202 3 TOP 4 0 MONE Y MANAGERS REP ORT

GEOPOLITICAL TENSION
MAKING ITS PRESENCE FELT
AMONG INSTITUTIONAL INVESTORS

ISTOCKPHOTO / VALENTYN640
 CANADIAN ASSETS
BREAKDOWN UNDER MANAGEMENT
ASSETS (MILLIONS) AS OF JUNE 30, 2023
Pension assets
$1,308,834.9
Mutual funds (individual/retail investors)
$1,047,248.5
Private clients/high net worth
$539,674.1
Insurance company general funds
$391,094.0
Corporate assets
$381,763.5
ETFs
$194,062.4
Other
$134,576.0
Insurance company segregated funds
$110,859.1
Separately managed accounts/wraps
$107,327.6
Foundations and endowments
$86,932.6
Closed-end funds
$15,465.5
Trust funds
$14,809.7
Government
$4,533.4
First Nations
$2,041.3

Total: $4,339,222.5
Source: Firms participating in the Canadian Institutional Investment Network’s fall 2023 top 40 money managers survey

TOP 10 | CANADIAN ASSETS UNDER MANAGEMENT

ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 CANADIAN AUM
1| PH&N Institutional (RBC Global Asset Management Inc.) $401,842.5
2| TD Global Investment Solutions1 $393,453.3
3| BlackRock Asset Management Canada Ltd. $276,138.0
4| Brookfield Asset Management Inc. $264,316.0
5| Fidelity Canada Institutional $204,537.9
6| CIBC Asset Management Inc. $194,507.6
7| Mackenzie Investments $191,404.0
8| RBC Dominion Securities Inc. - Private Investment Management $179,181.9
9| The Canada Life Assurance Co. $177,674.3
10| Manulife Investment Management $146,431.0
Top 10 total: $2,429,486.5
Note: 1. Formerly listed as TD Asset Management, the firm changed its name to TD Global Investment Solutions in April 2023.
Source: Firms participating in the Canadian Institutional Investment Network’s fall 2023 top 40 money managers survey.
 BREAKDOWN PENSION ASSET
BY CLASS
ASSETS (MILLIONS) AS OF JUNE 30, 2023

Canadian bonds - - - - - - - - - - - - - - - - - - - - - - 22.38%

Global equity - - - - - - - - - - - - - - - - - - - - - - - - - 11.85%
Canadian equity - - - - - - - - - - - - - - - - - - - - - - 10.48%
Real estate - - - - - - - - - - - - - - - - - - - - - - - - - - - 7.09%
Balanced/asset allocation - - - - - - - - - - - - - - - 6.05%
Overlay strategies - - - - - - - - - - - - - - - - - - - - - - 5.98%
Real asset/infrastructure - - - - - - - - - - - - - - - - - 5.28%
Private equity - - - - - - - - - - - - - - - - - - - - - - - - - 4.39%
U.S. equity - - - - - - - - - - - - - - - - - - - - - - - - - - - 3.54%
TOP 10 | CAP INVESTMENT MANAGERS
International equity - - - - - - - - - - - - - - - - - - - - 3.54% CPA = CANADIAN PENSION ASSETS; ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 CAP CPA
Target-date/lifecycle funds - - - - - - - - - - - - - - - - 3.22%
1|BlackRock Asset Management Canada Ltd. $78,298.0
Other - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2.49%
2|Fidelity Canada Institutional $21,230.8
Emerging markets equity - - - - - - - - - - - - - - - - - 1.96% 3|The Canada Life Assurance Co. $20,892.6
Hedge funds - - - - - - - - - - - - - - - - - - - - - - - - - - 1.96% 4|SLGI Asset Management Inc. $19,963.7
Emerging markets debt - - - - - - - - - - - - - - - - - - 1.45% 5|TD Global Investment Solutions 1
$16,183.1
Private debt - - - - - - - - - - - - - - - - - - - - - - - - - - 1.44% 6|Beutel, Goodman & Company Ltd. $13,789.4
7|MFS Investment Management Canada Ltd. $12,396.4
Cash/money market - - - - - - - - - - - - - - - - - - - - 1.36%
8|Industrial Alliance Investment Management Inc. $11,037.0
Global bonds - - - - - - - - - - - - - - - - - - - - - - - - - 1.30%
9|PH&N Institutional (RBC Global Asset Management Inc.) $9,556.1
Mortgage - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1.07% 10| Connor, Clark & Lunn Financial Group $9,285.8
Target-risk portfolio - - - - - - - - - - - - - - - - - - - 0.66% Top 10 total: $212,632.8
U.S. bonds - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.57% Note: 1. Formerly listed as TD Asset Management, the firm changed its name to TD Global
Investment Solutions in April 2023. Source: Firms participating in the Canadian Institutional
Canadian small/mid cap equity - - - - - - - - - - - - - 0.51% Investment Network’s fall 2023 top 40 money managers survey

U.S. small/mid cap equity - - - - - - - - - - - - - - - - 0.33%

Other bonds - - - - - - - - - - - - - - - - - - - - - - - - - - 0.27%
Other equity - - - - - - - - - - - - - - - - - - - - - - - - - - 0.27%
Commodities - - - - - - - - - - - - - - - - - - - - - - - - - 0.21%
High yield bonds - - - - - - - - - - - - - - - - - - - - - - - - 0.11%
Real return bonds - - - - - - - - - - - - - - - - - - - - - - - 0.11%
Asian equity - - - - - - - - - - - - - - - - - - - - - - - - - - 0.10%
European equity - - - - - - - - - - - - - - - - - - - - - - - 0.03%
Derivatives - - - - - - - - - - - - - - - - - - - - - - - - - - - 0.01%

Source: Firms participating in the Canadian Institutional Investment Network’s fall

2023 top 40 money managers survey.
TOP 5 | FASTEST GROWING (%) — GREATER THAN $10 BILLION
CPA = CANADIAN PENSION ASSETS; ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 CPA 2022 CPA Variance
1| Brookfield Asset Management Inc. $85,160.0 $65,587.0 29.8%
2| Jarislowsky, Fraser Ltd. $19,731.0 $15,704.0 25.6%
3| BNY Mellon Asset Management Canada Ltd.* $31,175.0 $24,887.5 25.3%
4| Desjardins Global Asset Management $10,252.0 $8,767.0 16.9%
5| WTW Investment Management Canada Ltd. $13,250.0 $11,400.0 16.2%

TOP 5 | FASTEST GROWING (%) — $1 BILLION TO $10 BILLION

CPA = CANADIAN PENSION ASSETS; ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 CPA 2022 CPA Variance
1| Victory Capital Management Inc. $1,014.5 $336.4 201.6%
2| William Blair & Co. $3,523.5 $1,623.0 117.1%
3| NISA Investment Advisors LLC $3,532.2 $1,692.0 108.8%
4| RP Investment Advisors LP $1,584.0 $849.0 86.6%
5| Montrusco Bolton Investments Inc. $3,098.0 $1,674.6 85.0%

TOP 5 | FASTEST GROWING (%) — LESS THAN $1 BILLION

CPA = CANADIAN PENSION ASSETS; ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 CPA 2022 CPA Variance
1| NS Partners Ltd. (a Connor, Clark & Lunn Financial Group Co.) $183.9 $139.5 31.8%
2| Brandes Investment Partners & Co. $377.0 $294.0 28.2%
3| Eagle Asset Management Inc. $33.9 $27.0 25.4%
4| Capital Group Canada $666.0 $556.5 19.7%
5| Black Creek Investment Management Inc. $914.5 $771.4 18.5%

Note: *Restated 2022 CPA assets. Source: Firms participating in the Canadian Institutional Investment Network’s fall 2023 top 40 money managers survey.
TOP 10 | DB INVESTMENT MANAGERS
CPA = CANADIAN PENSION ASSETS; ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 DB CPA
1| TD Global Investment Solutions 1
$125,360.1
2| PH&N Institutional (RBC Global Asset Management Inc.) $62,465.9
3| BlackRock Asset Management Canada Ltd. $47,876.0
4| BNY Mellon Asset Management Canada Ltd. $31,175.0
5| Trans-Canada Capital Inc. $26,588.0
6| CIBC Asset Management Inc. $22,534.8
7| Manulife Investment Management Ltd. $22,506.0
8| Fiera Capital Corp. $21,812.0
9| PIMCO Canada Corp. $20,983.0
10| Connor, Clark & Lunn Financial Group $20,601.5
Top 10 total: $401,902.3
Note: 1. Formerly listed as TD Asset Management, the firm changed its name to TD Global Investment
Solutions in April 2023. *Restated 2022 CPA assets. Source: Firms participating in the Canadian
Institutional Investment Network’s fall 2023 top 40 money managers survey.

TOP 10 ENDOWMENT & FOUNDATION

FUND MANAGERS
ASSETS (MILLIONS) AS OF JUNE 30, 2023
Company 2023 CANADIAN E&F AUM
1| Fiera Capital Corp. $9,360.4
2| TD Global Investment Solutions 1
$7,303.6
3| Brookfield Asset Management Inc. $6,299.0
4| Mawer Investment Management Ltd. $5,400.1
5| Jarislowsky, Fraser Ltd. $5,093.0
6| PH&N Institutional (RBC Global Asset Management Inc.) $4,645.6
7| Mercer Global Investments Canada Ltd. $3,637.0
8| RBC Phillips, Hager & North Investment Counsel $3,529.2
9| State Street Global Advisors Ltd. $3,446.4
10| BlackRock Asset Management Canada Ltd. $3,432.0
Top 10 total: $52,146.2

Note: 1. Formerly listed as TD Asset Management, the firm changed its name to TD Global Investment
Solutions in April 2023. Source: Firms participating in the Canadian Institutional Investment Network’s
fall 2023 top 40 money managers survey.
TOP 40 MONEY MANAGERS
CANADIAN ASSETS (MILLIONS) UNDER MANAGEMENT AS OF JUNE 30, 2023
CPA = CANADIAN PENSION ASSETS
▲ ▼ Indicates an increase or decrease in assets from 2022 to 2023

BLACKROCK ASSET 1 FIDELITY CANADA 6 THE CANADA LIFE 11 SLGI ASSET 16 MFS INVESTMENT 21 WTW INVESTMENT 26 SLC MANAGEMENT 31 LETKO, BROSSEAU & 36
MANAGEMENT INSTITUTIONAL ASSURANCE CO. MANAGEMENT INC. MANAGEMENT MANAGEMENT CANADA ASSOCIATES INC.
CANADA LTD. CANADA LTD. LTD. LLC

Rank 2022: 2 10.7% Rank 2022: 7 15.0% Rank 2022: 13 15.2% Rank 2022: 15 12.6% Rank 2022: 20 7.1% Rank 2022: N/A 16.2% Rank 2022: 30 4.5% Rank 2022: 34 -1.1%
2022 CPA: $128,133.0 2022 CPA: $30,848.1 2022 CPA: $21,661.0 2022 CPA: $17,962.9 2022 CPA: $16,651.7 2022 CPA: $11,400.0 2022 CPA: $8,016.0 2022 CPA: $7,313.0
2023 CPA: $141,855.0 2023 CPA: $35,465.8 2023 CPA: $24,962.1 2023 CPA: $20,226.3 2023 CPA: $17,825.8 2023 CPA: $13,250.0 2023 CPA: $8,380.0 2023 CPA: $7,231.0
Total assets 2023: $276,138.0 Total assets 2023: $204,537.9 Total assets 2023: $177,674.3 Total assets 2023: $36,050.2 Total assets 2023: $38,195.9 Total assets 2023: $13,600.0 Total assets 2023: $132,006.0 Total assets 2023: $16,096.0

TD GLOBAL 2 BNY MELLON 7 CIBC ASSET 12 JARISLOWSKY, 17 WELLINGTON 22 NEUBERGER BERMAN 27 BAILLIE GIFFORD 32 ADDENDA CAPITAL INC. 37
INVESTMENT SOLUTIONS 1 ASSET MANAGEMENT MANAGEMENT INC. FRASER LTD. MANAGEMENT GROUP LLC OVERSEAS LTD.
CANADA LTD.* CANADA ULC

Rank 2022: 1 7.4% Rank 2022: 23 25.3% Rank 2022: 11 4.7% Rank 2022: 22 25.6% Rank 2022: 19 3.1% Rank 2022: 26 10.1% Rank 2022: 36 14.5% Rank 2022: 32 -6.6%
2022 CPA: $131,807.0 2022 CPA: $24,887.5 2022 CPA: $23,361.3 2022 CPA: $15,704.0 2022 CPA: $16,913.0 2022 CPA: $11,994.0 2022 CPA: $6,886.0 2022 CPA: $7,619.7
2023 CPA: $141,543.2 2023 CPA: $31,175.0 2023 CPA: $24,453.9 2023 CPA: $19,731.0 2023 CPA: $17,438.2 2023 CPA: $13,202.7 2023 CPA: $7,882.0 2023 CPA: $7,113.5
Total assets 2023: $393,453.3 Total assets 2023: $51,458.0 Total assets 2023: $194,507.6 Total assets 2023: $51,288.0 Total assets 2023: $31,670.4 Total assets 2023: $23,568.4 Total assets 2023: $17,249.0 Total assets 2023: $32,383.6

BROOKFIELD ASSET 3 FIERA CAPITAL CORP. 8 BEUTEL, GOODMAN 13 MAWER INVESTMENT 18 STATE STREET GLOBAL 23 LEITH WHEELER 28 MORGAN STANLEY 33 AMUNDI CANADA INC. 38
MANAGEMENT INC. 2 & CO. LTD. MANAGEMENT LTD. ADVISORS LTD. INVESTMENT INVESTMENT
COUNSEL LTD. MANAGEMENT INC.

Rank 2022: 4 29.8% Rank 2022: 6 -19.9% Rank 2022: 12 0.2% Rank 2022: 17 11.7% Rank 2022: 21 -1.2% Rank 2022: 28 2.8% Rank 2022: 33 5.0% Rank 2022: 38 8.1%
2022 CPA: $65,587.0 2022 CPA: $37,477.3 2022 CPA: $23,337.3 2022 CPA: $17,365.0 2022 CPA: $16,200.5 2022 CPA: $10,723.5 2022 CPA: $7,363.0 2022 CPA: $6,032.0
2023 CPA: $85,160.0 2023 CPA: $30,014.8 2023 CPA: $23,380.0 2023 CPA: $19,388.5 2023 CPA: $16,001.6 2023 CPA: $11,020.6 2023 CPA: $7,729.0 2023 CPA: $6,520.2
Total assets 2023: $264,316.0 Total assets 2023: $111,815.3 Total assets 2023: $39,870.3 Total assets 2023: $81,129.4 Total assets 2023: $41,781.1 Total assets 2023: $23,106.3 Total assets 2023: $9,843.0 Total assets 2023: $10,868.5

PH&N INSTITUTIONAL 4 CONNOR, CLARK 9 PIMCO CANADA CORP. 14 MERCER GLOBAL 19 INDUSTRIAL ALLIANCE 24 FRANKLIN TEMPLETON 29 CANSO INVESTMENT 34 ALLIANCEBERNSTEIN 39
(RBC GLOBAL ASSET & LUNN FINANCIAL INVESTMENTS INVESTMENT INSTITUTIONAL 3 COUNSEL LTD. CANADA INSTITUTIONAL
MANAGEMENT INC.) GROUP CANADA LTD. MANAGEMENT INC. INVESTMENTS 4

Rank 2022: 3 8.5% Rank 2022: 9 7.4% Rank 2022: 14 16.2% Rank 2022: 18 12.0% Rank 2022: 25 9.3% Rank 2022: 24 -27.0% Rank 2022: 31 0.6% Rank 2022: 29 -24.4%
2022 CPA: $66,355.5 2022 CPA: $27,829.7 2022 CPA: $19,101.0 2022 CPA: $17,224.0 2022 CPA: $13,450.0 2022 CPA: $14,158.0 2022 CPA: $7,667.2 2022 CPA: $8,469.1
2023 CPA: $72,022.0 2023 CPA: $29,887.3 2023 CPA: $22,199.0 2023 CPA: $19,299.0 2023 CPA: $14,696.0 2023 CPA: $10,329.0 2023 CPA: $7,712.4 2023 CPA: $6,405.9
Total assets 2023: $401,842.5 Total assets 2023: $90,705.6 Total assets 2023: $57,277.0 Total assets 2023: $25,397.0 Total assets 2023: $106,666.0 Total assets 2023: $38,189.0 Total assets 2023: $38,992.2 Total assets 2023: $12,629.6

MANULIFE INVESTMENT 5 TRANS-CANADA 10 GOLDMAN SACHS ASSET 15 J.P. MORGAN ASSET 20 ARROWSTREET 25 DESJARDINS GLOBAL 30 BENTALLGREENOAK 35 HAZELVIEW 40
MANAGEMENT LTD. CAPITAL INC. MANAGEMENT LP MANAGEMENT CAPITAL LPC. ASSET MANAGEMENT (CANADA) LP INVESTMENTS
(CANADA) INC.

Rank 2022: 5 11.5% Rank 2022: 8 -5.9% Rank 2022: 10 -20.9% Rank 2022: 16 6.9% Rank 2022: 27 12.5% Rank 2022: N/A 16.9% Rank 2022: 35 0.2% Rank 2022: 40 6.7%
2022 CPA: $44,597.0 2022 CPA: $28,255.5 2022 CPA: $25,760.7 2022 CPA: $17,454.0 2022 CPA: $11,779.0 2022 CPA: $8,767.0 2022 CPA: $7,219.0 2022 CPA: $5,613.0
2023 CPA: $49,717.0 2023 CPA: $26,588.0 2023 CPA: $20,380.6 2023 CPA: $18,650.0 2023 CPA: $13,250.0 2023 CPA: $10,252.0 2023 CPA: $7,236.0 2023 CPA: $5,990.0
Total assets 2023: $146,431.0 Total assets 2023: $27,280.0 Total assets 2023: $40,335.0 Total assets 2023: $29,606.0 Total assets 2023: $13,902.0 Total assets 2023: $81,839.0 Total assets 2023: $28,886.0 Total assets 2023: $12,336.0

Figures in this report are based on responses by the survey participants.

Benefits Canada assumes no responsibility for the accuracy of the data 2023 top 40 total: $1,065,564.2
provided. All totals are subject to +/- variance due to rounding.
Notes: *Restated 2022 CPA assets. 1. Formerly listed as TD Asset Management, the firm changed its name to TD Global Investment Solutions in April 2023. 2. The signifi- 2022 top 40 total: $988,943.3
cant variance is due to new investors to the firm and new assets acquired. 3. The significant variance is due to overall negative net flows and postive market appreciation. Source: Firms participating in the Canadian Institutional Investment
4. The significant variance is due to institutional outflows, offset slightly by small positive investment performance. Network’s fall 2023 top 40 money managers survey. Variance: 7.7%

36 | November 2023 | BenefitsCANADA BenefitsCANADA | November 2023 | 37