Passive managers swept the board in 2001, topping the rankings for new business gains in continental Europe and the UK, according to research by Financial News.

State Street Global Advisors (SSgA), the US passive manager, whose chief investment officer is Alan Brown, won €15bn ($13.6bn) of new institutional mandates in continental Europe, more than double the record amount it won the previous year. SSgA was by far the most successful firm in continental Europe, well ahead of Pimco, in second place with £2.7bn of new business.