Investment Services

Published by: Global Industry Analysts

Published: Sep. 1, 2008 - 165 Pages

Table of Contents

1.Industry Overview

Alternative Investments Witness Rapid Growth

Hedge Funds Sector Growing Fast

Table 1: Global Hedge Fund Assets:

2000-2005

Globalization Drives Industry Growth

Technology Advancements Spur Productivity

Demographics Propel Investment Markets

2.Industry Structure

Investment Management Industry

Investment Banking & Brokerage Industry

Alternative Investments

Hedge Funds

Managed Futures

Exchange-Traded Funds

Separately Managed Accounts

Table 2: 2005 Top 10 Securities Companies

by Revenue (In $ billion)

Private Equity

3.A Review of Industry Segments

Investment Management

Table 3: Worldwide Investment Management Growth for the Period 2004-2005

Asset Management Industry

Current Scenario

Table 4: Worldwide Assets Under Management (AUM) by Select Region/Country (2005): Annual Estimates in US$ Trillion for North America, Europe, Asia-Pacific/other, and Japan

Sector Gains Momentum

Factors Governing the Market

New Regulatory Requirements

Relationship between Asset Management

Firms and Third Party Distributors

Governance Codes or Laws

Alternative Investments Drive Market

Growth

Corporate Initiatives to Improve

Performance

Expanding Operations

Year 2005 in Review

Mutual Funds Market - A Review

Table 5: Global Number of Mutual Funds by Region: Annual Estimates for 2004 and for Europe, Americas, Asia-Pacific,and Africa

Net Assets of Mutual Funds Worldwide

Table 6: Global Net Assets Value of Mutual Funds by Region: Annual Estimates for 2004 and 2005 in US$ Million for Americas, Europe, Asia-Pacific, and Africa

Market Drivers

Institutional Asset Management

Table 7: World Leading Institutional Asset Managers: 2004

Custody Assets Market

Pension Funds Market

Sector Gains Importance

Merger Funds

Investment Banking

Industry Overview

Sponsorships Drives Up the Investment

Banking Sector

Investment and Commercial Banking

Convergence to Drive the Market

Table 8: Worldwide Leading Investment

Banks by Debt Amount: 2004

Table 9: Worldwide Leading Investment

Banks by Equity and Equity-Related

Amount: 2004

Table 10: Leading Global Banks by Market Capitalization: Annual Estimates in Euro Billion for HSBC, UBS, Royal Bank of Scotland, SCH, BNP Paribas, ING, UniCredito Italiano, Barclays Bank, BBVA, Credit Suisse, HBOS, Societe Generale, Deutsche Bank, Credit Agricole, Lloyds TSB, ABN AMRO, Fortis, KBC, Banca Intesa, and Standard

Chartered

Table 11: Global Leading Banks by Brand Value (2005): Annual Estimates in

US$ Million for Citi, HSBC, Bank of America, American Express, Santander, UBS, Wells Fargo, BNP Paribas, Barclays, and

JP Morgan Chase

Table 12: Worldwide Leading Private Banks (2006): Assets Under Management (AUM) in US$ Billion for Merrill Lynch, UBS, Citigroup, Melton Bank, Credit Suisse, Bank of America, JP Morgan, Morgan Stanley, HSBC, Wachovia, Deutsche Bank, Goldman Sachs, Julius Baer, ABN Amro, BNP Paribas, Barclays Wealth, Sal Oppenheim, Banco Santander Central Hispano, Dresdner Bank, Lombard Odier Darier

Hentsch

Underwriting - A Significant Contributor to

Investment Banking Industry

Debt Underwriting

Table 13: Percentage Revenue Breakdown of Debt Underwriting: 2004

Table 14: Worldwide Investment Grade Revenues by Bank: 2004

Equity Underwriting

Table 15: Revenue Breakdown of Equity Underwriting: 2004

M&A Advisory Business

Worldwide Leading Financial Advisors for Announced M&A Transactions

Table 16: Worldwide Leading M&A Advisors for Announced Deals: 2004

Table 17: Worldwide Leading M&A Advisors for Completed Deals: 2004

A Review of the World M&A Transactions

in 2004

Table 18: Global Merger and Acquisitions by Sector 2003 & 2004

Table 19: Major M&A Deals in 2004

Securities Industry

Table 20: Stock and Bond Issues Worldwide

by Manager: 2004

Alternative Investments

Hedge Funds

Table 21: Hedge Funds Industry Growth in terms of Assets and Number of Funds: 1995- 2005

Investors in Hedge Funds Industry

Leading Hedge Fund Managers

Table 22: Global Leading Hedge Fund Management Companies (2006): Assets in US$ Million for Goldman Sachs Asset Management, Bridgewater Associates, D.E. Shaw Group, Farallon Capital Management, ESL Investments, Barclays Global Investors, Och-Ziff Capital Management Group, Man Investments, Tudor Investment Corp., and Caxton Associates

Regional Landscape

Hedging Strategies

Types of Hedge Funds

Single-manager funds

Funds of Hedge Funds (FOHFs)

Problems Faced by the Hedge Fund

Industry

Strategies Adopted by Hedge Fund

Industry

Private Equity

4.Mergers and Acquisitions

5.Strategic Corporate Developments

6.Product/Service Launches

REGIONAL MARKET ANALYSES

1.United States

Investment Management

A Recent Past Perspective

Table 23: Banking Industry in North America (2005): Percentage Breakdown of Cash and Investment Portfolio by Category - Retirement Accounts, Stocks, Pooled Investment Funds, Transaction Accounts, Other managed Assets, Bonds, Cash Value Life Insurance,

and Other

Table 24: United States Hedge Funds and Private Equity Market (2003-2005): Total Assets in US$ Million

Table 25: Investment Mix of Private Defined Benefit Plan Assets by Type in the US: 2003 through 2005 in Billions of US$ for Equity Bonds, Mutual Funds, Cash Items,

and Other Assets

Table 26: United States Investment Market (2005): Total Assets of US-Registered Investment Companies in US$ Billion by

Select Asset Type - Exchange-Traded Fund Assets, Closed-End Fund Assets, and Unit Investment Trust Assets

Table 27: United States Investment Market (2003-2005): Number of Investment

Companies by Type - Mutual Funds, Unit Investment Trust, Closed-End Funds, and Exchange-Traded Funds

Table 28: United States Investment Industry (2005): Percentage Breakdown of

Employment by Job Type - Investor

Servicing, Fund Management,Fund Administration, Sales, and

Distribution

Table 29: Leading Mortgage Originators in the US Market (2005): Mortgage

Origination Value in US$ Billion for Countrywide, Wells Fargo, Washington

Mutual, Chase Home Finance, Bank of America, CitiMortgage, GMAC Residential, Ameriquest, GMAC-RFC,and IndyMac

Revenues for Investment-Advice Services - A Recent Past Perspective

Friedman Billings Ramsey (FBR)

Market Outlook

Mutual Funds Market in the US

Table 30: United States Mutual Fund

Industry: Number of Funds, Total Net Assets,and Number of Shareholder Accounts for 2003 through 2005

Table 31: United States Mutual Fund Industry (2005): Households Owning Mutual Funds (%), Average Investment of Fund-Owning Households in Mutual Funds (In US$), and Aggregate of

All Household Financial Investments

in Mutual Funds (%)

Table 32: United States Select Mutual Funds by Fund Name (2006): 1-Year Returns and 3-Year Returns in Percentages for Jacob Internet, Matthews Asian Technology, Royce Technology Value Service, Waddell & Reed Adv Science & Tech A, T. Rowe Price Global Technology,

Quant Emerging Markets Ord, Excelsior Emerging Markets, Evergreen Emerging

Markets Growth A, and RS Emerging

Markets A

Table 33: Financial Services Mutual Funds (1-Year Total Return and 3-Year Annualized Total Return) by Fund Name in the US: 2005 in Percentages for Merrill Lynch Global Financial Svcs B, Forward Emerald Banking and Finance A, Fidelity Select Brokerage & Investment, and Others

Table 34: United States Mutual Fund Industry: Number of Share Classes for 2004 and 2005 by Fund Type -Equity Funds, Bond Funds, Money Market Funds, and Hybrid Funds

Table 35: United States Mutual Fund Industry: Number of Shareholder Accounts in ‘000 for 2004 and 2005 by Long-term Fund Type -

Equity Funds, Money Market Funds,Bond Funds, and Hybrid Funds

Table 36: Number of Mutual Funds in the US by Type: 2005

Table 37: United States Mutual Fund Industry: Total Net Assets in US$ Billion for 2004 and 2005 by Long-term Fund Type - Equity Funds, Money Market Funds, Bond Funds,and Hybrid Funds

Table 38: Assets in 401(K) Plans by Type in the US: 2003 through 2005 in Billions of US$ for Mutual Fund 401(K) Plan Assets, and Other 401(k) Plan Assets

Table 39: Top Ten Mutual Fund Companies by Assets in the US: 2005 in Billions of US$ for Fidelity Investments, Vanguard Group,Capital Research & Management,and Others

Table 40: United States Leading Mutual Fund Management Firms by Direct-contribution

(DC) Assets (2005 & 2006): Annual Estimates in US$ Million for Fidelity Investments, The Vanguard Group, Barclays Global Investors, State Street Global Advisors, T. Rowe Price, Nationwide Financial, JP Morgan Retirement Plan Services, Prudential Retirement, Principal Financial Group, ING, INVESCO, Charles Schwab Corporate Services, Wells Fargo,Lincoln Financial Group, and MassMutual

Financial Services

Table 41: United States’ Leading Mutual Fund Management Companies by Non-US Securities/Assets Under Management (2005): Annual Estimates in US$ Million for Barclays Global Investors, Capital Group Cos., State

Street Global Advisors, AXA Group, J.P.

Morgan Asset Mgmt, Franklin Resources,Fidelity Investments, Legg Mason, Merrill

Lynch Investment Managers, Morgan Stanley Investment Mgmt, Wellington Mgmt Co., Allianz Global Investors of America, AIG Global Investment Group, Mellon Financial Corp.,and Ameriprise Financial

Table 42: Leading US Banks by Mutual Fund & Annuity Fee Income (2005 & 2006): Annual Estimates in US$ ‘000 for Bank of America,

N.A., Wachovia Bank, N.A., JP Morgan Chase Bank, N.A., Wells Fargo Bank, N.A.,

The Bank of New York, U.S. Bank N.A., Fifth Third Bank, Pnc Bank, N.A., Keybank N.A.,and Amsouth Bank

Asset Concentration

Table 43: Asset-Backed Security Sources by Category in the US: 2003 through 2005 in Billions of US$ for Agency Securities, Mortgages, Consumer Loans, Business

Loans, and Trade Receivables

Investor Demand and Financial Markets - A Recent Past Review

Institutional Long Term Bond Funds by Assets

Table 44: Leading Institutional Long Term Bond Funds by Assets in the US: 2004 in Millions of US$ for Pimco Long-Term U.S. Govt. Fund (Inst’l), Pimco Long-Term U.S. Govt. Fund (Admin), Loomis Sayles U.S. Govt. Securities, Fund, and CDC Nvest Gov’t Securities Fund

Equity Funds

Money Market Funds

Retail Money Market Funds

Institutional Money Market Funds

Mutual Fund Ownership

Closed-end Funds in the US

(A Historic Review)

Table 45: Assets of Closed-End Funds by

Type of Fund in the US: 2000-2003

Table 46: Number of Closed-End Funds by

Type of Fund in the US: 2000-2003

Unit Investment Trusts Market

(A Historic Review)

Table 47: New Deposits of Unit Investment Trust in the US by Type of Trust:2000-2004

Table 48: Assets of Unit Investment Trusts

in the US by Type of Trust: 2000-2003

Separately Managed Accounts (SMA)

Market in the US

Individual Retirement Accounts (IRAs)

(A Historic Review)

Table 49: Retirement Assets Invested in

Mutual Funds, 2000-2003

Investment Banking

US Regulators

Securities and Exchange Commission (SEC)

National Association of Securities Dealers

(NASD)

US Underwriting Market

(A Recent Past Review)

Table 50: Underwriting Revenues in the US:

2000- 2004

Table 51: Leading Loan Underwriters

in the US: 2004

Debt Underwriting

Table 52: US Investment Grade Revenues by Bank: 2004

Merger & Acquisition Advisory Market in the

Recent Past

Financial Advisors for Announced M&A

Transactions

Table 53: Mergers & Acquisitions in the US

(In US$ Billion)

Table 54: Leading Financial Advisors for Announced M&A Transactions in the US: 2004 (In US$ Billion)

Table 55: Leading Financial Advisors for Completed M&A Transactions in the US: 2004

US Securities Industry

Table 56: Mergers And Acquisitions of US Securities Firms (In Numbers)

Spending on IT

Table 57: IT Spending by US Securities Companies: 2003-2007 (In US$ billion)

Table 58: Revenues from the US Securities

(In US$ Billion)

Table 59: Persons Employed in the US

Securities Industry (In Thousand)

Table 60: 2004 Top 10 Securities Companies

by Revenue (In US $ billion)

Table 61: Daily Share Trade in Premier US

Stock Exchanges (In Million)

Table 62: Foreign Trade in US Securities

and US Trade in Foreign Securities

(In US$ Billion)

Table 63: Foreign Holding in US Securities and US Holding in Foreign Securities

(In US$ Billion)

Initial Public Offerings (IPO) Market-

A Recent Past Review

Table 64: IPO Market in the US: 2000-

(In US$ Billion)

Leading Money Management Companies

Table 65: United States’ Leading Money Management Companies by Total Assets Under Management (AUM): Annual Estimates for 2004 and 2005 in US$ Million for Barclays Global Investors, State Street Global Advisors, Fidelity Investments, Capital Group Cos., Legg Mason, J.P. Morgan Asset Mgmt, AXA Group, Allianz Global Investors, Mellon Financial Corp, and Vanguard Group

Leading Institutional Investors

Table 66: Leading Institutional Investors by Under Management Assets of Non-U.S. Securities in the US: 2004 in Billions of US$

for Fidelity Investments, State Street Global Advisors, Barclays Global Investors, J.P. Morgan Fleming Asset Mgmt, Capital Group Cos., Mellon Financial Corp., Merrill Lynch Inv. Managers, Citigroup, Axa Financial, Morgan Stanley Inv. Mgmt, Vanguard Group, UBS Global Asset Mgmt, Allianz Dresdner

Asset Mgmt of America, Amvescap,

and Putnam Investments

Alternative Investments in the US

Table 67: Leading Companies’ Alternative Investments in the US: 2004 in Millions of US$ for Fidelity Investments, State Street Global Advisors, J.P. Morgan Fleming Asset Mgmt, Mellon Financial Corp., Merrill Lynch Investment Managers, Citigroup,

Axa Financial, Morgan Stanley Investment Mgmt, UBS Global Asset Mgmt, Amvescap, Putnam Investments, Bank of America Corp., Goldman Sachs Asset Mgmt, BlackRock/

PNC, and Prudential Financial

Venture Capital Investments

Table 68: Leading Venture Capital Deal Amount by Investors and Target Company in the US: 2004 in Million of US$ for Reliant Pharmaceuticals LLC, WildBlue Communications, Archipelago LLC, Eagle Test Systems Inc., GCA Services Group Inc., Synta Pharmaceuticals Corp., AECOM Technology Corp., Matrix Semiconductor Inc., MetroPCS Inc., Peninsula Pharmaceuticals

Brokers/Dealers

Major Firms

Regional Brokers

New York City (NYC) Area Regionals

Discounters

Table 69: 2004 US Assets of Security Broker/Dealers (In $ Billion)

Concentration

Table 70:2004 Revenue Concentration

(In %)

Table 71:2004 Revenue Concentration

by Capital (In %)

2.Canada

Table 72: Select Banks in Canada (2005): Percentage Breakdown of Mutual Funds Under Management for IGM Financial, RBC Asset Management, CI Investment, CIBC Asset Management, AIM Trimark Investment,

TD Asset Management, Fidelity Investment,

BMO Investment, and Others

Table 73: Leading Banks in Canada by Average Total Deposits Value: Annual Estimates for

2004 through 2006 in CAN$ Million for RBC Financial Group, TD Bank Financial Group, Scotiabank, BMO Financial Group, CIBC,

National Bank of Canada, Laurentian

Bank of Canada, and Canadian

Western Bank

Canadian Securities Industry

Integrated Firms

Institutional Firms

Retail Firms

Access to Capital for Businesses and

Governments

The Increasing Importance of the Canadian

Securities Industry

Outlook

Table 74: Leading Financial Advisors for Completed M&A Transactions in

Canada: 2004

3.Japan

Table 75: Japanese Asset Management Market (2005): Management Revenues in Billion Yen by Firm Type - Investment Advisory Firms, Public Investment Trusts, Trust Banks, Private

Investment Trusts, and Life Insurer

Japanese Market Scenario for Fund Managers’

Investments in Japanese Bonds

Table 76: Leading Money Management Firms by Japanese Bonds in Japan: 2004 in Billions of

US$ for Kampo, Zenkyoren, Nippon Life Insurance Group, Pension Fund Association, Sumitomo Life Insurance Group, Daiwa Securities Group, UFJ Holdings, Tokio

Marine & Fire Insurance Group, Daido Life Insurance Group, Asahi Mutual Life Insurance Group, Mitsui Mutual Life Insurance Group, Fukoku Mutual Life InsuranceGroup,

Nikko Asset Mgmt Co. and Meiji

Life Insurance Group

Japanese Market Scenario for Fund Managers’

Investments in Non-Asian Bonds

Table 77: Leading Money Management Firms by Non Asian Bonds in Japan: 2004 in Millions of US$ for Tokio Marine & Fire Insurance Group, Sumitomo Life Insurance Group, Kampo, Zenkyoren, UFJ Holdings, Mitsui Mutual Life Insurance Group, Meiji Life Insurance Group, Nippon Life Insurance Group, Asahi Mutual Life Insurance Group, Daido Life Insurance Group, Daiwa Securities Group, Fukoku Mutual Life Insurance Group, and Nikko Asset Mgmt Co.

Japanese Market Scenario for Fund Managers’

Investments in Asian (Excl. Japan) Bonds

Table 78: Leading Money Management Firms by Asian (Excl. Japan) Bonds in Japan: 2004 in Millions of US$ for Asahi Mutual Life Insurance Group, Sumitomo Life Insurance Group, Daiwa Securities Group, Nikko Asset Mgmt Co., Fukoku Mutual Life Insurance Group, UFJ Holdings,

Daido Life Insurance Group, Mitsui Mutual

Life Insurance Group, and Nippon Life

Insurance Group

Japanese Fund Management Companies by

Total Assets

Table 79: Leading Japanese Fund Management Companies by Total Assets Value (2006):

Annual Estimates in US$ Million for Kampo (Postal Life Insurance Service), Nippon Life Insurance Group, Mitsubishi UFJ Financial Group, Zenkyoren (National Mutual Insurance), Dai-ichi Mutual Life Insurance Group, Meiji Yasuda Life Insurance Group, Mitsui Trust Financial Group, Mizuho Financial Group, Sumitomo Life Insurance Group, and

Sumitomo Trust & Banking Group

Japanese Market Scenario for Fund Managers’

Investments in Other Instruments

Table 80: Leading Money Management Firms by

Miscellaneous (Excl. Equities, Bonds, Cash & Equivalent) in Japan: 2004 in Billions of US$

for Nippon Life Insurance Group, Meiji Life Insurance Group, Zenkyoren, Mitsui Mutual

Life Insurance Group, Asahi Mutual Life Insurance Group, Fukoku Mutual Life Insurance Group, Tokio Marine & Fire Insurance Group, Daido Life Insurance Group, Sumitomo Life Insurance Group, Nikko Asset Mgmt Co., and UFJ Holdings

4.A European Perspective

Investment Management

Cross-Border Funds and Increased Use of

Internet Fuels Up the Asset Management

Sector

Table 81: Fund Money Management Industry

in Europe (2006): Percentage Breakdown of Value Sales by Leading Country - France, UK, Germany, Italy, Switzerland, Spain, Belgium,

and Others

Table 82: Europe’ Leading Money Management Companies by Total Assets Under Management (AUM): Annual Estimates for 2005 in Euro Million for UBS, Barclays Global Investors, Allianz Group, AXA Group, Credit Suisse

Group, ING Group, and Deutsche

Asset Mgmt

Table 83: European Leading Investment Banks

by Debt-underwriting and Asset-acquisition Fees (2005): Annual Estimates in US$ Million for JP Morgan, Citigroup, Royal Bank of Scotland, Goldman Sachs & Co, Deutsche Bank AG, Morgan Stanley, Lehman Brothers, Credit Suisse, Barclays Capital, and BNP Paribas SA

Table 84: European Leading Financial Sponsors by Debt-underwriting and Asset-acquisition Fees (2005): Annual Estimates in US$ Million for Cinven Limited, Permira Advisers, CVC Capital Partners, Apax Partners Ltd, 3i Group PLC, PAI partners, BC Partners, EQT Partners, Texas Pacific Group, and Charterhouse

Prospects

Table 85: Europe’ Leading Banks by Market Capitalization: Annual Estimates in Euro Billion for HSBC, UBS, Royal Bank of Scotland, SCH, ING, BNP Paribas, Barclays, Credit Suisse, UniCredito Italiano, BBVA, HBOS, Deutsche Bank, Societe Generale, ABN AMRO,Lloyds TSB, Credit Agricole, Fortis, KBC,

Banca Intesa, and Standard Chartered

UCITS III Directive

Hedge Funds Review in Europe

Table 86: European Leading New Hedge

Funds by Assets (2006): Annual Estimates in US$ Million for SRM Global, Cevian Capital II, Montrica Global Opportunities, MKM

Longboat Multi-Strategy, Algebris Global Financials, GSA Capital GMN, Brevan

Howard Equity Strategies, COMAC,

Lansdowne Emerging Markets, and ZA International

Key Strategies

Table 87: Hedge Funds Market in Europe:

Percentage Breakdown by Strategy

Regional Landscape

4a.France

Investments in Financial Assets: A Recent

Past Review

Table 88: French Assets Management Market: Assets Under Management (AUM) in Euro

Billion for 2003 through 2006

Potential Investors

Aging Population Provides Opportunity

Table 89: Households Investments in Financial Assets France: 2004 Percentage Market Share for Life Insurance, Mutual funds, Equities,Bonds, Savings accounts, and Cash

4b.Germany

Major German Bond Issuers

Table 90: Leading Companies by Issued Bond

in Germany: 2004 in Billions of US$ for Kreditanstalt fuer Wiederaufbau, Bayerische Hypo- und Vereinsbank AG, Landesbank Baden-Wuerttemberg, Landesbank Nordrhein-

Westfalen, Bayerische Landesbank Girozentrale, Commerzbank AG, Eurohypo AG, Norddeutsche Landesbank Girozentrale, Landesbank

Schleswig-Holstein Girozentrale, Deutsche Telekom AG, DaimlerChrysler AG, DekaBank Deutsche Girozentrale, Landwirtschaftliche Rentenbank, DePfa Deutsche Pfandbriefbank

AG, and Land Nordrhein Westfalen

Table 91: German Banking Industry (2005): Percentage Breakdown of Personal Savings by Bank Type - Sparkassen, Co-operative Banks, Private Sector Banks, Landesbanken,and Others

4c.United Kingdom

Retail Banking

Table 92: UK Leading Retail Banking Networks (2005): Number of Branches for Royal Bank of Scotland, Lloyds TSB, Barclays, HSBC, HBOS, Abbey, Alliance & Leicester, and Bradford & Bingley

Table 93: UK’ Leading Lenders by Aggregate Mortgage Balances Outstanding (2005): Annual Estimates in Billion Pounds Sterling for HBOS, Abbey, Nationwide Building Society, Lloyds TSB, Northern Rock, The Royal Bank of Scotland, Barclays, HSBC, Alliance & Leicester,

Bradford & Bingley, Bristol & West, Britannia Building Society, Portman Building Society, Yorkshire Building Society, and GE Money

Home Lending

Leading Asset Managers in the UK Market

4d.Russia

Market Scenario

IPOs of Russian companies

Russian Banks

Table 94: Leading Russian Banks by Total Assets Value (2005): Annual Estimates in US$ Million for Sberbank, Vneshtorgbank, Gazprombank,

Alfa Bank, MDM Financial Group, Bank of Moscow, Vnesheconombank, Rosbank, International Moscow Bank, Industry and Construction Bank, Ural Siberian Bank, ZAO Raiffeisenbank Austria, Citibank, International Industrial Bank, Bank Petrocommerce, Promsvyazbank, Bank Zenit, Nomos-Bank (Novaya Moskva), Bank of Khanty-Mansiysk,

and NIKoil IBG Bank

4e.Switzerland

Table 95: Leading Swiss Private Investment Banks by Assets Under Management Value (2006):

Annual Estimates in US$ Billion for UBS Wealth Management, Credit Suisse Private Banking, Julius Baer Holding, Pictet & Cie, HSBC Private Bank (Suisse), Lombard Odier Darier Hentsch, Union Bancaire Privee, Banque Privee

Edmond de Rothschild, Bank Sarasin & Cie, EFG Private Bank

5.Asia and Asia-Pacific

Asian Hedge Funds Industry

Table 96: Asian Hedge Fund Industry (2006): Total Assets Under Management in US$ Billion by Country/Region - Australia, Japan, Hong Kong, Singapore, and Others

Table 97: Asian Hedge Fund Industry: Number

of Hedge Fund Products Managed by Country/location - Hong Kong, Australia, Singapore, and Japan

Table 98: Asia’ Leading Hedge Funds Management Companies (2005): Capital/Assets in US$ Million for Spark Asset Mgmt Co., PMA Capital Mgmt, Asia Debt Mgmt Hong Kong,

Ward Ferry Mgmt, Penta Investment Advisers, Asuka Asset Mgmt, Halberdier Capital Mgmt, Myojo Asset Mgmt Japan Co., Sofaer Capital,

and Plaza Asset Mgmt Co.

Investment Banks

Leading Cross-border Investment Banks in Asia: 2004

Leading Investment Banks in Asia: 2004

Asian Pension Fund

Table 99: Asian Pension Fund Market (2004): Assets Under Management in US$ Billion by Leading Country - Japan, Australia, Singapore, Hong Kong, South Korea, and Taiwan

Mutual Funds

Table 100: Number of Mutual Funds in Asia-Pacific by Select Country: Annual Estimates

for 2004 and 2005 for Republic of Korea,

Japan, Hong Kong, New Zealand, Taiwan,

and India

Table 101: Net Assets Value of Mutual Funds in Asia-Pacific by Select Country: Annual

Estimates for 2004 and 2005 in US$ Million for Australia, Japan, Hong Kong, Republic of Korea, Taiwan, India, and New Zealand

Asian Money Managers by Total Assets

Table 102: Money Managers by Total Assets in Asia: 2004 in Billions of US$ for State Street Global Advisors, Barclays Global Investors, J.P. Morgan Fleming Asset Mgmt, Deutsche Asset Mgmt, Capital Group, Citigroup Asset Mgmt, ING Group, Schroder Investment Mgmt, UBS Global Asset Mgmt, Alliance Capital Mgmt, Merrill Lynch Investment Managers, Fidelity Investments, Goldman Sachs Asset Mgmt, Franklin Templeton Investments, Allianz Dresdnr Asset Mgmt, HSBC Asset Mgmt (Hong Kong),

SG Asset Mgmt, Credit Suisse Asset Mgmt, Invesco, and AIG Global Investment Group

Asian Money Managers by Non-Asian Equities

Table 103: Asian Money Managers by Australian Bonds in Asia: 2004 in Billions of US$ for UBS Global Asset Mgmt, ING Group, State Street Global Advisors, Credit Suisse Asset Mgmt, Alliance Capital Mgmt, Citigroup Asset Mgmt, Merrill Lynch Investment Managers, Deutsche Asset Mgmt, Barclays Global Investors, HSBC Asset Mgmt (Hong Kong), Franklin Templeton Investments, Goldman Sachs Asset Mgmt, Schroder Investment Mgmt, and AIG Global

Investment Group

5a.Australia

Hedge Funds

Table 104: Australian Hedge Funds Industry: Annual Estimates for Assets Under Management (AUM) in A$ Billion for 2003 through 2006

Table 105: Australian Hedge Funds Industry (2006): Assets Under Management (AUM)

in A$ Billion for Hedge Fund Managers

and Fund of Hedge Funds

Table 106: Australian Hedge Fund Industry (2006): Assets Under Management in A$ Million by Leading Fund Managers - Platinum Asset Management, PM Capital, Barclays Global (Australia), Grinham Managed Funds, AMP Capital Investors, Optimal Fund Management, Basis Capital Funds Management, WestLB

Asset Management (Australia), Kaiser Trading, and Portfolio Partners

FOHFs - Play a Crucial Role

Investment Banking

Major Fund Management Companies

Table 107: Leading Fund Management Companies by Total Assets Value in Australia/New Zealand (2005): Annual Estimates in US$ Million for Colonial, Macquarie Bank Group, AMP Capital Investors, BT Financial Group, AXA Asia Pacific Holdings (Australia), State Street Global Advisors Australia, Barclays Global Investors Australia, ING Investment Mgmt, Vanguard Investments Australia,

Perpetual Investments, UBS Global Asset Mgmt, Deutsche Asset Mgmt (Australia), Platinum Asset Mgmt, Maple--Brown Abbott, and Credit Suisse Asset Mgmt (Australia)

5b.China

A Promising Investment Market

Investment Banking - A Recent Past

Perspective

Fund Management Companies

Table 108: China’ Select Fund Management Companies by Total Assets Value (2005): Annual Estimates in US$ Million for National Council

of Social Security Fund, China Southern Fund Mgmt Co., Boshi Fund Mgmt Co., and China Asset Mgmt Co.

Guidelines for Investments in China

Chinese Banking Industry - Major Foreign

Investments in the Recent Past

Chinese Banking Industry - Major Investments

by Hong Kong-based Banks in the

Recent Past

CEPA and Industry Development in China

Leading Investment Banks in China: 2004

Leading Asset Management Companies

in China

Table 109: Asset Management Companies by Amount Transferred in China: in Billions of Rmb for China Cinda Asset Management Corp,, China Huarong Asset Management Corp, China GreatWall Asset Management Corp, and China Orient Asset Management Corp

Table 110: Asset Management Companies by Amount Disposed in China: 2004 in

Billions of Rmb for China Cinda Asset Management Corp, China Huarong Asset Management Corp, China GreatWall Asset Management Corp, and China Orient Asset Management Corp

5c.Hong Kong

Hong Kong Securities Industry

Service Providers

Exports

Table 111: Hong Kong Retail Deposits Market: HK$ Denominated Deposits and Foreign Currency Deposits in HK$ Trillion for

2003 through 2005

Table 112: Hong Kong Credit Card Accounts, Annual Average Receivables, Charge-

offs, and Revolve Rate for

through 2005

Table 113: Hong Kong’ Select Fund

Management Companies by Total Assets Value (2005): Annual Estimates in US$ Million for Hong Kong Monetary Authority, Mandatory Provident Fund, and Hong Kong Jockey Club

5d.India

Banking Industry

Table 114: Indian Banking Industry (2003-

2005): Deposits, Advances, and

Investments in Rs. Crores for

Nationalized Banks

Table 115: Leading Indian Banks by Total

Assets Value: Annual Estimates in US$ Billion

for State Bank of India, ICICI Bank, Punjab National Bank, Canara Bank, Bank of Baroda, Bank of India, Industrial Development

Bank of India, Union Bank, Indian Overseas Bank, HDFC Bank, Oriental Bank,

Indian Bank, Allahabad Bank,

Corporation Bank, and Andhra Bank

Table 116: Leading Indian Banks by

Credit Card Loans Outstanding (2005): Percentage Breakdown of Value Share for Citibank, Standard Chartered, ICICI Bank,State Bank of India, HDFC, HSBC,ABN AMRO, and Others

Table 117: Leading Indian Banks by Mortgage Lending (2005): Percentage Breakdown of

Value Share for ICICI Bank, HDFC, State

Bank of India, LIC Housing Finance,and Others

Fund Management Companies

Table 118: India’ Select Fund Management Companies by Total Assets Value (2005):

Annual Estimates in US$ Million for Life Insurance Corp. of India, State Bank of

India Group, and UTI Asset Mgmt Co.

5e.Taiwan

New Rules for Mutual Funds

Table 119: Taiwan’ Select Fund

Management Companies by Total Assets

Value (2005): Annual Estimates in US$ Million for Cathay Financial

Holding Co., First Global InvestmentTrust Co., Fubon Asset Mgmt Co., and Capital Investment Trust Corp.

6.The Middle East

Growing Women Investors in the

Region

7.Latin America

Investment Banking

Table 120: Leading Investment Banks/

Equity Bookrunners in Latin America

(2005): Investment Value in US$ Billion

for Credit Suisse, Citigroup, UBS,

Morgan Stanley, Unibanco,

Valores Santander, JP Morgan,

Pactual Banking, BBVA,

and Inbursa

Table 121: Leading Bond Investment Banks/

Bond Bookrunners in Latin America (2005): Issuance Value in US$ Billion for Citigroup, Deutsche Bank, JP Morgan, Credit Suisse, ABN Amro, Banco Bradesco, Morgan Stanley,

UBS, Merrill Lynch, and BBVA

Table 122: Leading Financial Advisorsfor Completed M&A, Transactionsin Latin America: 2004

Leading Asset Managers in Brazil

Table 123: Leading Asset Managers by

Volume in Brazil: 2004 in Billions of R$for Bradesco, Banco do Brasil, Itau, CEF, HSBC, Unibanco, Citibank, Bank of America, Santander, and ABN Amro

GLOBAL DIRECTORY

Abstract

The global outlook series on Investment Services provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a bird’s eye view of the prevalent scenario in the global Investment Services industry. The report provides a rudimentary insight into the industry’s structure, and segmental composition and trends i.e. Asset Management, Mutual Funds, Institutional Asset Management, Investment Banking, Underwriting, Securities, and other alternative investments. Discussions on all of these areas are buttressed with 123 data rich tables and easy-to-understand pictorial data representations. The report also provides an exhaustive compilation of all the recent mergers, and acquisitions. Major markets discussed in the report include United States, Canada, Japan, Europe, France, Germany, UK, Russia, Asia, Australia, China, Hong Kong, and Latin America, among others. The report also includes an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of 401 companies worldwide.

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