Benchmark your Global Fund Distribution 2015
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1 Benchmark your Global Fund Distribution 215 Asset Management
2 Evolution of cross-border distribution Number of cross-border funds and registrations 1, 9, 9,436 11% 9,869 5% 1,43 6% 11, 1, Number of cross-border registrations 8, 7, 6, 5, 4, 3, 4,529 4,875 8% 5,17 6% 5,97 14% 6,525 1% 7,366 13% 7,441 1% 7,97 6% 8,511 8% 9, 8, 7, 6, 5, 4, Number of cross-border funds Funds Domicile: United Kingdom Other Number of true cross-border funds 2, 3, 1, 2, , Average registrations per true cross-border fund Sources: Lipper LIM and PwC analysis, 31 December 214. Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile. Domicile share of authorisations for cross-border distribution 67% Sources: Lipper LIM and PwC analysis, 31 December 214. Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile. Number of cross-border funds 1,43 Compound annual growth rate over 1 years 7.9% 2% 4% 2% 2% 5% Funds Domicile: United Kingdom Other Number of true cross-border funds Number of cross-border registrations 83,55 Compound annual growth rate over 1 years 11.4% Top 5 destinations of leading fund domiciles: Registrations in: Germany 4,74 Switzerland 4,98 Austria 4,67 3,47 United Kingdom 3,258 Registrations in: United Kingdom 1,88 Germany 1,78 Switzerland 1,371 1,343 Netherlands 1,275 Benchmark your Global Fund Distribution Asset Management - March 215
3 Distribution footprint* 34% (3 to 4 markets) 29% (5 to 9 markets) 7% (2+ markets) 1% (15 to 19 markets) * Of true cross-border funds. Source: Lipper LIM and PwC analysis, 31 December % (1 to 14 markets) Origin of top 5 Man Co Country of origin of cross-border Management Groups United States United Kingdom Other Europe Switzerland Germany South Africa Japan Source: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215
4 Evolution of UCITS net sales and AuM Mutual funds* net sales UCITS Assets - Top European domiciles EUR bn World Europe ** EUR bn 3, 2,5 2,198 AuM growth (29-214) 2, , 1,592 1,881 1,76 2, ,5 1,274 1,253 1,21 1,116 1,68 1,111 1,146 1, 968 1, World Europe United Kingdom Source: ICI. Source: EFAMA, ICI * Home domiciled mutual funds. ** Q3 214 year to date. Note: In Europe, to measure the equivalent of the American mutual funds, ICI collects UCITS fund data from EFAMA. Benchmarking cross-border distribution Asset classes Breakdown of the number of registrations by investment strategy (top 15 strategies) Change in number of cross-border funds vs number of funds last year (top 15 strategies) Number of registrations 12, 1, 8, 6, 4, 2, Total number of funds as of 31 December Change in number of funds from 213 to 214 calendar year Equity Europe Bond Europe Sources: Lipper LIM and PwC analysis, 31 December 214. Equity Global Equity Specific Sector Equity Emerging Markets Equity Asia Pacific Equity US Bond Global Bond Emerging Markets Mixed Asset Europe Bond US Alternative Equity Japan Absolute Return Equity China Equity Global Equity Europe Mixed Asset Europe Bond Global Bond Europe Equity Emerging Markets Sources: Lipper LIM and PwC analysis, 31 December 214. Equity US Bond Emerging Markets Equity Asia Pacific Alternative Commodity Bond US Mixed Asset US Equity Japan Bond Convertibles Global Benchmark your Global Fund Distribution Asset Management - March 215
5 Target markets for distribution Key fund domiciles and their distribution markets Distribution Markets Fund Domiciles United Kingdom Belgium Other Total number of registrations as at Dec. 214 Number of new registrations during 214 % growth Trend over 5 years EUROPE Andorra % Austria 4,67 1, , % Belgium 2, , % Bulgaria % Cyprus % Czech Republic % Denmark 1, , % Estonia % Faroe Islands % Finland 2, , % 3,47 1, , % Germany 4,74 1, , % Gibraltar % Greece % Greenland % Guernsey % Hungary % Iceland % 1, , % Isle of Man % Italy 3, , % % Latvia % Liechtenstein % Lithuania % - 1, , % Malta % Monaco % Netherlands 3,252 1, , % Norway 1, , % Poland % Portugal 1, , % Romania % Slovakia % Slovenia % Spain 3, , % Sweden 2,87 1, , % Top Market Switzerland 4,98 1, , % United Kingdom 3,258 1, , % Total number of registrations - EUROPE 48,923 15,537 3,31 1,876 1, ,38 73,71 6, % Benchmark your Global Fund Distribution Asset Management - March 215
6 Distribution Markets Fund Domiciles United Kingdom Belgium Other Total number of registrations as at Dec. 214 Number of new registrations during 214 % growth Trend over 5 years ASIA PACIFIC Australia % Brunei Darussalam New Hong Kong , % Japan % Korea % Macau % New Zealand % Top Market Singapore 1, , % Taiwan % Total number of registrations - ASIA PACIFIC 4,396 1, , % MIDDLE EAST Bahrain % Jordan % Kuwait % Lebanon % Oman % Top Market Qatar % Saudi Arabia New Turkey % United Arab Emirates % Total number of registrations - MIDDLE EAST % AMERICAS Bahamas % Canada % Cayman Islands % Chile , % Colombia % Dominican Republic New El Salvador New Mexico % Top Market Panama % Peru % Saint Martin % Trinidad & Tobago % United States % Total number of registrations - AMERICAS 1, , % AFRICA Botswana % Top Market Mauritius % South Africa % Total number of registrations - AFRICA % TOTAL 55,787 16,94 3,218 1,952 1, ,157 83,55 7, % Benchmark your Global Fund Distribution Asset Management - March 215
7 Top 5 cross-border management groups Explanation Ranking according to the total number of countries of distribution. Ranking Management company Total # of countries of distribution at group level (including domicile) MAIN FUND DOMICILES AND NUMBER OF COUNTRIES OF DISTRIBUTION First domicile and # of countries of distribution Second domicile and # of countries of distribution Third domicile and # of countries of distribution AMERICAS ASIA PACIFIC MIDDLE EAST AFRICA Bermuda British Virgin Islands Canada Cayman Islands Chile Colombia Curacao Mexico Panama Peru Saint Martin Trinidad and Tobago United States Australia Brunei Darussalam Cook Islands Hong Kong India Japan Korea Macau Singapore Taiwan Bahrain Jordan Kuwait Lebanon Oman Qatar Saudi Arabia Turkey United Arab Emirates Botswana Egypt Mauritius South Africa 1 FRANKLIN TEMPLETON 49 LU HSBC 45 LU 4 IE 18 GG 5 3 BLACKROCK 44 LU 36 IE 25 DE 13 4 FIDELITY WORLDWIDE INVESTMENTS 39 LU 38 UK 11 IE 11 5 BNP PARIBAS 35 LU 34 FR ALLIANZ GROUP 33 LU 32 IE 12 DE 7 7 GAM (INCLUDING SWISS AND GLOBAL) 32 LU 26 IE 23 UK 4 8 JP MORGAN 31 LU 31 HK PIONEER INVESTMENTS 31 LU 3 AT SCHRODERS 3 LU 29 UK 13 HK 4 1 UBS 3 LU 29 IE 15 FR 4 12 INVESCO 29 LU 27 IE 25 KY 2 12 AMUNDI GROUP 29 LU 28 FR 13 IE 5 14 ABERDEEN ASSET MANAGEMENT 28 LU 27 UK 6 IE 3 15 ROYAL BANK OF SCOTLAND 27 LU DEUTSCHE BANK 26 LU 22 IE 16 DE HENDERSON GROUP 26 LU 25 UK BNY MELLON 26 IE 24 LU 14 UK LEGG MASON 26 IE 22 LU PIMCO 26 IE CAPITAL GROUP 26 LU ALLIANCEBERNSTEIN MANAGEMENT 25 LU ING INVESTMENT MANAGEMENT 25 LU PINEBRIDGE 25 IE CREDIT SUISSE GROUP 24 LU 22 IE 1 LI 3 25 INVESTEC 24 LU 22 GG 7 UK 4 25 PICTET & CIE 24 LU 23 CH BARCLAYS 23 LU 18 IE 17 JE 8 28 LYXOR 23 LU 17 FR 14 IE MAN GROUP 23 IE 16 BM 4 LU 2 28 T-ROWE PRICE 23 LU THREADNEEDLE 22 UK 19 LU GOLDMAN SACHS 22 LU 2 IE KBC 22 LU 21 BE 8 IE 3 32 MORGAN STANLEY 22 LU 21 IE PRUDENTIAL 22 UK 15 LU STATE STREET 22 IE 16 FR 14 LU AXA 22 LU 18 IE 18 FR 6 32 BLUEBAY 22 LU OLD MUTUAL 22 IE 21 UK NORDEA 21 LU 2 FI 4 42 MFS 2 LU MUZINICH & CO 2 IE MASSACHUSETTS MUT LIFE 2 IE 19 UK 13 LU 8 42 ROBECO 2 LU 19 NL JANUS GROUP 2 IE EAST CAPITAL 2 LU 16 SE UBP 2 LU 17 FR GROUPE BPCE 19 LU 17 FR 12 IE 1 49 NOMURA 19 IE TOTAL Sources: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215
8 Top 5 cross-border management groups Explanation Ranking according to the total number of countries of distribution. Ranking Management company Total # of countries of distribution at group level (including domicile) MAIN FUND DOMICILES AND NUMBER OF COUNTRIES OF DISTRIBUTION First domicile and # of countries of distribution Second domicile and # of countries of distribution Third domicile and # of countries of distribution EUROPE Andorra Austria Belgium Bulgaria Cyprus CzechRepublic Denmark Estonia Finland Germany Gibraltar Greece Guernsey Hungary Iceland Isle of Man Italy Latvia Liechtenstein Lithuania Malta Monaco Netherlands Norway Poland Portugal Romania Slovakia Slovenia Spain Sweden Switzerland United Kingdom 1 FRANKLIN TEMPLETON 49 LU HSBC 45 LU 4 IE 18 GG 5 3 BLACKROCK 44 LU 36 IE 25 DE 13 4 FIDELITY WORLDWIDE INVESTMENTS 39 LU 38 UK 11 IE 11 5 BNP PARIBAS 35 LU 34 FR ALLIANZ GROUP 33 LU 32 IE 12 DE 7 7 GAM (INCLUDING SWISS AND GLOBAL) 32 LU 26 IE 23 UK 4 8 JP MORGAN 31 LU 31 HK PIONEER INVESTMENTS 31 LU 3 AT SCHRODERS 3 LU 29 UK 13 HK 4 1 UBS 3 LU 29 IE 15 FR 4 12 INVESCO 29 LU 27 IE 25 KY 2 12 AMUNDI GROUP 29 LU 28 FR 13 IE 5 14 ABERDEEN ASSET MANAGEMENT 28 LU 27 UK 6 IE 3 15 ROYAL BANK OF SCOTLAND 27 LU DEUTSCHE BANK 26 LU 22 IE 16 DE HENDERSON GROUP 26 LU 25 UK BNY MELLON 26 IE 24 LU 14 UK LEGG MASON 26 IE 22 LU PIMCO 26 IE CAPITAL GROUP 26 LU ALLIANCEBERNSTEIN MANAGEMENT 25 LU ING INVESTMENT MANAGEMENT 25 LU PINEBRIDGE 25 IE CREDIT SUISSE GROUP 24 LU 22 IE 1 LI 3 25 INVESTEC 24 LU 22 GG 7 UK 4 25 PICTET & CIE 24 LU 23 CH BARCLAYS 23 LU 18 IE 17 JE 8 28 LYXOR 23 LU 17 FR 14 IE MAN GROUP 23 IE 16 BM 4 LU 2 28 T-ROWE PRICE 23 LU THREADNEEDLE 22 UK 19 LU GOLDMAN SACHS 22 LU 2 IE KBC 22 LU 21 BE 8 IE 3 32 MORGAN STANLEY 22 LU 21 IE PRUDENTIAL 22 UK 15 LU STATE STREET 22 IE 16 FR 14 LU AXA 22 LU 18 IE 18 FR 6 32 BLUEBAY 22 LU OLD MUTUAL 22 IE 21 UK NORDEA 21 LU 2 FI 4 42 MFS 2 LU MUZINICH & CO 2 IE MASSACHUSETTS MUT LIFE 2 IE 19 UK 13 LU 8 42 ROBECO 2 LU 19 NL JANUS GROUP 2 IE EAST CAPITAL 2 LU 16 SE UBP 2 LU 17 FR GROUPE BPCE 19 LU 17 FR 12 IE 1 49 NOMURA 19 IE TOTAL Sources: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215
9 For more detailed and regular updates on cross-border distribution, please visit Assisting in Global Fund Distribution We can assist you in international fund distribution. If you need help to create a distribution strategy, obtain quick and efficient market entry or to ensure your funds remain in compliance with all regulations - our dedicated cross-border fund distribution team is experienced in delivering effective solutions in more than 4 jurisdictions across the globe. The GFD client solutions include: Development of an effective distribution strategy, including detailed market, product and investor analysis Product structuring and development Market entry for UCITS and AIFs Local private placement rules Advice on local and EU rules to ensure compliance with cross-border requirements Compliance with reporting related to distribution Distributor due diligence and benchmarking Advice on distribution set-up Market Intelligence Publication requirements Your contacts José-Benjamin Longrée Partner, Global Fund Distribution Leader jose-benjamin.longree@lu.pwc.com Steven Libby Partner, Asset Management Leader steven.libby@lu.pwc.com Christophe Saint-Mard Partner, Global Fund Distribution christophe.saint-mard@lu.pwc.com John Parkhouse Partner, European Asset Management Leader john.m.parkhouse@lu.pwc.com Dariush Yazdani Partner, Market Research Centre Leader dariush.yazdani@lu.pwc.com Follow us on social media PwC Plug 215 PricewaterhouseCoopers, Société coopérative. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers, Société coopérative () which is a member firm of PricewaterhouseCoopers International Limited ( PwC IL ), each member firm of which is a separate and independent legal entity. PwC IL cannot be held liable in any way for the acts or omissions of its member firms.
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