The Group's principal activity is to provide investment management and related services to institutional and individual clients, company-sponsored mutual funds and other investment vehicles. It operates in two divisions: Americas and International. Within each division, it provides services through a number of asset managers, each of which is an individual business that generally markets its products and services under its own brand name and in many cases, distributes retail products and services through a centralized retail distribution network. Americas includes fund families that are domiciled in the United States and its separate account management and distribution operations that are located in the United States. International includes fund families that are domiciled outside the United States and our separate account management and distribution operations that are located outside the United States.
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