投資家評価指標：英国の投資分野におけるリテール顧客および個人クライアント動向

Abstract

Finaccord' s report titled Investor Metrics: Retail Customer and Private Client Behaviour in UK Security-Based Investments is about the dynamics for the retail market for security-based investments in the UK. The definition of security-based investments includes equity ISAs (individual savings accounts), PEPs (personal equity plans), SIPPs (self-invested personal pensions), OEICs (open-ended investment companies) and unit trusts, investment trusts, ETFs (exchange traded funds), investment bonds, Child Trust Funds, ‘wrap’ accounts, investment funds located offshore (eg. Bermuda, Dublin, Guernsey, Jersey, Isle of Man, Luxemburg), VCTs (venture capital trusts) and direct holdings of equities. On the other hand, it specifically excludes life insurance and mainstream occupational and personal pensions.

Investor Metrics is not the first study of the UK market for security-based investments. However, it has been conceived in such a way that it provides insight into the behaviour, holdings and perception of retail investors that has not hitherto appeared in a published format. For example, the publication is unique in that it systematically discloses customer penetration data not only by type of security-based investment product but also by primary underlying instrument, business sector, geographical orientation and investment style of funds invested. Moreover, it also offers insights into the perception among and usage by private clients of 60 leading firms involved in investment management and 20 prominent fund supermarkets and discount brokers.

Table of Contents

0.0 EXECUTIVE SUMMARY

• Certain categories of consumer are especially likely to be classifiable as retail investors
• … including the retired, the self-employed and those living in London and Greater London
• Almost a quarter of retail invs. are willing to take calculated risks but frequent traders are scarce
• Individuals are most likely to be classifiable as retail investors by virtue of holding an equity ISA
• Pen. rates for most products are at least double among retail clients with over £25,000 invested
• Retail investors appear to be showing an increasing interest in funds investing outside of the UK
• … with a significant percentage also holding funds focusing on specific business sectors
• … or promising particular invest. styles, although few appear motivated by ethical considerations
• Many retail customers still prefer making investment decisions in a face-to-face environment
• … with little evidence for a significant shift towards utilisation of the Internet as a dist. interface
• Recognition and utilisation rates of on-line fund supermarkets and discount brokers remain low
• Mainstream financial services providers inspire the highest ratings for awareness and trust
• … although specialist investment management firms score more highly among wealthier investors
• Six fund managers sit in the ‘golden quadrant’ of numerous and wealthy retail investors

1.0 INTRODUCTION

• Research rationale
• The study discloses a variety of hitherto unpublished metrics about the market
• Research sample and mechanics
• Finaccord
• Other UK consumer research publications
• IPT / Tpoll

2.0 MARKET ANALYSIS

• Introduction
• Consumers classifiable as retail investors
• Market overview
• A significant proportion of consumers have at least some exposure to security-based invs
• What is the value of their funds committed to security-based investments?
• The segmentation of the latest sample is very similar to that recorded by the original investigation
• What is their age profile?
• The percentage of all consumers classifiable as retail investors rises in line with increasing age
• What is their household income profile?
• … with a similar finding visible if respondents are split by annual household income
• What is their geographic profile?
• Wealthier retail investors are most likely to be found in London and the wider South-East region
• What is the impact of having children?
• Number of children aged under 25 has little influence on holdings of security-based investments
• What is the impact of employment status?
• Wealthier invs. are particularly prevalent among the retired and self-employed constituencies
• Analysis by type of security-based investment
• Current penetration
• Consumers are most likely to be defined as retail investors through holding equity ISAs
• … although holdings of both Child Trust Funds and SIPPs appear to be increasing
• For most products, pen. rates are far higher among those with more than £25,000 invested
• Intention to purchase
• Interest in OEICs, unit trusts and investment trusts appears to be declining among retail investors
• Analysis by primary underlying instrument of investment
• Current penetration
• Holdings among retail invs. exceed 10% only in the case of equity funds and balanced funds
• … with more exotic options appealing mainly to those with a portfolio worth more than £25,000
• Intention to purchase
• Equity-based funds and balanced funds also dominate likely retail investment in 2008
• Analysis by specific geography of investment
• Current penetration
• Retail investors may be increasingly inclined to consider funds investing in overseas securities
• … with the popularity of funds investing solely in UK equities having fallen over the last two years
• Intention to purchase
• With the exception of the UK, no specific geography will attract more than 5% of retail investors
• Analysis by specific business sector of investment
• Current penetration
• Over 10% of retail investors claim to have allocated capital to specialist financial sector funds
• Intention to purchase
• Funds investing in the shares of ‘green’ energy firms seem likely to attract investment in 2008
• Analysis by style of investment
• Current penetration
• Products oriented towards producing capital growth are the most popular option
• … with guaranteed or protected funds also achieving a penetration rate in excess of 10%
• Intention to purchase
• It remains the case that few retail investors seem to be motivated by ethical considerations
• Risk appetite and trading frequency of retail investors
• Risk appetite
• Almost one third of wealthier investors state that they are willing to take calculated risks
• Buying and selling frequency
• … although a majority even of this group buy or sell investments once a year or less on average
• Distribution interface / channel behaviour of retail investors
• Self-direction and financial advice - current behaviour
• The proportion of retail investors claiming to be totally self-directed has risen slightly
• Distribution interfaces - current behaviour
• A majority of retail investors still prefer to make new investments in a face-to-face environment
• Distribution channels - current behaviour
• High street banks and building societies continue to outgun other distribution channels
• Distribution interfaces - future behaviour
• A rise in use of the Internet will occur only at the expense of other remote distribution interfaces
• Distribution channels - future behaviour
• … and it remains doubtful whether fund supermarkets can turn forecast into actual progress
• Key factors determining choice of investment manager
• Historic performance of the investment manager remains the most important factor
• … with retail investors least likely to choose a fund manager on the basis of its brand
• … although numerous other factors also have a bearing on the behaviour of retail investors
• Awareness and usage of fund supermarkets and discount brokers
• Barclays Funds Market and Hargreaves Lansdown record the highest utilisation rates
• … with Saga scoring most highly in terms of overall awareness among retail investors

3.0 COMPETITOR ANALYSIS

• Introduction
• Awareness
• Awareness rates are highest for companies providing a broad range of financial services
• … with specialist investment managers excluded from the top ten for overall recognition
• A majority of customers have a limited knowledge only of the wider market for investments
• Allianz Global Investors has probably been most successful in improving its recognition rating
• More affluent investors tend to have higher awareness levels of investment management firms
• … with only two providers scoring more highly among investors with holdings below £25,000
• Trust
• Specialist investment managers tend to achieve a higher ranking for trust than for awareness
• Schroders has achieved a significant improvement in its ranking for trust since the original survey
• Wealthier retail investors are more inclined to trust specialist investment management firms
• … with the difference particularly marked in the case of many of the larger investment managers
• The correlation between scores for awareness and for trust among retail invs. is almost perfect
• Usage
• Only one investment management firm is used by more than three in ten retail investors
• Specialist fund managers achieve significantly higher utilisation rates among wealthier investors
• The data also facilitates computation of approx. funds under management per retail investor
• Six companies possess a high number of retail investors with relatively high average holdings

4.0 COMPETITOR SNAPSHOTS

• Introduction
• 4.1 Abbey
• 4.2 Aberdeen Asset Management
• 4.3 AEGON Asset Management
• 4.4 Alliance Trust
• 4.5 Allianz Global Investors
• 4.6 Artemis Fund Managers
• 4.7 AXA Framlington
• 4.8 Baillie Gifford
• 4.9 Baring Fund Managers
• 4.10 BlackRock Investment Management
• 4.11 Cazenove Capital Management
• 4.12 Credit Suisse Asset Management
• 4.13 F&C Asset Management
• 4.14 Fidelity Investments
• 4.15 First State Investments
• 4.16 Franklin Templeton
• 4.17 Gartmore
• 4.18 Halifax
• 4.19 Hargreaves Lansdown
• 4.20 Henderson Global Investors
• 4.21 HSBC
• 4.22 Insight Investment
• 4.23 Invesco Perpetual
• 4.24 Investec Asset Management
• 4.25 iShares
• 4.26 JP Morgan Asset Management
• 4.27 Jupiter
• 4.28 Legal & General
• 4.29 Legg Mason
• 4.30 Lincoln Unit Trust Managers
• 4.31 Liontrust Asset Management
• 4.32 M&G
• 4.33 Marks & Spencer Financial Services
• 4.34 Marlborough Fund Managers
• 4.35 Martin Currie
• 4.36 MLC
• 4.37 Nationwide
• 4.38 Neptune Investment Management
• 4.39 New Star Asset Management
• 4.40 Newton Investment Management
• 4.41 Norwich Union
• 4.42 Old Mutual
• 4.43 Premier Asset Management
• 4.44 Prudential
• 4.45 Rathbone Unit Trust Management
• 4.46 Rensburg Fund Management
• 4.47 Resolution Asset Management
• 4.48 Royal London
• 4.49 Schroders
• 4.50 Scottish Widows
• 4.51 Skandia Investment Management
• 4.52 Smith & Williamson
• 4.53 Société Générale Asset Management
• 4.54 St James' s Place
• 4.55 Standard Life
• 4.56 The Co-operative Investments
• 4.57 Threadneedle
• 4.58 UBS Global Asset Management
• 4.59 Virgin Money
• 4.60 Witan Wealthbuilder

GRAPHICS / TABLES

• Retail investor breakdown by age group, household income band and geographical location
• Retail investor breakdown by number of children aged under 25 and employment status
• Segmentation of retail investors by value of funds committed to security-based investments
• % of all cons. class. as actual or pot. retail invs. seg. by age group / value of assets inv., 2007 (data)
• % of all cons. class. as actual or pot. retail invs. seg. by household income / value of assets inv., 2007 (data)
• % of all cons. class. as actual or pot. retail invs. seg. by geographical location / value of assets inv., 2007 (data)
• % of all cons. class. as actual or pot. retail invs. seg. by no. of children under 25 / value of assets inv., 2007 (data)
• % of all cons. class. as actual or pot. retail invs. seg. by employment status / value of assets inv., 2007 (data)
• % penetration rate among retail investors by type of security-based investment, 2007
• % penetration rate among retail investors by type of security-based investment, 2005-7 (data)
• % intention to purchase among retail investors by type of security-based investment, 2008
• % intention to purchase among retail investors by type of security-based investment, 2006-8 (data)
• % penetration rate among retail investors by primary underlying inst. in which funds are invested, 2005-7 (data)
• % intention to purchase among retail invs. by primary underlying inst. in which funds are invested, 2006-8 (data)
• % penetration rate among retail investors by specific geography in which funds are invested, 2005-7 (data)
• % intention to purchase among retail investors by specific geography in which funds are invested, 2006-8 (data)
• % penetration rate among retail investors by specific business sector in which funds are invested, 2005-7 (data)
• % intention to purchase among retail invs. by specific business sector in which funds are invested, 2006-8 (data)
• % penetration rate among retail investors by style of investment, 2005-7 (data)
• % intention to purchase among retail investors by style of investment, 2006-8 (data)
• Risk appetite of retail investors in the UK when it comes to making security-based investments, 2007
• Risk appetite of retail investors in the UK when it comes to making security-based investments, 2007 (data)
• Buying and selling frequency of retail invs. in the UK when it comes to making security-based investments, 2007
• Buying and selling frequency of retail invs. in the UK when it comes to making sec.-based invests., 2007 (data)
• General approach of retail investors with regards to self-direction and financial advice, 2007
• General approach of retail investors with regards to self-direction and financial advice, 2005-7 (data)
• Distribution interfaces used by retail investors for making security-based investments, 2007
• Distribution interfaces used by retail investors for making security-based investments, 2005-7 (data)
• Distribution channels used by retail investors for making security-based investments, 2007
• Distribution channels used by retail investors for making security-based investments, 2005-7 (data)
• Distribution interfaces forecast to be used by retail investors for making security-based investments, 2008
• Distribution interfaces forecast to be used by retail invs. for making security-based investments, 2006-8 (data)
• Distribution channels forecast to be used by retail investors for making security-based investments, 2008
• Distribution channels intended to be used by retail invs. for making security-based investments, 2006-8 (data)
• Key factors determining choice of investment manager by retail investors, 2007
• Key factors determining choice of investment manager by retail investors, 2007 (data)
• Retail investor awareness and usage of 20 leading fund supermarkets and discount brokers, 2007
• Retail investor awareness and usage of 20 leading fund supermarkets and discount brokers, 2007 (data)
• Retail investor awareness, trust and usage of Abbey in the context of security-based investments
• Retail inv. awareness, trust and usage of Aberdeen Asset Management in the context of sec.-based invests
• Retail inv. awareness, trust and usage of AEGON Asset Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of Alliance Trust in the context of security-based investments
• Retail inv. awareness, trust and usage of Allianz Global Investors in the context of security-based investments
• Retail inv. awareness, trust and usage of Artemis Fund Managers in the context of security-based investments
• Retail investor awareness, trust and usage of AXA Framlington in the context of security-based investments
• Retail investor awareness, trust and usage of Baillie Gifford in the context of security-based investments
• Retail inv. awareness, trust and usage of Baring Fund Managers in the context of security-based investments
• Retail inv. aware., trust and usage of BlackRock Investment Management in the context of sec.-based invests
• Retail inv. awareness, trust and usage of Cazenove Capital Management in the context of sec.-based invests
• Retail inv. aware., trust and usage of Credit Suisse Asset Management in the context of sec.-based invests
• Retail inv. awareness, trust and usage of F&C Asset Management in the context of sec.-based investments
• Retail investor awareness, trust and usage of Fidelity Investments in the context of security-based investments
• Retail inv. awareness, trust and usage of First State Investments in the context of security-based investments
• Retail investor awareness, trust and usage of Franklin Templeton in the context of security-based investments
• Retail investor awareness, trust and usage of Gartmore in the context of security-based investments
• Retail investor awareness, trust and usage of Halifax in the context of security-based investments
• Retail inv. awareness, trust and usage of Hargreaves Lansdown in the context of security-based investments
• Retail inv. awareness, trust and usage of Henderson Global Investors in the context of sec.-based investments
• Retail investor awareness, trust and usage of HSBC in the context of security-based investments
• Retail investor awareness, trust and usage of Insight Investment in the context of security-based investments
• Retail investor awareness, trust and usage of Invesco Perpetual in the context of security-based investments
• Retail inv. awareness, trust and usage of Investec Asset Management in the context of sec.-based investments
• Retail investor awareness, trust and usage of iShares in the context of security-based investments
• Retail inv. awareness, trust and usage of JP Morgan Asset Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of Jupiter in the context of security-based investments
• Retail investor awareness, trust and usage of Legal & General in the context of security-based investments
• Retail investor awareness, trust and usage of Legg Mason in the context of security-based investments
• Retail inv. awareness, trust and usage of Lincoln Unit Trust Managers in the context of sec.-based investments
• Retail inv. awareness, trust and usage of Liontrust Asset Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of M&G in the context of security-based investments
• Retail inv. aware., trust and usage of Marks & Spencer Financial Services in the context of sec.-based invs
• Retail inv. awareness, trust and usage of Marlborough Fund Managers in the context of sec.-based invests
• Retail investor awareness, trust and usage of Martin Currie in the context of security-based investments
• Retail investor awareness, trust and usage of MLC in the context of security-based investments
• Retail investor awareness, trust and usage of Nationwide in the context of security-based investments
• Retail inv. aware., trust and usage of Neptune Investment Management in the context of sec.-based invests
• Retail inv. awareness, trust and usage of New Star Asset Management in the context of sec.-based invests
• Retail inv. aware., trust and usage of Newton Investment Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of Norwich Union in the context of security-based investments
• Retail investor awareness, trust and usage of Old Mutual in the context of security-based investments
• Retail inv. awareness, trust and usage of Premier Asset Management in the context of sec.-based investments
• Retail investor awareness, trust and usage of Prudential in the context of security-based investments
• Retail inv. aware. trust and usage of Rathbone Unit Trust Management in the context of sec.-based invests
• Retail inv. awareness, trust and usage of Rensburg Fund Management in the context of sec.-based invests
• Retail inv. awareness, trust and usage of Resolution Asset Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of Royal London in the context of security-based investments
• Retail investor awareness, trust and usage of Schroders in the context of security-based investments
• Retail investor awareness, trust and usage of Scottish Widows in the context of security-based investments
• Retail inv. aware., trust and usage of Skandia Investment Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of Smith & Williamson in the context of security-based investments
• Retail inv. aware., trust and usage of Société Générale Asset Management in context of sec.-based invests
• Retail investor awareness, trust and usage of St James' s Place in the context of security-based investments
• Retail investor awareness, trust and usage of Standard Life in the context of security-based investments
• Retail inv. awareness, trust and usage of The Co-operative Investments in the context of sec.-based invests
• Retail investor awareness, trust and usage of Threadneedle in the context of security-based investments
• Retail inv. awareness, trust and usage of UBS Global Asset Management in the context of sec.-based invests
• Retail investor awareness, trust and usage of Virgin Money in the context of security-based investments
• Retail investor awareness, trust and usage of Witan Wealthbuilder in the context of security-based investments