U.S. Asset Managers
Dec 08 Monthly Performance and Sales
Brokers, Asset Managers, &
Exchanges
Kenneth B. Worthington, CFAAC
(1-212) 622-6613
kenneth.b.worthington@jpmorgan.com
Timothy Shea
(1-212) 622-5707
timothy.j.shea@jpmorgan.com
J.P. Morgan Securities Inc.
See page 43 for analyst certification and important disclosures.
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Mutual fund flows released by Simfund indicate December net sales were in line
with the prior month, with $92.4 bn of net sales vs. $99.2 bn of net sales in
November. Money market fund sales were very large again, equity redemptions
accelerated, and fixed income redemptions improved.
• December in line with November –equity and bond funds still experience
big outflows while Money Market sales continue. Equity funds generated net
redemptions of $16.2 bn in December, accelerating somewhat from net
redemptions of $11.2 bn in November. Fixed income fund net redemptions
improved materially to $3.2 bn in December vs. net redemptions of $13.7 bn in
November. Money market fund net sales were $111.8 bn in December vs. net
sales of $124.2 bn in November.
• Value fund flows outperform growth fund flows. Domestic growth funds
generated net redemptions of $5.3 bn in December vs. net redemptions of $5.9
bn in November. US value funds generated net redemptions of $3.8 bn in
December vs. net redemptions of $2.9 bn in November.
• Domestic fund flows outperform international fund flows. Domestic equity
funds saw $5.6 bn of net redemptions in December vs. $10.6 bn of net
redemptions for international equity funds.
• TROW and Janus lose Morningstar rankings. Both Janus and TROW are
losing Morningstar rankings in their equity franchises. Janus currently has 42%
of its equity funds that rank either 4-star or 5-star, down from 75% in June 2008.
TROW now has 37% of its equity funds ranked 4-star or 5-star, down from 60%
in June 2006.
• Federated benefits from huge December money fund sales. Federated
generated $30 billion of money market fund sales in December, a nearly 30%
market share. It is unclear where Federated is gaining share, but we do note that
The Reserve Fund continues to see very large redemptions since breaking the
buck in September. We also note that Dreyfus seems to be losing share.
• Franklin still under sales pressure. Franklin continues to generate industry
leading redemptions (on a $ basis), recording $3.1 billion of redemptions in
December and ~$11 billion in C4Q08. Templeton continues to suffer significant
redemptions as the international asset class remains out of favor. Performance in
the $37 billion Income Series fund also continues to drive redemptions in that
fund.
• EV distinguishing itself. We see EV as distinguishing itself in terms of
performance and sales. EV is gaining Morningstar stars and although the firm
turned to mutual fund redemptions in December, the outflows were small
relative to peers. EV’s large cap value fund continues to generate very strong
sales.

Table of Contents
Key Industry Trends.................................................................3
Mutual Fund Flow Breakdown – Three Ways of Looking at
Fund Sales ................................................................................4
Morningstar Tables ..................................................................5
How To Use Our Tearsheets....................................................6
Asset Managers........................................................................7
Affiliated Managers (AMG) ........................................................................................8
AllianceBernstein (AB) ...............................................................................................9
BlackRock (BLK)......................................................................................................10
Calamos Advisors (CLMS)........................................................................................11
Cohen & Steers (CNS)...............................................................................................12
Eaton Vance (EV)......................................................................................................13
Federated (FII) ...........................................................................................................14
Franklin Templeton (BEN) ........................................................................................15
GAMCO Investors Inc (GBL) ...................................................................................16
INVESCO PLC (IVZ)................................................................................................17
Janus (JNS) ................................................................................................................18
Legg Mason Capital (LM) .........................................................................................19
Nuveen (JNC) 20
T Rowe Price (TROW)..............................................................................................21
Waddell & Reed (WDR)............................................................................................22
Bank Asset Management Subsidiaries.................................23
Bank of America (BAC) ............................................................................................24
Bank of New York (BNY Funds) (BK) .....................................................................25
JPMorgan Funds (JPM) .............................................................................................26
Northern Trust (NTRS)..............................................................................................27
State Street Global (STT)...........................................................................................28
Wachovia (WB) .........................................................................................................29
Insurance Asset Management Subsidiaries.........................30
The Hartford (HIG)....................................................................................................31
Lincoln National (LNC).............................................................................................32
Manulife (John Hancock) (MFC) ..............................................................................33
Principal Group (PFG)...............................................................................................34
Prudential Financial (PRU)........................................................................................35
Putnam .......................................................................................................................36
Broker Asset Management Subsidiaries ..............................37
Ameriprise Financial (AMP) .....................................................................................38
Charles Schwab (SCHW) ..........................................................................................39
Goldman Sachs (GS) .................................................................................................40
Lehman Brothers (LEH) ............................................................................................41
Morgan Stanley (MS) ................................................................................................42