Marking a turning point in money management, Boston-based State Street Global Advisors moved ahead of Fidelity Investments on Institutional Investor Magazines annual ranking, based on reported assets under management at the end of 2003. State Street is considered an index manager, offering funds that track stock market indexes, in contrast to Fidelitys managed fund outlook.
State Street racked up more than $1.1 trillion in funds managed in 2003, the first time in the 30-year tenure of Institutional Investor magazines annual ranking that a fund topped $1 trillion. Fidelity slipped to third after a decade on top of the list with $964 billion under management. In second place is another indexer, Barclays Global Investors, with $1.07 trillion managed.
The complete ranking of Americas top 300 money managers and accompanying article are available at the Institutional Investor website.