The profile of the February leader board looked very different from January. Gone was PIMCO from its premier role, and gone were many of the other active managers that have been riding the recent wave of demand. But amidst this rotation Europe's giant, BlackRock, stood firm, refusing to hand its leadership crown to any rising rivals. The new pecking order saw captive players taking prominent positions, and passive groups on the rise. With many of the recently successful protagonists failing, a number of boutiques also became more visible.