GLOBAL MARKETS How to Succeed Internationally.

GLOBAL MARKETS 2017 How to Succeed Internationally Overview & Methodology In its sixteenth year, this annual report analyzes the key manufacturing and distribution trends shaping the 21 main asset management markets that make up Cerulli s global universe. This report includes the Global Markets Rating System (GMRS), Cerulli s proprietary evaluation of the attractiveness of markets around the globe. Countries covered in this report include: Australia, Brazil, Canada, Chile, China, France, Germany, Hong Kong, India, Italy, Japan, Korea, Mexico, The Netherlands, Singapore, Spain, Sweden, Switzerland, Taiwan, the United Kingdom, and the United States. An analysis of AUM, revenue, product development, distribution, and regulatory trends for retail and institutional markets is provided for each country. Benefits: y Analyze qualitative insights to interpret global trends y Use Cerulli s proprietary addressability ranking, GMRS, to create country-specific actionable business plans y Examine the scale of the global fund industry y Understand key trends affecting the global landscape Questions Answered: y What are managers doing to protect revenue growth? y How are distribution models evolving in selected markets? y Which strategies are attracting investor interest in selected markets? y How are the top-10 asset managers performing? SUBSCRIPTION DETAILS $30,000 PURCHASE INCLUDES ANNUAL 520 PAGES 360 EXHIBITS y Digital copy and hardcopy in color y Online access to 21 related reports y Unlimited online firm-wide access y Exhibits in Excel y Key findings y Analyst support y Interactive Report Dashboards NEW y Executive Summary Video NEW RESEARCH INCLUDED WITH SUBSCRIPTION y Fifteen years of The Cerulli Report - Global Markets y Global Sovereign Wealth Funds 2010 y Shariah Investing: Market Sizing & Analysis 2008 y Asset Management in the Middle East 2008 y Eastern Europe 2006 y European Distribution Dynamics 2005 y European Advisor Distribution 2004 For more information, contact us: ``info@cerulli.com Cerulli Interactive Report Dashboards NEW Experience Cerulli s digital analytics platform and explore interactive data from this report We are pleased to include these interactive report dashboards with your subscription: 1. Global Overview by Market: Examine global AUM, marketshare by investment objective, and AUM by market type in 26 currencies. 2. Country Profile: Compare country-specific data side-by-side for 20 countries, including mutual fund AUM and NNFs and retirement AUM by a range of breakdowns. 3. Cerulli GMRS: Use Cerulli s proprietary global market ratings system to evaluate the attractiveness of 20 different markets. CERULLI ASSOCIATES info@cerulli.com www.cerulli.com

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Chapter 5 Germany Exhibit 5.07 German Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016 Sources: Broadridge, Cerulli Associates Analyst Note: Foreign exposure AUM excludes European bonds. 1 All foreign-objective AUM excluding European regional exposure. 2 Calculated using total foreign exposure AUM. 500 80% 400 300 72.7% 123.4 73.2% 125.5 73.5% 74.8% 74.9% 135.7 141.0 127.7 75% 70% 200 100 203.8 218.7 248.0 276.3 287.8 65% 0 2012 2013 2014 2015 2016 60% World ex-europe foreign-objective AUM ( bn) 1 European foreign-objective AUM ( bn) % of mutual fund AUM 2 The proportion of foreign-objective AUM invested outside of Europe in 2016 held steady from 2015 at 67.1%. This figure has increased 4.8 percentage points since 2012. Key Implication: German investors are willing to source alternative investment opportunities, such as real estate and real estate debt, outside of Germany. These investors are becoming increasingly open to non-german fund structures, such as Luxembourg s new RAIF structure. 168 The Cerulli Report Global Markets 2017

Table of Contents: Expanded Key Questions Answered... 28 1. What factors are currently shaping markets around the world?...28 2. Which strategies are being embraced most enthusiastically and which are out of favor?...29 3. Which distribution channels are managers best options in the various regions?...30 4. How dominant were the top managers in selected markets during 2016?...31 5. Are global revenues set to rise and how can asset managers protect their revenue growth?...32 Exchange Rates.... 33 Collective Schemes.... 34 Chapter 1: Global Overview... 35 Exhibit 1.01 Global Asset Management Industry Assets Under Management by Region, 2012 2021E........................... 35 Exhibit 1.02 Global Mutual Fund Assets Under Management by Country, 2012 2021E...37 Exhibit 1.03 Global Mutual Fund Assets Under Management by Investment Objective and Region, 2012 2021E....40 Exhibit 1.04 Mutual Fund Assets Under Management by Foreign Exposure for Selected Countries, 2012 2016...42 Exhibit 1.05 Share of Foreign-Domiciled Mutual Fund Assets Under Management for Selected Countries, 2012 2016...43 Exhibit 1.06 Global Mutual Fund Assets Under Management as Percentage of Household Financial Assets, 2016...44 Exhibit 1.07 Global Mutual Fund Industry Growth by Source for Selected Countries, 2013 2016...45 Exhibit 1.08 Global Mutual Fund Industry Growth by Source, 2013 2016...47 Exhibit 1.09 Global Mutual Fund Net New Inflows by Country and Selected Asset Class, 2014 2016...48 Exhibit 1.10 Global Retirement Fund Assets Under Management by Country, 2012 2021E Exhibit 1.11 Global Retirement Fund Assets Under Management by Investment Objective, 2012 2021E...51 Exhibit 1.12 Global Exchange-Traded Fund Assets Under Management and Net New Flows by Region, 2012 2016...52 Exhibit 1.13 Global Hedge Fund Assets Under Management, 2012 2016...54 Exhibit 1.14 Largest 50 Asset Managers by Global Assets Under Management, December 2016...55 Exhibit 1.15 Global Mutual Fund Industry Net Revenue for Selected Countries, 2012 2021E....58 Exhibit 1.16 Global Mutual Fund Industry Net Revenue by Investment Objective, 2012 2021E....59 Exhibit 1.17 Cerulli Combined Retail and Institutional Global Market Ratings by Country, 2016...60 Exhibit 1.18 Cerulli Retail Global Market Ratings by Country, 2016...61 Exhibit 1.19 Cerulli Institutional Global Market Ratings by Country, 2016...62 8 The Cerulli Report Global Markets 2017

Chapter 2: United States... 63 Exhibit 2.01 U.S. Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...67 Exhibit 2.02 U.S. Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...68 Exhibit 2.03 U.S. Mutual Fund Assets Under Management by Fund Type, 2012 2016...69 Exhibit 2.04 U.S. Mutual Fund Net New Flows by Investment Objective, 2012 2016...70 Exhibit 2.05 U.S. Mutual Fund Assets Under Management by Key Asset Class, 2012 2016....71 Exhibit 2.06 U.S. Mutual Fund Net New Flows by Key Asset Class, 2012 2016...72 Exhibit 2.07 U.S. Alternative Mutual Fund Assets Under Management by Asset Type, 2010 2016...73 Exhibit 2.08 U.S. Advisor Headcount Marketshare and Projections by Channel, 2008 2020E...75 Exhibit 2.09 U.S. Assets by Channel, 2012 2015....76 Exhibit 2.10 U.S. Long-Term Mutual Fund Assets by Share Class, 2012 2016...77 Exhibit 2.11 U.S. Retail Variable Annuity Industry Assets and Growth, 2012 2016...78 Exhibit 2.12 U.S. Retail Variable Annuity Total Flows by Distribution Channel, 2005 2016...79 Exhibit 2.13 U.S. Retirement Market Assets, 2012 2016E...80 Exhibit 2.14 U.S. Defined Benefit Retirement Plan Assets by Investment Objective, 3Q 2015 3Q 2016...81 Exhibit 2.15 U.S. 401(k) Asset Allocation, 2015...82 Exhibit 2.16 U.S. 401(k) Providers by Recordkept Assets, 2015...83 Exhibit 2.17 U.S. 401(k) Assets by Investment Vehicle, 2015....84 Exhibit 2.18 U.S. Individual Retirement Account Mutual Fund Asset Allocation, 2011 2015...85 Exhibit 2.19 Breakdown of Retail Variable Annuity Subaccount Assets by Structure, 2012 2016....86 Exhibit 2.20 Top 20 U.S. Mutual Fund Managers by Asset Class: Asset Class Allocation Breakdown, 2016....87 Exhibit 2.21 Top-Selling U.S. Mutual Fund Managers: Net Flows by Asset Class, 2016...89 Exhibit 2.22 Largest 20 US Tax-Exempt Institutional Managers by Assets Under Management, 2013 2015...91 Exhibit 2.23 Cerulli Global Market Rating for U.S. Retail Marketplace, December 2016...93 Exhibit 2.24 Cerulli Global Market Rating for U.S. Institutional Marketplace, December 2016...95 Exhibit 2.25 U.S. Retail Fund Marketplace Year-End 2016 Databank...97 Exhibit 2.26 U.S. Retirement Fund Marketplace Year-End 2016 Databank...99 Chapter 3: United Kingdom... 100 Exhibit 3.01 U.K. Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...104 Exhibit 3.02 U.K. Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...105 Exhibit 3.03 U.K. Mutual Fund Assets Under Management by Investment Objective, 2012 2016...106 Exhibit 3.04 U.K. Mutual Fund Net New Flows by Investment Objective, 2012 2016...107 Exhibit 3.05 U.K.Mutual Fund Assets Under Management by Key Asset Class, 2012 2016...108 The Cerulli Report Global Markets 2017 9

Exhibit 3.06 U.K. Mutual Fund Net New Flows by Key Asset Class, 2012 2016...109 Exhibit 3.07 U.K. Mutual Fund Assets by Foreign Exposure, 2012 2016....110 Exhibit 3.08 U.K. Fund-of-Funds Assets Under Management, 2012 2016...111 Exhibit 3.09 U.K. Fund-of-Funds Net New Flows, 2012 2016...112 Exhibit 3.10 U.K. Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...113 Exhibit 3.11 U.K. Mutual Fund Net New Flows by Investor Type, 2012 2016...114 Exhibit 3.12 U.K. Mutual Fund Assets Under Management and Net New Flows by Tax Wrapper, 2012 2016.................... 115 Exhibit 3.13 Largest 10 U.K. Mutual Fund Managers by Assets Under Management, 2014 2016...116 Exhibit 3.14 Largest 10 U.K. Mutual Fund Managers by Net New Flows, 2014 2016...117 Exhibit 3.15 Total UK Retirement Fund Assets Under Management, 2011 2015...118 Exhibit 3.16 U.K. Self-Administered Pension Fund Assets Under Management by Asset Class, 2011 2015...................... 119 Exhibit 3.17 Total U.K. Insurance Assets Under Management, 2011 2015....120 Exhibit 3.18 Cerulli Global Market Rating for U.K. Retail Marketplace, December 2016....121 Exhibit 3.19 Cerulli Global Market Rating for U.K. Institutional Marketplace, December 2016...123 Exhibit 3.20 U.K. Retail Fund Marketplace Year-End 2016 Databank....125 Exhibit 3.21 U.K. Retirement Fund Marketplace Year-End 2016 Databank....129 Chapter 4: France... 131 Exhibit 4.01 French Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...134 Exhibit 4.02 French Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016....135 Exhibit 4.03 French Mutual Fund Assets Under Management by Investment Objective, 2012 2016....136 Exhibit 4.04 French Mutual Fund Net New Flows by Investment Objective, 2012 2016....137 Exhibit 4.05 French Mutual Fund Assets Under Management by Key Asset Class, 2012 2016...138 Exhibit 4.06 French Mutual Fund Net New Flows by Key Asset Class, 2012 2016...139 Exhibit 4.07 French Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016...140 Exhibit 4.08 French Fund-of-Funds Assets Under Management, 2012 2016...141 Exhibit 4.09 French Fund-of-Funds Net New Flows, 2012 2016....142 Exhibit 4.10 French Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...143 Exhibit 4.11 Largest 10 French Mutual Fund Managers by Assets Under Management, 2014 2016...144 Exhibit 4.12 Largest 10 French Mutual Fund Managers by Net New Flows, 2014 2016...145 Exhibit 4.13 French Pension Fund Assets Under Management, 2011 2015E....146 Exhibit 4.14 French Occupational and Personal Pension Fund Assets Under Management by Plan, 2010 2014...147 Exhibit 4.15 French Insurance Assets Under Management, 2011 2015...148 10 The Cerulli Report Global Markets 2017

Exhibit 4.16 Cerulli Global Market Rating for French Retail Marketplace, December 2016...149 Exhibit 4.17 Cerulli Global Market Rating for French Institutional Marketplace, December 2016....151 Exhibit 4.18 French Retail Fund Marketplace Year-End 2016 Databank...153 Exhibit 4.19 French Retirement Fund Marketplace Year-End 2016 Databank...157 Chapter 5: Germany....158 Exhibit 5.01 German Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016....162 Exhibit 5.02 German Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016....163 Exhibit 5.03 German Mutual Fund Assets Under Management by Investment Objective, 2012 2016....164 Exhibit 5.04 German Mutual Fund Net New Flows by Investment Objective, 2012 2016...165 Exhibit 5.05 German Mutual Fund Assets Under Management by Key Asset Class, 2012 2016...166 Exhibit 5.06 German Mutual Fund Net New Flows by Key Asset Class, 2012 2016....167 Exhibit 5.07 German Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016...168 Exhibit 5.08 German Fund-of-Funds Assets Under Management, 2012 2016....169 Exhibit 5.09 German Fund-of-Funds Net New Flows, 2012 2016....170 Exhibit 5.10 German Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016....171 Exhibit 5.11 Largest 10 German Mutual Fund Managers by Assets Under Management, 2014 2016....172 Exhibit 5.12 Largest 10 German Mutual Fund Managers by Net New Flows, 2014 2016....173 Exhibit 5.13 German Spezialfond Assets Under Management, 2012 2016...174 Exhibit 5.14 German Retirement Assets Under Management, 2012 2Q 2016....175 Exhibit 5.15 German Insurance Assets Under Management, 2012 2016E....176 Exhibit 5.16 Cerulli Global Market Rating for German Retail Marketplace, December 2016...177 Exhibit 5.17 Cerulli Global Market Rating for German Institutional Marketplace, December 2016...179 Exhibit 5.18 German Retail Fund Marketplace Year-End 2016 Databank...181 Exhibit 5.19 German Retirement Fund Marketplace Year-End 2016 Databank.............................................. 185 Chapter 6: Italy.............................................................................. 186 Exhibit 6.01 Italian Mutual Fund Assets Under Management, 2012 2016...191 Exhibit 6.02 Italian Mutual Fund Net New Flows, 2012 2016............................................................. 192 Exhibit 6.03 Italian Mutual Fund Assets Under Management by Investment Objective, 2012 2016...193 Exhibit 6.04 Italian Mutual Fund Net New Flows by Investment Objective, 2012 2016...194 Exhibit 6.05 Italian Mutual Fund Assets Under Management by Key Asset Class, 2012 2016....195 Exhibit 6.06 Italian Mutual Fund Net New Flows by Key Asset Class, 2012 2016...196 Table of Contents The Cerulli Report Global Markets 2017 11

Exhibit 6.07 Italian Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016....197 Exhibit 6.08 Italian Fund-of-Funds Assets Under Management, 2012 2016...198 Exhibit 6.09 Italian Fund-of-Funds Net New Flows, 2012 2016...199 Exhibit 6.10 Italian Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...200 Exhibit 6.11 Largest 10 Italian Mutual Fund Managers, 2014 2016....201 Exhibit 6.12 Largest 10 Italian Mutual Fund Managers by Net New Flows, 2014 2016...202 Exhibit 6.13 Italian Retirement Fund Assets Under Management by Plan Type, 2012 1Q 2016....203 Exhibit 6.14 Italian Open Pension Fund Assets Under Management by Investment Objective, 2012 2016E..................... 204 Exhibit 6.15 Italian Insurance Assets Under Management by Plan Type, 2011 2015...205 Exhibit 6.16 Cerulli Global Market Rating for Italian Retail Marketplace, December 2016...206 Exhibit 6.17 Cerulli Global Market Rating for Italian Institutional Marketplace, December 2016...208 Exhibit 6.18 Italian Retail Fund Marketplace Year-End 2016 Databank....210 Exhibit 6.19 Italian Retirement Fund Marketplace Year-End 2016 Databank...213 Chapter 7: Switzerland... 215 Exhibit 7.01 Swiss Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...218 Exhibit 7.02 Swiss Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...219 Exhibit 7.03 Swiss Mutual Fund Assets Under Management by Investment Objective, 2012 2016...220 Exhibit 7.04 Swiss Mutual Fund Net New Flows by Investment Objective, 2012 2016...221 Exhibit 7.05 Swiss Mutual Fund Assets Under Management by Key Asset Class, 2012 2016...222 Exhibit 7.06 Swiss Mutual Fund Net New Flows by Key Asset Class, 2012 2016...223 Exhibit 7.07 Swiss Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016...224 Exhibit 7.08 Swiss Fund-of-Funds Assets Under Management, 2012 2016...225 Exhibit 7.09 Swiss Fund-of-Funds Net New Flows, 2012 2016...226 Exhibit 7.10 Swiss Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...227 Exhibit 7.11 Largest 10 Swiss Mutual Fund Managers, 2014 2016...228 Exhibit 7.12 Largest 10 Swiss Mutual Fund Managers by Net New Flows, 2014 2016...229 Exhibit 7.13 Swiss Occupational Retirement Fund Assets Under Management, 2012 2016E...230 Exhibit 7.14 Swiss Occupational Retirement Fund Assets Under Management by Investment Objective, 2012 2016E............ 231 Exhibit 7.15 Swiss Insurance Assets Under Management, 2011 2015...232 Exhibit 7.16 Cerulli Global Market Rating for Swiss Retail Marketplace, December 2016...233 Exhibit 7.17 Cerulli Global Market Rating for Swiss Institutional Marketplace, December 2016....235 Exhibit 7.18 Swiss Retail Fund Marketplace Year-End 2016 Databank...237 Exhibit 7.19 Swiss Retirement Fund Marketplace Year-End 2016 Databank...241 12 The Cerulli Report Global Markets 2017

Chapter 8: Spain.... 242 Exhibit 8.01 Spanish Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...245 Exhibit 8.02 Spanish Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016....246 Exhibit 8.03 Spanish Mutual Fund Assets Under Management by Investment Objective, 2012 2016....247 Exhibit 8.04 Spanish Mutual Fund Net New Flows by Investment Objective, 2012 2016....248 Exhibit 8.05 Spanish Mutual Fund Assets Under Management by Key Asset Class, 2012 2016................................ 249 Exhibit 8.06 Spanish Mutual Fund Net New Flows by Key Asset Class, 2012 2016...250 Exhibit 8.07 Spanish Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016.............................. 251 Exhibit 8.08 Spanish Fund-of-Funds Assets Under Management, 2012 2016...252 Exhibit 8.09 Spanish Fund-of-Funds Net New Flows, 2012 2016....253 Exhibit 8.10 Spanish Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...254 Exhibit 8.11 Largest 10 Spanish Mutual Fund Managers by Assets Under Management, 2014 2016...255 Exhibit 8.12 Largest 10 Spanish Mutual Fund Managers by Net New Flows, 2014 2016...256 Exhibit 8.13 Spanish Retirement Fund Assets Under Management by Plan Type, 2011 2015...257 Exhibit 8.14 Largest 10 Spanish Pension Fund Managers, 2014 September 2016...258 Exhibit 8.15 Spanish Insurance Assets Under Management, 2012 2016E.................................................. 259 Exhibit 8.16 Cerulli Global Market Rating for Spanish Retail Marketplace, December 2016...260 Exhibit 8.17 Cerulli Global Market Rating for Spanish Institutional Marketplace, December 2016....262 Exhibit 8.18 Spanish Retail Fund Marketplace Year-End 2016 Databank...264 Exhibit 8.19 Spanish Retirement Fund Marketplace Year-End 2016 Databank...268 Chapter 9: Sweden........................................................................... 269 Exhibit 9.01 Swedish Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016....272 Exhibit 9.02 Swedish Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...273 Exhibit 9.03 Swedish Mutual Fund Assets Under Management by Investment Objective, 2012 2016...274 Exhibit 9.04 Swedish Mutual Fund Net New Flows by Investment Objective, 2012 2016...275 Exhibit 9.05 Swedish Mutual Fund Assets Under Management by Key Asset Class, 2012 2016....276 Exhibit 9.06 Swedish Mutual Fund Net New Flows by Key Asset Class, 2012 2016....277 Exhibit 9.07 Swedish Mutual Fund Assets by Foreign Exposure, 2012 2016...278 Exhibit 9.08 Swedish Fund-of-Funds Assets Under Management, 2012 2016....279 Exhibit 9.09 Swedish Fund-of-Funds Net New Flows, 2012 2016...280 Exhibit 9.10 Swedish Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016....281 Exhibit 9.11 Largest 10 Swedish Mutual Fund Managers by Assets Under Management, 2014 2016....282 Exhibit 9.12 Largest 10 Swedish Mutual Fund Managers by Net New Flows, 2014 2016....283 The Cerulli Report Global Markets 2017 13

Exhibit 9.13 Swedish Premium Pension Saving Net Assets, 2012 2016...284 Exhibit 9.14 Swedish Premium Pension Saving Net Assets by Investment Objective, 2012 2016...285 Exhibit 9.15 Swedish Pension Fund Assets Under Management by Type, 2012 2016...286 Exhibit 9.16 Swedish AP1 to AP4 Funds Assets Under Management by Management Style, 2012 2016...287 Exhibit 9.17 Swedish Insurance Assets Under Management, 2012 3Q 2016....288 Exhibit 9.18 Cerulli Global Market Rating for Swedish Retail Marketplace, December 2016...289 Exhibit 9.19 Cerulli Global Market Rating for Swedish Institutional Marketplace, December 2016...290 Exhibit 9.20 Swedish Retail Fund Marketplace Year-End 2016 Databank...292 Exhibit 9.21 Swedish Retirement Fund Marketplace Year-End 2016 Databank...296 Chapter 10: Japan... 297 Exhibit 10.01 Japanese Mutual Fund and Exchange-Traded Fund Assets Under Management by Domicile, 2012 2016...300 Exhibit 10.02 Japanese Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...301 Exhibit 10.03 Japanese Mutual Fund Assets Under Management by Investment Objective, 2012 2016....302 Exhibit 10.04 Japanese Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, 2012 2016...303 Exhibit 10.05 Japanese Cross-Border Mutual Fund Assets Under Management by Investment Objective, 2012 2016...304 Exhibit 10.06 Japanese Locally Domiciled Mutual Fund Net New Flows by Investment Objective, 2012 2016....305 Exhibit 10.07 Japanese Mutual Fund Assets Under Management by Key Asset Class, 2012 2016...306 Exhibit 10.08 Japanese Locally Domiciled Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016...307 Exhibit 10.09 Japanese Household Financial Assets, 2012 2016...308 Exhibit 10.10 Japanese Locally Domiciled Private Placement Mutual Fund Assets Under Management and Net New Flows, 2012 2016....309 Exhibit 10.11 Largest 10 Japanese Investment Trust Management Companies, 2015 2016....310 Exhibit 10.12 Largest 20 Cross-Border Fund Vendors by Japanese Client Assets Under Management, 2015 2016...311 Exhibit 10.13 Japanese Corporate Pension Assets Under Management, March 2012 March 2016...313 Exhibit 10.14 Japanese Corporate Pension Assets Under Management by Investment Objective, March 2012 March 2016...314 Exhibit 10.15 Japanese Defined Benefit Plan Assets Under Management by Vendor Type, March 2012 March 2016...315 Exhibit 10.16 Largest 20 Japanese Investment Advisory Companies by Pension Assets Under Management, December 2015 and December 2016...316 Exhibit 10.17 Japanese Government Pension Investment Fund External Managers, March 2016...318 Exhibit 10.18 Selected Japanese Bank and Brokerage Variable Annuity Distribution Agreements, February 2017...322 Exhibit 10.19 Largest Japanese Trust Banks by Corporate Pension Assets Under Management, September 2015 September 2016....323 Exhibit 10.20 Largest 10 Japanese Life Insurers by Corporate Pension Assets Under Management, September 2015 September 2016...324 Exhibit 10.21 Cerulli Global Market Rating for Japanese Retail Marketplace, December 2016...325 14 The Cerulli Report Global Markets 2017

Exhibit 10.22 Cerulli Global Market Rating for Japanese Institutional Marketplace, December 2016...326 Exhibit 10.23 Japanese Retail Fund Marketplace Year-End 2016 Databank...328 Exhibit 10.24 Japanese Retirement Fund Marketplace Year-End 2016 Databank...330 Chapter 11: China... 331 Exhibit 11.01 Chinese Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016....335 Exhibit 11.02 Chinese Open-End Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...336 Exhibit 11.03 Chinese Household Financial Assets, 2012 2016...337 Exhibit 11.04 Chinese Open-End Mutual Fund Assets Under Management by Investment Objective, 2012 2016...338 Exhibit 11.05 Chinese Open-End Mutual Fund Net New Flows by Investment Objective, 2012 2016...339 Exhibit 11.06 Chinese Open-End Mutual Fund Assets Under Management by Foreign Exposure, 2012 2016...340 Exhibit 11.07 Chinese IPO Volume by Investment Objective, 2016...341 Exhibit 11.08 Chinese Fully Operational Joint Venture Assets Under Management, 2015 and 2016...342 Exhibit 11.09 Largest 20 Mutual Fund Managers in China, 2015 2016...346 Exhibit 11.10 Chinese National Social Security Fund Assets Under Management, 2011 2015...348 Exhibit 11.11 Cerulli Global Market Rating for Chinese Retail Marketplace, December 2016...349 Exhibit 11.12 Cerulli Global Market Rating for Chinese Institutional Marketplace, December 2016...351 Exhibit 11.13 Chinese Retail Fund Marketplace Year-End 2016 Databank...353 Exhibit 11.14 Chinese Retirement Fund Marketplace Year-End 2016 Databank...355 Chapter 12: Taiwan... 356 Exhibit 12.01 Taiwanese Mutual Fund and Exchange-Traded Fund Assets Under Management by Domicile, 2012 2016....359 Exhibit 12.02 Taiwanese Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...360 Exhibit 12.03 Taiwanese Household Financial Assets, 2011 2015...361 Exhibit 12.04 Taiwanese Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, 2012 2016...362 Exhibit 12.05 Taiwanese Cross-Border Mutual Fund Assets Under Management by Investment Objective, 2012 2016...363 Exhibit 12.06 Taiwanese Locally Domiciled Mutual Fund Net New Flows by Investment Objective, 2012 2016...364 Exhibit 12.07 Taiwanese Cross-Border Mutual Fund Net New Flows by Investment Objective, 2012 2016...365 Exhibit 12.08 Taiwanese Locally Domiciled Fund-of-Funds Assets Under Management, 2012 2016....366 Exhibit 12.09 Taiwanese Locally Domiciled Mutual Fund Assets Under Management by Key Asset Class, 2012 2016....367 Exhibit 12.10 Taiwanese Locally Domiciled Mutual Fund Net New Flows by Key Asset Class, 2012 2016....368 Exhibit 12.11 Largest 10 SITE Managers, 2015 2016...369 Exhibit 12.12 Taiwanese Investable Retirement Assets, 2012 2016...370 Exhibit 12.13 Taiwanese Public Service Pension Fund Assets Under Management by Investment Objective, 2012 2016...371 Exhibit 12.14 Taiwanese Labor Pension Fund Investable Assets by Investment Objective, 2012 2016....372 Exhibit 12.15 Taiwanese National Pension Insurance Fund Investable Assets by Investment Objective, 2012 2016.............. 374 Table of Contents The Cerulli Report Global Markets 2017 15

Exhibit 12.16 Taiwanese Labor Insurance Fund Investable Assets by Investment Objective, 2012 2016...375 Exhibit 12.17 Cerulli Global Market Rating for Taiwanese Retail Marketplace, December 2016...376 Exhibit 12.18 Cerulli Global Market Rating for Taiwanese Institutional Marketplace, December 2016...378 Exhibit 12.19 Taiwanese Retail Fund Marketplace Year-End 2016 Databank....380 Exhibit 12.20 Taiwanese Retirement Fund Marketplace Year-End 2016 Databank...383 Chapter 13: Hong Kong.... 384 Exhibit 13.01 Hong Kong Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...388 Exhibit 13.02 Hong Kong Mutual Fund Net New Inflows Attributable to Residents by Investment Objective, 2012 2016...389 Exhibit 13.03 Hong Kong SFC-Authorized Retail Fund Assets Under Management by Fund Type, 2012 2016....391 Exhibit 13.04 Hong Kong SFC-Authorized Funds and Assets Under Management by Domicile, March 2012 March 2016....392 Exhibit 13.05 Hong Kong Asset Management Industry Assets Under Management by Client Domicile, 2012 2015....393 Exhibit 13.06 Hong Kong Retirement Fund Assets Under Management, 2012 2016...394 Exhibit 13.07 Hong Kong Mandatory Provident Fund Authority Assets Under Management, 2012 2016...395 Exhibit 13.08 Hong Kong Mandatory Provident Fund Authority Assets Under Management by Investment Objective, 2012 2016...396 Exhibit 13.09 Cerulli Global Market Rating for Hong Kong Retail Marketplace, December 2016...397 Exhibit 13.10 Cerulli Global Market Rating for Hong Kong Institutional Marketplace, December 2016....399 Exhibit 13.11 Hong Kong Retail Fund Marketplace Year-End 2016 Databank...401 Exhibit 13.12 Hong Kong Retirement Fund Marketplace Year-End 2016 Databank...403 Chapter 14: Singapore... 404 Exhibit 14.01 Singaporean Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016....407 Exhibit 14.02 Singaporean Mutual Fund Assets Under Management by Domicile, 2012 2016....408 Exhibit 14.03 Singaporean Locally Domiciled Mutual Fund Assets Under Management Marketshare by Investment Objective, 2012E 2016E...409 Exhibit 14.04 Singaporean Locally Domiciled Mutual Fund Net New Inflows by Investment Objective, 2012 2016...410 Exhibit 14.05 Singaporean Locally Domiciled Mutual Fund Assets Under Management by Geographic Allocation, 2011 2015...411 Exhibit 14.06 Singapore Central Provident Fund Assets, 2012 2016....412 Exhibit 14.07 Singapore Central Provident Fund Investment Scheme Assets, 2012 2016....413 Exhibit 14.08 Singapore Supplementary Retirement Scheme Assets, 2012 2016....414 Exhibit 14.09 Singapore Supplementary Retirement Scheme Assets by Security Type, 2012 2016....415 Exhibit 14.10 Cerulli Global Market Rating for Singapore Retail Marketplace, December 2016...416 Exhibit 14.11 Cerulli Global Market Rating for Singapore Institutional Marketplace, December 2016....418 Exhibit 14.12 Singaporean Retail Fund Marketplace Year-End 2016 Databank...420 Exhibit 14.13 Singaporean Central Provident Fund Year-End 2016 Databank...422 16 The Cerulli Report Global Markets 2017

Chapter 15: Korea.... 423 Exhibit 15.01 Korean Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...427 Exhibit 15.02 Korean Mutual Fund Assets Under Management by Domicile, 2012 2016...428 Exhibit 15.03 Korean Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...429 Exhibit 15.04 Korean Household Financial Assets, 2012 2016....430 Exhibit 15.05 Korean Locally Domiciled Mutual Fund Assets by Foreign Exposure, 2012 2016...431 Exhibit 15.06 Korean Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, 2012 2016...432 Exhibit 15.07 Korean Locally Domiciled Mutual Fund Net New Flows by Investment Objective, 2012 2016...433 Exhibit 15.08 Korean Locally Domiciled Fund-of-Funds Assets Under Management, 2012 2016....434 Exhibit 15.09 Korean Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...435 Exhibit 15.10 Largest 10 Korean Onshore Mutual Fund Managers, 2014 2016...436 Exhibit 15.11 Largest 10 Korean Mutual Fund Managers for Overseas Investment Trust Funds, 2014 2016...437 Exhibit 15.12 Korean Investable Retirement Assets, 2012 2016...438 Exhibit 15.13 Korean National Pension System Assets Under Management Marketshare by Investment Type, 2012 2016...439 Exhibit 15.14 Korea Teachers Pension Fund Investable Assets by Investment Objective, 2012 2016...440 Exhibit 15.15 Korean Employee Retirement Security Act Investable Assets, 2012 2016...441 Exhibit 15.16 Cerulli Global Market Rating for Korean Retail Marketplace, December 2016...442 Exhibit 15.17 Cerulli Global Market Rating for Korean Institutional Marketplace, December 2016...443 Exhibit 15.18 Korean Retail Fund Marketplace Year-End 2016 Databank....445 Exhibit 15.19 Korean Retirement Fund Marketplace Year-End 2016 Databank....447 Chapter 16: India... 448 Exhibit 16.01 Indian Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...452 Exhibit 16.02 Indian Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...453 Exhibit 16.03 Indian Mutual Fund Assets Under Management by Investment Objective, 2012 2016...454 Exhibit 16.04 Indian Mutual Fund Net New Flows by Investment Objective, 2012 2016...455 Exhibit 16.05 Largest 10 Indian Mutual Fund Managers, 2014 2016...456 Exhibit 16.06 Foreign-Owned Indian Fund Managers Assets Under Management, 2015 2016...458 Exhibit 16.07 Foreign-Owned Indian Fund Managers, 2016...460 Exhibit 16.08 Indian Mutual Fund Assets Under Management by Selected Fund Types, 2012 2016....462 Exhibit 16.09 Cerulli Global Market Rating for Indian Retail Marketplace, December 2016....463 Exhibit 16.10 Cerulli Global Market Rating for Indian Institutional Marketplace, December 2016...465 Exhibit 16.11 Indian Retail Fund Marketplace Year-End 2016 Databank....467 The Cerulli Report Global Markets 2017 17

Chapter 17: Australia.... 469 Exhibit 17.01 Australian Retail-Offer Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...472 Exhibit 17.02 Australian Retail-Offer Fund and Exchange-Traded Fund Net New Flows, 2012 2016...473 Exhibit 17.03 Australian Retail-Offer Fund Assets Under Management by Legal Type, 2012 2016)....474 Exhibit 17.04 Australian Retail-Offer Fund Assets Under Management by Investment Objective, 2012 2016...475 Exhibit 17.05 Australian Retail-Offer Fund Net New Flows by Investment Objective, 2012 2016....476 Exhibit 17.06 Australian Retail-Offer Fund Assets by Key Asset Class, 2012 2016...477 Exhibit 17.07 Australian Retail-Offer Fund Net New Flows by Key Asset Class, 2012 2016...478 Exhibit 17.08 Australian Retail-Offer Fund Net New Flows by Foreign Exposure, 2012 2016...479 Exhibit 17.09 Australian Superannuation Fund Assets Under Management, 2012 2016....480 Exhibit 17.10 Australian Superannuation Industry Statistics, 2012 2016...481 Exhibit 17.11 Australian Superannuation Fund Assets Under Management by Investment Objective, 2012 2016....482 Exhibit 17.12 Australian Retirement Fund Assets Under Management by Foreign Exposure, 2012 2016...483 Exhibit 17.13 Cerulli Global Market Rating for Australian Retail Marketplace, December 2016...484 Exhibit 17.14 Cerulli Global Market Rating for Australian Institutional Marketplace, December 2016....485 Exhibit 17.15 Australian Retail Fund Marketplace Year-End 2016 Databank...487 Exhibit 17.16 Australian Retirement Fund Marketplace Year-End 2016 Databank...490 Chapter 18: Canada... 491 Exhibit 18.01 Canadian Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...494 Exhibit 18.02 Canadian Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...495 Exhibit 18.03 Canadian Mutual Fund Assets Under Management by Investment Objective, 2012 2016...496 Exhibit 18.04 Canadian Mutual Fund Net New Flows by Investment Objective, 2012 2016...497 Exhibit 18.05 Canadian Mutual Fund Assets Under Management by Key Asset Class, 2012 2016....498 Exhibit 18.06 Canadian Mutual Fund Net New Flows by Key Asset Class, 2012 2016...499 Exhibit 18.07 Canadian Fund-of-Funds Assets Under Management, 2012 2016...500 Exhibit 18.08 Canandian Fund-of-Funds Net New Flows, 2012 2016...501 Exhibit 18.09 Canadian Mutual Fund Sponsors Growth Metrics, 2015 2016...502 Exhibit 18.10 Canadian Registered Pension Assets, 2012 2016E....504 Exhibit 18.11 Canadian Registered Pension Assets by Investment Objective, 2012 2016E...505 Exhibit 18.12 Largest 10 Canadian Pension Fund Managers by Assets Under Management, 2014 2016....506 Exhibit 18.13 Canadian Insurance Assets Under Management by Type, 2012 3Q 2016...507 Exhibit 18.14 Cerulli Global Market Rating for Canadian Retail Marketplace, December 2016...508 18 The Cerulli Report Global Markets 2017

Exhibit 18.15 Cerulli Global Market Rating for Canadian Institutional Marketplace, December 2016...510 Exhibit 18.16 Canadian Retail Fund Marketplace Year-End 2016 Databank...512 Exhibit 18.17 Canadian Retirement Fund Marketplace Year-End 2016 Databank...515 Chapter 19: Mexico.... 516 Exhibit 19.01 Mexican Locally Domiciled Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016....520 Exhibit 19.02 Mexican Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...521 Exhibit 19.03 Mexican Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, 2012 2016...522 Exhibit 19.04 Mexican Locally Domiciled Mutual Fund Net New Flows by Investment Objective, 2012 2016...523 Exhibit 19.05 International Exposure of Mexican Locally Domiciled Mutual Funds, 2012 2016...524 Exhibit 19.06 Mexican Locally Domiciled Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...525 Exhibit 19.07 Largest 10 Mexican Mutual Fund Managers, 2014 2016....526 Exhibit 19.08 Mexican Pension Fund Assets Under Management, 2012 2016...527 Exhibit 19.09 Mexican Afore Metrics, 2014 2016...528 Exhibit 19.10 International Exposure of Mexican Pension Funds, 2012 2016...530 Exhibit 19.11 Cerulli Global Market Rating for Mexican Retail Marketplace, December 2016...531 Exhibit 19.12 Cerulli Global Market Rating for Mexican Institutional Marketplace, December 2016...532 Exhibit 19.13 Mexican Retail Fund Marketplace Year-End 2016 Databank....533 Exhibit 19.14 Mexican Pension Fund Marketplace Year-End 2016 Databank....535 Chapter 20: Chile... 537 Exhibit 20.01 Chilean Locally Domiciled Mutual Fund and Exchange-Traded Fund Assets Under Management, 2012 2016...541 Exhibit 20.02 Chilean Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, 2012 2016...542 Exhibit 20.03 Chilean Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, 2012 2016...543 Exhibit 20.04 Chilean Locally Domiciled Mutual Fund Net New Flows by Investment Objective, 2012 2016..................... 544 Exhibit 20.05 Largest 10 Chilean Local Mutual Fund Managers, 2014 2016...545 Exhibit 20.06 International Exposure Among Chilean Locally Domiciled Mutual Funds, 2012 2016...546 Exhibit 20.07 Chilean Locally Domiciled Alternative Fund Assets Under Management by Asset Type, 2012 2016...547 Exhibit 20.08 Chilean Pension Fund Assets Under Management, 2012 2016...548 Exhibit 20.09 Chilean AFP Assets Under Management by Investment Objective, 2012 2016...549 Exhibit 20.10 International Exposure Among Chilean Pension Funds, 2012 2016...550 Exhibit 20.11 Chilean AFP Multifund Metrics, 2014 2016...551 Exhibit 20.12 Cerulli Global Market Rating for Chilean Retail Marketplace, December 2016....553 Table of Contents The Cerulli Report Global Markets 2017 19

Exhibit 20.13 Cerulli Global Market Rating for Chilean Institutional Marketplace, December 2016...554 Exhibit 20.14 Chilean Retail Fund Marketplace Year-End 2016 Databank....555 Exhibit 20.15 Chilean Pension Marketplace Year-End 2016 Databank...557 Chapter 21: Brazil... 559 Exhibit 21.01 Brazilian Locally Domiciled Mutual Fund Assets Under Management, 2012 2016............................... 563 Exhibit 21.02 Brazilian Locally Domiciled Mutual Fund Net New Flows, 2012 2016...564 Exhibit 21.03 Brazilian Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, 2012 2016...565 Exhibit 21.04 Brazilian Locally Domiciled Net New Flows by Investment Objective, 2012 2016....566 Exhibit 21.05 Brazilian Locally Domiciled Alternative Mutual Fund Assets Under Management by Asset Type, 2012 2016...567 Exhibit 21.06 Largest 10 Managers of Brazilian Mutual Funds, 2014 2016...568 Exhibit 21.07 Brazilian Pension Fund Assets Under Management and Net New Flows, 2012 2016....569 Exhibit 21.08 Brazilian Pension Fund Assets Under Management by Vehicle, 2012 2016....570 Exhibit 21.09 Cerulli Global Market Rating for Brazilian Retail Marketplace, December 2016....571 Exhibit 21.10 Cerulli Global Market Rating for Brazilian Institutional Marketplace, December 2016...572 Exhibit 21.11 Brazilian Retail Fund Marketplace Year-End 2016 Databank...573 Exhibit 21.12 Brazilian Pension Fund Marketplace Year-End 2016 Databank...575 Appendix... 577 Exhibit A.01 Cerulli Global Market Rating for the Dutch Institutional Marketplace, December 2016...577 Glossary... 578 Index of Companies... 588 20 The Cerulli Report Global Markets 2017

Index of Companies Kiwoom Bank...423 Länsförsäkringar...283 Legal & General...117 Lime Asset Management...423 Lion Global Investors...404 Lloyds...116 Lyxor...189 Mackenzie...503 Macquarie...470 Mahindra Mutual Fund...448 Manulife...385 Martin Maurel...145 Master Trust Bank of Japan...298 Mebuki...298 Mediolanum...243 Mercer... 83, 269, 399 Mesitis Capital...404 Mirae Asset Global Investments...384, 427, 436, 437 Miss Kaya...404 Mitsubishi UFJ...298 Mizuho...297, 298, 310, 317 Morgan Stanley... 518, 524 Munich Re...176 Musashino Bank...298 National Australia Bank/MLC...470 Natixis...133, 144, 448 Neuberger Berman... 43, 356, 359 Nikko Asset Management...404 Nomura...312, 375, 459 Northern Trust...357, 373, 374, 375 OCBC Bank...404 Old Mutual... 215, 282 Osmosis Investment Management...287 Peerless Mutual Fund...448 Pensions & Investments...92 Petros...561 592 The Cerulli Report Global Markets 2017

Index of Companies Phillip Capital Management...404 Phillip Securities...404 Phillips, Hager & North...506 PIMCO...88, 312, 560, 562 PineBridge Investments... 373, 375 Pioneer Investments...131, 145, 201, 207, 518, 524 Postalis...561 Poste Italiane...202 Previ...561 Principal Financial Group...562 Profuturo GNP...528 Prudential... 56, 371 Putnam Investments... 83, 312 Quarterback Investment...423 Reliance Mutual Fund...449 Religare Enterprises... 459, 461 Robeco...256 Rothschild...145 Russell Investments...335 Samsung Asset Management...384, 427, 436 Santander... 201, 242, 243, 255, 260, 518, 524, 526, 531, 545 Saxo Capital Markets...404 SBI Mutual...452, 456, 462 Schroders...228, 356, 371, 391 Schwab... 53, 85 Scotiabank...518, 524, 526 SEB...283 Shinko Asset Management...297, 310, 317 Shinyoung Asset Management...436 SinoPac...375 SMBC Nikko Securities...312 Standard Chartered... 385, 391 Standard Life...116 State Street...209, 357, 470, 471, 516, 532 Sumitomo Mitsui... 297, 298 Sun Life Hong Kong...385 The Cerulli Report Global Markets 2017 593

Index of Companies Swedbank... 282, 283 Syz Asset Management...384 Taiping Fund Management...345 Taishin...371 Tata Mutual Fund... 448, 459 TCW Group...357 TD Asset Management... 503, 506 The Blackstone Group...83 Tianhong Asset Management... 339, 347 Transamerica...83 Trust & Custody Services Bank...298 UBI Banca...202 UBS... 215, 216, 228, 229, 233, 392, 519 UniCredit...131, 145, 201, 207 Union Bank of India...459 Unipol Sai...209 UOB Asset Management...356, 357, 359 UTI Mutual...452, 456, 462 Value Partners... 53, 386 Vanguard...53, 63, 88, 90, 92, 216, 236, 348, 373, 374, 375, 386 Volksbanken Raiffeisenbanken... 172, 173 Vontobel...228 WeInvest...404 Western Asset... 560, 562 Willis Towers Watson... 378, 399 Woodford...255 Xact...272 Yes Bank...457 Yokohama Bank...298 Yuanta Securities Investment Trust...369 Yunfeng Financial...384 594 The Cerulli Report Global Markets 2017