欧州におけるアセットマネジメント向 テクノロジーの動向

Asset management technology in Europe

Introduction

• This report examines key business and technology drivers and technology implications in European asset management. It discusses the emergence of business process outsourcing, explores the market for packaged applications and outlines key implications for vendors and service providers. The report also contains detailed forecasts of IT and BPO spend to 2006.

Scope of this report

• Covers all major Western European markets
• Forecasts asset management technology spend by country, location (front-, middle-, back-office) and source (software, hardware, services etc.)
• Forecasts asset management business process outsourcing (BPO) spend by country

Research and analysis highlights

• The asset management industry is starting to feel the benefits of ad-hoc cost initiatives of recent years. The immediate future will see increased availability of budgets and willingness for new investments, which will be primarily directed towards initiatives to build an operational basis to secure margins going forward.
• With back-office initiatives representing a more long-term, gradual development over the next few years, the area receiving most attention in the short-term will be the middle-office. Asset managers will invest heavily in performance and risk management applications, fuelled by increasing demands from the middle-office function.
• Asset management BPO in Europe is still young, and does still offer room for various players to make a mark particularly in the less developed continental markets. The picture emerging however is that a handful of banks dominating the custody space are fast establishing clear leadership by up-selling broader sets of services to their clients.

Key reasons to read this report

• Gain insight into key technology trends in European asset management
• Understand the impact of BPO on technology investments going forward
• Access detailed forecasting of technology and BPO spend in asset management

CHAPTER 1 EXECUTIVE SUMMARY

• Market context
  • Business drivers
  • Technology and operational drivers
• Competitive dynamics
  • Technology vendors
  • Business process outsourcing providers
• The future decoded

CHAPTER 2 MARKET CONTEXT

• Business drivers
  • Pressure on margins, profitability and an intensifying battle for market share
  • Polarization of asset allocation
  • Consolidation - the industry is restructuring itself to improve focus and achieve scale
  • Distribution - power is shifting towards distributors and investment consultants
  • Retail asset management
  • Institutional asset management
  • Regulatory pressures and transparency
  • Transparency
  • Money laundering and market abuse
  • Other financial services regulations...
• Technology and operational drivers
  • Outsourcing and systems consolidation will change the face of the asset management back-office
  • Business process outsourcing
  • Systems consolidation
  • Renewed focus on investment performance plus pressure to improve transparency drive investment in performance measurement and risk software in the middle-office
  • Investments in trade order management systems to improve efficiency in the front-office are approaching their peak

CHAPTER 3 COMPETITIVE DYNAMICS

• Technology vendors
  • The competitive landscape
  • Business process outsourcing - threat or opportunity for software vendors?
  • Vendor profiles
  • Advent Software
  • DST International (DSTi)
  • SimCorp
  • SunGard
  • Trema
• Business process outsourcing providers
  • The competitive landscape
  • Is the outsourcing market a viable opportunity for non-bank BPO providers?

CHAPTER 4 THE FUTURE DECODED

• Total European asset management technology spend
• Asset management technology spend by source
• Asset management technology spend by location
• BPO spend in European asset management
• CHAPTER 5 APPENDIX
• Future readings
• SPP writing team

List of Tables

• Table 1: European asset management technology spend by country, 2003 - 2006
• Table 2: European asset management technology spend by source, 2003 - 2006
• Table 3: European asset management technology spend by location, 2003 - 2006
• Table 4: Asset management BPO spend in Europe, 2003 - 2006

List of Figures

• Figure 1: The asset management technology value chain
• Figure 2: The asset management technology vendor landscape
• Figure 3: Relative growth of asset management technology spend by location, 2003 - 2006
• Figure 4: Total assets under management, Europe 1998-2002
• Figure 5: Summary of business drivers and implications
• Figure 6: The asset management technology value chain
• Figure 7: Market fitness for BPO in asset management
• Figure 8: The asset management technology vendor landscape
• Figure 9: Global custodians set to dominate asset management BPO
• Figure 10: European asset management technology spend by country, 2003 - 2006
• Figure 11: European asset management technology spend by source, 2003 - 2006
• Figure 12: European asset management technology spend by location, 2003 - 2006
• Figure 13: Relative growth of asset management technology spend by location, 2003 - 2006
• Figure 14: Asset management BPO spend in Europe, 2003 - 2006