欧州のヘッジファンド：2008年

Abstract

Overview

Introduction

This report presents views on the market for hedge fund investment based on a survey of 100 leading asset managers across Europe. The report, which covers mass market, high net worth and institutional customer groups, forms part of a series looking at the market for alternative investments in Europe.

Scope

• Sizes the onshore hedge fund market in France, Germany, Italy, Spain and the UK and provides forecasts to 2012;
• Analyses legislative developments and their implications for growth in the European hedge fund market;
• Identifies the primary client segments and appropriate marketing and distribution strategies for individual countries.

Report Highlights

There will be strong growth in funds of hedge funds over the next year, with less demand for single hedge funds according to 65% of asset managers in Europe. Asset managers in Spain and Italy believe most strongly that the demand for funds of hedge funds will outstrip that for single hedge funds, followed by France, Germany and finally the UK.

Across the five core economies in Western Europe - France, Germany, Italy, Spain and the UK - institutional investors now dominate the market for hedge funds. On average, slightly more than two-thirds of asset managers confirmed that this group represents their biggest customer segment for hedge funds today.

In Italy, mass market investors may also be put off by the price of hedge fund investment, according to 40% of asset managers there. In Spain, on the other hand, demand from mass market clients is being limited by competition from capital-protected and structured products and inadequate promotion of hedge fund products by banks and advisors.

Reasons to Purchase

• Assess the implications of recent and proposed legislation for your business development prospects in domestic and pan-European markets.
• Gain insights into your target client segments, based on the collective experience of your peers in the industry.
• Ascertain the strategic options for developing a hedge fund offering, including information on distribution, target markets, and competition.

Table of Contents

• Overview
  • Catalyst
  • Summary
  • Methodology
• Executive Summary
  • The European hedge fund market continues to grow beyond its traditional high net worth customer base
    • Key Issue: A significant onshore hedge funds market is constrained by regulation, psychological barriers and a need for investor and advisor education.
    • Institutional participation in the European hedge fund market is now entrenched; but mass market investors also represent a growing client segment
    • Clients still perceive the benefits of hedge funds for risk diversification
      • Reaching the mass market for hedge funds
      • Reaching the high net worth market for hedge funds
      • Reaching the institutional market for hedge funds
    • Asset managers rate Allianz, Deutsche Bank, Morgan Stanley, Man Group and Barclays among the leading hedge fund providers
• Table of Contents
• Table of figures
• Table of tables
• Key Issue: The Future For Onshore Funds In Europe
  • A significant onshore hedge funds market is constrained by regulation, psychological barriers and a need for investor and advisor education
    • France is one of the more successful hedge fund markets in Europe
    • Germany is constrained by complicated tax treatment of hedge funds
    • Italy has a EUR500,000 minimum threshold, which means only the HNW have access to hedge funds
    • Spain has a EUR50,000 minimum investment which restricts its retail opportunity
    • The UK is at a turning point in relation to its regulation of hedge funds
    • Sweden allows hedge funds and funds of funds to be marketed to retail investors
    • In spite of market constraints, onshore hedge funds have grown much faster than the overall mutual funds market in most countries,albeit from a small base
    • Education is among the biggest challenges to further development in this market
      • A lack of understanding about hedge funds is the main barrier to their wider take up in Europe
      • Investor education across Europe is the key to wider hedge fund take up
  • Regulation is being addressed in several countries
    • Changes to the regulation of hedge funds are a necessary precondition for their wider take up
    • The UK' s FSA has recently released a set of proposals concerning the regulation of onshore hedge funds and has invited industry feedback
    • France and Spain are examining the regulatory regime covering hedge funds
    • Germany put the regulation of hedge funds on the agenda in 2007 and has introduced its own draft law
    • The Italian hedge fund market is exclusively for institutions and HNW at the moment, but the industry is pushing for lower minimum thresholds
    • Denmark introduced an onshore hedge fund industry in 2005
    • Norway has planned to introduce the regulation of hedge funds for some time and has recently been rocked by public authority losses as a result of hedge fund investments
    • Belgium has a restrictive regime
    • Sweden was one of the first countries in Europe to introduce a liberalized regime for onshore hedge funds
    • There have also been legislative initiatives at the European level that impact on the hedge fund market
  • Hedge funds in Europe are looking to a voluntary code
  • Funds of hedge funds will drive growth in onshore hedge funds
    • Demand for funds of hedge funds will outstrip demand for single hedge funds
  • Onshore hedge funds in Europe will grow by nearly 25%compounded annually to 2012
• Market Context
  • The European hedge fund market is focused on institutional investors
    • Institutional participation in the hedge fund market is now entrenched
      • Asset managers must address institutional clients' demand for greater transparency
    • Mass market clients will become an increasingly important segment, especially in Germany
    • Retail investors can expect to see many new propositions as providers expand their funds of hedge funds ranges
  • Adverse economic conditions make for a more challenging marketing environment
    • A severe economic downturn in Europe is widely anticipated
    • Investors who remember the last downturn will be more cautious
    • Negative media coverage is likely to deter investors
    • Asset managers must demonstrate their expertise and stay close to their clients
• Customers and Distribution Dynamics
  • Reaching the mass market for hedge funds
    • Mass market investors are attracted to opportunities to diversify their risk
    • But they are wary of a product class that they do not understand
      • UK mass market investors are most concerned about risk
      • Regulatory barriers limit the growth of the French mass market
      • German advisors lack the expertise to effectively market hedge funds to mass retail investors
      • Costs and competition are determining factors in Italy and Spain
    • Sustaining demand will depend on regular communications to investors
    • Overall, retail banks and IFA networks are the preferred distribution channels for mass market investors
      • Direct distribution is increasingly popular in Germany,Italy and France
      • Fund supermarkets are gaining ground in the UK and Spain
  • Action points
    • French asset managers will need to focus on client education through retail banks and their own sales teams
    • Retail banks will lead the distribution effort in Germany;but advisor training will be critical
    • Italian retail banking networks offer the best channels for educating and reassuring mass market clients
    • Spain' s IFAs will need to encourage clients to diversify away from competing alternative investments
    • UK retail banks and IFAs will need to educate potential clients, pending enabling legislation
  • Reaching the high net worth market for hedge funds
    • HNW customers are driven by the search for diversification
    • Potential investors are most likely to be put off by lack of product knowledge
      • German providers need to invest most in HNW client education, while cost and liquidity issues are crucial in Italy and Spain,respectively
      • Insufficient promotion deters investors in the UK and growth among French clients is deterred by tax/regulatory issues
    • Current economic conditions call for heightened promotion and investor advisories to sustain HNW demand
    • In general, European asset managers prefer to reach HNW investors through direct sales, retail banks and IFAs
      • Italian and UK asset managers opt for distribution through retail banks
      • Spanish providers prefer IFAs and private banks
  • Action points
    • French asset managers must reinforce their internal sales forces to address the needs of wealthy clients
    • German providers need to deliver client education and investment information through wealth management partners
    • Retail banks distributing on behalf of Italian asset managers must focus on risk, protection and cost
    • IFAs and private banks provide a channel for reaching Spain' s wealthy
    • UK asset managers will need to focus on getting it right internally and leveraging retail bank distribution
  • Reaching the institutional market for hedge funds
    • Institutional clients are after portfolio diversification
    • Product knowledge, costs and liquidity are the key concerns for would-be institutional investors
    • An enhanced information and portfolio review service will help to sustain confidence among institutional investors
    • Asset managers are likely to rely on direct sales and wealth managers to reach potential institutional clients
      • French providers are especially keen to eliminate intermediaries
      • But German and Italian asset managers are giving greater consideration to investment consultants
  • Action points
    • Direct efforts on the part of French asset managers must focus on investor communication
    • Increasingly, fund managers in Germany will need to court and convince investment consultants
    • Likewise, in Italy, the focus will be shifted to intermediaries
    • Spanish asset managers will maintain their focus on educating clients through internal sales teams, but will also rely increasingly on wealth managers for distribution
    • UK providers must enhance information and service delivered through internal teams and wealth managers
• Competitors
  • Asset managers rate Allianz, Deutsche Bank, Morgan Stanley, Man Group and Barclays among the leading hedge fund providers.
    • Allianz is the leading institution for building hedge funds in France
    • Deutsche Bank is the most highly regarded hedge fund manager in Germany
    • Morgan Stanley tops the list of hedge fund managers in Italy
    • Spanish asset managers believe that MAN Group is the best at building hedge funds
    • Barclays is the best UK hedge fund provider
• APPENDIX
  • Data
  • Definitions
    • Arbitrage
    • CAGR
    • Derivative
    • Fund of hedge funds
    • Fund supermarket
    • Hedge fund
    • HNW
    • IFA
    • Liquid assets
    • Mass affluent
    • OEICs
    • Selling short
    • Ultra HNW
    • Unit trusts
  • Methodology
  • Bibliography
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
• List of Tables
  • Table 1: Regulation of onshore hedge funds
  • Table 2: Onshore hedge fund AUM, 2007-2012f
  • Table 3: Number of intermediaries, 2007
  • Table 4: The growth of onshore hedge funds and mutual funds
  • Table 5: To what extent do you agree with the following statement: ' Regulatory changes aimed at improving transparency of valuations are key to increasing mass market investment in hedge funds.'
  • Table 6: To what extent do you agree with the following statement: ' Over the next year, demand for funds of hedge funds will remain strong, although there will be reduced demand for single hedge funds.'
  • Table 7: Which is your biggest customer group for hedge funds today? 2007 & 2008
  • Table 8: Which will be your biggest customer group for hedge funds in three years time?
  • Table 9: To what extent do you agree with the following statement: ' Hedge fund managers will increase the number offerings for the retail market in 2008.'
  • Table 10: To what extent do you agree with the following statement: ' There is likely to be a significant economic downturn in Europe in 2008.'
  • Table 11: To what extent do you agree with the following statement: ' Investors will be more cautious about investing over the next 2 years because of current conditions and their memory of the 2000-2003 downturn.'
  • Table 12: In your opinion, what is the most important reason why mass market investors are demanding hedge funds today?
  • Table 13: What do you think will be the major barrier to wider take-up of hedge funds by mass market investors over the next year?
  • Table 14: Facing the possibility of a global economic slowdown, which of the following strategies will be most effective in sustaining demand for alternative investments among your mass market clients or the wealth managers who advise them?
  • Table 15: What do you think is the best way for hedge funds to be distributed to mass market investors?
  • Table 16: In your opinion, what is the most important reason why high net worth investors are demanding hedge funds today?
  • Table 17: What do you think will be the major barrier to wider take-up of hedge funds by high net worth investors over the next year?
  • Table 18: Facing the possibility of a global economic slowdown, which of the following strategies will be most effective in sustaining demand for alternative investments among your high net worth clients or the wealth managers who advise them?
  • Table 19: What do you think is the best way for hedge funds to be distributed to high net worth investors?
  • Table 20: In your opinion, what is the most important reason why institutional investors are demanding hedge funds today?
  • Table 21: What do you think will be the major barrier to wider take-up of hedge funds by institutional investors over the next year?
  • Table 22: Facing the possibility of a global economic slowdown, which of the following strategies will be most effective in sustaining demand for alternative investments among your institutional clients or the wealth managers who advise them?
  • Table 23: What do you think is the best way for hedge funds to be distributed to institutional investors?
  • Table 24: In France, who are the best asset managers at building hedge funds?
  • Table 25: In Germany, who are the best asset managers at building hedge funds?
  • Table 26: In Italy, who are the best asset managers at building hedge funds?
  • Table 27: In Spain, who are the best asset managers at building hedge funds?
  • Table 28: In the UK, who are the best asset managers at building hedge funds?
• List of Figures
  • Figure 1: Onshore hedge fund CAGR is outstripping onshore mutual fund CAGR in Europe
  • Figure 2: The major barrier to wider take up of hedge funds by mass market investors is a lack of understanding of the product
  • Figure 3: Asset managers see regulatory changes as key to increasing mass market investment in hedge funds
  • Figure 4: Demand for funds of hedge funds will remain strong, although there will be reduced demand for single hedge funds
  • Figure 5: The onshore hedge fund market is set to grow strongly
  • Figure 6: Institutional investors now dominate the European hedge fund market
  • Figure 7: Over the next three years, there will be notable growth in mass market demand
  • Figure 8: More retail hedge fund products will be offered in 2008
  • Figure 9: Economic conditions in Europe are expected to decline in 2008
  • Figure 10: Current conditions and the memory of the last major economic slowdown will affect investor behavior
  • Figure 11: Potential hedge fund investors will be cowed by reports of financial instability
  • Figure 12: Hedge funds offer mass market investors the opportunity to diversify risk
  • Figure 13: Lack of understanding is limiting mass market demand for hedge funds
  • Figure 14: Asset managers need to emphasize the benefits of hedge fund investing and keep clients abreast of their investment strategies
  • Figure 15: Mass market investors are best targeted through retail banks and IFAs
  • Figure 16: Risk diversification is the primary driver of demand among HNW investors
  • Figure 17: For would-be HNW investors, insufficient product understanding proves to be a deterrent
  • Figure 18: Fund managers need to work harder to promote their offerings and investment strategies
  • Figure 19: Preferred distribution channels for HNWs vary among countries
  • Figure 20: Institutional investors are using hedge funds for risk diversification
  • Figure 21: Regulatory/tax barriers are an issue for French and Spanish institutional investors
  • Figure 22: Providers and distributors would do well to keep institutional clients informed about investment strategies and portfolio performance
  • Figure 23: Providers in most states opt for distribution through direct sales or wealth managers
  • Figure 24: Allianz and Sock´to´ GO´no´rile emerge as the best hedge fund managers in France
  • Figure 25: Deutsche Bank leads the market by a significant margin in Germany
  • Figure 26: Morgan Stanley leads the market in Italy,followed by Goldman Sachs
  • Figure 27: MAN Group ranks highest in Spain, but is closely followed by UBS
  • Figure 28: Barclays leads the UK market