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Mutual Funds - USPublished by: Mintel International Group Ltd. Published: Jan. 1, 2006 - 121 Pages Table of ContentsIntroduction and Abbreviations Introduction Other relevant reports Scope of the report Abbreviations and terms Abbreviations Terms Executive Summary Maturing, but still the elephant in the room Some mutual fund segments are growing Alternative investments - are they a threat? Competition in the mutual fund marketplace What does the consumer think? What now? Market Drivers Mutual Funds: A maturing marketplace? Figure 1: Total number of mutual funds, excluding money market funds, 1999-2004 Growth in assets of mutual funds Figure 2: Total assets and growth in mutual funds excluding money market funds, 1999-2004 Figure 3: Total assets and growth in equity mutual funds vs. S&P 500, 1999-2004 Figure 4: Total net new cash flows in equity mutual funds, 1999-2004 Impact of market declines Figure 5: Assets of load & no-load mutual funds (equity, hybrid, and bond funds) 1999-2004 Figure 6: Index mutual funds, percentage of all mutual funds and percentage of no-load funds, 1999-2004 One growth segment—lifecycle funds Figure 7: Growth in total assets in life cycle funds and fund of funds, and percentage of all mutual funds, 1999-2004 Socially responsible funds Figure 8: Socially responsible fund products, total assets and percentage of all mutual funds, 1999-2004 Growth in alternative investments Figure 9: Assets in mutual funds (excluding money market funds), ETFs, SMAs and hedge funds, 2003 and 2005 ETFs—are they taking share from mutual funds? Figure 10: ETF assets and compound average growth rate versus mutual funds, 1999-2004 Figure 11: Net cash Inflows to mutual funds & ETFs, 1999 through 2004 SMA Growth: Not much of a challenge yet Figure 12: SMA and mutual fund assets, 1999-2004 Impact of Hedge Funds and similar alternatives Figure 13: Hedge Fund Growth, 1999-2004 Hedge Funds and Pension Plans Structured notes Intermediaries and institutional accounts Competition to lure advisors Mutual funds in the retirement marketplace Figure 14: Mutual fund assets in IRAs and defined contribution plans, and percentage of total assets, 1999-2004 Defined contribution plans growing Retirement plan investors seek advice Managed accounts within 401(k) plans 401(k)s: Competition from annuities Figure 15: Mutual funds and annuities as a percentage of total U.S. retirement market assets, 1999-2004 Educational and health savings accounts Figure 16: Mutual fund assets in health savings and educational savings accounts, 1999-2004 Pressure on 529 fees New on the Market: Health Savings Accounts (HSAs) HSAs in the Marketplace New SEC rules for mutual funds Market Size and Segmentation Total size of the mutual fund market Figure 17: Total U.S. mutual fund holdings, 1999-2004 Figure 18: Graph: Growth in mutual fund assets: 1990-2004, current dollars Figure 19: U.S. Mutual fund assets, accounts, & average account balances, 1999-2004 Figure 20: Average mutual fund account balances, 1999-2004 Mutual fund market segmentation Mutual funds in retirement accounts Figure 21: U.S. non-retirement and retirement mutual fund holdings, 1999-2004 Figure 22: U.S. Non-retirement and retirement mutual fund holdings annual % increases, 1999-2004 Figure 23: U.S. Mutual fund assets by fund category, 1999-2004 Figure 24: U.S. mutual fund assets by fund category as % of total assets, 1999-2004 The retirement segment Figure 25: Retirement mutual fund holdings, 1999 - 2004 Figure 26: Retirement mutual fund holdings by retirement plan, 1999 - 2004 Figure 27: Retirement mutual fund holdings by retirement plan as a % of total retirement holdings, 1999 - 2004 Figure 28: Retirement mutual fund assets by fund category, 1999-2004 The non-retirement segment Figure 29: U.S. non-retirement mutual fund assets and CAGR, 1999 - 2004 Figure 30: Non-retirement mutual fund assets by fund category, 1999 - 2004 Figure 31: Non-retirement mutual fund assets by fund category, 1999-2004 Figure 32: Non-retirement mutual fund assets by fund category annual % increase, 1999-2004 Mutual fund companies and ETFs Figure 33: Mutual fund company issued ETFs, 2005 Competitive Landscape Mutual fund providers The largest mutual fund groups Figure 34: The 10 largest mutual fund groups, by assets, 2001-05 Company profiles The Vanguard Group, Inc. American Funds Fidelity Investments Franklin Templeton Investments PIMCO Funds T. Rowe Price Investment Service Barclays Global Investors Oppenheimer Funds Inc Putnam Investments Dodge & Cox Mutual fund distribution channels Figure 35: Principal features of mutual fund distribution channels Primary purchase channel Figure 36: Mutual fund ownership, by purchase channel, 2001 and 2004 Figure 37: Channels used to purchase mutual funds, 2001 and 2004 Major participants in distribution channels Retirement assets Figure 38: Retirement assets by major distributors, 2004 Non-retirement assets Figure 39: Non-retirement assets by major distributors, 2004 Alternative investments Major players in the ETF market Figure 40: Major issuers of ETFs, November, 2005 Largest SMA providers are still the wire houses Figure 41: Top separate account program managers, assets and market share, 2004 Advertising and Promotion Direct mail advertising by mutual funds Mail volume, by mailer Figure 42: Mutual fund direct mail volume*, top ten mailers, January 2004-September 2005 Mail volume, by mailer and by type Figure 43: Mutual fund direct mail volume, by mail type, January 2004-September 2005 Figure 44: Mutual fund direct mail volume, top ten mailers, by mail type, January 2004-September 2005 Direct mail campaigns Figure 45: Number of direct mail mutual fund campaigns, top ten mailers, by mail type, January 2004-September 2005 Other advertising Performance-based advertising Travel-based advertising Other promotions and incentives A boomer icon signs with Fidelity The Consumer Introduction Types of accounts in which mutual funds are owned Figure 46: Mutual funds purchased by types of account, December 2005 Figure 47: Mutual funds purchased by types of account, by age, December 2005 Figure 48: Mutual funds purchased by types of account, by income, December 2005 Types of mutual funds in retirement accounts vs. non-retirement accounts Mutual fund retirement accounts Figure 49: Types of mutual funds in consumer retirement accounts, by age, December 2005 Figure 50: Types of mutual funds in consumer retirement accounts, by household income, December 2005 Mutual fund non-retirement accounts Figure 51: Types of mutual funds in consumer non-retirement/retail accounts, by age, December 2005 Figure 52: Types of mutual funds in consumer non-retirement/retail accounts, by household income, December 2005 Attributes and features important to determining mutual fund choice Overview Figure 53: Mutual fund features and attributes, ranked by importance, December 2005 Past performance Figure 54: mutual fund past performance, ranked by importance, by age and income, December 2005 Reputation Figure 55: Importance of mutual fund company reputation, by age and income, December 2005 Figure 56: Importance of mutual fund reputation, by age and income, December 2005 Sales charges Third party advice Internet website recommendation Other investments currently held by mutual fund owners Figure 57: Other investment activity of mutual fund holders, by age, December 2005 Figure 58: Other Investments owned by mutual fund holders, by income, December 2005 Other investments mutual fund owners would consider Figure 59: Future investment considerations of mutual fund holders, by age, December 2005 Figure 60: Future investment considerations of mutual fund holders, by income, December 2005 The female mutual fund investor Management of accounts Figure 61: Management of financial accounts, by age, February 2005 Opinions on investing Figure 62: Opinions on investing, by age, February 2005 Types of accounts held by mutual fund owners—overview Figure 63: Mutual funds purchased by types of account, by gender, December 2005 Retirement accounts versus non-retirement accounts Figure 64: Types of mutual funds in consumer retirement accounts, by gender, December 2005 Figure 65: Types of mutual funds in consumer non-retirement/retail accounts, by gender, December 2005 Important attributes when buying mutual funds Figure 66: Mutual fund features and attributes, ranked by importance, by gender, December 2005 Other investments held by mutual fund holders Figure 67: Other investment owned by mutual fund holders, by gender, December 2005 Other investments mutual fund holders would consider buying Figure 68: Future investment considerations of mutual fund holders, by gender, December 2005 Summary Future Trends Mutual fund products -what’s coming? Lifecycle fund expansion “Hedge like” mutual funds Pricing pressures Intermediaries and institutional accounts Pending legislation for 401(k) plans 529 savings plans Advisor fees and compensation Opportunities to encourage higher 401(k) contributions Managed account advice for retirement plan participants Retirement income solutions gap for baby boomers Focus on developing retirement income management services Some retirees not retiring permanently Managed account advice for retirement plan participants New retirement option: Roth 401(k) Alternative products - will they be more competitive? A variety of ETFs for retirement plan investors ETF “customization” for different investor types ETF managed accounts within the retirement plan Unified accounts Hedge funds for the mass market The workplace as marketplace Appendix: Trade Associations Investment Company Institute Employee Benefits Research Institute The Profit Sharing 401(k) Council for America Society of Professional Administrators and Recordkeepers (SPARK) Money Management Institute National Association of Securities Dealers Appendix: Mailing pieces and print ads T. Rowe Price Janus Legg Mason Fidelity Bank One American Express Fidelity BancOne Securities Janus Fidelity Wachovia Smith Barney Fidelity Bank of America Appendix: Research Methodology Consumer Research Datascension, Inc. and Harris Interactive Service Bureau Greenfield Online ICR Surveys EXCEL Simmons National Consumer Surveys Technometrica TechnoExpresssm Trade Research Informal trade research Formal trade research Desk & Internet Research Sources Definitions Forecasts Appendix: What is Mintel? Mintel Group Mintel Reports Mintel Premier Mintel GNPD Mintel Menu Insights Mintel Comperemedia Mintel Custom Solutions AbstractMintel's report on mutual funds combines primary and secondary research into a comprehensive report, providing insights into industry activities, trends and developments. Original research answers key questions in mutual funds:
Understand what motivates change and how consumers feel about different incentives and marketing strategies. Distinguish behavior in different life stages and lifestyles. Target consumers within specific regions and demographic groups. You'll have a competitive edge when you understand consumers through Mintel's finance reports. Typical Report Contents:
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