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UCITS III Barriers And Opportunities In European Asset Management

Published by: Datamonitor

Published: Jul. 24, 2006 - 56 Pages


Table of Contents


EXECUTIVE SUMMARY
Introduction
Sizing the UCITS market
Implementation: European overview
Competitor dynamics
Key conclusions
The future decoded


CHAPTER 1 INTRODUCTION
What is this report about?
Who is the target reader?
How to use this report


CHAPTER 2 SIZING THE UCITS MARKET
Introduction
Key findings
By the end of 2005 there were 30,831 UCITS funds in Europe, collectively worth just over EUR5tn
France and Luxembourg are the dominant markets for UCITS
Italian UCITS have the highest average value
UCITS funds account for 70% of all funds in Europe and 79% of all assets held in funds
Germany is the only European market in which UCITS funds are less popular than non-UCITS
Several European fund markets are completely dominated by UCITS
Equity funds are the most popular form of UCITS in terms of net assets
Equity funds are the driving force behind UCITS sales while money market funds continue to perform poorly
Data tables


CHAPTER 3 IMPLEMENTATION: EUROPEAN OVERVIEW
Introduction
Key findings
Individual states' UCITS III implementation underpins European hopes for a standardized financial market
Registration obligations continue to prove onerous and expensive in some states
Tax discrimination is dying out under pressure from European authorities
Positive action has been taken to eradicate tax discrimination
Discrimination remains in some states

CHAPTER 4 COMPETITIVE DYNAMICS
Introduction
Key findings
Increasing investment possibilities have transformed the UCITS market
UCITS III has had a mixed reception in terms of product development so far
OEICs, bonds and unit trusts are the main focus of UCITS conversions and launches
Bond funds offer the possibility of UCITS compliant retail absolute return funds
Despite being less popular, fund of funds UCITS take advantage of active asset allocation provisions
REITs are expected to be an important feature in future UCITS
UCITS III remains an unsatisfactory option for some due to its requirements and limitations
NURS threatens the success of UCITS funds in the UK


CHAPTER 5 KEY CONCLUSIONS
Introduction
Key findings
Derivatives used to create absolute returns and increasing complexity will be the key directions in product development
Coordinated pan-European fund management will become an important feature of the market
UCITS III presents significant opportunities for fund managers in Europe
As the markets enter a period of uncertainty, absolute returns will become attractive to retail investors
A "level playing field" among fund managers in Europe is being created by UCITS III
The popularity of diversification will reward creative fund managers
Fund managers face several challenges in their bid to launch successful pan-European funds
Regulatory issues must be resolved or overcome by fund managers
The expense of running UCITS must be effectively absorbed
Retail investors need to be made ready for UCITS across Europe
Across Europe investors have different investment cultures, preferences and needs
Institutional specialists must learn how to effectively target retail investors

CHAPTER 6 THE FUTURE DECODED
Introduction
Key findings
The UCITS market is forecast to grow significantly between 2005 and 2010
The non-UCITS market will have mixed fortunes over the next five years
The Belgian, French, Luxembourg and UK markets will see strong growth in UCITS between 2005 and 2010
The Belgian market will experience very strong overall growth
UCITS will become even more dominant in the French market
The Luxembourg market will strengthen its position as the largest UCITS market in Europe
In the UK further development of the Directives is likely to create an important UCITS hub
The Austrian, Spanish and German markets will see lower growth in the UCITS market between 2005 and 2010
Austrian market conditions are not overly restrictive but UCITS only comprises two thirds of the mutual funds market
The Spanish market is already almost UCITS-only
The nature of the German market means that foreign-domiciled UCITS will remain an important part of the market
Data tables


APPENDIX
Definitions
Europe
Trillion
UCITS
Further reading
Savings and Investments SPP
Interactive Databases
Reports
Briefs
Related Global Wealth Service SPP Reports
Interactive Databases
Market Reports
Strategic Insight Reports
Wealth Management Competitor Tracker
Datamonitor Asia Pacific Wealth Management SPP
SPP writing team


List of Tables
Table 1: Number of UCITS funds investing in transferable securities and money market instruments in Europe
Table 2: Net assets of UCITS funds investing in transferable securities and money market instruments in Europe
Table 3: Total funds and net assets held in the European fund industry,
Table 4: Forecast growth of UCITS assets 2005-2010
Table 5: Forecast growth of non-UCITS assets 2005-2010
Table 6: Forecast share of total mutual funds market 2005-2010


List of Figures
Figure 1: France and Luxembourg together account for almost half of all UCITS funds in Europe
Figure 2: Luxembourg and France dominate net funds assets invested in UCITS in Europe
Figure 3: On average UCITS funds hold more assets than non-UCITS, as well as dominating the European market
Figure 4: Equity funds account for over a third of the European UCITS market
Figure 5: The UCITS markets in Belgium and Luxembourg are forecast to double in size between 2005 and 2010
Figure 6: The German non-UCITS market is forecast to grow significantly while others will see falls in value

Abstract

Introduction

The report identifies key variations in UCITS III regulation implementation and competitive developments that are holding back or spurring on the UCITS fund market growth and presents readers with insight into how best to approach these fast growing markets.

Scope
  • Covers the entire European funds market with particular focus on the top eight markets;
  • Provides both historic market sizing data for the whole of Europe and provides forecast profiles for seven selected markets;
  • Covers regulatory and competitive developments across Europe.
Highlights

By the end of 2005, UCITS funds accounted for 70% of the total fund industry in Europe in terms of the number of funds available. Net inflows are even more weighted towards the UCITS side of the market, suggesting that UCITS' popularity with investors was greater than that of non-UCITS in 2005.

Many fund managers believe that the current legislation brought in under UCITS III does not do enough to create a truly unified, harmonized single European market. They are concerned that several important goals such as cross-border mergers, and the pooling of investor assets across borders, will not be feasible without further amendments.

Reasons to Purchase
  • Gain insight into the current situation in Europe with regard to UCITS III;
  • Use the report to assess potential opportunities and threats resulting from UCITS III regulation and appropriate responses;
  • Understand the potential development of the UCITS market in Europe over the next five years.


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