Connecting Markets East & West 214 1 1
SMA ETF DC DBDC AccumulationRebalancing/Decumulation M&A AUM SWF JOBS 1
AUM AUM 1: AUM 24 27 212 22) AuM 37.3 59.4 63.9 11.7 26.6 71% 37.8 59% 16.1 25.4 27. 41.2 1.9 68% 14.2 53% 15.1 23.3 23.6 3.8 8.5 56% 7.2 31% 1. 2. 3.4 1.5 2.4 24% 7.1 29% 18.7 28.8 3.4 47.5 11.7 63% 17.1 56% 17.6 26.5 26.6 35.3 9. 51% 8.7 33% 1.2 2.3 3.9 12.2 2.7 225% 8.3 213% 2.5 5.3 6.4 13. 3.9 156% 6.6 13% 2: AUM 24 27 212 22 21.3 29.4 33.9 56.5 12.6 59% 22.6 67% 17.7 21.2 24.1 35.1 6.4 36% 11. 46% SWF 1.4 3.3 5.2 8.9 3.8 271% 3.7 71% 37.9 5.1 52.4 76.9 14.5 38% 24.5 47% 42.1 55.8 59.5 1.4 17.4 41% 4.9 69% 3: AUM 24 27 212 22 19.9 3.1 33.2 49.4 13.3 67% 16.2 49% 12.9 21. 19.7 27.9 6.8 53% 8.2 42% 3.9 6.4 7.7 16.2 3.8 97% 8.5 11%.6 1.6 2.6 6.7 2. 333% 4.1 158%.1.4.6 1.5.5 5%.9 15% PWC Asset Management 22: A Brave New World 2
1, 2, 3, 4, 5, 6, 7, 1989 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1 2 3 4 5 6 7 1989 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 2146 FRB 199 199 3
DCIRA DCIRA IRADC 25 6 55 IRA 2 15 IRA DC DB 5 45 4 35 1 3 5 25 2 15 DC 1974 1979 1984 1989 1994 1999 24 29 214 214 6 ICI 1 1992 1997 22 27 212 214 6 ICI 4
27 212 1 2,79 1 3,792 2 1,979 2 2,448 3 1,957 3 2,215 4 1,887 4 2,86 5 1,862 5 1,888 6 1,55 6 1,475 7 1,42 7 1,431 8 1,365 8 1,386 9 1,357 9 1,34 1 1,231 1 1,247 36 52 23 663 4 445 33 532 34 UFJ 529 38 456 47 362 5 345 5
PE 225 213 5 44.9 25 26 4 27 28 29 3 28.1 24.4 22.6 22.6 21 211 212 2 17.7 213 1 2.1 1.2 1.3 1.7 8.9 4 3.9 7.3 PE.9 5.2 1.7 1.5 Pension & Investments 6
213 % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% SWF 7 6 5 4 3 2 1 3.3 SWF 1.9 4.1 4. 1.4 1.6 4.4 4.8 1.9 2. 27 28 29 21 211 212 213 5.2 2.3 6.1 2.6 SWF Institute, Hedge Fund Research 7
15 16 3% 14 25% 12 1 2% 8 15% 6 4 1% 2 1984 86 88 199 92 94 96 98 2 2 4 6 8 21 12 14 5% % 1965 1968 1971 1974 1977 198 1983 1986 1989 1992 1995 1998 21 MMF 24 27 21 213 214 7 ICI 214 6 FRB 8
2 1975 41kIRA Churning 1995 2 IT 6 IRA 28 SMA Unified Managed Account ETF Rep As AdvisorRep As Portfolio Manager 9
3.5 4, 35, 3, ETF 25, UMA 2, 15, 1, 5, - 2 21 22 23 24 25 SMA UMASMAETF ETFETFETF Cerulli Associates 26 27 28 29 21 211 212 213 214Q2 SMA 1
ETF 11 ICI 1 2 3 4 5 6 7 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214:Q1 DC IRA 1 ICI 2ETF
UCITS 8 6 4 2 5 6 7 8 9 1 11 12 13 14/2Q MMF UCITS 21MMF29 EFAMA 12
1% 8% 13.9% 25.6% 6% 4% 39.3% 9.8% 22.1% 24.8% 2% 37.1% 27.5% % 199Q4 211Q4 2142 HFR 13
HFR 4% 3% HFR HFRI S&P5 214 1 Bridgewater Associates $87,18 2 J.P. Morgan Asset Management $59, 3 Blackstone* $54,293 2% 4 Och-Ziff Capital Management Group $4,6 5 Brevan Howard Capital Management $39,96 6 BlueCrest Capital Management $32,6 1% 7 BlackRock $31,934 8 AQR Capital Asset Management $29,9 % 9 UBS Global Asset Management* $27,886 1 Baupost Group $26,8 11 Man Group $26,141-1% 12 Credit Suisse Hedging-Griffo $25,319 13 Adage Capital Management $25, 14 GAM $24,983-2% 15 The Goldman Sachs Group* $24,977 16 Credit Suisse Asset Management $24,675 17 Winton Capital Management $24,641-3% 18 Grosvenor Capital Management* $24,458 19 Renaissance Technologies $23,4 2 Elliot Management $23,3-4% 21 The Permal Group* $22,231 22 Davidson Kempner Capital Management $22, 23 Paulson & Co. $2,3-5% 21 22 23 24 25 26 27 28 29 21 211 212 213 214 24 D.E. Shaw goup $19,934 25 King Street Capital Management $19,8 214 8 HFR * Towers Watson Global Alternatives Survey 214 14
5 1, 1,5 2, 2,5 3, 1 2 3 4 5 6 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 15 PE211 2149 3 Thomson One 1 2 3 4 5 6 7 8 9 1, 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 2143 31 Thomson One PE PE
1 2 3 4 5 6 7 8 9 5 1 15 2 25 3 35 4 45 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 1 2 3 4 5 6 2 4 6 8 1 12 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 16 PEM&A IPO 2149 3M&A Thomson One 2149 3 Thomson One PE M&A PE IPO
PE PEPE 29PE24-9 214PE29-14 29 5 214 5 1 TPG Fort Worth(Texas) $52,35 2 Goldman Sachs Principal Investment New York $48,99 3 The Carlyle Group Washington DC $47,73 4 Kohlberg Kravis Roberts New York $4,46 5 Apollo Global Management New York $35,18 6 Bain Capital Boston $34,95 7 CVC Capital Partners London $33,73 8 The Blackstone Group New York $3,8 9 Warburg Pincus New York $23, 1 Apax Partners London $21,33 11 First Reserve Corporation Greenwich (Connecticut) $2,89 12 3i Group London $18,39 13 American Capital Bethesda(Maryland) $17,99 14 Hellman & Friedman San Francisco $17,9 15 Providence Equity Partners Providence(Rhode Island) $16,36 16 Advent International Boston $16,13 17 Terra Firma Capital Partners London $14,21 18 General Atlantic Greenwich (Connecticut) $14,1 19 Fortrees Investment Group New York $14,8 2 Silver Lake Menlo Park $14, 21 Cerberus Capital Management New York $13,9 22 Permira London $12,67 23 Clayton Dubilier & Rice New York $11,72 24 Lehman Brothers Private Equity New York $11,71 25 PAI Partners Paris $11,5 Private Equity International The PEI 3 211 1 The Carlyle Group Washington DC $3,65 2 Kohlberg Kravis Roberts New York $27,182 3 The Blackstone Group New York $24,64 4 Apollo Global Management New York $22,298 5 TPG Fort Wroth (Texas) $18,783 6 CVC Capital Partners London $18,82 7 General Atlantic Greenwich (Connecticut) $16,6 8 Ares Management Los Angels $14,114 9 Clayton Dubilier & Rice New York $13,55 1 Advent International Boston $13,228 11 EnCap Investments Houston $12,4 12 Goldman Sachs Principal Investment New York $12,343 13 EIG Global Energy Partners Washington DC $11,345 14 Warburg Pincus New York $11,213 15 Silver Lake Menlo Park $1,986 16 Riverstone Holdings New York $1,384 17 Oaktree Capital Management Los Angels $1,147 18 Onex Toronto $1,97 19 Ardian (formerly AXA Private Equity) Paris $9,85 2 Lone Star Funds Dallas $9,732 21 Bain Capital Boston $9,67 22 Hellman & Friedman San Francisco $8,9 23 Stone Point Capital Greenwich (Connecticut) $8,842 24 BC Partners London $8,59 25 JP Morgan Asset Management New York $8,28 17
VC VC 3-42-3 VCCapital Under Management) VC 3 9 8 12 25 7 1 2 6 8 15 VC 5 4 6 1 3 4 2 5 2 1 1985 1987 1989 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 214 National Venture Capital Association 2142 National Venture Capital Association 18
2143 National Venture Capital Association 19 VC M&A VC IPO M&AIPO JOBS212 VC 1 2 3 4 5 6 7 8 1 2 3 4 5 6 1985 1987 1989 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 M&A M&A 2143 National Venture Capital Association 5 1 15 2 25 3 5 1 15 2 25 3 1985 1987 1989 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 IPO
VC VC: VC VCDivestment 25 9 45 7 16 3.5 2 15 8 7 6 5 4 35 3 25 6 5 4 14 12 1 3 2.5 2 8 1 5 4 3 2 2 15 1 3 2 6 4 1.5 1 1 5 1 2.5 27 28 29 21 211 212 213 27 28 29 21 211 212 213 27 28 29 21 211 212 213 EVCA (European Private Equity & Venture Capital Association) 2
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