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Regional drivers of the future offshore market in the British Isles 2006Published by: Datamonitor Published: Dec. 7, 2006 - 31 Pages Table of ContentsCHAPTER 1 INTRODUCTION 9 What is this report about? 9 Who is the target reader? 9 How to use this report 9 CHAPTER 2 MARKET CONTEXT 10 Introduction 10 Europe is the major source of business for offshore banks in the British Isles at present 10 Europe's proximity to the offshore centers in the British Isles has made these jurisdictions the natural recipient of European offshore business 12 Data tables 14 CHAPTER 3 THE FUTURE GEOGRAPHY OF OFFSHORE BUSINESS IN THE BRITISH ISLES 15 Introduction 15 A proportion of offshore financial services providers will continue to target Western Europe 15 Many offshore financial service providers in the British Isles will shift their focus further afield over the next five years, primarily to the Middle East 16 Data tables 18 CHAPTER 4 FACTORS DRIVING CHANGES IN REGIONAL SOURCES OF BUSINESS 19 Introduction 19 The changing regulatory landscape of offshore centers around the world has shifted the target client bases for many financial service providers 19 Regulation in the UK onshore market is a key driver of continuing offshore business growth from UK based clients 20 Communications technology has made it easier for offshore firms to attract business internationally 20 The need for financial service in emerging markets offer offshore firms the opportunity to expand their horizons 20 Instability and immaturity in emerging markets makes stable offshore centers an attractive option 21 The growth of expatriate populations in emerging markets places a high value on recognizable brands 22 CHAPTER 5 STRATEGIC RESPONSES TO CHANGING GEOGRAPHICAL SOURCES OF BUSINESS 23 Introduction 23 A range of strategic developments are required if offshore banks are to capitalize on the changing sources of business 23 Develop a profile and an understanding of local needs in emerging markets 23 Local needs must be catered for with a specially developed range of products and services 24 Recruit specialist staff to cater for the specific needs of offshore banking clients in emerging markets 24 Identification of markets that could particularly benefit from international financial services is key 24 In some cases, it will be most profitable to focus on traditional geographies that will continue to be important 25 CHAPTER 6 APPENDIX 26 Further reading 26 Datamonitor Savings & Investments SPP Reports 26 Interactive Databases 26 Reports 26 Briefs 26 Life and Pensions SPP 26 Interactive Databases 26 Reports and Briefs 27 Financial Advice Market SPP 27 Related Global Wealth Service SPP Reports 27 Interactive Databases 27 Market Reports 27 Strategic Insight Reports 28 Wealth Management Competitor Tracker 29 Datamonitor Asia Pacific Wealth Management SPP 29 SPP writing team 31 List of Tables Table 1: Which country/countries does most of your business come from at present? 14 Table 2: The geographical source of deposits for the offshore centers in the British Isles in 2006 14 Table 3: Which regions do you think you'll see increased business come from over the next five years? 18 List of Figures Figure 1: Currently offshore financial service providers in the British Isles rely on Europe and the UK for much of their business 11 Figure 2: The proportional source of deposits for each of the British Isles jurisdictions in 2006 shows that Europe currently dominates the deposits business in these offshore centers 12 Figure 3: Western Europe will remain the primary driver of business for offshore centers in the British Isles over the next five years 16 AbstractIntroductionThis report provides analysis of the changes occurring in the sources of business for offshore financial service providers in the British Isles, and investigates the causes of these shifts as well as providing examples of strategic responses. Contains data from Datamonitor's Offshore Banks in the British Isles Survey 2006, and Datamonitor's Financial Services and Offshore Centers Database 2006. Scope *Includes data from Datamonitor's Offshore Banks in the British Isles survey, a survey of 33 offshore banks. *Covers Jersey, Guernsey and Isle of Man *Includes data from Datamonitor's Financial Services in Offshore Centre's Interactive Database 2006. Highlights Despite the fact that over half of offshore financial service firms in the British Isles say most of their business currently comes from Western Europe and the UK, only a third of these firms believe that Western Europe and the UK will continue to be the primary driver of business growth over the next five years. The growth in wealth in emerging market regions was by far the most common reason given by survey respondents when asked why they expected certain areas to offer greater business opportunities in future. Offshore financial service providers in the British Isles can capitalize on the rapidly growing need for financial service in emerging markets by understanding the particular needs of the population in that market, and developing products to suit their needs. Reasons to Purchase *Understand the pattern of future client acquisition among offshore centers in the British Isles *Develop strategy for targeting emerging client bases *Learn where the main players will focus their operations Get Full Details About This Report >> |
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