欧州におけるオープンエンド型投資信託の流通

Abstract

Overview

Introduction

Sizes each channel in France, Germany, Italy, Spain and the UK 2006. In addition, the report assesses regulatory developments, the growing role of the Internet, third party distribution trends, developments in the financial advice market and compares fee structures across the markets covered.

Scope

• Sizes the distribution channels of mutual funds in five major European markets using FERI FMI data.
• Draws on data from the Datamonitor European Third Party Funds Survey 2006, covering 262 wealth managers across Europe.
• Pan-European assessment of fee structures, regulatory developments and financial advice markets.

Report Highlights

Third party distribution is now common across Europe, with the majority of retail banks and wealth managers offering third party funds and even more planning to in the next two years. There is significant variation in the proportion of third party fund distribution by retail banks and wealth managers across Europe.

Fund supermarkets are beginning to take off in the UK but struggling in the rest of Europe, however they are successfully developing in line with the needs of both business clients and private investors. Investor confidence will determine the development and success of fund supermarkets as a distribution channel directly serving private investors.

Regulation on a Europe-wide basis has focused recently on the creation of an effective "single market", removing existing obstacles to foreign funds in European countries. UCITS III has ensured that issues such as tax discrimination are less of an issue for European cross-border funds but country approval on funds remains a stumbling block.

Reasons to Purchase

• Distributors: an indispensable industry profile analysing key distribution channels and their potential to help underpin strategic planning
• Providers: identify and assess the potential of particular channels for fund distribution and how to satisfy the demands of banks/financial advisors
• Support strategic initiatives by identifying the most important funds related regulatory developments across Europe and their potential impact

Table of Contents

• CHAPTER 1 EXECUTIVE SUMMARY
  • Introduction
  • The distribution landscape
  • Regulatory developments
  • The role of the Internet
  • Third party distribution
  • The financial advice market
  • Fees and charges
• CHAPTER 2 INTRODUCTION
  • What is this report about?
  • Who is the target reader?
  • How to use this report
• CHAPTER 3 THE DISTRIBUTION LANDSCAPE
  • Introduction
  • Key findings
  • Distribution across Continental Europe is dominated by the retail banks
    • French retail mutual fund distribution is becoming increasingly diversified
      • Banks maintain their control of overall distribution
      • Sales through institutional or corporate channels represent over a quarter of all French distribution
      • The IFA channel is not making a significant impact on the distribution landscape
      • Insurance wrapped mutual funds are a large part of the French market
    • Banks distribute the majority of Publikumsfonds in Germany
      • The German market is diversifying but is still bank-centric
      • Banks have a firm grip on the distribution of mutual funds
      • The insurance channel has gained in importance despite pressure from banks
      • IFAs and other advisors remain a significant channel for the distribution of mutual funds
      • Fund supermarkets and the direct channel are relatively insignificant
    • The retail banking sector's mutual fund sales account for two thirds of the entire distribution market in Italy
      • IFAs and insurers have benefited from recent changes in customer behavior
      • Other channels continue to make minimal impact on the market
    • Banks alone account for over 90% of all Spanish retail mutual fund distribution
      • The density of the branch networks are the key to the success of the retail banks
      • Other channels are a marginal presence in the Spanish market
    • Unlike in the rest of Europe, intermediaries dominate mutual fund distribution in the UK
      • IFAs have historically dominated the distribution of mutual funds
      • Retail banks have had varied but generally little success in selling mutual funds to their client base
      • Other channels have seen their market share drastically reduced
    • Data Tables
• CHAPTER 4 REGULATORY DEVELOPMENTS
  • Introduction
  • Key findings
  • Regulation is changing mutual fund distribution across Europe but there are still several barriers to a 'single market'
    • UCITS III allows more innovation but funds still require country approval
    • Since the instigation of UCITS III tax discrimination has become less of an issue within the EU
      • France and Germany in particular had been guilty of discriminating against foreign UCITS
      • Italy and the UK were both guilty of tax discrimination
      • Tax discrimination has been tackled by the European Commission targeting the main offenders
    • The European Fund Categorization Forum seeks to redress the lack of a standardized Europe-wide fund classification system
    • Rules for the financial advice market are evolving across Europe
      • The French financial advice market has undergone major changes
      • Regulation is likely to have mixed benefits for the German financial advice market
      • Depolarization is reshaping the UK financial advice market
• CHAPTER 5 THE ROLE OF THE INTERNET
  • Introduction
  • Key findings
  • The growing popularity of online banking across Europe has led to the development of online mutual fund distribution
    • Online banking is common among Europeans with Internet access
    • Technology and increasing Internet usage has driven the development of online distribution
  • Several models of online mutual fund distribution have become successful
    • Fund supermarkets are beginning to take off in the UK while struggling to establish a foothold in the rest of Europe
      • Fund supermarkets have developed according to the needs of customers in the market
      • Many fund supermarkets have become a tool for intermediaries
      • Private investor confidence will determine whether fund supermarkets develop into IFA tools or become more customer-focused
    • Wrap platforms are an important aspect of indirect distribution
    • Online discount stockbrokerages have developed in America but have yet to make an impact in Europe
    • Banks and IFAs are often intermediaries for online mutual fund distribution channels
• CHAPTER 6 THIRD PARTY DISTRIBUTION
  • Introduction
  • Key findings
  • In just a few short years the distribution of third party funds has become the norm across Europe
    • There is significant variation in the proportion of third party fund distribution by retail banks and wealth managers across Europe
    • Third party distribution is prevalent in the Belgo-Dutch region, particularly through the retail banking network
    • Third party distribution in France is much more prevalent among the country's wealth managers
      • Only 40% of France's largest retail banks offer third party mutual funds today
      • While almost 90% of wealth managers in France offer third party funds and/or use external fund managers
    • A significant proportion of German retail and private banks do not offer third party funds
      • The private banking sector in Germany is more receptive to third party fund distribution
    • Open architecture is slightly more prevalent among Italian private banks than Italian retail banks
    • The Nordic region currently has the lowest proportion of private banks offering third party funds of the regions surveyed
    • Third party fund sales in the private banking channel is widespread in the Spanish market
    • Third party fund sales in the UK are below the European average in both the retail and private banking markets
• CHAPTER 7 THE FINANCIAL ADVICE MARKET
  • Introduction
  • Key findings
  • Germany has, by far, the largest intermediary market in Europe
    • Germany's financial advisors are not held in high public regard
  • In the UK, 40,000 individual financial intermediaries distribute 47% of retail unit trusts and OEICs
    • Despite the high degree of development, depolarization is likely to trigger changes in the UK market
  • In comparison with the UK and Germany, France has a very small and undeveloped financial advisory market
    • Asset managers are the most important non-bank source of financial advice in France
  • While the Spanish and Italian advisory markets are fairly big, they are strongly tied to the retail banks
    • Independent advice is dwarfed by the strength of the Spanish retail banking networks
    • There are 35,000 financial advisers in Italy, the third largest market in Europe
  • In the Nordic region financial advice does not come from an IFA equivalent but other financial services professionals
• CHAPTER 8 FEES AND CHARGES
  • Introduction
  • Key findings
  • Transparency in fees and charges was the trend for 2005
    • Guidelines for reporting fees was introduced in Europe in 2005
    • The UCITS III directive, including the introduction of a simplified prospectus that disloses fees, was phased in across Europe in 2005
  • Investors will benefit from standardized disclosure
    • In the UK investors are able to view TER charges on funds, although many funds retain a traditional pricing structure
      • No load unit trusts are still not the norm in the UK
      • Annual management fees on mutual funds in the UK range from 0 to 2.15%
      • The UK's Premier Resolution Growth fund has a whopping 4.75% TER
    • There is more variation in French fees and charges than in those of the UK
      • French front-loaded fees vary considerably, with 344 charging 6% or more
      • French annual management fees have a greater range than those of the UK
    • The German market is generally considered to be a level playing field in the application of fees to funds
      • Some German funds have fees applied on an ongoing or end basis
      • Management fees and front loads are not generally high
    • Italian funds offer investors a wide variety of fee structures
      • Front loading is polarized as some are among the highest in Europe while many other funds are not front loaded at all
      • Italian management fees are average for the major European markets
    • Spanish investors prefer not to pay fees up front
      • Front loading has therefore not taken off in the Spanish market although other fees remain low
      • Management fees for Spanish funds peak at 3%
• CHAPTER 9 APPENDIX
  • Further Reading
    • Global Wealth Management SPP
      • Interactive Databases
      • Market Reports
      • Strategic Insight Reports
      • Wealth Management Competitor Tracker
    • Datamonitor Asia Pacific Wealth Management SPP
    • Savings and Investments SPP
      • Interactive Databases
      • Reports
      • Briefs
    • Life and Pensions SPP
      • Interactive Databases
      • Reports and Briefs
    • Financial Advice Market SPP
  • SPP writing team
  • List of Tables
    • Table 1: Major markets by distribution channel 2006
    • Table 2: Almost 80% of wealth managers in Belgium and the Netherlands already offer 3rd party funds to their clients, January 2006 (Table 1 of 2)
    • Table 3: Almost 80% of wealth managers in Belgium and the Netherlands already offer 3rd party funds to their clients, January 2006 (cont'd: Table 2 of 2))
    • Table 4: Dexia is the only major retail bank in Belgium and the Netherlands not to offer 3rd party funds to their clients, January 2006
    • Table 5: Within two years only Credit Agricole will be among the major retail banks in France still closed to 3rd party funds, January 2006
    • Table 6: Nearly 90% of wealth managers in France already offer 3rd party funds to their clients, January 2006 (Table 1 of 2)
    • Table 7: Nearly 90% of wealth managers in France already offer 3rd party funds to their clients, January 2006 (cont'd: Table 2 of 2)
    • Table 8: Only 60% of the main retail banks in Germany offer 3rd party funds to their clients, January 2006
    • Table 9: Nearly three quarters of the wealth managers in Germany offer 3rd party funds to clients directly through their private banking divisions, January 2006 (Table 1 of 3)
    • Table 10: Nearly three quarters of the wealth managers in Germany offer 3rd party funds to clients directly through their private banking divisions, January 2006 (cont'd: Table 2 of 3)
    • Table 11: Nearly three quarters of the wealth managers in Germany offer 3rd party funds to clients directly through their private banking divisions, January 2006 (cont'd: Table 3 of 3)
    • Table 12: Almost 90% of wealth managers in Italy offer 3rd party funds, January 2006 (Table 1 of 2)
    • Table 13: Almost 90% of wealth managers in Italy offer 3rd party funds, January 2006 (cont'd: Table 2 of 2)
    • Table 14: Only 2 of the main retail banks in Italy do not offer 3rd party funds, January 2006
    • Table 15: Only 60% of wealth managers in the Nordic region offer 3rd party funds directly through their private bank, January 2006 (Table 1 of 2)
    • Table 16: Only 60% of wealth managers in the Nordic region offer 3rd party funds directly through their private bank, January 2006 (cont'd: Table 2 of 2)
    • Table 17: Almost 70% of retail banks in the Nordic region offer 3rd party funds, January 2006
    • Table 18: 70% of retail banks in Spain offer 3rd party funds, January 2006
    • Table 19: 90% of wealth managers in Spain offer 3rd party funds directly through their private bank, January 2006
    • Table 20: 63% of retail banks offer third party funds, January 2006
    • Table 21: 70% of wealth managers in the UK offer 3rd party funds directly through their private bank, January 2006 (Table 1 of 2)
    • Table 22: 70% of wealth managers in the UK offer 3rd party funds directly through their private bank, January 2006 (cont'd: Table 2 of 2)
  • List of Figures
    • Figure 1: Retail banks control a relatively small share of mutual fund distribution in France
    • Figure 2: Distribution in Germany is slowly diversifying but is still controlled by the banking networks
    • Figure 3: Retail banks' sales alone account for almost two thirds of mutual fund sales in Italy
    • Figure 4: The retail bank is the dominant channel for the distribution of mutual funds in Spain
    • Figure 5: Almost half of all mutual funds sold in the UK are sold through IFAs
    • Figure 6: Efforts to standardize the European fund market have made progress in some areas but others remain an issue
    • Figure 7: The growth of online banking has driven online distribution, which itself has led to greater take-up among customers
    • Figure 8: The majority of wealth managers and retail banks across Europe already offer 3rd party funds, but most of those who don't, don't plan to in the next 2 years
    • Figure 9: 90% of wealth managers in Spain offer 3rd party funds directly through their private banks today, but only 60% of Nordic wealth managers do
    • Figure 10: In France a minority of the main retail banks offer 3rd party funds today
    • Figure 11: Three quarters of wealth managers and more than 80% of retail banks in Belgium and the Netherlands offer third party funds to their client bases
    • Figure 12: A minority of French retail banks offer third party funds while private banks are far more likely to distribute them
    • Figure 13: 60% of retail banks and 72% of wealth managers in Germany offer third party mutual funds today
    • Figure 14: A high proportion of both retail banks and private banks in Italy offer third party funds
    • Figure 15: 65% of retail banks and just over half of private banks in the Nordic region offer third party mutual funds
    • Figure 16: 71% of retail banks and 90% of private banks in Spain offer third party mutual funds today
    • Figure 17: 62% of retail banks and 67% of private banks in the UK offer third party mutual funds
    • Figure 18: UK IFAs have by far the largest market share relative to other European markets, while German advisers vastly outnumber those in other markets