeting HNW Investors, 2018 . . . . . . . . . . . . . . 132
Exhibit 7.09. Asset Managers vs. HNW Practices: Most Important Factors in Being Terminated by a HNW Practice, 2018 . . . . . . . . . . 133
Exhibit 7.10. Asset Managers vs. HNW Practices: Most Important Factors When Conducting Due Diligence, 2018 . . . . . . . . . . . . . . . . 134
Exhibit 7.11. Asset Managers: Products and Strategies in Demand Among MFOs and RIAs, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135

Chapter 8: Defined Benefit Plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136

Exhibit 8.01. Total DB Plan Assets and Growth Rates, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
Exhibit 8.02. DB Plan Assets by Subset, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138
Exhibit 8.03. Taft-Hartley Assets, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
Exhibit 8.04. Average Corporate DB Plan Funded Status, 2007–2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
Exhibit 8.05. Asset Allocation of DB Plans, 3Q 2017 vs. 3Q 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
Exhibit 8.06. Public DB Mandates Placed by Manager, 2016–1Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
Exhibit 8.07. State and Local DB Plans’ Aggregate Funded Ratio, 2001–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Exhibit 8.08. Asset Managers’ Average Length of Client Relationship by Institutional Client Type, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . 144
Exhibit 8.09. Asset Managers’ Anticipated DB Flows by Client Type, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145

Chapter 9: Endowments & Foundations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

Exhibit 9.01. Total Endowment and Foundation Assets and Growth, 2007–2018 FYE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
Exhibit 9.02. Endowment Investment Function Outsourcing, 2010–2018 FYE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
Exhibit 9.03. Top-25 College and University Endowments, 2017–2018 FYE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
Exhibit 9.04. Endowment Asset Allocation, 2018 FYE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150
Exhibit 9.05. Average Sales Cycle by Institutional Client Type, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
Exhibit 9.06. Top-25 Private Foundations, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
Exhibit 9.07. Private Foundations’ Asset Allocation, 2016–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
Exhibit 9.08. Asset Managers’ Anticipated Nonprofit Net Flows, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154

Chapter 10: Insurance General Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155

Exhibit 10.01. Insurance General Account Total Invested Assets and Projections by Insurance Business Line, 2010–2025E . . . . . . . . 156
Exhibit 10.02. Insurance General Account Asset Allocation by Major Insurance Business Line, 2011–2018 . . . . . . . . . . . . . . . . . . . . . . 157
Exhibit 10.03. Nonaffiliated Outsourced Insurance General Account Assets and Projections, 2016–2024E . . . . . . . . . . . . . . . . . . . . . . 158

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Exhibit 10.04. Institutional Channels by Equity Allocation, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159

Exhibit 10.05 - Part 1. Anticipated Institutional Flows by Client Type, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Exhibit 10.05 - Part 2. Anticipated Institutional Flows by Client Type, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161

Chapter 11: Managed Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

Exhibit 11.01. Managed Account Assets and Growth, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164
Exhibit 11.02. Managed Account Industry Net Cash Flow by Program Type, 2010–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
Exhibit 11.03. Managed Account Assets by Discretion, 2016–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
Exhibit 11.04. Top-15 Sponsors by Managed Account Assets, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167
Exhibit 11.05. Wirehouse Channel Mix of Managed Account Assets by Program Type, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Exhibit 11.06. Mutual Fund and ETF Advisory Program Assets, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
Exhibit 11.07. Mutual Fund Advisory Program Assets by Program Type: Packaged, Hybrid, and Open, 2004–2018 . . . . . . . . . . . . . . . 170
Exhibit 11.08. Top-15 Mutual Fund Advisory Program Sponsors by Marketshare, 2009–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
Exhibit 11.09. Rep-as-Portfolio-Manager Program Assets, 2000–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Exhibit 11.10. Top-15 Unified Managed Account Program Sponsors by Marketshare, 2009–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Exhibit 11.11. Standalone Separate Account Program Assets, 2000–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174
Exhibit 11.12. Managed Account Assets by Vehicle, 2012 vs. 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Exhibit 11.13. Unified Managed Account Program Assets by Investment Vehicle, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176

Chapter 12: Individual Retirement Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177

Exhibit 12.01. Total IRA Assets and Growth Rate, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
Exhibit 12.02. IRA Assets by Type of IRA, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179
Exhibit 12.03. Growth of IRA Assets by Type of IRA, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
Exhibit 12.04. Percentage of IRA Assets in Traditional vs. Nontraditional Accounts, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181
Exhibit 12.05. Nontraditional IRA Assets: Percentage by Account Type, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
Exhibit 12.06. IRA Assets by Investment Product, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183
Exhibit 12.07. Growth of IRA Assets by Investment Product, 2008–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184
Exhibit 12.08. Top-15 IRA Providers by AUA, 2017–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185
Exhibit 12.09. IRA Rollover Contributions from Defined Contribution Plans, 2007–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186

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Chapter 13: Annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

Exhibit 13.01. Total Annuity Assets by Product Type, 2005–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188
Exhibit 13.02. Variable Annuity Total New Sales and Net Sales, 2005–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189
Exhibit 13.03. Total Annuity Industry Sales by Distribution Channel, 2005–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
Exhibit 13.04. Top-25 Retail Variable Annuity Issuers by New Sales, 2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Exhibit 13.05. Fixed-Indexed Annuity Sales as Percentage of Total Fixed Annuity Sales, 2005–2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 192

Chapter 14: Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193

Exhibit 14.01. Total Mutual Fund Assets and Growth, 2008–2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
Exhibit 14.02. Mutual Fund Assets by Subset: Long Term, Money Market, and Closed End, 2008–2Q 2019 . . . . . . . . . . . . . . . . . . . . . . 196
Exhibit 14.03. Mutual Fund Net Flows by Subset: Long Term and Money Market Funds, 2008–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . 197
Exhibit 14.04. Number of Mutual Funds by Subset: Long Term, Money Market, and Closed End, 2008–2Q 2019 . . . . . . . . . . . . . . . . . 198
Exhibit 14.05. Total Open-End Mutual Fund Assets by Fund Type, 2008–2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
Exhibit 14.06. Total Open-End Mutual Fund Net Flows by Fund Type, 2008–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
Exhibit 14.07. Active and Passive Open-End Mutual Fund Assets and Flows, 2008–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Exhibit 14.08. Top-35 Long-Term Open-End Mutual Fund Asset Managers, 2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202
Exhibit 14.09. Top-35 Money Market Mutual Fund Asset Managers, 2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
Exhibit 14.10. Top-35 Closed-End Mutual Fund Asset Managers, 2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
Exhibit 14.11. Total Fund-of-Fund Assets and Net Flows, 2011–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205

Chapter 15: Exchange-Traded Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206

Exhibit 15.01. ETF Assets and Growth, 2008-2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
Exhibit 15.02. ETF Assets by Fund Type, 2014–2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
Exhibit 15.03. ETF Net Flows, 2008–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210
Exhibit 15.04. ETF Issuers’ Capture of Annual Flows by Firm Size, 2014–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
Exhibit 15.05. ETF Net Flows by Fund Type, 2014–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Exhibit 15.06. Number of Total and New ETFs, 2008–2Q 2019 YTD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Exhibit 15.07. Top-25 ETF Sponsors, 2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214
Exhibit 15.08. Active, Passive, Strategic Beta ETF Assets, Growth Rates, and Flows, 2008–2Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215

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Chapter 16: Alternatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216

Exhibit 16.01. Global Private Investment Assets, 2009–2Q 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218
Exhibit 16.02. Top-25 Global Private Equity Institutional Investors, 1Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Exhibit 16.03. Private Investment Structures Most Frequently Requested by Investors, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Exhibit 16.04. Global Single-Manager and Fund-of-Hedge-Funds Assets, 2009–1Q 2019E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
Exhibit 16.05. Total Liquid Alternative Assets, 2009–1Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222
Exhibit 16.06. Top-25 Liquid Alternative Managers, 1Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
Exhibit 16.07. Importance of Alternative Investments for Retail, High-Net-Worth, and Institutional Channels, 2019 . . . . . . . . . . . . . . 224
Exhibit 16.08. Top-10 Interval Fund Managers, 1Q 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225

Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

Index of Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

The Cerulli Report | The State of U.S. Retail and Institutional Asset Management 2019 15
 Index of Companies

AB...................................................................................................................................................................................... 23, 34
Aberdeen................................................................................................................................................................................47
Acorns.....................................................................................................................................................................................97
AIG...........................................................................................................................................................................................82
Allianz............................................................................................................................................................................... 23, 34
Ally Bank..................................................................................................................................................................................97
American Century...............................................................................................................................................206, 208, 214
American Funds..................................................................................................................................................110, 202, 205
AQR....................................................................................................................................................................................... 142
Artivest........................................................................................................................................................................... 52, 216
Assetmark.................................................................................................................................................................... 171, 173
Atlantic Trust....................................................................................................................................................................... 130
AXA........................................................................................................................................................................187, 191, 192
Bank of America/Merrill Lynch........................................................................................................................21, 47, 96, 173
Barclays................................................................................................................................................... 19, 40, 136, 138, 153
Betterment.......................................................................................................................................................................... 102
BlackRock/iShares......................................................................18, 116, 119, 136, 142, 203, 204, 206, 208, 209, 211, 214
Blackstone................................................................................................................................................................... 142, 223
Blue Tractor...........................................................................................................................................................62, 206, 208
BNY Mellon.......................................................................................................................................................................... 130
Brinker...................................................................................................................................................................... 72, 81, 171
Brookfield Asset Management.......................................................................................................................................... 142
CAIS.........................................................................................................................................................................52, 216, 224
Capital Group.............................................................................................................................................................. 206, 208
Charles Schwab........................................................................................................... 26, 64, 95, 96, 98, 122, 123, 185, 211
Chase.................................................................................................................................................................................... 167
Citigroup.............................................................................................................................................................................. 130
Defiance Asset Management............................................................................................................................................. 213
Delaware.................................................................................................................................................................................82
Deutsche.............................................................................................................................................................................. 123
DWS...................................................................................................................................................................................... 203
E*TRADE........................................................................................................................................................................... 26, 55
Eaton Vance.................................................................................................................................................. 62, 204, 206, 208
Edward Jones.......................................................................................................................................... 72, 81, 165, 167, 171
Envestnet..................................................................................................................................................................... 167, 173
Federated............................................................................................................................................................................. 203
Fidelity...................... 18, 23, 26, 32, 55, 62-65, 72, 79, 86, 95, 98, 105, 111, 124, 171, 185, 194, 201-203, 205, 206, 208

The Cerulli Report | The State of U.S. Retail and Institutional Asset Management 2019 235
 Index of Companies

First Trust................................................................................................................................................................................79
Geode......................................................................................................................................................................................74
Goldman Sachs......................................................................................................................................................................76
Guggenheim........................................................................................................................................................................ 211
iCapital......................................................................................................................................................................... 216, 224
InsightShares....................................................................................................................................................................... 213
Invesco.................................................................................................................................................................209, 211, 214
J.P. Morgan.........................................................................................................110, 124, 130, 167, 203, 206, 208, 211, 214
Jackson National.................................................................................................................................................187, 191, 192
John Hancock..........................................................................................................................................................................79
KKR........................................................................................................................................................................................ 142
Lincoln..................................................................................................................................................... 82, 92, 187, 191, 192
Lockheed Martin........................................................................................................................................................... 29, 137
LPL....................................................................................................................................................................85, 92, 171, 185
Mass Mutual...........................................................................................................................................................................72
Mellon Capital........................................................................................................................................................................79
Mercer.................................................................................................................................................................................. 224
Mirae.................................................................................................................................................................................... 214
Morgan Stanley........................................................................................................................................ 21, 47, 93, 173, 174
Morningstar......................................................................................................................................................................... 223
Natixis.....................................................................................................................................................................62, 206, 208
Northern Trust....................................................................................................................................................119, 130, 142
Nuveen........................................................................................................................................................................... 18, 204
OppenheimerFunds........................................................................................................................................................... 211
Penserra............................................................................................................................................................................... 214
PIMCO....................................................................................................................................................... 21, 49, 55, 198, 204
Precidian..........................................................................................................................................................62, 70, 206, 208
Principal............................................................................................................................................................................... 111
Prudential...............................................................................................................................................................................76
Putnam....................................................................................................................................................................................29
Raymond James.................................................................................................................................................................. 123
Robinhood........................................................................................................................................................................... 102
Salt Financial....................................................................................................................................................23, 33, 206, 214
Scottrade.................................................................................................................................................................................98
SoFi............................................................................................................................................................................... 206, 214
State Street................................................................................................................................................. 119, 209, 211, 214
T. Rowe Price......................................................................................................................62, 74, 76, 82, 105, 205, 206, 208

236 The Cerulli Report | The State of U.S. Retail and Institutional Asset Management 2019
 Index of Companies

TD Ameritrade........................................................................................................................................................... 26, 55, 98

TIAA................................................................................................................................................................ 63, 111, 115, 167
TPG Partners....................................................................................................................................................................... 142
U.S. Trust.............................................................................................................................................................................. 130
UBS..........................................................................................................................................................................................93
USAA........................................................................................................................................................................................98
Vanguard...............................................18, 26, 64, 86, 95, 98, 105, 109, 110, 122-124, 194, 201-203, 205, 209, 211, 214
Vident................................................................................................................................................................................... 214
Vista Equity Partners.......................................................................................................................................................... 142
Wealthfront.............................................................................................................................................................................99
Wellington...............................................................................................................................................................................74
Wells Fargo.................................................................................................................................................................. 111, 185
WellsTrade....................................................................................................................................................................... 85, 86
Wilmington Trust................................................................................................................................................105, 121, 130
WisdomTree.................................................................................................................................................................... 68, 79

The Cerulli Report | The State of U.S. Retail and Institutional Asset Management 2019 237