Measuring the standing and profile of 24 leading asset management companies among US financial intermediaries. Conducted by the FT Global Research team.

1. FT Fund Image Survey 2010
Daniel Rothman
Director of Research, Americas
212-641-6468
daniel.rothman@ft.com

2. 2
Background &
Methodology

3. 3
Methodology
Measuring the standing and profile of 24 leading asset
management companies among US financial intermediaries.
Conducted by FT Global Research team
Survey Period: August 27, 2010-September 22, 2010
Online survey carried out in English
Incentive: Amazon Kindle and 1 year subscription to FT Kindle Edition
Sample Source: Money Media database select of 7,000 financial
advisors recruited via email invitation
Sample size: 316 (response rate: ~5%)
Source: 2010 FT Fund Image Study

4. 4
Fund Image 2010: Survey Contents
Asset Management firm awareness - 24
Firm usage/consideration/previous usage
Attributes most important in fund selection process - 13
Brand performance against these attributes -14
Best firm in each attribute
Asset management firm rankings
Best overall
Lost/Losing confidence in
Rising stars
Product/ Asset allocation plans for next 6 months
Preferred resources for investing/ market insights
Usage of new/social media
How FA’s spend their time at work
Source: 2010 FT Fund Image Study

5. 2010 FT Fund Image: 24 Brands Measured

6. 6
Fund Image 2010: Respondent Profile
Type of Firm I Work For
National Wirehouse 51%
RIA Firm/ Financial Planner/ Banks 26%
Independent Brokerage 9%
Regional Brokerage 8%
Insurance Company 3%
Other 3%
# Of Years as a Planner/ Advisor
Less Than 5 Years 8%
5 to Under 10 Years 15%
10 to Under 15 Years 20%
15 Years or More 57%
Source: 2010 FT Fund Image Study

7. 7
Fund Image 2010: Respondent Profile
Value of Fund You Personally Manage or Have Influence Over
Less Than $100 Million 57%
$100 Million to $499.9 Million 33%
$500 Million to $999.9 Million 6%
$1 Billion to $4.9 Billion 3%
$5 Billion or More 6%
How Are You Compensated For Your Services
Majority Commission Based 24%
Majority Fee-Based 28%
Hybrid Compensation Structure 40%
Other 8%
Source: 2010 FT Fund Image Study

8. 8
Majority of AUM are Advised on Behalf of Individuals
Q. What percentage of assets under advisement is advised on behalf of Individuals? On behalf of Institutions?
Institutions
11%
Individuals
87%
Source: 2010 FT Fund Image Study

9. 9
Attributes Most
Important in
Firm Selection
Process

10. 10
Most Important Drivers…Trustworthiness, Financial
Strength/Long Term Stability & Reputation
Q. Please rate the importance of each of the following company attributes/ characteristics when considering an Asset Management firm to
place your assets with.
5 - High Importance 4 3 - Neutral 2 1 - Not important
Trustworthy 81% 15% 3%
1%
Financial strength and LT stability 68% 25% 6%
1%
Reputation 68% 24% 6%1%
Risk Management 60% 30% 9% 1%
Transparent 56% 31% 10% 1%
Investment Process 53% 30% 14% 2%
1%
Service 51% 32% 14% 2%
1%
Performance leader 47% 41% 12%
Fees 45% 34% 18% 2%
2%
Range of funds 31% 31% 26% 5% 6%
Innovative 30% 32% 33% 4%
1%
Global presence 26% 28% 34% 5% 6%
Sales / marketing materials 20% 33% 36% 6% 4%
Source: 2010 FT Fund Image Study

11. Intermediary Trend in Attribute Importance: 2010 vs. 09
% Very Important
Trustworthy 81%
Transparent 56%
Trustworthy & transparent
78%
Confidence in firm's LT stability 68%
65%
Risk Management 60%
Investment Process 53%
Service 51%
50%
Fees 45%
37%
Range of funds 31%
28% 2010
Innovative 30%
18% 2009
Global presence 26%
19%
Sales/marketing materials 20%
13%

12. 12
Brand Competition:
Looking at the 14
Measured & How They
Rank on the Attributes

13. 13
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Trustworthy Financial strength and
long term stability
Franklin Templeton 85% Fidelity 88%
PIMCO 83% Blackrock 87%
Blackrock 81% Franklin Templeton 86%
PIMCO 86%
J.P. Morgan Funds 82%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

14. 14
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Reputation Risk Management
PIMCO 92% PIMCO 79%
Franklin Templeton 86% Blackrock 75%
Blackrock 83% Franklin Templeton 69%
Fidelity 80%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

15. 15
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Transparent Performance Leader
PIMCO 72%
PIMCO 87%
Franklin Templeton 69%
Blackrock 73%
Blackrock 65%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

16. 16
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Investment Process Service
Franklin Templeton 65%
Blackrock 79%
PIMCO Blackrock 64%
72%
PIMCO 63%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

17. 17
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Fees Innovative
Fidelity 64%
Blackrock 70%
PIMCO 54%
PIMCO 64%
Blackrock 53%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

18. 18
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Range of Funds Global Presence
Fidelity 84%
Franklin Templeton 80%
Franklin Templeton 73%
Blackrock 79%
Blackrock 68%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

19. 19
Brand Rankings Against Individual Attributes
Q. Please rank how closely you associate each of the following attributes against each Asset Management company. All answering 4 or 5.
Sales / marketing materials
(insights, papers, etc.)
Blackrock 64%
Fidelity 61%
Franklin Templeton 60%
J.P. Morgan Funds 59%
PIMCO 59%
Contact Daniel for
additional findings
Source: 2010 FT Fund Image Study

20. 20
Product/ Asset
Allocation Plans
Over Next 6 Months

21. 21
Allocation Shifts Planned: Asset Classes
Q. Over the next 6 months, how do you expect each of your Product/ Asset Allocations to shift?
Significant Increase Moderate Increase Stay the Same
Moderate Decrease Significant Decrease
Emerging Market Equities 15% 51% 29% 1%
4%
Emerging Market Bonds 8% 39% 43% 8% 2%
International Equities (developed markets) 8% 43% 40% 8%1%
US Equities 7% 48% 34% 8% 3%
Options 5% 30% 61% 2%
4%
Hedge Funds / Private Equity 5% 29% 53% 8% 6%
Real Estate / REITs 4% 39% 47% 7%2%
US: Municipal Bonds 4% 29% 50% 14% 3%
International Bonds (developed markets) 3% 33% 49% 13% 2%
Cash / Short Term 3% 15% 32% 35% 14%
US: Corporate Bonds 3% 20% 48% 24% 5%
US: Treasuries 1%5% 34% 34% 26%
Source: 2010 FT Fund Image Study

22. 22
Trends in Allocation Plans: Asset Classes
Q. Over the next 6 months, how do you expect each of your Product/ Asset Allocations to shift?
Increase Stay the Same Decrease
2010 66% 29% 5%
Emerging Market Equities
2009 67% 26% 7%
Emerging Market Bonds 2010 47% 43% 10%
2009 34% 55% 11%
2010 51% 40% 9%
Int’l Equities (Dev. Mkts)
2009 44% 45% 10%
2010 55% 34% 11%
US Equities
2009 40% 46% 14%
2010 35% 61% 6%
Options
2009 33% 57% 11%
Hedge Funds/Pvt Equity 2010 34% 53% 14%
Hedge Funds 2009 27% 52% 21%
Private Equity 2009 20% 55% 24%
Source: 2010 FT Fund Image Study

23. 23
Trends in Allocation Plans: Asset Classes - 2
Q. Over the next 6 months, how do you expect each of your Product/ Asset Allocations to shift?
Increase Stay the Same Decrease
Real Estate/ REITs 2010 43% 47% 9%
Real Estate 2009 39% 42% 19%
2010 33% 50% 17%
US: Municipal Bonds
2009 43% 42% 15%
2010 36% 49% 15%
Int’l Bonds (Dev. Mkts)
2009 28% 59% 12%
2010 18% 32% 49%
Cash/ Short Term
2009 14% 33% 54%
2010 23% 48% 29%
US: Corporate Bonds
2009 33% 48% 18%
2010 6% 34% 60%
US: Treasuries
2009 5% 32% 62%
Source: 2010 FT Fund Image Study

24. 24
Allocation Shifts Planned: Products
Q. Over the next 6 months, how do you expect each of your Product/ Asset Allocations to shift?
Significant Increase Moderate Increase Stay the Same
Moderate Decrease Significant Decrease
Annuities 12% 44% 36% 6%2%
Separately Managed Accounts 9% 38% 42% 10% 2%
ETFs - Passive managed 9% 36% 51% 3%
1%
Retirement Plans (IRA, 401Ks) 9% 49% 41% 0%
1%
Active Mutual Funds 9% 39% 41% 9% 2%
ETFs - Active managed 7% 41% 50% 1%
2%
Target Date Funds 4% 9% 70% 11% 5%
Collective investment Trusts
3% 12% 73% 6% 7%
(CITs)
Source: 2010 FT Fund Image Study

25. 25
Trends in Allocation Plans: Products
Q. Over the next 6 months, how do you expect each of your Product/ Asset Allocations to shift?
Increase Stay the Same Decrease
Separately Managed Accts 2010 47% 42% 11%
Managed Accts 2009 57% 31% 13%
ETFs Actively Managed 2010 48% 50% 3%
ETFs Passively Managed 2010 45% 51% 4%
ETFs 2009 60% 34% 5%
2010 47% 41% 11%
Active Mutual Funds
2009 48% 42% 11%
Source: 2010 FT Fund Image Study

26. 26
ETF Shifts Planned: Segmented by Firm Type
Q. Over the next 6 months, how do you expect each of your Product/ Asset Allocations to shift?
Sign. Increase Mod. Increase Stay the Same Mod. Decrease Sign. Decrease
ETFs: Passive managed (NET) 9% 36% 51% 3%
1%
National Wirehouse 11% 37% 49% 2%
1%
Regional brokerage 5% 38% 57%
Independent brokerage 15% 46% 35% 4%
RIA Firm / Financial Planner / Banks 3% 27% 64% 5% 2%
ETFs: Active managed (NET) 7% 41% 50% 2%
1%
National Wirehouse 9% 44% 42% 3%2%
Regional brokerage 32% 68%
Independent brokerage 20% 40% 40%
RIA Firm / Financial Planner / Banks 36% 64%
Source: 2010 FT Fund Image Study

27. 27
Resources for
Investing/ Market
Insights

28. 28
Most Used Media
Q. How often do you use each of the information sources listed below for investing/ market insights?
Use frequently Use occasionally Never Use
Data Providers (Lipper, Morningstar) 58% 36% 6%
News / Business Websites (FT.com, Fundfire.com, Ignites.com) 57% 36% 6%
Newspapers (WSJ, FT) 54% 34% 12%
Asset Management Firm Materials / Websites 43% 48% 9%
Business Magazines (Barron's, Business Week, etc) 38% 51% 12%
Financial Trade Magazines / Journals (Registered Rep,
34% 49% 16%
InvestmentNews, etc)
Business Television Programs 30% 44% 26%
Conferences or Sponsored Events 19% 59% 22%
Source: 2010 FT Fund Image Study

29. 29
Most Important Media Sources
Q. Please select the two (2) sources that are the most important for your investment / market knowledge?
Newspapers (WSJ, FT) 40%
Data Providers (Lipper, Morningstar) 39%
News/Business Websites (FT.com, Fundfire.com,
36%
Ignites.com)
Asset Management Firm Materials/Websites 32%
Business Magazines (Barron's, Business Week, etc) 19%
Business Television Programs 14%
Conferences or Sponsored Events 13%
Financial Trade Magazines/Journals (Registered Rep,
7%
InvestmentNews, etc)
Source: 2010 FT Fund Image Study

30. 30
Streaming, Social
Media, Twitter for
Work

31. 31
New/Social Media Used for Work Purposes
Q. How often do you do each of the following for work-related purposes?
Frequently Sometimes Never
Listen to / watch a webcast 33% 53% 14%
View / send streaming video 15% 51% 34%
Use professional networking sites
13% 31% 56%
(e.g., LinkedIn, Plaxo)
Listen to / download a podcast 10% 36% 54%
Read blogs 8% 34% 58%
Use social networking sites (e.g.,
6% 16% 78%
Facebook, MySpace)
Receive RSS feeds 4% 22% 75%
Use Twitter 2%4% 94%
Source: 2010 FT Fund Image Study

32. 32
Asset Management
Firm:
- Familiarity
- Usage

33. 33
Leading in Familiarity:
American Funds, Franklin, PIMCO, Fidelity & BlackRock
Q. How familiar are you with each of the Asset Management companies listed below? Please indicate how familiar you are, regardless of
whether you use/have used them.
Very familiar Fairly familiar Know just by name Not at all familiar
American Funds 72% 23% 4%
Franklin Templeton 67% 27% 5%
PIMCO 67% 25% 7%1%
Fidelity 64% 30% 6%
BlackRock 60% 29% 10% 1%
OppenheimerFunds
Nuveen Investments
Legg Mason
Invesco
Janus
Vanguard
J.P. Morgan Funds
Source: 2010 FT Fund Image Study

34. 34
Familiarity Continued…
Q. How familiar are you with each of the Asset Management companies listed below? Please indicate how familiar you are, regardless of
whether you use/have used them.
Very familiar Fairly familiar Know just by name Not at all familiar
Ameriprise
Lord Abbett
Calamos
Putnam Investments
Alliance Bernstein Contact Daniel for
Dreyfus these findings
T. Rowe Price
Schwab Funds
Russell Investments
Principal Funds
SSgA Funds
Aberdeen
Source: 2010 FT Fund Image Study

35. 35
Brand Rankings - unaided
- Best Overall
- Lost/Losing Confidence
-Rising Stars

36. 36
Best Overall Reputation - unaided
Q. Please list up to 3 Asset Management firms you consider to have the Best Overall Reputation
Contact Daniel for
these findings
Source: 2010 FT Fund Image Study

37. 37
Lost/Losing Confidence in - unaided
Q. Please list up to 3 Asset Management firms you are have Lost or are Losing Confidence In
Contact Daniel for
these findings
Source: 2010 FT Fund Image Study

38. 38
Rising Stars - unaided
Q. Please list up to 3 Asset Management firms you consider to be Rising Stars
Contact Daniel for
these findings
Source: 2010 FT Fund Image Study

39. THANK YOU
For more information please contact
Daniel Rothman
Director of Research, Americas
212-641-6468
daniel.rothman@ft.com
www.ft.com