英国における合同投資市場

Abstract

The collective investments market continues to experience strong growth on the back of financial markets that are performing well. The public has a long memory when it comes to events in the financial world, though, and recovery from the dotcom bubble that burst in the early part of the decade has been gradual. Not surprisingly, for years, net sales of collective investments have tracked closely the performance of the FTSE 100, and this fallout from the credit crunch is likely to see sales hit.

The fact remains that collective investments hold little attraction for a majority of people. Whilst stocks and shares ISAs were once more popular than cash ISAs, that is hardly the case now. Ignorance and apathy remain and Mintel' s consumer research shows that there has been no change in the past year in the number of people holding collective investments outside of ISAs.

Reports of the death of the independent financial advisor (IFA) have never been more premature as the channel continues to grab more and more of product distribution. Platforms and fund supermarkets have become the industry' s main battle ground. The Financial Services Authority (FSA) has conducted its review of distribution and has targeted the fee and commission structure for change.

Specific types of Collective Investments

• Unit trusts are investment funds shared by lots of different investors. They are ' open-ended funds' , meaning that each fund gets bigger as more people invest, and gets smaller as people withdraw their money. Funds are divided into segments called ' units' . Investors take a stake in the fund by buying these units. The price of a unit is based on the value of the investments that the trust has invested in.
• An open-ended investment company (OEIC) is a company whose business is managing an investment fund. Investors take a stake in the fund by buying the shares of the OEIC. As with a unit trust, an OEIC is an open-ended fund. An investment trust is a company whose line of business is investing in other companies. The investment trust company has shares and is quoted on the stock market. Investors take a stake in its fund by buying the shares of the company. It is a ' close-ended fund' because there are a set number of shares, and this number does not change regardless of the number of investors. The price of the shares reflects the value of the investments in the fund, but is affected by other factors too. If more people want to sell their shares than there are people wanting to buy them, the share price tends to fall. Conversely, if there are more buyers than sellers, the share price tends to rise.
• As such, and unlike OEICs and unit trusts, investment trusts can trade at a premium (or discount) to the value of the assets held by the trust. The other key difference is that the company can borrow money and use it to buy more investments - this boosts the company' s returns when the investments perform well, but magnifies losses if investments do badly.

Table of Contents

• Issues in the Market
• Main issues
• Product background and definitions
• Simplifying the market
• Risk profile is key
• Specific types of Collective Investments
• Market in Brief
• Key points
• 2006 -- a good year for the fund managers...
  • Figure 1: Gross retail and ISA sales of collective investments, 1997-2006
• ...but there are problems ahead
• Education and advice to come to the fore
• Sales follow the equities market
  • Figure 2: Net collective investments and ISA sales against the FSTE 100 index, 1992-2007
• Product penetration remains low
  • Figure 3: Consumer holdings of selected investment products, June 2007
• Little appetite for risk
  • Figure 4: Consumer appetite for risk, June 2007
• Competitor products could be hit by the credit crunch
• Internal Market Environment
• Key points
• Market performance drives sales...
  • Figure 5: FTSE 100 monthly close, 1982-2007
• ...but still little appetite for risk
  • Figure 6: Barriers to investing in shares and other stock market based investments, September 2007
• The FSA and the Retail Distribution Review...
• ...spells yet more change for the investment industry
• Hopes for more transparent charging structures
• More demanding environment for advisors
• Green funds potentially over inflated
• Star managers add personality to the investment market
• Emerging markets to engage consumer interest?
• Broader Market Environment
• Key points
• An ageing population
  • Figure 7: UK population trends by age group, 2004-29
  s
• Attitudes towards saving
  • Figure 8: PDI, consumer expenditure and the savings ratio, 1997-2006
• Rising interest rates may keep people in non equity and bond savings
  • Figure 9: Bank of England base rate, 1997-2007
• Consumer confidence is ebbing
  • Figure 10: Rolling monthly, three-monthly, and yearly UK consumer confidence indices*, Jan 2000-Sept 2007
• Marked shift in saving intentions
  • Figure 11: Intentions to save and spend in the next 12 months*, Jan 2001-Sept 2007
• Competitive Context
• Key points
• Buy-to-let -- are the wheels about to come off?
  • Figure 12: Number and value of buy-to-let mortgages outstanding, 2000-07 (H1)
• A-day boosts sale of pensions
  • Figure 13: Individual pension sales, 2001-06
• ISA sales continue to grow, but average subscriptions fall
  • Figure 14: Number of new mini cash ISAs and amounts subscribed during the year, 1999/2000-2006/07
• Strengths and Weaknesses in the Market
• Strengths
• Weaknesses
• Market Size and Forecast
• Key points
• Sales approach £60 billion in 2006...
  • Figure 15: Gross retail and ISA sales, December 1997-December 2006
• ...but net sales to fall back in 2007?
  • Figure 16: Net retail and ISA sales, December 1997-December 2007
• How long before churn becomes a major issue?
• New products to slow the investment merry-go-round?
• Strong growth in assets under management
  • Figure 17: UK domiciled funds under management by asset class, 1997-2006
• Retail sales still centre around the ISA season
  • Figure 18: Gross and net ISA sales, July 2005-June 2007
  • Figure 19: Market value of funds in ISAs, 2006-07
• Forecast
  • Figure 20: Gross retail sales of collective investments, 2002-12
• Will the ' boom' turn into a ' pop' ?
• Background factors less favourable
• Market Share
• Key points
• Retail funds under management
  • Figure 21: Retail funds under management, by fund manager, August 2007
• Halifax tops the ISA tables
  • Figure 22: UK ISA funds under management, August 2007
• Companies and Products
• Key points
• Product sales reflect wider market conditions
  • Figure 23: Sector trend within collective investments, 2001-07
• Fidelity is longer the lone front runner
  • Figure 24: Fidelity and Invesco Perpetual fund assets under management, October 2005-August 2007
• Ratings provide key point of differentiation
• Brand Communication and Promotion
• Key points
• Press spend continues to dominate
  • Figure 25: Collective investments, adspend by media type, 2003-07(June)
  • Figure 26: Adspend by company, 2002-06
• Current themes
• Channels to Market
• Key points
• Intermediaries see the only real growth
  • Figure 27: Retail distribution of collective investments, 1997-2006
• Direct sales to the fore in the ISA market
  • Figure 28: Collective investment ISA sales distribution, 1999-2006
• Fund supermarkets take a growing share of the market
• Platforms
• The Consumer -- Product Ownership
• Key points
• Collective investments a niche product
  • Figure 29: Investment ownership, June 2007
• Money follows money
  • Figure 30: Investment ownership, by gender and socio-economic group, June 2007
• Implications and opportunities
• A missed opportunity?
• How to tempt the young to save?
• Taking the longer view
  • Figure 31: Investment ownership, by lifestage, June 2007
• ...and capitalising on the Child Trust Fund
• Low-cost, low-hassle ISAs?
• Owning and renting
• Take a punt on the Internet...
• ... or just stick to the financial pages?
  • Figure 32: Investment ownership, by daily newspaper readership, June 2007
• Extending the good grocery brand
• The Consumer -- Targeting Opportunities
• Key points
• It' s all about the guarantees
  • Figure 41: Important factors for long term investing, June 2007
• Fear of loss
  • Figure 42: Most important factors for long term investing, by socio-demographic group, June 2007
• Implications and opportunities
• Affluent look for tax benefits
• Implications and opportunities
• Other
• Returns come to the fore for the well-informed
  • Figure 43: Factors people consider important when thinking about saving or investing money over a longer period of time, by number of sources of advice used, June 2007
• Implications and opportunities
• 1 IFA Informed (15% of respondents)
• 2 Bank Backing (26% of respondents)
• 3 Non-investors (39% of respondents)
• 4 Friend and Family Fortunes (9% of respondents)
• 5 All Available Resources (10% of respondents)
• Taking a punt on the IFA
  • Figure 44: Target groups by attitudes towards saving and investing, July 2007
• Implications and opportunities
  • Figure 45: Target groups, by number of sources of advice used, June 2007
• Implications and opportunities
• Age/lifestage
• Socio-economic
• Other
• Detailed Demographics
  • Figure 46: Most popular source of financial advice, by socio-demographic group, June 2007
  • Figure 47: Next most popular attitudes towards sources of advice, by socio-demographic group, June 2007
  • Figure 48: Target group demographics, June 2007
  • Figure 49: Investment ownership, by age, June 2007
  • Figure 50: Investment ownership, by income groups, June 2007
  • Figure 51: Investment ownership, by tenure, June 2007
  • Figure 52: Investment ownership, by region, June 2007
  • Figure 53: Investment ownership, by technology, June 2007
  • Figure 54: Investment ownership, by Internet usage, June 2007
  • Figure 55: Investment ownership, by supermarket usage, June 2007
  • Figure 56: Investment ownership, by age/socio-economic groups, June 2007
• Sources of advice
  • Figure 57: Most popular source of financial advice, by socio-demographic group, June 2007
  • Figure 58: Attitudes to risk, 2007
  • Figure 59: Next most important factors for long term investing, by socio-demographic group, June 2007
  • Figure 60: Influencing investment decisions, 2007