オーストリアにおけるリテール貯蓄・投資市場

Abstract

Overview

Introduction

Analyzes the market for retail deposits, mutual funds, equities and bonds, including market data from 2001-5 and forecasts to 2010. Assesses regulatory developments and presents compeitition from retail banks and mutual fund providers

Scope

• Presents competitor market data for retail banks and mutual fund companies;
• Assesses regulatory barriers and opportunities;
• 5 years historic data from 2001-5 and 5 year forecast to 2010.

Report Highlights

The Austrian retail savings and investments sector accounts for 31% of the total savings and investments market. Within household portfolios, mutual funds represent the largest asset class and between 2003 and 2005, the proportional allocation of household assets to mutual funds increased steadily.

30% of the increase in household assets between 2004 and 2005 was attributed to appreciation in the value of stocks and mutual funds. In 2005, Austrian households demonstrated increased demand for domestic fixed-income fund shares and balanced funds with a capital guarantee.

Austrian banking groups also dominate the mutual funds sector. Bank Austria Creditanstalt AG (BA-CA) leads the banking sector, by total assets. Capital Invest die Kapitalanlagegesellschaft der BA/CA Gr. GmbH (renamed Pioneer Investments Austria in November 2006) ranks third in the Austrian mutual funds sector, by assets under management.

Reasons to Purchase

• Get an overview of the retail investment market, including past growth and forecast growth;
• Assess regulatory barriers and opportunities affecting retail investments in this country;
• Analyze competition from retail banks and mutual fund companies.

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • The Austrian retail savings and investments sector has grown at a compound annual rate of 5.8% in the last 5 years; a similar rate of growth is expected between 2006 and 2010
    • Between 2001 and 2005, the Austrian retail savings and investments market experienced compound annual growth of 5.8%, driven primarily by growth in mutual funds and equities
    • Household portfolios will see increased allocations to mutual funds and equities between 2006 and 2010
    • Legislation aimed at improving investor confidence and consumer protection imposes additional obligations on providers
    • The leading Austrian banks and asset management companies control more than 90% and 60% of their markets, respectively
    • Banking groups also dominate the mutual funds sector
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • Between 2001 and 2005, the Austrian retail savings and investments market experienced compound annual growth of 5.8%, driven primarily by growth in mutual funds and equities
    • Non-retail assets exceed retail holdings in all asset classes except for mutual funds
    • Deposits account for more than half of the Austrian retail savings and investments market
    • Since 2003, mutual funds and equities have accounted for a growing proportion of household wealth, primarily at the expense of deposits
• MARKET FORECASTS
  • Household portfolios will see increased allocations to mutual funds and equities between 2006 and 2010
    • Between 2006 and 2010, growth in the market will be driven by retail investment in mutual funds and equity
• MARKET REGULATION
  • Legislation aimed at improving investor confidence and consumer protection imposes additional obligations on providers
    • The Austrian Financial Market Authority (FMA) regulates the savings and investments sector
    • For banks and investment companies, Basel II capital adequacy requirements imply additional investment in risk management expertise and in IT systems to calculate risk
    • Financial conglomerates face additional supervisory requirements
    • Legislative amendments augment the powers of the FMA
    • Banks and asset management companies must adjust their systems to provide for tax remittance
    • Recent legislation improves consumer and investor protection
    • Upcoming EU legislation (UCITS directive and MiFID) facilitates market development and enhances consumer protection
    • Anti-money laundering legislation implies an additional administrative burden for banks
• COMPETITIVE MARKET STRUCTURE
  • The leading Austrian banks and asset management companies control more than 90% and 60% of their markets, respectively
    • Raiffeisen credit cooperatives comprise the largest segment of the Austrian banking sector, by number
    • The top 5 banks control 91% of the banking market, measured by total assets
    • The top 5 asset managers control 66% of the mutual funds market
    • Balanced funds represent the single largest percentage of Austrian mutual funds, by number
• MARKET LEADERS
  • Banking groups also dominate the mutual funds sector
    • Bank Austria Creditanstalt AG leads the Austrian banking sector; Pioneer Investments Austria (formerly Capital Invest) ranks third in the mutual funds market
    • BAWAG PSK AG trails the market leader in the Austrian banking market; BAWAG PSK Invest ranks fifth in the mutual funds sector
    • Oberbank AG ranks third among banks, by total assets
    • Bank fur Tirol und Vorarlberg AG is the fourth largest Austrian bank by total assets
    • BKS Bank AG rounds out the banking market leaders
    • Raiffeisen Kapitalanlage-Gesellschaft m.b.H. leads the mutual funds market, by AuM
    • ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H. (Erste Capital Management) is the second largest asset manager
    • Allianz Invest Kapitalanlagegesellschaft mbH has the fourth-highest mutual funds market share
• APPENDIX
  • Asset manager / Asset management company
  • Asset allocation fund
  • Bank
  • Collective Investment Scheme
  • Friendly society
  • Fund of funds
  • Hedge fund
  • Investment company
  • ISA
  • Non-retail market
  • Retail market
  • SICAF
  • SICAV
  • UCITS
  • Further reading
    • Savings and Investments SPP
      • Interactive Databases
      • Reports
    • Related Global Wealth Service SPP Reports
      • Interactive Databases
      • Market Reports
      • Strategic Insight Reports
      • Wealth Management Competitor Tracker
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Total Savings & Investments segmented by retail v institutional, EURm, as at Dec 2005
    • Table 2: Total Savings & Investments segmented by retail v institutional, in percentages, as at Dec 2005
    • Table 3: Retail Savings & Investments, segmented by asset class, EURm, as at Dec 2005
    • Table 4: Retail Savings & Investments, segmented by asset class, EURm, 2001 - 2005
    • Table 5: Retail Savings & Investments, segmented by asset class, in percentages, 2001 - 2005
    • Table 6: Retail Savings & Investments, segmented by asset class, EURm, 2006 - 2010
    • Table 7: Retail Savings & Investments, segmented by asset class, in percentages, 2006 - 2010
    • Table 8: Number of banks segmented by type, as at Dec 2005
    • Table 9: Top 5 banks by total assets, as at Dec 2005
    • Table 10: Top 5 asset management companies by mutual fund assets under management (AuM), as at Dec 2005
    • Table 11: Number of mutual funds, segmented by type, as at Dec 2005
  • List of Figures
    • Figure 1: Retail assets account for less than one-third of the total equity and bonds markets
    • Figure 2: Deposits and mutual funds together represent 82% of retail savings
    • Figure 3: At 11.5%, compound annual growth in retail equity holdings outstripped all other asset classes between 2001 and 2005
    • Figure 4: Mutual funds and equity will continue to account for increasing proportions of household savings
    • Figure 5: Credit co-operatives account for 85% of the market, by number
    • Figure 6: Bank Austria Creditanstalt AG leads the banking sector, with a market share of 56%
    • Figure 7: Raiffeisen Kapitalanlage-Gesellschaft accounts for 22% of the mutual funds market
    • Figure 8: Equity funds and alternative funds together account for just over one-quarter of the market, by number