|
|
European Mutual Funds Distribution 2004Published by: Datamonitor Published: Jun. 24, 2004 - 120 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 EXECUTIVE SUMMARY 4 Overview 4 France 4 Germany 5 Spain 6 Italy 6 UK 7 Fund distribution: a pan-European overview 8 CHAPTER 2 INTRODUCTION 17 What is this report about? 17 Who is the target reader? 18 How to use this report 18 CHAPTER 3 MARKET CONTEXT 20 Introduction 20 European overview 20 Market size 20 Distribution landscape 21 Regulation and key issues 23 France 27 Market size 27 Distribution landscape 28 Regulation and key issues 32 Key competitors 36 Germany 38 Market size 38 Distribution landscape 39 Regulation and key issues 44 Key competitors 48 Spain 50 Market size 50 Distribution landscape 51 Regulation and key issues 56 Key competitors 58 Italy 59 Market size 59 Distribution landscape 60 Regulation and key issues 65 Key competitors 68 UK 69 Market size 69 Distribution landscape 70 Regulation and key issues 73 Key competitors 76 CHAPTER 4 FUND DISTRIBUTION: A PAN-EUROPEAN VIEW 79 Introduction 79 Fund manager selection 79 Service offering 89 CHAPTER 5 THE FUTURE DECODED 95 Introduction 95 France 95 Germany 97 Spain 98 Italy 100 UK 102 European overview 105 CHAPTER 6 APPENDIX 107 Supplementary data 107 Market context 107 Fund distribution: a pan-European view 110 Research methodology 118 Further Reading 118 Datamonitor Global Wealth Service SPP: Reports 118 Datamonitor Global Wealth Service SPP: Insight Reports 118 Datamonitor Global Wealth Service SPP: Competitor Tracking 119 Datamonitor Savings & Investments SPP Reports 119 Datamonitor Financial Services Consulting 120 SPP writing team 120 LIST OF TABLES Table 1: Example of fee disclosure required under French simplified prospectus, June 2004 36 Table 2: Best mutual fund providers in France, 2004 37 Table 3: Best mutual fund providers in Germany, 2004 49 Table 4: Best mutual fund providers in Spain, 2004 58 Table 5: Best mutual fund providers in Italy, 2004 68 Table 6: Total value of European retail mutual funds by country, 1998-2002 107 Table 7: Total value of French retail mutual funds, 1998-2002 107 Table 8: Distribution of French mutual funds by channel, 2003 108 Table 9: Total value of German retail mutual funds, 1998-2002 108 Table 10: Distribution of German mutual funds by channel, 2000-2002 108 Table 11: Total value of Spanish retail mutual funds, 1998-2002 109 Table 12: Distribution of Spanish mutual funds by channel, 2003 109 Table 13: Total value of Italian retail mutual funds, 1998-2002 109 Table 14: Distribution of Italian mutual funds by channel, 1998-2003 110 Table 15: Total value of UK retail mutual funds, 1998-2002 110 Table 16: Distribution of UK mutual funds by channel, 1998-2003 110 Table 17: Proportion of funds distributed by banks that are third party 111 Table 18: Proportion of banks offering designated number of third party providers 111 Table 19: Method of mutual fund provider selection 112 Table 20: Important attributes when selecting a fund provider - banks 112 Table 21: Important attributes when selecting a fund provider - financial advisors 113 Table 22: Effects of the downturn on mutual fund provider selection 113 Table 23: Most likely reasons for terminating a relationship with a mutual fund provider 114 Table 24: Frequency for choosing a fund provider 114 Table 25: Number of requests for proposal (RFP) over the last two years 115 Table 26: Most important aspects of service provided by fund provider - banks 115 Table 27: Most important aspects of service provided by fund provider - financial advisors 116 Table 28: Services that banks would like to have online 116 Table 29: Services that financial advisors would like to have online 117 Table 30: Services that retail customers would like from a mutual fund provider 117 LIST OF FIGURES Figure 1: France remains the largest retail mutual fund market in Europe having experienced the strongest growth since 1998 21 Figure 2: The French mutual fund market was larger in 2002 than in 2000 27 Figure 3: Banks have secured 80% of retail mutual fund distribution in France 29 Figure 4: Germans have shown far greater interest in mutual funds compared to 1998 39 Figure 5: Banks have become increasingly dominant in the distribution of mutual funds in Germany 41 Figure 6: Spanish investment in mutual funds has been poor since 2000 50 Figure 7: Banking networks dominate Spain’s mutual fund distribution, 2003 52 Figure 8: The popularity of mutual funds in Italy is declining 60 Figure 9: Banks are the top mutual fund distributors in Italy 61 Figure 10: The value of UK mutual funds remains above the 1998 level 70 Figure 11: UK mutual fund distribution has become increasingly dominated by the IFA network 71 Figure 12: While two thirds of European banks offer less than 10 external mutual fund providers, the tendency is towards a greater number of distribution alliances 80 Figure 13: A bank’s preference is the most important factor in selection 81 Figure 14: Performance is the most critical factor for banks when selecting fund providers 82 Figure 15: Fees and reputation play an important role for financial advisors when selecting a mutual fund provider 84 Figure 16: The market downturn has reinforced the need for performance 85 Figure 17: Distribution agreements are most likely to end as a result of poor performance and service 86 Figure 18: Banks are far less reactive to market movements than financial advisors 87 Figure 19: The number of requests for proposals have generally remained the same over the last two years 88 Figure 20: Mutual fund valuation and performance data are critical for banks 90 Figure 21: Support from the fund provider is more critical for advisors than for banks 91 Figure 22: Online transaction capabilities are critical for banks 92 Figure 23: Retail customers are strongly looking for valuations and performance data from mutual fund providers 94 AbstractIntroductionOver the past decade the European mutual fund industry has developed significantly, not just in terms of overall size, but also in terms of how funds are distributed both within the national borders and across Europe as a whole. Datamonitor's European Mutual Fund Distribution report provides an in-depth analysis of the current and future distribution landscape of retail investment funds in Europe. Scope Detailed analysis including market size and distribution splits for the five main European countries - France, Germany, Spain, Italy and the UK Based on extensive research including a survey of almost 100 distributors, both banks and financial advisors, across the five main countries In-depth interviews with more than a dozen leading competitors and industry associations as well as extensive secondary research Highlights Bancassurance is key in Europe, with banks dominating the distribution of retail mutual funds in four of the five main European countries. Only in the UK, where banks have been held back by legislation and a failure to make the most of the opportunities available to them, is the distribution of funds dominated by a channel other than the banks Distribution in Europe has opened up over the past decade but the much-touted concept of open architecture has so far failed to achieve anywhere near the degree of penetration that it has in the US market. Only 43% of mutual fund distributors questioned in France, Germany, Spain, Italy and the UK, offer third party funds to their retail customers. In the pursuit of a single European market for the cross-border sales and distribution of investment funds, the authorities are making some headway. However, there remain significant obstacles, particularly in terms of national discriminatory taxation that are still hindering Europe's progress towards a single market for mutual funds. Reasons to Purchase Distributors: an indispensable industry profile analysing key distribution channels and their potential to help underpin strategic planning Providers: identify and assess the potential of particular channels for fund distribution and how to satisfy the demands of banks/financial advisors Support strategic initiatives by identifying the most important funds related regulatory developments across Europe and their potential impact Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||