英国の資産管理/プライベートバンキングの展望

The contraction of European, US and offshore wealth management markets has forced wealth managers to look elsewhere in order to restore flagging revenues. Recently the market has been characterized by expansion into unconventional, underdeveloped and potentially promising markets and regions, but how can the risks be managed?

The UK Wealth Management and Private Banking Market Outlook: optimising customer value in a demanding marketplace is a management report that analyses the current wealth market. It provides a comprehensive overview of onshore liquid wealth of affluent customers in the UK, France, Germany, Italy, Spain and the Nordic region. The key issues facing wealth managers are examined in detail including cross-border expansion, multi-manager investment structures, lifestyle services and alternative investments, to help you formulate effective expansion and diversification strategies for the future.

Executive Summary

UK wealth management and private banking market overview

Customer focus: incorporating lifestyle services

Fee structures and advertising strategies

Tackling the strategic issues in wealth management

Chapter 1 Introduction

Report structure

The UK wealth management and private banking market overview

Customer focus: incorporating lifestyle services

Fee structures and advertising strategies

Tackling the strategic issues in wealth management

Chapter 2 The UK Wealth Management and Private Banking Market Overview

Summary

UK mass affluent customers

Market drivers

Wealth creation and reduction factors

GDP and other economic factors

Liquid wealth concentration

Market overview

Regional analysis

The influence of income

Competitors

Private client wealth managers

Stockbrokers primary focus is on direct equity investment

Retail asset managers

Future hurdles

Retail banks

Online banks

IFAS are key competitors

Fund supermarkets

European mass affluent customers

France has the most affluent individuals in Europe

Number of European mass affluent individuals segmented by country

Market trends

Banking services

Safety and advice

The housing boom

Competition

Retail banks and bancassurers

Financial advisers

Brokerage services

Cross-border strategies

Europe

The Middle East

Asia

Drivers of cross-border activity

Organic growth

Onshore

Brand

Banking on proven business

Banks demonstrating cross-border organic growth

Mergers and acquisitions

The Middle East

Deutsche Bank

Emerging markets

Asia

Middle East

Central and Eastern Europe

UK expansion

Offshore markets

Chapter 3 Customer Focus: Incorporating Lifestyle Services

Summary

Introduction

Lifestyle services

Lifestyle services in the wealth management proposition

Third-party lifestyle services

Benefits of including lifestyle services into the wealth management

proposition

Associated difficulties

Conclusions

Chapter 4 Fee Structure Analysis and Advertising Strategies

Summary

Introduction

Fee structures

Overview

Affluent wealth managers

Lower HNW wealth managers

Upper HNW wealth managers

Transaction and handling charges by investment type in the UK

Tier structures

Transparency issues

Performance-related fees

Advertising strategies

Chapter 5 Tackling the Strategic Issues in Wealth Management

Summary

Introduction

Wealth management in retirement in the UK

Market overview and developments

Different needs and attitudes

Future retirees in the future

Pensions in the UK

Self invested personal pensions (SIPPs)

The facts

Executive pension plans (EPPs)

Small self-administered schemes (SSAS)

Unapproved retirement benefit schemes

Unfunded unapproved retirement benefit schemes

Funded unapproved retirement benefits schemes

Assets under management

Pensions for the wealthy in Europe

Multi-manager investment structures

Overview

Competition

Property investment

Overview

Real estate investment trusts

Real estate derivatives

Property funds

Lease structures in Europe

Property investments for wealthy individuals

Proportion of pan European wealth managers offering exposure to property investments

Future prospects

Hedge funds

Overview

Regulations

UCITS 3

UK

France

Germany

Italy

Spain

Performance

Fee structures

Internal compliance

Distribution factors

Chapter 6 Appendix

Definitions

Advisory portfolio management

Asset management

Bull market

Bear market

CAGR

Discretionary portfolio management

Equity fund

Execution only stock broking

First/second/third tier fee

Fund supermarket

Hedge funds

Independent Financial Advisor (IFA)

Liquid assets

Liquid asset bands

Liquid assets

Lower high net worth competitor

Upper high net worth competitor

Mass affluent

Mass market

Non-core competitor

Premier bank

Private banks

UCIT

List of Figures

Figure 2.1: Identifying the dynamics of mass affluent wealth creation

Figure 2.2: Change in the savings and investment assets between 1997 and 2002

Figure 2.3: The mass market, mass affluent and high net worth share of total retail liquid assets 1997 and 2002

Figure 2.4: Number of UK mass affluent individuals with liquid assets between £30,000- £200,000, 1997-002e

Figure 2.5: Aggregate liquid assets of UK mass affluent individuals with liquid assets between £30,000-£200,000, 1997-002e

Figure 2.6: Asset concentration, 1997-002

Figure 2.7: Individuals holding between €50,000 and €100,000 in liquid assets account for more than 56% of the European mass affluent population

Figure 3.8: Lifestyle services in the wealth management proposition

Figure 5.9: Overview of multi-manager investment structures

Figure 5.10: Key drivers behind the multi-manager trend

List of Tables

Table 2.1: Standard average house price versus house price growth segmented by region, 1997 2002

Table 2.2: Growth in average house prices per region, Q4 2002 to Q3 2003

Table 2.3: Number of individuals with pre-tax earned income over£50,000 and total value of pre-tax earned income for this segment,

Table 2.4: Proportion of total UK population in each region compared to proportion of total50,000+ £segment in each region, 2000

Table 2.5: Thresholds and costs for the big fours premier banking offerings, 2003

Table 2.6: Beneficial ownership of UK shares,£billion, 1998-002

Table 2.7: UK personal deposit account balances by competitor, 1997-001

Table 2.8: Current account rates for selected retail and online banking players, December 2003

Table 2.9: Top 10 UK IFAs by turnover, 2002

Table 2.10: Number of funds and fund managers offered by selected fund supermarkets, 2003

Table 2.11: Number of European mass affluent individuals as a proportion of total population, segmented by country, 2002e

Table 2.12: European liquid assets as a proportion of total assets, 1997 and 2002

Table 2.13: European mass affluent individuals and liquid assets, 1997-002

Table 2.14: Number of European mass affluent individuals segmented by country, 1997-002

Table 2.15: Value of mass affluent liquid assets segmented by country, 1997-002e

Table 2.16: Banks demonstrating cross-border organic growth, 1997-001

Table 2.17: Banks that have merged or acquired to cross borders, 1996-002

Table 4.18: Transaction and handling charges by investment type, 2002

Table 5.19: Number of full and insured plans in force with non-insurance companies, by SIPP competitor, 2003

Table 5.20: Number of full and insured plans in force with insurance companies, by SIPP competitor, 2003

Table 5.21: Proportion of pan European wealth managers offering exposure to alternative investment vehicles

Table 5.22: Proportion of pan European wealth managers offering exposure to property investments, classified geographically

Table 5.23: Major barriers to the property investment in Europe

Table 5.24: Pan European wealth managers expectations for changes in private clients exposure to property over the following two years

Table 5.25: Customers primary motivation for investing in alternative investments, % of wealth manager responses, total Europe

Table 5.26: Percentage of wealth managers offering hedge funds or envisaging doing so in the next two years, 2003