Here is a business that did well amid doggie times; money management firms report hefty asset growth.

For Los Angeles money managers, 1991 was anything but grim.

Combined assets at the 10 largest local money management firms increased $51.5 billion during 1991 from the previous year, based on figures from the Business Journal's List of the largest 25 money managers.

As of Jan. 1, Los Angeles County's top 10 money managers controlled $184.5 billion in assets, compared to $133 billion during 1990.

Low interest rates and strong stock and bond performances during 1991 presented money managers with a banner year. Many local firms expect this year to be just as good as, if not better than, 1991 as more money floods into management funds from pension plans and insurers, which often need somewhere to invest their money.

The numbers give added credence to Los Angeles' increasing position as a heavy-weight financial center. Several managers predicted the business of managing money will continue to be one of the brighter spots in Los Angeles' troubled economy.

"Over the past 18 years, Los Angeles has surpassed San Francisco in terms of money managers," said Thomas E. Larkin, president and chief operating officer with employee-owned Trust Co. of the West, which moved up one notch on The List during 1991, to third from fourth place.

Trust Co. of the West surpassed Transamerica Investment Services by increasing assets $7.6 billion from the previous year.

Some money managers say the publicity-shy Trust Co. of the West, with its strong emphasis on confidentiality, is the closest thing Los Angeles has to a Swiss bank.

Another low-profile firm anticipating a strong 1992 is local giant Capital Research & Management Co., which increased assets $19.5 billion during 1991. For the second year in a row, the firm was No. 1 on The List.

Known as "Cap Research," the firm is a division of Los Angeles-based The Capital Group Inc., with more than $90 billion in assets.

Available primarily through brokers, Cap Research manages mostly mutual funds, boasting favorable long-term investment results. Although more than 2 million shareholders invest with Cap Research, it is not a household name, like more well-known money management firms such as Fidelity Investments.

Another division of The Capital Group, Capital Guardian Trust Co., took second place on The List for the second year in a row. With $27.1 billion in assets, the firm differs from Capital Research in that it offers institutional investing services for about 100 clients, mostly large corporations and public pension funds.

As a result of the banner year, nearly every money management firm on The List increased its assets during 1991. Such firms make money by charging some type of a fee on each dollar invested.

Because most firms increased assets, rankings on The List remained similar to 1990.

Roger Engemann & Associates, Inc. in Pasadena proved The List's major mover, jumping five notches to rank No. 17 from No. 22.

"We had a whale of a year in 1991. The market was up gangbusters during that time," said Jim Kemp, senior vice president with Roger Engemann & Associates. "Our ranking is surprising since we only do equities."

At First Pacific Advisors, which ranks No. 15 on The List, "it was a good year largely because of the market," agreed Larry McNeil, a senior vice president. He said although Los Angeles money management firms are very different, with varying levels of assets, competition among firms exists.

"It's a pretty competitive local market. Los Angeles County has some great managers and it is really tough," said Robert Preston, a vice president with Union Capital Advisors. Started by Union Bank in 1990, Union Capital ranked No. 16.

Last year "was one of the better years, but we could have an even better 1992. We've got a lot of irons in the fire," said Preston.