ヨーロッパにおける投資管理業界の分析

Overview

Introduction

The report focuses on all areas of investment management, including retail and institutional mutual funds, life and pensions assets, and non-life insurance assets. Country-specific data is analyzed for Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK

Scope

• Developments in the European investment management market and data on assets under management of mutual funds, life and pension funds and non-life
• Datamonitor's European Investment Management Survey 2004 of 100 institutional investors across the 'big five' European countries
• Lists the largest investment managers in each country by assets under management and the largest 10 or more by managed funds in each country
• Highlights opportunities and threats to investment managers across Europe, and delivers specific actionable suggestions fo success

Report Highlights

On a European-wide basis, stock markets fell dramatically over the 2000 to 2002 period and the investment management markets in Europe have been badly affected. Total assets in Europe fell over this period from EUR8,359.7bn in 2000 to 7,969.8, a decrease of 4.7%.

From Datamonitor's survey of institutional investors it was found that In Italy, 81% of those that outsourced investment management used only one investment manager. In France this figure was 100% and in Germany 50%. In the UK (33%) and Spain (36%) investors had a much greater tendency to use more than one investment manager.

Looking to maximize synergies across their businesses, many asset managers restructured in 2003 and consolidation was prevalent in the European market. With so many companies exiting markets and selling off asset management businesses at a discount, others capitalized and either bought up businesses or moved into new territory.

Reasons to Purchase

• Strategy managers: Find out how large your target markets are and what the best strategies are for entry.
• Marketing managers:Benchmark yourself against your competitors and find out what your custumers are looking for in an investment manager.
• Investment managers: Find out what your clients are investing in and what they want from their investments.

Table of Contents

CHAPTER 1 EXECUTIVE SUMMARY

• Introduction
• Market context
• Client focus
• Competitive dynamics

CHAPTER 2 INTRODUCTION

• What is this report about?
• Who is the target reader?
• How to use this report

CHAPTER 3 MARKET CONTEXT

• Introduction
• Key findings
• Key European trends
  • Economic and financial drivers
• Total funds under management
  • Market Analysis
• Country snapshots
  • Belgium
  • Finland
  • France
  • Germany
  • Ireland
  • Italy
  • Netherlands
  • Norway
  • Spain
  • Sweden
  • Switzerland
  • UK
• Mutual funds
  • European overview
  • European harmonisation
  • Mutual fund total market analysis
  • Retail mutual fund market analysis
  • Institutional mutual fund market analysis
  • Retail mutual fund asset allocation
• Life and pensions funds
  • European overview
  • Life and pensions funds total market analysis
  • Regulatory developments
  • Asset allocation
• Non-life insurance funds
  • European overview
  • Non-life funds total market analysis
  • Asset allocation
• Data
  • Total European assets
  • Country specific data
  • European mutual funds
  • European life and pensions
  • European non-life assets

CHAPTER 4 CLIENT FOCUS

• Introduction
• Key findings
• Customer preference
  • In-house or outsource
  • Choosing an investment manager
  • Attracting customers
• Customer retention
  • Servicing clients
  • Contacting clients
  • Losing clients
• Customer outlook
  • Choosing an Investment manager
  • Future focus
• Data

CHAPTER 5 COMPETITIVE DYNAMICS

• Introduction
• Key findings
• European developments
  • Selling off asset management capabilities
  • Consolidation
  • Focus on asset management
  • Expanding asset management capabilities
• Competitor profiles
  • No. 1 - Deutsche Asset Management
  • No. 2 - AXA Investment Managers Limited
  • No. 3 - SG Asset Management
  • No. 4 - ING Investment Management
  • No. 5 - Credit Suisse Asset Management
• European Competitors
• Country Snapshots
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Ireland
  • Italy
  • Netherlands
  • Norway
  • Spain
  • Sweden
  • Switzerland
  • UK
• Data
  • Competitor data
  • Europe
  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Ireland
  • Italy
  • Netherlands
  • Norway
  • Spain
  • Sweden
  • Switzerland
  • UK

CHAPTER 6 ACTION POINTS

CHAPTER 7 APPENDIX

• Definitions and abbreviations
  • General defintions
• Research Methodology
• Further reading
  • Datamonitor Reports
  • Datamonitor Global Wealth Service: Insight Reports
  • Datamonitor Global Wealth Service: Competitor Tracking
• Datamonitor Financial Services Consulting
• SPP writing team

List of Tables

• Table 1: Total European assets under management segmented by fund type, 1998-2002
• Table 2: Total European assets under management, segmented by country, 1998-2002
• Table 3: Investment assets segmented by country and market sector, EURm 2002
• Table 4: Belgian assets under management, segmented by fund type, 1998-2002
• Table 5: Danish assets under management, segmented by fund type, 1998-2002
• Table 6: Finnish assets under management, segmented by fund type, 1998-2002
• Table 7: French assets under management, segmented by fund type, 1998-2002
• Table 8: German assets under management, segmented by fund type, 1998-2002
• Table 9: Irish assets under management, segmented by fund type, 1998-2002
• Table 10: Italian assets under management, segmented by fund type, 1998-2002
• Table 11: Dutch assets under management, segmented by fund type, 1998-2002
• Table 12: Norwegian assets under management, segmented by fund type, 1998-2002
• Table 13: Spanish assets under management, segmented by fund type, 1998-2002
• Table 14: Swedish assets under management, segmented by fund type, 1998-2002
• Table 15: Swiss assets under management, segmented by fund type, 1998-2002
• Table 16: UK assets under management, segmented by fund type, 1998-2002
• Table 17: Total retail and non-retail mutual fund assets, segmented by country, 1998-2002
• Table 18: European retail mutual fund assets, segmented by country, 1998-2002
• Table 19: Non-retail mutual fund assets, segmented by country, 1998-2002
• Table 20: Retail mutual fund assets segmented by country and asset class, 2002
• Table 21: Life and pension fund assets segmented by country, 1998-2002
• Table 22: Life and pensions assets, segmented by country and by asset class, 2002
• Table 23: Non-life insurance assets, segmented by country, actual values, 1998-2002
• Table 24: Non-life insurance assets segmented by country and asset class, actual values, 2002
• Table 25: What percentage of your investments do you manage in-house?
• Table 26: Why do you outsource investment management?
• Table 27: As a pan-European company, do you use investment managers in each country or just in your country of origin?
• Table 28: How did you go about selecting the last investment management company that you chose?
• Table 29: If you use a pension consultant, what would happen if you disagreed with their choice of Investment Manager?
• Table 30: At what level in your company are the decisions regarding which Investment manager/s to use made?
• Table 31: How many investment managers do you use?
• Table 32: When you selected your last investment management company, how important were the following attributes?
• Table 33: When an investment manager is trying to win your business, how important is it that you meet the following people?
• Table 34: Which of the following elements of service are the most important?
• Table 35: How often does your investment manager contact you about your investments?
• Table 36: Is the frequency of contact with your investment manager too much, too little or just right?
• Table 37: What would most likely lead you to switch Investment Manager?
• Table 38: How often do you switch Investment Manager?
• Table 39: Has the market downturn placed more emphasis upon any aspects of your choice of Investment Manager?
• Table 40: Deutsche Bank's quarterly results Q1/2001 - Q3/2003
• Table 41: AXA Investment Managers results 2000-2002
• Table 42: Top 30 asset managers in Europe by office AuM, 2003
• Table 43: Top 10 asset managers in Belgium by office AuM, 2003
• Table 44: Top 10 asset managers in Denmark by office AuM, 2003
• Table 45: Top 10 asset managers in Finland by office AuM, 2003
• Table 46: Top 20 asset managers in France by office AuM, 2003
• Table 47: Top 20 asset managers in Germany by office AuM, 2003
• Table 48: Top 10 asset managers in Ireland by office AuM, 2003
• Table 49: Top 10 asset managers in Italy by office AuM, 2003
• Table 50: Top 10 asset managers in the Netherlands by office AuM, 2003
• Table 51: Top 10 asset managers in Norway by office AuM, 2003
• Table 52: Top 10 asset managers in Spain by office AuM, 2003
• Table 53: Top 10 asset managers in Sweden by office AuM, 2003
• Table 54: Top 20 asset managers in Switzerland by office AuM, 2003
• Table 55: Top 30 asset managers in the UK by office AuM, 2003

List of Figures

• Figure 1: Life and pensions assets continue to outweigh non-life and mutual fund assets, 2002
• Figure 2: Across Europe, 47% of life and pensions institutions outsourced a proportion of their investment management.
• Figure 3: Local players dominate the investment management market in France, 2003
• Figure 4: Average GDP dropped sharply in 2000 but recovered in 2002
• Figure 5: The average stock market performance of the thirteen European markets adversely affected total investment assets, 1998-2002
• Figure 6: European stock indices have all picked up in 2003
• Figure 7: Investor preference has shifted in recent years, retail mutual fund equity exposure has been reduced in favor of bond and money market exposure, 2000-2002
• Figure 8: Life and pensions assets continue to outweigh non-life and mutual fund assets, 2002
• Figure 9: Total assets under management, grew from EUR6,269bn to EUR7,933bn, 1998-2002
• Figure 10: The UK had the largest total assets under management in Europe, at EUR2,016bn, 2002
• Figure 11: Germany has the most mutual fund assets under management in Europe, 2002
• Figure 12: Belgian assets peaked in 2001 at EUR241.7bn
• Figure 13: Growth in the Danish market leveled off over the 2000-2002 period
• Figure 14: Mutual funds are a small but growing market in Finland, 2002
• Figure 15: France is the 2nd largest mutual fund market, the 2nd largest life and pensions market and the 3rd largest non-life market in Europe, 2002
• Figure 16: Germany is the largest mutual fund market, the 3rd largest life and pensions market and the largest non-life market in Europe, 2002
• Figure 17: The Irish investment market is dominated by life and pensions assets, 1998-2002
• Figure 18: Italy is the 4th largest mutual fund market, the 5th largest life and pensions market and the 5th largest non-life market in Europe, 2002
• Figure 19: As a result of the relatively high exposure to equities in the Netherlands, investment assets suffered over the 2000-2002 period
• Figure 20: Life and pensions assets dominate the Norwegian investment management market, 2002
• Figure 21: Spain is the 5th largest mutual fund market, the 8th largest life and pensions market and the 7th largest non-life market in Europe, 2002
• Figure 22: Sweden saw a sharp decline in its investment management market over the 2000-2002 period due to the high exposure to equities
• Figure 23: Switzerland is the 6th largest mutual fund market, the 6th largest life and pensions market and the 4th largest non-life market in Europe, 2002
• Figure 24: The UK is the 3rd largest mutual fund market, the largest life and pensions market and the 2nd largest non-life market in Europe, 2002
• Figure 25: European mutual fund assets under management initially grew in 2000 by 7.8% despite the falling equity markets
• Figure 26: In 2002, Germany was the largest mutual fund market in Europe, followed by France
• Figure 27: Institutional assets consistently made up around a third of total assets over the 1998-2002 period
• Figure 28: France is by far the largest retail mutual funds market
• Figure 29: Germany leads the way in institutional mutual funds, 2002
• Figure 30: Retail mutual funds have a relatively high exposure to equities with 25.0% of retail mutual fund assets invested in equity funds
• Figure 31: Life and pension asset growth has stopped in recent years
• Figure 32: UK life and pensions remain by far the largest in Europe, 2002
• Figure 33: Bonds and equities dominate life and pension fund investments across Europe, 2002
• Figure 34: Non-life assets have increased every year since 1998
• Figure 35: Germany is the largest non-life investment market in Europe, 2002
• Figure 36: Non-life asset allocation has changed little over the equity downturn
• Figure 37: What percentage of your investments do you manage in-house?
• Figure 38: Why do you outsource investment management?
• Figure 39: Do you use investment managers in each country in which you have a presence or just those in your country of origin?
• Figure 40: How did you go about selecting the last investment manager that you chose?
• Figure 41: If you use a pension consultant, what would happen if you disagreed with their choice of Investment Manager?
• Figure 42: At what level in your company are the decisions regarding which Investment manager/s to use made?
• Figure 43: How many investment managers do you use?
• Figure 44: When you selected your last investment management how important were the following attributes?
• Figure 45: When an investment manager is trying to win your business, how important is it that you meet the following people?
• Figure 46: Which are the most important elements of service?
• Figure 47: How often does your investment manager contact you about your investments?
• Figure 48: What would be most likely to lead you to switch Investment Manager?
• Figure 49: How often do you switch Investment Manager?
• Figure 50: Has the market downturn placed more emphasis upon any aspects in your choice of Investment Manager?
• Figure 51: Italian investors will be focusing almost exclusively on European investments
• Figure 52: Spanish investors preference of fixed income/equity mix
• Figure 53: Deutsche Asset Management sits within the PCAM division of Deutsche Bank
• Figure 54: Deutsche Bank's asset management and wealth management segment has seen declining costs and rising revenues in 2003
• Figure 55: AXA Investment Managers has managed to increase revenues despite the poor equity markets over the 2000-2002 period
• Figure 56: Net income has suffered for the Asset Management arm since 2000
• Figure 57: Credit Suisse Asset Management sits within Credit Suisse First Boston the investment bank
• Figure 58: CSAM's assets under management are invested across a range of asset classes, 31/12/2002
• Figure 59: Deutsche Asset Management is the largest European investment manager by either office or regional AuM, 2003
• Figure 60: KBC is by far the largest asset manager, with 3.6 times more assets under management than the next largest Dexia, 2003
• Figure 61: The Danish market has many competitive asset managers although Nordea is the market leader by office assets, 2003
• Figure 62: In Finland, as in Denmark, Nordea is the largest asset manager by office assets AuM, 2003
• Figure 63: The French market is dominated by French asset managers such as Société Générale and AXA, 2003
• Figure 64: DekaBank is the market leader by office assets in the competitive German asset management market, 2003
• Figure 65: The largest players in Ireland are all Irish, with Bank of Ireland leading the way by office assets, 2003
• Figure 66: Sanpaolo IMI is the clear market leader in the Italian market by office assets, 2003
• Figure 67: Dutch asset managers dominate the market in the Netherlands, 2003
• Figure 68: Norway has two market leaders by office assets, both with around EUR14bn in AuM, 2003
• Figure 69: BBVA has almost 84% share of the top 9 Spanish asset managers' office assets under management, 2003
• Figure 70: AB Svensk and Folksam lead the market in Sweden, with over EUR10bn in office AuM each, 2003
• Figure 71: The Dutch-owned Robeco leads the market in Switzerland with over EUR90bn in office AuM, 2003
• Figure 72: Deutsche Bank is the clear market leader in the UK industry with over EUR650bn in office AuM, 2003