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European Investment Management 2004Published by: Datamonitor Published: Mar. 22, 2004 - 160 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 EXECUTIVE SUMMARY 3 Introduction 3 Market context 3 Client focus 5 Competitive dynamics 6 CHAPTER 2 INTRODUCTION 23 What is this report about? 23 Who is the target reader? 23 How to use this report 24 CHAPTER 3 MARKET CONTEXT 25 Introduction 25 Key findings 25 Key European trends 27 Economic and financial drivers 27 Total funds under management 32 Market Analysis 32 Country snapshots 36 Belgium 36 Finland 38 France 39 Germany 40 Ireland 41 Italy 42 Netherlands 43 Norway 44 Spain 45 Sweden 46 Switzerland 47 UK 48 Mutual funds 49 European overview 49 European harmonisation 50 Mutual fund total market analysis 51 Retail mutual fund market analysis 53 Institutional mutual fund market analysis 55 Retail mutual fund asset allocation 57 Life and pensions funds 59 European overview 59 Life and pensions funds total market analysis 60 Regulatory developments 61 Asset allocation 63 Non-life insurance funds 64 European overview 64 Non-life funds total market analysis 65 Asset allocation 67 Data 68 Total European assets 68 Country specific data 70 Country specific data 70 European mutual funds 77 European life and pensions 81 European non-life assets 83 CHAPTER 4 CLIENT FOCUS 85 Introduction 85 Key findings 85 Customer preference 86 In-house or outsource 86 Choosing an investment manager 88 Attracting customers 92 Customer retention 95 Servicing clients 95 Contacting clients 97 Losing clients 98 Customer outlook 100 Choosing an Investment manager 100 Future focus 101 Data 103 CHAPTER 5 COMPETITIVE DYNAMICS 111 Introduction 111 Key findings 111 European developments 112 Selling off asset management capabilities 112 Consolidation 113 Focus on asset management 114 Expanding asset management capabilities 114 Competitor profiles 116 No. 1 - Deutsche Asset Management 116 No. 2 - AXA Investment Managers Limited 118 No. 3 - SG Asset Management 120 No. 4 - ING Investment Management 122 No. 5 - Credit Suisse Asset Management 123 European Competitors 125 Country Snapshots 126 Belgium 126 Denmark 127 Finland 128 France 129 Germany 130 Ireland 131 Italy 132 Netherlands 133 Norway 134 Spain 135 Sweden 136 Switzerland 137 UK 138 Data 139 Competitor data 139 Europe 140 Belgium 141 Denmark 141 Finland 142 France 143 France 143 Germany 144 Germany 144 Ireland 145 Ireland 145 Italy 145 Netherlands 146 Norway 146 Spain 147 Spain 147 Sweden 147 Switzerland 148 Switzerland 148 UK 149 UK 149 CHAPTER 6 ACTION POINTS 150 Opportunities 150 CHAPTER 7 APPENDIX 152 Definitions and abbreviations 152 General defintions 152 Research Methodology 155 Further reading 156 Datamonitor Reports 156 Datamonitor Global Wealth Service: Insight Reports 156 Datamonitor Global Wealth Service: Competitor Tracking 157 Datamonitor Financial Services Consulting 158 SPP writing team 159 LIST OF TABLES Table 1: Total European assets under management segmented by fund type, 1998-2002 68 Table 2: Total European assets under management, segmented by country, 1998-2002 68 Table 3: Investment assets segmented by country and market sector, EURm 2002 69 Table 4: Belgian assets under management, segmented by fund type, 1998-2002 70 Table 5: Danish assets under management, segmented by fund type, 1998-2002 70 Table 6: Finnish assets under management, segmented by fund type, 1998-2002 71 Table 7: French assets under management, segmented by fund type, 1998-2002 71 Table 8: German assets under management, segmented by fund type, 1998-2002 72 Table 9: Irish assets under management, segmented by fund type, 1998-2002 72 Table 10: Italian assets under management, segmented by fund type, 1998-2002 73 Table 11: Dutch assets under management, segmented by fund type, 1998-2002 73 Table 12: Norwegian assets under management, segmented by fund type, 1998-2002 74 Table 13: Spanish assets under management, segmented by fund type, 1998-2002 74 Table 14: Swedish assets under management, segmented by fund type, 1998-2002 75 Table 15: Swiss assets under management, segmented by fund type, 1998-2002 75 Table 16: UK assets under management, segmented by fund type, 1998-2002 76 Table 17: Total retail and non-retail mutual fund assets, segmented by country, 1998-2002 77 Table 18: European retail mutual fund assets, segmented by country, 1998-2002 78 Table 19: Non-retail mutual fund assets, segmented by country, 1998-2002 79 Table 20: Retail mutual fund assets segmented by country and asset class, 2002 80 Table 21: Life and pension fund assets segmented by country, 1998-2002 81 Table 22: Life and pensions assets, segmented by country and by asset class, 2002 82 Table 23: Non-life insurance assets, segmented by country, actual values, 1998-2002 83 Table 24: Non-life insurance assets segmented by country and asset class, actual values, 2002 84 Table 25: What percentage of your investments do you manage in-house? 103 Table 26: Why do you outsource investment management? 103 Table 27: As a pan-European company, do you use investment managers in each country or just in your country of origin? 104 Table 28: How did you go about selecting the last investment management company that you chose? 104 Table 29: If you use a pension consultant, what would happen if you disagreed with their choice of Investment Manager? 105 Table 30: At what level in your company are the decisions regarding which Investment manager/s to use made? 105 Table 31: How many investment managers do you use? 106 Table 32: When you selected your last investment management company, how important were the following attributes? 106 Table 33: When an investment manager is trying to win your business, how important is it that you meet the following people? 107 Table 34: Which of the following elements of service are the most important? 107 Table 35: How often does your investment manager contact you about your investments? 108 Table 36: Is the frequency of contact with your investment manager too much, too little or just right? 108 Table 37: What would most likely lead you to switch Investment Manager? 109 Table 38: How often do you switch Investment Manager? 109 Table 39: Has the market downturn placed more emphasis upon any aspects of your choice of Investment Manager? 110 Table 40: Deutsche Bank’s quarterly results Q1/2001 - Q3/2003 139 Table 41: AXA Investment Managers results 2000-2002 139 Table 42: Top 30 asset managers in Europe by office AuM, 2003 140 Table 43: Top 10 asset managers in Belgium by office AuM, 2003 141 Table 44: Top 10 asset managers in Denmark by office AuM, 2003 141 Table 45: Top 10 asset managers in Finland by office AuM, 2003 142 Table 46: Top 20 asset managers in France by office AuM, 2003 143 Table 47: Top 20 asset managers in Germany by office AuM, 2003 144 Table 48: Top 10 asset managers in Ireland by office AuM, 2003 145 Table 49: Top 10 asset managers in Italy by office AuM, 2003 145 Table 50: Top 10 asset managers in the Netherlands by office AuM, 2003 146 Table 51: Top 10 asset managers in Norway by office AuM, 2003 146 Table 52: Top 10 asset managers in Spain by office AuM, 2003 147 Table 53: Top 10 asset managers in Sweden by office AuM, 2003 147 Table 54: Top 20 asset managers in Switzerland by office AuM, 2003 148 Table 55: Top 30 asset managers in the UK by office AuM, 2003 149 LIST OF FIGURES Figure 1: Life and pensions assets continue to outweigh non-life and mutual fund assets, 2002 4 Figure 2: Across Europe, 47% of life and pensions institutions outsourced a proportion of their investment management. 5 Figure 3: Local players dominate the investment management market in France, 2003 6 Figure 4: Average GDP dropped sharply in 2000 but recovered in 2002 27 Figure 5: The average stock market performance of the thirteen European markets adversely affected total investment assets, 1998-2002 28 Figure 6: European stock indices have all picked up in 2003 29 Figure 7: Investor preference has shifted in recent years, retail mutual fund equity exposure has been reduced in favor of bond and money market exposure, 2000-2002 31 Figure 8: Life and pensions assets continue to outweigh non-life and mutual fund assets, 2002 32 Figure 9: Total assets under management, grew from EUR6,269bn to EUR7,933bn, 1998-2002 33 Figure 10: The UK had the largest total assets under management in Europe, at EUR2,016bn, 2002 34 Figure 11: Germany has the most mutual fund assets under management in Europe, 2002 35 Figure 12: Belgian assets peaked in 2001 at EUR241.7bn 36 Figure 13: Growth in the Danish market leveled off over the 2000-2002 period 37 Figure 14: Mutual funds are a small but growing market in Finland, 2002 38 Figure 15: France is the 2nd largest mutual fund market, the 2nd largest life and pensions market and the 3rd largest non-life market in Europe, 2002 39 Figure 16: Germany is the largest mutual fund market, the 3rd largest life and pensions market and the largest non-life market in Europe, 2002 40 Figure 17: The Irish investment market is dominated by life and pensions assets, 1998-2002 41 Figure 18: Italy is the 4th largest mutual fund market, the 5th largest life and pensions market and the 5th largest non-life market in Europe, 2002 42 Figure 19: As a result of the relatively high exposure to equities in the Netherlands, investment assets suffered over the 2000-2002 period 43 Figure 20: Life and pensions assets dominate the Norwegian investment management market, 2002 44 Figure 21: Spain is the 5th largest mutual fund market, the 8th largest life and pensions market and the 7th largest non-life market in Europe, 2002 45 Figure 22: Sweden saw a sharp decline in its investment management market over the 2000-2002 period due to the high exposure to equities 46 Figure 23: Switzerland is the 6th largest mutual fund market, the 6th largest life and pensions market and the 4th largest non-life market in Europe, 2002 47 Figure 24: The UK is the 3rd largest mutual fund market, the largest life and pensions market and the 2nd largest non-life market in Europe, 2002 48 Figure 25: European mutual fund assets under management initially grew in 2000 by 7.8% despite the falling equity markets 49 Figure 26: In 2002, Germany was the largest mutual fund market in Europe, followed by France 51 Figure 27: Institutional assets consistently made up around a third of total assets over the 1998-2002 period 52 Figure 28: France is by far the largest retail mutual funds market 53 Figure 29: Germany leads the way in institutional mutual funds, 2002 55 Figure 30: Retail mutual funds have a relatively high exposure to equities with 25.0% of retail mutual fund assets invested in equity funds 57 Figure 31: Life and pension asset growth has stopped in recent years 59 Figure 32: UK life and pensions remain by far the largest in Europe, 2002 60 Figure 33: Bonds and equities dominate life and pension fund investments across Europe, 2002 63 Figure 34: Non-life assets have increased every year since 1998 64 Figure 35: Germany is the largest non-life investment market in Europe, 2002 65 Figure 36: Non-life asset allocation has changed little over the equity downturn 67 Figure 37: What percentage of your investments do you manage in-house? 86 Figure 38: Why do you outsource investment management? 87 Figure 39: Do you use investment managers in each country in which you have a presence or just those in your country of origin? 88 Figure 40: How did you go about selecting the last investment manager that you chose? 89 Figure 41: If you use a pension consultant, what would happen if you disagreed with their choice of Investment Manager? 90 Figure 42: At what level in your company are the decisions regarding which Investment manager/s to use made? 90 Figure 43: How many investment managers do you use? 91 Figure 44: When you selected your last investment management how important were the following attributes? 92 Figure 45: When an investment manager is trying to win your business, how important is it that you meet the following people? 93 Figure 46: Which are the most important elements of service? 96 Figure 47: How often does your investment manager contact you about your investments? 97 Figure 48: What would be most likely to lead you to switch Investment Manager? 98 Figure 49: How often do you switch Investment Manager? 99 Figure 50: Has the market downturn placed more emphasis upon any aspects in your choice of Investment Manager? 100 Figure 51: Italian investors will be focusing almost exclusively on European investments 101 Figure 52: Spanish investors preference of fixed income/equity mix 102 Figure 53: Deutsche Asset Management sits within the PCAM division of Deutsche Bank 116 Figure 54: Deutsche Bank’s asset management and wealth management segment has seen declining costs and rising revenues in 2003 117 Figure 55: AXA Investment Managers has managed to increase revenues despite the poor equity markets over the 2000-2002 period 118 Figure 56: Net income has suffered for the Asset Management arm since 2000 120 Figure 57: Credit Suisse Asset Management sits within Credit Suisse First Boston the investment bank 123 Figure 58: CSAM’s assets under management are invested across a range of asset classes, 31/12/2002 124 Figure 59: Deutsche Asset Management is the largest European investment manager by either office or regional AuM, 2003 125 Figure 60: KBC is by far the largest asset manager, with 3.6 times more assets under management than the next largest Dexia, 2003 126 Figure 61: The Danish market has many competitive asset managers although Nordea is the market leader by office assets, 2003 127 Figure 62: In Finland, as in Denmark, Nordea is the largest asset manager by office assets AuM, 2003 128 Figure 63: The French market is dominated by French asset managers such as Societe Generale and AXA, 2003 129 Figure 64: DekaBank is the market leader by office assets in the competitive German asset management market, 2003 130 Figure 65: The largest players in Ireland are all Irish, with Bank of Ireland leading the way by office assets, 2003 131 Figure 66: Sanpaolo IMI is the clear market leader in the Italian market by office assets, 2003 132 Figure 67: Dutch asset managers dominate the market in the Netherlands, 2003 133 Figure 68: Norway has two market leaders by office assets, both with around EUR14bn in AuM, 2003 134 Figure 69: BBVA has almost 84% share of the top 9 Spanish asset managers’ office assets under management, 2003 135 Figure 70: AB Svensk and Folksam lead the market in Sweden, with over EUR10bn in office AuM each, 2003 136 Figure 71: The Dutch-owned Robeco leads the market in Switzerland with over EUR90bn in office AuM, 2003 137 Figure 72: Deutsche Bank is the clear market leader in the UK industry with over EUR650bn in office AuM, 2003 138 AbstractIntroductionThe report focuses on all areas of investment management, including retail and institutional mutual funds, life and pensions assets, and non-life insurance assets. Country-specific data is analyzed for Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland and the UK Scope Developments in the European investment management market and data on assets under management of mutual funds, life and pension funds and non-life Datamonitor’s European Investment Management Survey 2004 of 100 institutional investors across the ‘big five’ European countries Lists the largest investment managers in each country by assets under management and the largest 10 or more by managed funds in each country Highlights opportunities and threats to investment managers across Europe, and delivers specific actionable suggestions for success Report Highlights On a European-wide basis, stock markets fell dramatically over the 2000 to 2002 period and the investment management markets in Europe have been badly affected. Total assets in Europe fell over this period from EUR8,359.7bn in 2000 to 7,969.8, a decrease of 4.7%. From Datamonitor's survey of institutional investors it was found that In Italy, 81% of those that outsourced investment management used only one investment manager. In France this figure was 100% and in Germany 50%. In the UK (33%) and Spain (36%) investors had a much greater tendency to use more than one investment manager. Looking to maximize synergies across their businesses, many asset managers restructured in 2003 and consolidation was prevalent in the European market. With so many companies exiting markets and selling off asset management businesses at a discount, others capitalized and either bought up businesses or moved into new territory. Reasons to Purchase Strategy managers: Find out how large your target markets are and what the best strategies are for entry. Marketing managers:Benchmark yourself against your competitors and find out what your customers are looking for in an investment manager. Investment managers: Find out what your clients are investing in and what they want from their investments. Get Full Details About This Report >> |
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