ヨーロッパにおける個人投資家向け SRI 型投資：倫理的投資信託市場とSRI型投資戦略

Overview

Introduction

This brief analyses the socially responsible investment (SRI) trend and the implications for European private banks and wealth managers. It assesses key drivers, the major advantages and disadvantages in developing an ethical offering, competitive activity in this area and the strategic options for wealth managers, including the future opportunities and barriers to further development.

Scope

• Squarely focused on the implications of the socially responsible investment trend from a wealth manager's perspective.
• Includes competitive examples and case studies of key initiatives by wealth managers' in this area.
• Sizes the socially responsible investment fund market.
• Future focused and European in coverage.

Report Highlights

While the number of SRI funds has continued to grow, assets under management in these vehicles have fallen by 16 per cent between December 2001 and June 2003 from EUR14.5bn to EUR12.1bn. This reflects the equity nature of SRI products, which have been subject to the same prevailing stockmarket conditions as the wider fund industry.

Future growth will be primarily supply driven as new entrants to the market consolidate their product and service range and innovators enhance and develop their offerings to the further benefit of investors. There is also the expectation of a follow on effect as major investors and investment management houses move into the SRI sector

With so few current SRI offerings designed specifically for HNWs there is the potential to achieve competitive differentiation. The cost of incorporating an SRI service is far from prohibitive and being an early mover will leave wealth managers well positioned to exploit a market with substantial mainstream potential in the longer-term.

Reasons to Purchase

• Full analysis of the advantages, difficulties and practicalities of developing an SRI offering allows wealth managers to better assess the key issues.
• Detail of competitor initiatives and case studies provides insight and ideas into current and potential future offerings
• Offers a future focused view of the strategic options for players in developing their response to the socially responsible investment trend.

TABLE OF CONTENTS

THE SOCIALLY RESPONSIBLE INVESTMENT TREND

• Introduction
• Definition and concept
• Background and drivers
• Product and service developments in the institutional marketplace
• Recognition in the professional and investment community
• Development of key facilitator services
• Government regulation and NGO pressures have raised SRI visbility
• Public interest and awareness
• Size of the SRI fund market
• SRI fund market has grown rapidly since the mid 90s
• Assets under management in SRI funds have not escaped market difficulties
• The UK is by the far the largest market for SRI funds in Europe
• Future expectations for the SRI market
• The SRI market is set to grow strongly
• The next few years will be key to establishing SRI's position and reputation
• Could SRI become a generalist concept?
• There are some potential barriers to development

SRI IN THE WEALTH MANAGEMENT MARKETPLACE

• Application of SRI to wealth managers
• High equity ownership makes HNWs a good target for SRI
• Is there a link between increasing wealth and social responsibility?
• HNW SRI will remain a niche until the right proposition is found
• The role of sustainability research and rating companies
• Research and rating companies have the potential to play a key role
• Research partners must be adaptable and consistent with investing needs
• Shakeout in the number of SRI research companies will occur
• Wealth manager case studies
• Sustainable Asset Management
• SAM has developed core competences in SRI
• Service and relationship management are also central to the offering.
• Substantial potential both on its own or in partnerships
• Puilaetco
• A partnership with Triodos bank is the basis for the ethical investment service
• Triodos handles ethical selection while Puilaetco deals with financial selection
• Puilaetco has an opportunity to do more with its servcie
• Dexia Private Banking
• Dexia Asset Management provides the private bank with strong SRI capabilties
• Dexia Private Bank should exploit its SRI capabilities to boost its market share

STRATEGIC APPROACH

• The decision to incorporate SRI
• Image and reputation
• Client satisfaction and loyalty
• Investment performance
• Revenues, costs and pricing
• Strategic options
• Key considerations and actions
• SRI Experimenter
• SRI Partner-Seeker
• SRI Embracer
• Conclusion

APPENDIX

• Research methodology
• Definitions
• Socially Responsible Investment (SRI) funds
• Further reading
• Datamonitor Global Wealth Service SPP: Reports
• Datamonitor Global Wealth Service SPP: Insight Reports
• Datamonitor Global Wealth Service SPP: Competitor Tracking
• Related Datamonitor Savings Investments SPP Reports
• Datamonitor's Global Wealth Model
• Datamonitor Financial Services Consulting
• SPP writing team
• List of Tables
• Table 1: Number of SRI funds in Europe, December 1984- June 2003
• Table 2: Assets under management in SRI funds by domicile, December 1999 - June 2003
• Table 3: A selection of European SRI research organizations
• Table 4: Wealth markets that have been modeled using the Global Wealth Model
• List of Figures
• Figure 1: Key drivers behind the uptake of socially responsible investments by private clients
• Figure 2: Sustainable companies' share price performance has also struggled in recent years, Q4 1999 to Q4 2003
• Figure 3: Growth in the number of SRI funds has continued despite the market downturn, End 1984- June 2003
• Figure 4: SRI assets under management have suffered in the market downturn, Dec 1999- June 2003
• Figure 5: HNW SRI is set to grow as the SRI concept expands ethical issues to all aspects of investors' lifecycles and an ethically conscious generation accumulates and consolidates its wealth
• Figure 6: Quality of implementation will the key determinant of the marginal rewards/costs for introducing an SRI offering
• Figure 7: The ability to combine the relevant information and work within an SRI framework will be the key differentiator
• Figure 8: Strategic options for incorporating SRI into the wealth management proposition