英国およびオーストラリアにおけるラップアカウント市場の開発と機会

Introduction

Datamonitor's report Australian Opportunities in the UK Wrap Market provides a unique and extensive insight into the market for wrap services in the UK. Based on in-depth face-to-face interviews with wrap platform managers and potential market entrants in both the UK and Australia, the report includes an analysis of the opportunities that may be present in the UK for the right Australian provider.

Scope of this report

• Examine the development and future direction of the UK market from both a product and a competitive perspective
• Examines the Australian players and identifies their opportunities in entering the UK market
• Looks at the potential barriers to entry and examines the ways around problems through partnerships and acquisitions

Research and analysis highlights

Datamonitor's survey of IFAs in the UK market indicated that advisors are expecting to see a wide range of product holdings on a wrap platform; including life assurance, pensions, mortgages, with-profits bonds, direct equities and bonds, cash, mutual funds and tax efficient savings vehicles.

It will take any potential player five years to breakeven on an initial investment of GBP20m (AUD52m) in the UK market

The UK market is not likely to reach a significant size until after this initial five-year development period. However, if wraps are as successful as they promise to be, then growth of the strength seen in the US should not be impossible.

Key reasons to read this report

• For Australian wrap providers find out what opportunities exist for you in the enormous UK market
• For UK providers find out who the Australian providers are and what threats they present to your future success
• For UK life assurors, banks and distributors find out which of the Australian providers might present a good partnership opportunity

CHAPTER 1 EXECUTIVE SUMMARY

Introduction

UK Market overview

Development

Drivers for growth

Australian Market Overview

Development

Competitive landscape

Opportunities in the UK wrap market

Size

Barriers

Breaking down barriers

CHAPTER 2 INTRODUCTION

What is this report about?

Who is the target reader?

How to use this report

CHAPTER 3 UK MARKET OVERVIEW

Development

1. All encompassing tax regimes

2. Full depth of allowable asset coverage

3. Full suite of financial tools

4. Online offering

5. Pricing transparency

Market size and drivers for development

The Sandler report supports fee-based pricing

The Government's green paper on pensions simplification?

The FSA and depolarization

Technological advances

The cost of an IFA's business

Responses to investor sentiment

New Entrants

The competitive landscape

The competitors

Abbey

Skandia

FundsDirect and The Exchange

American Express

Transact

7 Investment Management (7IM)

Cofunds

Norwich Union and Millfield Partnership

Data

CHAPTER 4 AUSTRALIAN MARKET OVERVIEW

Development

Business model

Distribution

The retail bank branch

Aligned advisors

The independent advice channel

Products and services

Investments

Deposits

Protection

Superannuation

Retirement products

Financial tools

Financial planning services

Fees

Competitive landscape

The top 10 competitors

National Australia Bank and MLC

AMP Financial Services

Westpac and BT Financial Group

ANZ and ING Australia

Commonwealth Bank of Australia and Colonial First State

AXA

St. George and Asgard

Navigator Australia

MacQuarie

TOWER Holdings

Data

CHAPTER 5 OPPORTUNITIES IN THE UK MARKET

Forecasted UK market size

Could the Australian providers capitalize?

Barriers

Raising capital to fund development

Obtaining critical mass

Securing Distribution

Extensive product demands

Breaking down barriers

Forming partnerships

Acquisitional opportunities

White labeling

Data

CHAPTER 6 APPENDIX

Definitions

AAGR

Advisory portfolio management

CAGR

Discretionary portfolio management

Fund supermarket

Individual Savings Account - ISA

Mutual fund

Personal Equity Plan - PEP

Private pension

Self-Invested Persnal Pension - SIPP

Stakeholder pension

Unit-linked life insurance

With-profits policy

Whole life insurance

Research methodology

Datamonitor Financial Services Consulting

Further reading

Datamonitor Asia-Pacific Wealth Reports

Datamonitor Global Wealth Service: Insight Reports

Datamonitor Global Wealth Service: Competitor Tracking

Asia-Pacific contacts

List of Tables

Table 1: Charges on Abbey Wrap all figures per annum

Table 2: Charges paid by an investor through Transact's wrap service

Table 3: Retail savings, investments, life assurance and pensions that could potentially be 'wrapped', 1998-2002

Table 4: How the fees charged for wrap platforms are shared amongst the various players

Table 5: Assets under management of the largest wrap and master trust platform providers, March 2004

Table 6: Wrappable products, forecast development timescale

Table 7: Wrappable products, forecast development timescale

Table 8: Wrappable products, forecast development timescale

Table 9: How the assets under administration in 'wrap like' products might grow, 2003-2008

Table 10: How the assets under administration in 'wrap like' products might grow, 2003-2008

Table 11: Time taken to reach breakeven, given management charge of 0.5% of assets and assuming half of this goes to costs, GBP

Table 12: Time taken to reach breakeven, given management charge of 0.5% of assets and assuming half of this goes to costs, AUD

Table 13: Assets and liabilities of the major Australian providers, 2004

Table 14: What products would you expect to able to place within a wrap in the future?

Table 15: New business in life, pensions and investments, 2002

List of Figures

Figure 1: There are three types of institution involved in the provision of wrap services, the advisor, the wrap platform manager and the investment managers

Figure 2: The UK's 'full wrap' incorporates five key elements, 2003

Figure 3: Wrappable assets in the UK Market peaked in stood at almost GBP1.8trn (AUD4.6trn) in 2002

Figure 4: The four largest platform providers hold over 50% of AuM in the Australian market

Figure 5: By 2008, assets held within 'wrap like' services will grow to around GBP150bn (AUD390bn)

Figure 6: Most of the largest players are in a position to develop a wrap platform in the UK?

Figure 7: Even assuming assets grow from zero to GBP4bn (AUD10.4bn) over five years, an annual charge is 0.5% of assets and costs equal 50% of revenue, then it will take five years to reach breakeven

Figure 8: New business in the UK retail life, pensions and investments market was around GBP100bn (AUD260bn), 2002

Figure 9: The five key IFA benefits from wrap services

Figure 10: UK IFAs will expect a broader range of products than those available in the Australian market

Figure 11: Datamonitor's core consulting capabilities