Abstract
Overview
Introduction
This report analyses the market for capital protected & structured products in
five key European geographies based on the results of Datamonitor' s European
Asset Management Market Leaders Survey 2007, asking 102 asset managers about
target markets, key product offerings and methods of distribution.
Scope
- Datamonitor' s Asset Management Market Leaders survey of 102 asset managers
in France, Germany, Italy, Spain and the UK.
- Covers capital protected and structured products demanded by mass market,
high net worth and institutional investors
- Assesses distribution channels most appropriate to each target customer
base
Report Highlights
Although for the majority of European countries, high net worths are
considered to be the largest customer group for capital protected products, in
Germany & Spain asset managers find that the mass market provides the most
business, while in Italy the dominant group is the institutional market.
Despite asset managers across Europe predicting growth and dominance of the
institutional sector for both capital protected and structured products, the
most increase in demand for these products over the next three years is
expected to come from mass market clients.
Across Europe, retail banks are the most popular channel for the distribution
of both capital protected and structured products to the high net worth
customer segment, although independent financial advisers and private bank
wealth managers are also considered effective.
Reasons to Purchase
- Ascertain the key customer segments and distribution channels to
prioritize in building market share
- Discover the country differences in opinion about this popular product area
- Plan your business strategy based on a unique view of future market
direction
Table of Contents
- Overview
- Executive Summary
- Market Context
- Customer Focus
- Table of Contents
- Table of figures
- Table of tables
- MARKET CONTEXT
- Introduction
- Key findings
- Demand for capital protected products is on the increase
- Wealthy European clients are demanding alternative investments because
they are keen to diversify
- Demand for capital protected and structured products is likely to remain
strong and steady
- Institutional demand is likely to increase by around 5-10% per year
- Lack of understanding and insufficient promotion are the major
barriers to future take-up of capital protected and structured products by
institutional investors
- High net worth interest in capital protected & structured products
is predicted to grow by up to 0-10% per year
- A lack of understanding and product expense are the main barriers to
high net worth take-up of capital protected & structured products
- Mass market demand for capital protected & structured products is
likely to increase over the next 3 years
- Lack of client understanding and concern over product expense will be
the likely barriers to mass market take-up of capital protected &
structured products
- ADI, AXA and Credit Agricole are perceived as the leading competitors
for capital protected and structured products in France
- Deutsche Bank has the best reputation in Germany
- Credit Suisse is perceived as the top player in Italy
- Allianz Dresdner is perceived as the market leader for capital protected
& structured products in Spain
- Barclays, Goldman Sachs & HSBC have the best reputation in the UK
market
- ADI is a specialist alternative asset management company
- Deutsche Bank Asset Management has been active for more than 30 years in
Germany and more than 50 years in the UK
- Deutsche Bank has recently launched a client structured product portal
- Credit Suisse is in the top ten global financial institutions in terms
of assets under management
- Allianz Dresdner has more than 100 years of asset management experience
to its name
- Data
- CUSTOMER FOCUS
- Introduction
- Key findings
- The high net worth segment is the biggest customer group in Europe for
capital protected funds, while institutional clients are the largest for
structured products
- The main customer group for capital protected products varies widely
between European countries
- In France & Germany the high net worth segment shows the most
demand for structured products
- Institutional investors are likely to be the biggest customer base for
these products in the future
- UK asset managers have the strongest belief that the institutional
market will remain the biggest customer group for capital protected
products
- Institutional clients will be the main customer group for structured
products in all countries apart from Germany, where the mass market is
expected to dominate
- The mass market is likely to see the biggest increase in demand for
capital protected & structured products
- The retail banking channel is the most successful method of distributing
capital protected and structured products to the mass market in Europe
- The mass market for capital protected and structured products in the
UK is dominated by independent advisors
- High net worth investors prefer retail banks as a distribution channel
- Italian high net worth customers prefer to purchase capital protected
& structured products via a private bank wealth manager, while in the
UK independent advisors are preferred
- Institutional investors across Europe tend to purchase capital protected
and structured products directly
- Direct sales are the most popular channel in all countries but France
& Italy
- APPENDIX
- Definitions
- Alternative investment
- Capital protected product
- High net worth (HNW)
- Liquid assets
- Mass affluent
- Private client
- Structured product
- Traditional investment
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: In your opinion, what is the most important reason why wealthy
clients are demanding alternative investments?
- Table 2: What type of alternative investment fund is most in demand by
your wealthy clients or the wealth managers who offer your funds to their
clients?
- Table 3: Thinking of the next 3 years, how do you think demand for the
following alternative investments will change among institutional investors?
- Table 4: Thinking of institutional investors, what do you think will be
the major barriers to wider take-up of the following alternative investments
in the next three years?
- Table 5: Thinking of the next 3 years, how do you think demand for the
following alternative investments will change among high net worth investors?
- Table 6: Thinking of high net worth customers, what do you think will be
the major barriers to wider take-up of the following alternative investments
in the next three years?
- Table 7: Thinking of the next three years, how do you think demand for
the following alternative investments will change among mass market
investors?
- Table 8: Thinking of mass market customers, what do you think will be
the major barriers to wider take-up of the following alternative investments
in the next three years?
- Table 9: In France, who are the 3 best asset managers at building
capital protected and structured products?
- Table 10: In Germany, who are the 3 best asset managers at building
capital protected and structured products?
- Table 11: In Italy, who are the 3 best asset managers at building
capital protected and structured products?
- Table 12: In Spain, who are the 3 best asset managers at building
capital protected and structured products?
- Table 13: In the UK, who are the 3 best asset managers at building
capital protected and structured products?
- Table 14: Number of capital protected funds between 2002-2006 for 5
European countries
- Table 15: Net assets of capital protected funds between 2002-2006 for 5
European countries, EUR
- Table 16: Which is your biggest customer group for the following
products?
- Table 17: In 3 years, which will be your biggest customer group for the
following products?
- Table 18: For the following investments, from which customer base will
the most increase in demand come in 3 year' s time?
- Table 19: What do you think is the best way for the following
alternative investments to be distributed to mass market investors?
- Table 20: What do you think is the best way for the following
alternative investments to be distributed to high net worth investors?
- Table 21: What do you think is the best way for the following
alternative investments to be distributed to institutional investors?
- List of Figures
- Figure 1: In spite of France' s minor blip, the number of
capital-protected funds have shown steady growth throughout Europe
- Figure 2: Net assets of capital-protected funds have been growing
particularly strongly in France and Luxembourg
- Figure 3: In your opinion, what is the most important reason why wealthy
clients are demanding alternative investments?
- Figure 4: There is no general consensus as to the main customer group
for capital protected products between countries in Europe
- Figure 5: Institutions are the main client group for structured products
across Europe but demand from high net worths is stronger in Germany
- Figure 6: Institutions are expected to be the biggest customer group for
capital protected products in 3 years' time, apart from Germany and Italy
- Figure 7: Institutions will be the biggest group for structured products
in 3 years' time across Europe, apart from Germany, where it is expected to
be the mass market
- Figure 8: What do you think is the best way for capital protected
products to be distributed to mass market investors?
- Figure 9: What do you think is the best way for structured products to
be distributed to mass market investors?
- Figure 10: What do you think is the best way for capital protected
products to be distributed to high net worth investors?
- Figure 11: What do you think is the best way for structured products to
be distributed to high net worth investors?
- Figure 12: What do you think is the best way for capital protected
products to be distributed to institutional investors?
- Figure 13: What do you think is the best way for structured products to
be distributed to institutional investors?
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