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European Mutual Funds Databook 2004

Published by: Datamonitor

Published: Aug. 3, 2004 - 216 Pages


Table of Contents


CHAPTER 1 INTRODUCTION 23

What is this report about? 23

Who is the target reader? 23

How to use this report 23

CHAPTER 2 EUROPEAN MUTUAL FUNDS 25

Key Findings 25

European Overview 26

Product Segmentation 37

Performance and Competition 41

Forecasts 42

European overview data tables 45

CHAPTER 3 BELGIUM 52

Market Overview 52

Distribution 56

Performance and Competition 57

Forecast 61

Data Tables 62

CHAPTER 4 DENMARK 67

Market Overview 67

Performance and Competition 72

Forecast 73

Data Tables 74

CHAPTER 5 FRANCE 79

Market Overview 79

Distribution 86

Performance and Competition 87

Forecast 90

Data Tables 91

CHAPTER 6 GERMANY 96

Market Overview 96

Distribution 102

Performance and Competition 105

Forecast 109

Data Tables 110

CHAPTER 7 ITALY 116

Market Overview 116

Distribution 120

Performance and Competition 121

Forecast 126

Data Tables 127

CHAPTER 8 THE NETHERLANDS 132

Market Overview 132

Performance and Competition 137

Forecast 141

Data Tables 142

CHAPTER 9 NORWAY 146

Market Overview 146

Performance and Competition 150

Forecast 151

Data Tables 152

CHAPTER 10 SPAIN 155

Market Overview 155

Distribution 160

Performance and Competition 161

Forecast 165

Data Tables 167

CHAPTER 11 SWEDEN 173

Market Overview 173

Performance and Competition 178

Forecast 179

Data Tables 180

CHAPTER 12 SWITZERLAND 185

Market Overview 185

Forecast 189

Data Tables 190

CHAPTER 13 THE UNITED KINGDOM 194

Market Overview 194

Distribution 200

Performance and Competition 201

Forecast 202

Data Tables 204

CHAPTER 14 APPENDIX 209

Macroeconomic Data 209

Definitions 212

Research Methodology 213

Data Integracy 214

Further Reading 214

SPP writing team 216



List of Tables

Table 1: Top 5 Belgian fund management groups by total fund management group median fund performance 1999-2003 59

Table 2: Total Belgium mutual funds under management segmented by type of investor 1999-2003, EURm 62

Table 3: Belgian retail mutual funds under management segmented by domicile 1999-2003, EURm 62

Table 4: Belgium retail mutual funds under management segmented by type of fund 1999-2003, EURm 63

Table 5: Belgian mutual funds gross inflows segmented by asset class 1999-2003, EURm 63

Table 6: Total Belgium mutual funds gross outflows segmented by asset class 1999-2003, EURm 64

Table 7: Total Belgium mutual funds net inflows segmented by asset class 1999-2004, EURm 64

Table 8: Total Belgium retail mutual fund assets per adult 1999-2003, EUR 65

Table 9: Belgium mutual fund distribution channels 2003 65

Table 10: Belgium mutual fund median performance by type of fund, 1999-2003 EURm 65

Table 11: Top 5 largest Belgian fund management groups by total fund management group net assets 2003, EURm 66

Table 12: Belgium forecasted retail and non-retail funds 2003-2008, EURm 66

Table 13: Total Danish mutual funds segmented by investor 1999-2003 74

Table 14: Danish retail mutual funds assets under management segmented by type of fund 1999 -2003, DKKm 74

Table 15: Danish non-retail mutual funds under management segmented by type of fund 1999-2003 75

Table 16: Total Danish mutual funds gross inflows segmented by asset class, 1999-2003 75

Table 17: Total Danish mutual funds gross outflows segmented by asset class, 1999-2003 76

Table 18: Total Danish mutual funds net inflows segmented by asset class, 1999-2003 76

Table 19: Denmark retail mutual fund assets per adult 1999-2003, DKK 77

Table 20: Total Danish mutual fund principal competitors ranked by assets under management, 1999-2003 77

Table 21: Denmark forecasted retail and non-retail fund growth 2003-2008 78

Table 22: Top 5 French mutual fund management groups by total group median fund performance 1999-2003 89

Table 23: Total French mutual funds under management segmented by type of investor 1999-2003, EURm 91

Table 24: French retail mutual funds assets under management segmented by domicile 1999 - 2003, EURm 92

Table 25: French retail mutual funds under management segmented by type of fund 1999-2003, EURm 92

Table 26: French non-retail mutual funds under management segmented by type of fund 2001-2003, EURm 93

Table 27: French retail mutual fund assets per adult 1999-2003, EUR 93

Table 28: French mutual fund distribution networks 2003 94

Table 29: French mutual fund median % performance segmented by type of fund 1999-2003 94

Table 30: Top 7 French mutual fund management groups by total group fund net assets under management 2003, EURm 95

Table 31: French retail and non-retail funds under management forecasted growth 2003-2008, EURm 95

Table 32: German top five mutual fund groups by median performance 2001-2003 107

Table 33: German top five mutual fund groups by median performance 1999-2000 (Continued) 108

Table 34: Total German mutual funds under management segmented by type of investor 1999 - 2003, EURm 110

Table 35: German retail mutual funds assets under management segmented by domicile 1999-2003, EURm 110

Table 36: German retail mutual funds total assets under management segmented by type of fund 1999-2003, EURm 111

Table 37: German non-retail mutual funds total assets under management segmented by type of fund 1999 - 2003, EURm 111

Table 38: Total German mutual funds gross inflows segmented by asset class 1999-2003, EURm 112

Table 39: Total German mutual funds gross outflows segmented by asset class, 1999-2003 112

Table 40: Total German mutual funds net inflows segmented by type of fund 1999-2003, EURm 113

Table 41: German retail mutual funds assets per adult 1999-2003, EUR 113

Table 42: German mutual fund distribution channels 2000-2002 113

Table 43: German mutual fund performance segmented by median performance and type of fund 1999-2003 114

Table 44: Top 5 German mutual fund management group by total fund net assets 2003, EURm 114

Table 45: German forecasted retail and non-retail fund growth 2003-2008, EURm 115

Table 46: Top five Italian fund management groups according to median fund performance 1999-2003 124

Table 47: Total Italian mutual funds segmented by investor 1999 - 2003, EURm 127

Table 48: Italian retail mutual funds assets under management segmented by domicile 1999 - 2003, EURm 127

Table 49: Italian retail mutual funds total assets under management segmented by type of fund 1999-2003, EURm 127

Table 50: Total Italian mutual funds gross inflows segmented by asset class 1999-2003 128

Table 51: Total Italian mutual funds gross outflows segmented by asset class 1999 - 2003 128

Table 52: Total Italian mutual funds net inflows segmented by asset class 1999 - 2003 129

Table 53: Italian retail mutual funds per adult 1999-2003 129

Table 54: Italian mutual fund distribution channels 2000 129

Table 55: Italian mutual fund performance segmented by type of fund and median fund performance 1999-2003 130

Table 56: Top Italian mutual fund groups by total fund net assets 2003, EURm 130

Table 57: Italian forecasted retail funds under management 2003-2008, EURm 131

Table 58: Top five fund management groups by median group performance 2001-2003 139

Table 59: Top five fund management groups by median group performance 1999-2000 (continued) 140

Table 60: Total Dutch mutual funds under management segmented by investor 1999 - 2003 142

Table 61: Dutch retail mutual funds under management segmented by type of fund 1999-2003, EURm 142

Table 62: Dutch non-retail mutual funds under management segmented by type of fund 1999 -2003 143

Table 63: Total Dutch mutual funds net inflows segmented by type of fund 1999 - 2003, EURm 143

Table 64: Netherlands retail mutual fund assets per adult 1999-2003, EURm 144

Table 65: Netherlands % median fund performance segmented by type of fund 1999-2003 144

Table 66: Netherlands fund management groups by total fund net assets 2003, EURm 144

Table 67: Netherlands retail and non-retail forecasted funds under management growth 2003-2008, EURm 145

Table 68: Norway mutual funds by total funds under management 2003, NOKm 150

Table 69: Total Norwegian mutual funds under management segmented by type of investor 1999-2003, NOKm 152

Table 70: Norwegian retail mutual funds under management segmented by type of fund 1999-2003, NOKm 152

Table 71: Total Norwegian mutual funds gross inflows segmented by type of fund 1999-2003, NOKm 153

Table 72: Total Norwegian mutual funds gross outflows segmented by type of fund 1999-2003, NOKm 153

Table 73: Total Norwegian mutual funds net inflows segmented by type of fund 1999-2003, NOKm 154

Table 74: Norwegian retail mutual fund assets per adult 1999-2003, NOK 154

Table 75: Norwegian forecasted retail and non-retail funds under management growth 2003-2008, NOKm 154

Table 76: Top 5 fund management groups by median group fund performance 1999-2003 164

Table 77: Total Spanish mutual funds under management segmented by investor 1999-2003, EURm 167

Table 78: Spanish retail mutual funds segmented by domicile, 1999-2003 167

Table 79: Spanish retail mutual funds under management segmented by type of fund 1999-2003, EURm 168

Table 80: Spanish non-retail mutual funds under management segmented by type of fund 1999-2003, EURm 168

Table 81: Total Spanish mutual funds gross inflows segmented by type of fund 1999-2003, EURm 169

Table 82: Total Spanish mutual funds gross outflows segmented by type of fund 1999-2003, EURm 169

Table 83: Total Spanish mutual funds net inflows segmented by type of fund 1999-2003, EURm 170

Table 84: Spanish retail mutual fund assets per adult 1999-2003, EURm 170

Table 85: Spanish mutual fund distribution channels 2003 170

Table 86: Spanish % median fund performance by type of fund 1999-2003 171

Table 87: Spanish mutual fund groups total fund net assets July 2003, EURm 171

Table 88: Spanish forecasted retail and non-retail assets under management 2003-2008, EURm 172

Table 89: Total Swedish mutual funds under management segmented by type of investor 1999-2003, SEKm 180

Table 90: Swedish retail mutual funds under management segmented by domicile 1999-2003, SEKm 180

Table 91: Swedish retail mutual funds, segmented by type of fund 1999-2003, SEKm 181

Table 92: Swedish non-retail mutual funds under management segmented by type of fund 1999-2003 181

Table 93: Total Swedish mutual funds gross inflows segmented by type of fund 1999-2003, SEKm 182

Table 94: Total Swedish mutual funds gross outflows segmented by type of fund 1997-2001, SEKm 182

Table 95: Total Swedish mutual funds net inflows segmented by type of fund 1999-2003, SEKm 183

Table 96: Swedish retail mutual funds per adult 1999-2003 183

Table 97: Sweden mutual funds ranked by funds management 2001-2003, SEKm 183

Table 98: Sweden forecasted retail and non-retail assets under management 2003-2008, SEKm 184

Table 99: Total Switzerland mutual funds under management segmented by type of investor 1999-2003, CHRm 190

Table 100: Swiss retail mutual funds under management segmented by domicile 1999-2003, CHFm 190

Table 101: Swiss retail mutual funds under management segmented by type of fund 1999-2003, CHFm 191

Table 102: Total Swiss mutual funds gross inflows segmented by type of fund 1999-2003, CHFm 191

Table 103: Total Swiss mutual funds gross outflows segmented by type of fund 1999-2003, CHFm 192

Table 104: Total Swiss mutual funds net inflows segmented by type of fund 1999-2003, CHFm 192

Table 105: Switzerland retail mutual fund assets per adult 1999-2003 192

Table 106: Switzerland forecast retail and non-retail assets under management 1999-2003, CHFm 193

Table 107: Total UK mutual funds segmented by investor 1999-2003 204

Table 108: UK retail mutual funds under management segmented by domicile 1999 - 2003, GBPm 204

Table 109: UK retail mutual funds segmented by type of fund 1999 - 2003, GBPm 205

Table 110: UK non-retail mutual funds under management segmented by type of fund 1999 - 2003, GBPm 205

Table 111: Total UK retail fund assets per UK adult 1999-2003, GBP 206

Table 112: UK Median fund performance % by type of fund 1999-2003 206

Table 113: UK mutual fund industry competitors by funds under management 1998-2002 207

Table 114: UK forecast retail and non-retail assets under management 2003-2008, EURm 208

Table 115: European Exchange rates for Euro conversion 209

Table 116: European populations segmented by country and age 1999-2003 210

Table 117: European populations segmented by country and age 1999-2003 (Continued) 211



List of Figures

Figure 1: Germany and France dominate the European mutual fund market 27

Figure 2: Germany remains the dominant market in the declining retail segment 29

Figure 3: Equity funds remain to be the largest type of retail fund 31

Figure 4: Germany and France control 69.8% of European non-retail assets under management 32

Figure 5: Whereas equity funds are the largest segment of the retail market, they are only the third largest of the non-retail market 33

Figure 6: Belgium and Switzerland both have assets per adult of more than twice the EU average 35

Figure 7: Equity funds have produced both the highest and lowest median returns between 1999-2003 36

Figure 8: Strong growth is forecast for the whole of the European retail market 43

Figure 9: Although European non-retail asset growth is forecast to be strong, it is expected to be slower than that of the retail sector 44

Figure 10: The Belgian market remains dominated by the retail segment 52

Figure 11: Onshore funds have been the main beneficiaries of the growing retail sector 53

Figure 12: Nearly all funds saw growth in assets under management 54

Figure 13: Belgian retail assets per capita are more than double the European average 55

Figure 14: The Belgium distribution network is dominated by banks 56

Figure 15: Equity funds rebounded strongly in 2003 following three years of negative growth 57

Figure 16: The Belgian market is dominated by Fortis and KBC 58

Figure 17: Strong growth of 8.7% (CAGR) is predicted in the Belgium market 61

Figure 18: The Danish mutual fund market is one of the few in Europe to have experience positive year-on-year growth in every year over the 1999-2003 period 67

Figure 19: Due to favorable legislative changes, the Danish retail market has become increasingly dominated by bonds funds 69

Figure 20: Growth in the non-retail sector has mirrored developments in the retail sector with bond funds now dominating the market 70

Figure 21: Denmark retail assets per adult have just risen above the European average 71

Figure 22: The two largest fund management groups, Nordea and Danske invest, control over 50% of the total market 72

Figure 23: Datamonitor forecasts anticipate the pace of growth in Danish mutual fund assets slowing down 73

Figure 24: The non-retail segment dominates the French mutual funds market with a market share of 68.5% 79

Figure 25: The only major development in the retail market has been a small decline in offshore assets under management 81

Figure 26: The French retail mutual fund market remains to be fairly evenly divided between all investment funds 82

Figure 27: Although the French non-retail market is still dominated by money market funds it has been bond and balanced funds that have been the fastest growing 84

Figure 28: French retail mutual fund assets per adult 1999-2003, EUR 85

Figure 29: Banks have secured 80% of retail mutual fund distribution in France 86

Figure 30: Bond, money markets and other have been the most stable performing segments over the period 1999-2003 87

Figure 31: The French mutual fund market is evenly split between several key players 88

Figure 32: Strong growth is anticipated in the French mutual fund market 2003-2008f 91

Figure 33: The retail segment of the German market is gradually increasing its share of the overall market 96

Figure 34: The German retail market remains split in favor of the larger, but slower growing, onshore funds segment 97

Figure 35: Although equity funds dominate the German retail market they are losing market share to alternative segments 98

Figure 36: Despite a small movement of assets into alternative funds the German non-retail mutual funds market is still dominated by bond and balanced funds 100

Figure 37: German assets per adult have slowly closed the gap with the European average 101

Figure 38: Banks have become increasingly dominant in the distribution of mutual funds in Germany 103

Figure 39: Several types of funds managed to make positive median returns in every year over the period 105

Figure 40: Although DWS Investments and DEKA dominate the German mutual fund market there are a large number of other big fund groups that limit the top two groups’ market share to 34% 106

Figure 41: German mutual fund growth is anticipated to grow strongly over the next five years 109

Figure 42: Italian retail mutual funds have suffered over the period 1999-2003, shrinking at 7.1% (CAGR) 116

Figure 43: Both offshore and onshore funds have seen declines in their total assets as the retail sector has shrunk 117

Figure 44: The general outflow of assets out of the retail sector has hit all funds bar money market funds 118

Figure 45: Italian retail assets per adult have declined heavily throughout the period but still remain above the European average 119

Figure 46: The historically strong banking sector is losing market share to the mixed system as the preferred Italian distribution channel 120

Figure 47: 2003 saw every type of Italian mutual fund enjoying positive returns for the first time since 1999 122

Figure 48: The Italian market has a wide range of mutual fund groups 123

Figure 49: The Italian retail market is expected to reverse the negative growth seen in the last five years with several years of strong growth between 2003-2008 126

Figure 50: The retail sector has continued to dominate the Dutch mutual fund market 132

Figure 51: Equity funds remain dominant within the contracting retail segment 133

Figure 52: The Dutch non-retail market has seen particularly strong growth in non-equity funds 135

Figure 53: Netherlands assets per adult are still just above the European average 136

Figure 54: 2003 was the first time during the period 1999-2003 that all types of funds within the Dutch market made positive returns 137

Figure 55: Robeco dominates the Dutch mutual fund market with a market share of 33% in 2003 138

Figure 56: Retail funds are expected to grow strongly over the next five years 141

Figure 57: The faster growth rate of the non-retail sector has resulted in a closing of the market share gap with the retail segment 146

Figure 58: After a substantial dip in assets under management in 2002 the retail sector has seen a broad based recovery in assets in 2003 147

Figure 59: Norway assets per adult are the second lowest of the countries studied 149

Figure 60: Norwegian mutual funds, particularly retail funds, are expected to grow strongly over the next five years. 151

Figure 61: The smaller non-retail segment of the market is growing at far the faster pace 155

Figure 62: While onshore funds have declined, offshore funds have seen strong growth between 1999-2003 156

Figure 63: Legislative changes introduced in 2003 have helped halt the decline in funds under management 157

Figure 64: The Spanish non-retail market has seen strong growth in 2003 with both bond and equity funds increasing market share 158

Figure 65: Spanish retail assets per adult still remain beneath the European average 159

Figure 66: The Spanish mutual fund distribution channel remains dominated by banks in 2003 161

Figure 67: Spain was one of the only markets in which all non-equity related funds categories managed to avoid any losses over the period 1999-2003 162

Figure 68: The Spanish market is dominated by the two largest mutual fund groups, Santander Gestion de Activos and BBVA 163

Figure 69: The non-retail sector is forecast to be the fastest growing over the next five years 166

Figure 70: The bursting of the Tech bubble had a disproportionately large effect on the TMT heavy Swedish stock exchange 173

Figure 71: Offshore funds have steadily increased their share of the retail market 174

Figure 72: Money market funds have been the main beneficiary of the declining stock markets 175

Figure 73: Money Markets have grown at a rate of 29.2% (CAGR) to become the third largest segment of the market 176

Figure 74: Swedish retail mutual funds have now fallen beneath the European average, EUR 177

Figure 75: Robur is by far the largest fund management group in Sweden with over 28% of the market. 178

Figure 76: Swedish mutual fund growth is expected to rise steadily over the next five years 179

Figure 77: The Swiss mutual fund market has experienced strong growth and has been largely unaffected by the declining stock markets 185

Figure 78: The Swiss retail market has a larger proportion of offshore funds than any other European country 186

Figure 79: The Swiss retail market is evenly divided among the main fund sectors 187

Figure 80: Swiss assets per adult remains double the EU average 188

Figure 81: Switzerland mutual fund assets are expected to grow strongly over the next five years 189

Figure 82: Stock market volatility has had a disproportionately large effect on the equity focused UK mutual fund market 194

Figure 83: Offshore funds have grown at a compound annual growth rate of 12.8% while onshore funds have struggled 196

Figure 84: Equity funds have recouped lost assets and have maintained their dominant position within the UK market 197

Figure 85: Several years of declining stock markets appear to have made no lasting impression on the non-retail sector 198

Figure 86: UK retail assets per adult are still some way off the European average, EUR 199

Figure 87: The UK mutual fund distribution network is unique in Europe as the role player by banks is minimal 200

Figure 88: Money markets have been the only type of fund to have seen positive returns in every year between 1999-2003 201

Figure 89: The UK has the most fragmented market in Europe 202

Figure 90: Strong growth is forecast for both the retail and non-retail segments of the market 203





Abstract

Introduction
The European Mutual Funds Databook 2004 is a complete reference source to the mutual funds industry providing a concise data enriched tool to help understand the dynamics of this market. It provides in-depth and up-to-date standardized data across twelve major European markets, giving a comprehensive breakdown of both the retail and non-retail sectors for years 1999-2003.

Scope
Standardized data on 12 European countries: Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland and UK
Detailed breakdown between retail and non-retail mutual funds market over the period 1999-2003
Performance by sector in each country (equity, bond, money market and balanced funds) and by top fund companies in each country from 1999-2003
Forecast of the retail and institutional mutual funds market to 2008
Highlights
The European retail mutual funds market grew at a compound annual rate of 1.7% between 199 and 2003 to stand at EUR3,548,315m by the end of 2003.

Germany had the largest European mutual funds market with assets under management of EUR962,479m in 2003, accounting for 36.9% of the European market in that year.

European retail funds under management are forecast to grow at an annual compound growth rate of 6.7% over the next five years. Non-retail mutual funds will grow slightly slower over the period.

Reasons to Purchase
Detailed and standardized data covering 12 markets allows fund managers to compare the impact of the market environment on their country's business
Competitor analysis, both in terms of size and performance allows fund managers to benchmark themselves against their peers
Market forecasts highlight the most attractive country markets to target for future investment



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