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Ten-hut!One day in 1922, a group of Army officers gathered in San Antonio to discuss a problem: because their military careers meant frequent relocation, their car insurance policies were expensive and difficult to maintain. The 25 officers decided to form a mutual company to insure each other’s vehicles, and to create policies tailored to the military life. The United States Army Automobile Association is now known as USAA, and has grown to over 6 million members. It operates from six offices in the U.S. and two offices overseas, in London and Frankfurt.

USAA products and services are available only to members: active duty officers and enlisted personnel, spouses and children of USAA members, National Guard and Selective Reserve officers and enlisted personnel, retired military personnel and officer candidates in commissioning programs.

Business unusual

“We’re not a household name,” USAA declares on its web site, “and you won’t see our logo in a Super Bowl commercial.” Indeed, USAA’s business is different from conventional insurance companies in many ways. It relies on direct marketing to sell its products and policies; in addition to insurance, banking and financial services it does a brisk business in mail-order catalog sales, offering computers, jewelry, furniture and other items to members wherever they may be posted.

USAA’s insurance division provides annuities, Medicare solutions and automobile, home and property, life, business and long-term care insurance. Its investments business includes mutual funds, IRAs, college savings plans, annuities, asset management plans and brokerage services. Members can use USAA’s banking services, which include checking and savings accounts, loans, credit cards and CD products. USAA financial advisors provide advisory and planning services tailored specifically for military concerns - how a family might budget for a deployment, for example. (All USAA financial advisors are salaried employees and not commissioned, thus their advice is not based on achieving sales goals.)

9800 Fredericksburg Rd San Antonio, TX 78288 United States

(210) 498-2211 Fax: (210) 498-9940 www.usaa.com

Expanding across Asia PacificOver the past 73 years, United Overseas Bank (UOB) has grown into one of Singapore’s leading financial institutions. The firm, founded by Datuk Wee Kheng Chiang, was incorporated in August 1935 as the United Chinese Bank and catered in its early years to the Fujian community. UOB officially changed its name to its current moniker in 1965. Today, UOB employs over 21,000 people and has a network of over 500 offices in 18 countries and territories in the Asia Pacific region, Western Europe and North America. The firm’s subsidiaries include Far Eastern Bank in Singapore, United Overseas Bank Malaysia, United Overseas Bank Thai, PT Bank UOB Indonesia, PT Bank UOB Buana (also in Indonesia), United Overseas Bank China and United Overseas Bank Philippines.

UOB provides a wide range of financial services, including personal banking, private banking, trust services, corporate banking, treasury services, asset management and venture capital. In addition, UOB is Singapore’s market leader in the private residential home loan business, and with over one and a half million cardholders, UOB is the country’s leading credit and debit card company. It is also a dominant player in loans to small- and medium-sized enterprises. UOB’s fund management arm, UOB Asset Management, is one of Singapore’s most-awarded fund managers.

At the end of 2007, the company had total assets of nearly USD$175 billion. On the year, UOB achieved record net profits of USD$2.1 billion.

80 Raffles Place UOB Plaza Singapore, 048624 Singapore

+65-6533-9898 Fax: +65-6534-2334 www.uobgroup.com

No end to cutsIn April 2009, UBS said it would reduce its workforce by 7,500 jobs (or nearly 20 percent) while announcing that it intends to book a $1.8 billion loss for the first quarter of 2009. New UBS CEO Oswald Grubel said the firm will decrease its headcount to 67,500 in 2010. Chairman Peter Kurer, who is resigning, told shareholders that the firm is still in a “precarious situation” after clients withdrew $20.1 billion from UBS’ wealth management unit. In order to shore up capital, UBS said it’s considering selling off some of its businesses and capital market branches.

More big cuts

In March 2009, UBS said it will slash up to 5,000 jobs within the month, according to the Swiss newspaper SonntagsZeitung. About 2,500 management jobs may be cut in the firm’s wealth management unit–a move that comes in addition to the 2,000 positions the firm announced it would cut in February. While UBS has not officially commented on the latest jobs loss report, the firm had confirmed within the previous week that it was streamlining its business organization from eight to four regions.

Restating its losses

In March 2009, UBS AG reposted its net loss for 2008, thanks to additional write-downs and a $780 million settlement with the U.S. Department of Justice and the SEC. UBS’s net loss, which it restated as $17.98 billion, was $1.02 billion more than the firm first reported. UBS plans to charge the settlement to its 2008 books, and will likely remain exposed to risk for a while. “Even after substantial risk reduction, our balance sheet remains exposed to illiquid and volatile markets and our earnings will therefore remain at risk for some time to come,” CEO Oswald Grübel and Chairman Peter Kurer stated in a letter to shareholders.

Kurer steps down

In March 2009, less than a week after naming a new CEO, UBS said its chairman Peter Kurer wouldn’t be serving another year in his current position. Kurer, who had only stepped in as chairman in 2008, faced demands from investors and local officials to resign from his post in light of recent losses and the firm’s tax-evasion controversy. UBS, however, said in a statement that Kurer, “deserves a lot of credit and recognition for having helped put UBS back on track.” To replace him, UBS has nominated ex-Swiss finance minister Kaspar Villiger, who said in a statement that he accepted the position “out of a sense of service to [Switzerland] and its people.”

1285 Avenue of the Americas New York, NY 10019 United States

(212) 713-2000 Fax: (212) 713-9818 www.ubs.com

Big daddyU.S. Bancorp, with $247 billion in assets as of July 2008, is the parent company of U.S Bank, the sixth-largest commercial bank in the U.S. Based in Minneapolis, the firm offers a full range of banking, brokerage, insurance, investment, mortgage, trust and payment services to individual consumers, businesses and institutions.

Business is divided between four core lines at U.S. Bancorp. The wholesale banking division provides commercial banking to middle-market companies, as well as commercial real estate services, correspondent banking, equipment finance, foreign exchange and international banking, government banking, treasury management, dealer commercial services, consumer banking and small business services. U.S. Bancorp’s payment services division contributes nearly a quarter of its total revenue each year, and offers corporate payment systems, merchant payment systems, retail payment solutions (including debt, credit and gift cards), consumer and integrated credit and debit card processing through Elavon, formerly Nova Information Systems.

The wealth management and securities services division includes a private client group, plus corporate trust services and institutional trust and custody. FAF Advisors distributes U.S. Bancorp’s proprietary mutual funds family, First American Funds. Funds, investments and insurance are handled through U.S. Bancorp Fund Services, LLC; U.S. Bancorp Investments, Inc.; and U.S. Bancorp Insurance Services, LLC, respectively. According to U.S. Bancorp, all of its subsidiaries range in size from $39 million to $139 billion in deposits. Most of its business is centered in the U.S., although it does offer merchant services in Canada and parts of Europe; those operations, however, are “not material.”

Finally, the rapidly expanding consumer banking division provides community banking, metropolitan branch banking, in-store and corporate on-site banking, consumer lending, financial sales, small business banking, home mortgages, community development, workplace and student banking, and transaction services.

The company has more than 2,500 banking offices (primarily in 24 states in the Midwest and the West) as well as nearly 5,000 ATMs in the country. U.S. Bancorp is proud of its Five Star Service Guarantee, which it claims as a unique customer service experience “to change forever what you expect from a financial institution.” This includes the promise of 24/7 service, accurate online account information, and a response via e-mail inquiries within 24 hours.

Down but not out

U.S. Bancorp’s third quarter 2008 net income fell nearly 50 percent versus the same period a year earlier, decreasing to $576 million from $1.1 billion. Revenue, meanwhile, dropped 5 percent to $3.38 billion. The bank was forced to set aside $748 million for credit-related losses (an increase from the $199 million in the third quarter 2007) and $498 million in charge-offs (up from $199 million).

800 Nicolett Mall Minneapolis, MN 55402 United States

(800) 872-2657 www.usbank.com

A standout report card

From the ivory tower to the operating room, TIAA-CREF has been serving its clients for nearly 90 years. Together, the Teachers Insurance and Annuity Association of America, a New York-based life insurance company, and the College Retirement Equities Fund, an open-end investment company, make up a financial services group serving more than three million members in the academic, medical, cultural and research fields at 15,000 institutions across the U.S. As of March 31, 2007, the firm had $414 billion in assets under management, making it one of the world’s largest retirement systems.

TIAA-CREF’s three primary business areas are institutional client services, individual client services and asset management. TIAA-CREF’s core offerings include objective, non-commission financial advice, investment information, retirement accounts, pensions, annuities, individual life and disability insurance, tuition financing with its 529 college-savings plans and trust services, and planned giving via its subsidiaries, the TIAA-CREF Trust Company and Kaspick & Company. It also manages a variety of mutual funds. Beyond these services, the firm is also one of the largest institutional real estate investor in the U.S. with a global portfolio of direct or indirect investments of $60 billion. In 2007, TIAA-CREF ranked No. 80 on the Fortune 500 and is one of only a handful of life insurance companies to receive the highest-possible ratings from all four major independent rating agencies: Moody’s Investors Service, A.M. Best, Standard & Poor’s and Fitch. In February 2008, it also ranked No. 9 out of 67 fund families in the Lipper/Barron’s Mutual Fund Family Survey.

In Carnegie’s hall of fame

Legendary New York City philanthropist and steel magnate Andrew Carnegie established the Teachers Insurance and Annuity Association (TIAA) through his Carnegie Foundation in 1918 as a fully funded system of pensions for professors. It was first funded by a combination of grants from the foundation and the Carnegie Corporation of New York, which contributed an initial gift of $1 million, along with contributions from participating institutions and individuals. The association was incorporated in New York state as a life insurance company led by Henry S. Pritchett, former president of the Massachusetts Institute of Technology. By the end of its first year, 30 public and private institutions became part of the TIAA network.

730 Third Ave. New York, NY 10017 United States

(212) 490-9000 Fax: (212) 916-4840 www.tiaa-cref.org

After the crash

Following the stock market crash of 1929, things looked monetarily grim for much of America. But Jonathan Bell Lovelace, who had spent much of the 1920s cultivating novel investment techniques at an investment banking firm in Detroit, had a plan. In 1931, Lovelace started the earliest incarnation of the Capital Group companies - Capital Research and Management Company - with nothing but a couple of colleagues from his investment banker days and a few consultants. From there, the company expanded domestically and internationally, opening a New York office in 1947. And in 1953, the firm made its first investment outside of the U.S. (and became one of the first American firms to do so). The Capital Group continued to increase its international presence, and became one of the first Stateside-based investment firms to have an office abroad when they opened a Geneva branch in 1962.

Today, the firm is one of the biggest mutual fund companies in the U.S., managing more than $1 trillion in assets under its American Funds division. And the organization continues its Lovelace-cultivated investment techniques to this day, dividing portfolio assets among its managers, who autonomously make investment choices. In 2007, the Capital Group was No. 21 on Forbes’ Top 25 Biggest Private Companies.

Funds for all

The Capital Group offers mutual funds and investment management for both individuals and institutional investors. In the U.S., the firm offers the American Funds, which are available exclusively through financial advisors. In Europe and Canada, the group’s mutual fund coverage is offered through the Capital International Funds and Capital International Funds Canada. In 2007, for the first time ever, Capital began offering investment management for individuals living in Japan through its already established subsidiary Capital International K.K., which had previously only served institutional investors. In the private banking sector, the company has a personal investment management unit that services high-net-worth investors, nonprofits and private foundations.

The state of the nationTemasek Holdings is a Singapore-based state investment agency, considered to be one of the most prominent investment houses in Asia, with a reputation for being stubbornly opaque. Temasek’s eclectic and growing portfolio of SGD$160 billion (around USD$113 billion) stretches into banking and finance, telecommunications, healthcare, education, consumer industries, engineering and energy.

The company’s shareholder returns since inception boast an average 18 percent compounded annually and have also earned an impressive triple A and AAA credit rating by Standard & Poor’s and Moody’s, respectively. Temasek aims to refurbish economies and encourage the budding middle-class, focusing one-third of their efforts in Singapore, one-third in the rest of Asia and one-third in OECD countries. This goal was seen in action in a recent initiative to give back to the Singaporean community in a big way with an SGD$15 million scholarship fund established in 2008, not to mention the few million here and there injected into the Singapore economy.

Leading by example

With offices in Asia’s key business districts of Singapore, Hong Kong, Beijing and Shanghai, as well as in Vietnam and India, it’s of little wonder that Temasek is being held as a leading example in the dizzying world of investment finance. In 2003, Temasek’s investment model involved freeing up immense amounts of capital by farming out its official reserves to the private sector through a newly established, wholly owned subsidiary, Fullerton Fund Management — which previously served as Temasek’s in-house fund management division. By the end of 2007, Fullerton had over USD$2 billion in assets under management. Other Asian countries are starting to follow the Temasek model for their own reserve management agencies, with China and South Korea both being in the process of establishing their own national agencies.

Fullerton entered into a collaborative venture with Japanese financial services firm Nomura Holdings in 2007 and was named the investment sub-manager to the resulting Fullerton V-Asean Fund. From 2006, Temasek has been increasing its investment in Japan, acquiring stakes in the financial sector, the communications industry and in transportation. In March 2006, Temasek acquired a 10 percent stake in warehouse and transportation company i-Logistics Corporation and has also invested JPY 12 billion in eMobile, the mobile phone sector of Japanese internet telecommunications company eAccess.

60B Orchard Road #06-18 Tower 2, The Atrium@ Orchard Singapore , 238891 Singapore

www.temasekholdings.com.sg

Youngest in the clan

Established in 2007, Tata Capital Limited (TCL) is the financial services arm of the business conglomerate Tata Sons, the apex company of Tata Group of Companies. TCL caters to both retail and institutional customers in India and operates as a non- banking financial company (NBFC). Distribution and broking of equity products, retail finance, commercial finance, investment banking, private equities wealth management, and rural finance are some of the business areas of the company. TCL has a presence in more than 1000 cities across India, wherein most of the offices are located in smaller cities other than metros. At present, the company is headed by Praveen Kalde, who was earlier with Tata Motors as Executive Director (Finance and Corporate Affairs).

Service spreadTCL has ten divisions in all. The Personal Loans division offers retail customers with easy finance options for various purposes like education, weddings, medical expenses etc. The Auto Finance division mostly offers loans to retail and institutional clients who are buying vehicles from Tata Motors. The company provides financial assistance on products like trucks, buses, cars.

The Small and Medium Enterprises division is especially meant for entrepreneurs from smaller cities. Term loans, working capital demand loans, channel finance, structured investments, lease rental discounting, bill discounting, letter of credit, bank guarantee and equipment finance are some of the financial assistance products offered by the company. The companies operating in infrastructure development space can avail the finance options from the Infrastructure Finance division. Equipment finance (for construction), project finance, rentals, working capital, and top up loans are some of the offerings of this division.

The Investment Services division comprises of a subsidiary of TCL, Tata Securities Limited. This subsidiary on behalf of TCL distributes and sells third party investment products, such as mutual funds, insurances, RBI bonds, capital gain bonds and IPO products. Stock broking services and depository services are also part of this division.

The Wealth Management Services division is specifically meant for high networth individuals. This division primarily manages the investment of such individuals by diversifying their investments across sectors and products. Incorporated in early 2008, the Private Equity division is the venture capital arm that funds and develops start-up firms. The Treasury Advisory Services provides consulting services to companies in the realm of risk management and offers services like market risk advisory, risk management policies and solutions.

The Special Situations Investment business is one of the most dynamic divisions of the company. TCL, through this division offers financial assistance to firms who are caught up in unique and difficult situations. TCL supports and advises SMEs which are facing problems due to economic slowdown, over borrowing, poor capital utilisation etc.

Brand new financialsEstablished in 2007, in 2008, the company came out with its first ever financial results. For the year ending March 31, 2008, TCL generated revenues worth Rs. 18,396 lakh and net profit from all of its operations stood at Rs 921 lakh.

Strengthening tiesIn August 2008, TSL, one of the subsidiaries of TCL, inked an Memorandum of Understanding (MoU) with Japanese financial services firm Mitsubishi UFJ Securities (MUS). According to the MoU, this agreement will enable both firms (MUS and TSL) to develop cross border investment and financial services in India and Japanese markets. Investment banking, global offering of Indian equities and bonds are some of the products/services, which both the companies have decided to promote.

One Forbes Dr V B Gandhi Marg Fort,Mumbai, 400001 India

+91 22 67459000 Fax: +91 22 66106722 www.tatacapital.com

Brokering across Hong Kong and ChinaTai Fook Securities Group (also known as Taifook Securities), one of Hong Kong’s leading brokerage firms, offers capital markets, asset management and securities brokerage services to a large number of institutional and corporate investors as well as over 120,000 individual investors. The firm, which employs about 800 people, is now over 60 percent owned by NWS Holdings Limited, a Hong Kong-based investment holding company.

Established in 1973, Tai Fook has been listed on the Hong Kong Stock Exchange since 1996. Tai Fook has 11 branches in Hong Kong and Macau, and six investment consultancy centers in mainland China in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou and Xiamen. The firm has underwritten or placed shares for over 200 companies in Hong Kong on IPOs and secondary placements, and has also advised on more than 250 mergers and acquisitions, asset exchange and debt restructuring transactions.

25th Floor, New World Tower 16-18 Queen’s Road Central Central, Hong Kong

+852-2848-4333 Fax: +852-2845-0537 www.taifook.com/english

The golden rule

Since its founding in 1937 by Thomas Rowe Price Jr., T. Rowe Price has risen to the top of the U.S. fund-manager ranks. The firm offers a market-leading family of mutual funds, as well as asset management advisory and discount brokerage services for individual and institutional investors, retirement plans and financial intermediaries. Guiding its Baltimore-based operations is a senior management team that has been with the company for an average of 25 years and a portfolio management team that has, on average, 19 years of investment experience. As of March 2008, these managers and advisers managed more than $378.6 billion in assets from offices in the U.S., as well as in Amsterdam, Buenos Aires, Copenhagen, Hong Kong, London, Luxembourg, Singapore, Stockholm, Sydney, Tokyo and Toronto. According to the firm, these advisers apply a disciplined, risk-aware approach to investing, focusing on diversification, style consistency and fundamental research. T. Rowe Price’s more than 100 mutual funds and separate account strategies - which include money-markets, bonds, international securities, and small-, mid- and large-cap equities - are tailored to match investors’ risk and taxation profiles.

Founding principles

When Price founded his investment firm more than 70 years ago, he already had more than a decade’s worth of experience during the 1920s at Mackubin Goodrich & Co., a brokerage firm in Baltimore now called Legg Mason. When the rest of Wall Street was reeling from short-term worries following the Depression, Price took a long-term approach, investing in companies during their growth stage. This growth-stock style of investing - backed by a solid proprietary research tradition and risk-reducing diversification - paid off. Today, T. Rowe Price Group is one of the largest and most successful investment management firms in the world.

Through the years, T. Rowe Price grew just like the companies it invested in and, as a result, underwent some major changes. In 1966, its founder sold his stake in the firm for a relatively small sum - reportedly less than $800,000 - on the condition that the company remain under the control of previously agreed-upon successors. Twenty years later, the firm went public and now operates its investment advisory business through its subsidiaries, namely T. Rowe Price Associates and T. Rowe Price International.