PAM Japan Business Update For Italian Clients

Transcription

1 PAM Japan Business Update For Italian Clients TAKUHIDE HAGINO October 2017

2 PICTET ASSET MANAGEMENT CO., LTD. (PAMJ) AT A GLANCE Opened the rep. office in 1981 Obtained investment management and advisory licenses in 1987 Total AUM : JPY 2 tri. (EUR 15bil) as of Sep 2017 # of employees: 112 as of Sep years history in Japan Turned to be profitable since 2005 One of 4 strategic regions at PAM Strong message to local clients: Pictet should be up & running in the next years in Japan 2

3 PAMJ HISTORICAL AUM BY BUSINESS CHANNEL (Dec 1998 Sep 2017) (JPY bil) Historical AUM (As of Sep. 2017) 5,000 Retail&WS 4,000 Institutional Total AUM JPY 2.0 tri. (EUR 15.1bil) 3,000 2,000 Global Utilities High Dividend Equities Fund (Glo-in) Global Emerging Markets High Dividend Equities Fund (Shinko-in) AUM split between Retail and Institutional 70% / 30% 1,000 0 EUR = JPY

4 (JPY bil) 800 JPY billion PAMJ HISTORICAL AUM (INSTITUTIONAL) (Dec 1998 Sep 2017) Historical AUM (As of Sep. 2017) 600 Institutional Total AUM JPY 600 bil. (EUR 4.5bil) Japanese Equities - Core Equities - Global & Regional Bonds - Liquid Alternatives - Multi Asset 0 EUR = JPY

5 Retail Fund Business in Japan 5

6 RETAIL FUND MARKET IN JAPAN Historical AUM of Publicly Offered Securities Investment Trusts JPY trillion Bond Investment Trusts Stock Investment Trusts incl.etf #of funds (Stock Investment + Bond Investment Trusts) # of funds Source: The Investment Trust Association in Japan figures are as of Aug

7 RETAIL FUND MARKET IN JAPAN AUM of Publicly Offered Stock Investment Trusts by Distribution Channel JPY trillion Brokers Banks Direct Marketing Banks started to distribute all types of Insurance Products Banks 50% 2007/12 Brokers 49% Direct Marketing, 1% Banks started to distribute Investment Trusts 2017/8 Direct Marketing 1% 20 Banks 31% 0 Brokers 68% Source: The Investment Trust Association in Japan figures are as of Aug

8 RETAIL FUND TOP 20 ASSET MANAGERS BY AUM IN JAPAN (As of Aug2017) TOP20 Asset Managers by AUM (Onshore Publicly Offered Investment Trusts) Aug-2017 AUM Share Asset Management Company (JPY bil) (%) 1 Nomura Asset Management Co.,Ltd. 26, % 2 Daiwa Asset Management Co.Ltd. 15, % 3 Nikko Asset Management Co.,Ltd. 12, % 4 Mitsubishi UFJ Kokusai Asset Management Co., Ltd. 9, % 5 Asset Management One Co., Ltd. 8, % 6 Sumitomo Mitsui Trust Asset Management Co., Ltd. 3, % 7 FIL Investments (Japan) Limited 3, % 8 Sumitomo Mitsui Asset Management Company, Limited 2, % 9 Daiwa SB Investments Ltd. 2, % 10 Nissay Asset Management Corporation 2, % 11 Goldman Sachs Asset Management Co.,Ltd. 1, % 12 (Japan) Ltd. 1, % 13 Okasan Asset Management Co., Ltd. 1, % 14 Tokio Marine Asset Management Company, Limited 1, % 15 Amundi Japan Ltd. 1, % 16 Legg Mason Asset Management (Japan) Co., Ltd % 17 BlackRock Japan Co., Ltd % 18 JPMorgan Asset Management (Japan) Limited % 19 UBS Asset Management (Japan) Ltd % 20 Deutsche Asset Management (Japan) Limited % Top 20 Asset Managers 96, % Total (80 Asset Managers) 102, % 125 distributors! Source: The Investment Trust Association in Japan 8 8

9 INDIVIDUAL FINANCIAL ASSETS IN JAPAN Comparison among Japan, US and Europe US: US$ 73.1 tri. (EUR 58.2 tri.) Europe: EUR 22.3 trillion Japan: JPY1,800 tri. (EUR 14.3 tri.) Insurance & Pension Reserves, 32.1% Others, 3% Bank Deposits, 13.9% Bonds, 5.1% Unit trust/mutua l fund, 10.7% Insurance & Pension Reserves, 34.2% Others, 3% Bank Deposits, 34.6% Bonds, 3.8% Shares & Equities, 9.3% Others, 2.8% Insurance & Pension Reserves, 29.1% Bank Deposits 52.0% Shares & Equities, 35.4% Shares & Equities, 16.3% Unit trust/mutua l fund, 8.6% Unit trust/mut ual fund, 5.4% Bonds, 1.4% Shares/Equities + Unit Trust/Mutual Fund US: 46.1% Europe: 24.9% Japan: 14.7% As of Dec 2016 Source: Survey of Bank of Japan 9 9

10 ONLINE SUPPORT FOR DISTRIBUTORS PAMJ deals with 125 Distributors in its retail business Ave. 3,000 p.a. study sessions and investor seminars have been held over the last few years through nation wide. In order to seek cost-efficiency, we are making effort to enhance the online support for distributors 10 10

11 KEY SUCCESS FACTORS OF PAMJ FROM THE PAST THROUGH FUTURE Past to Present Two flagship equity products, namely Glo-in and Shinko-in Built the brand image to penetrate into the retail fund business Consequently, 125 distributors including 63 regional banks with more sticky money While less visible brand image in fixed income, multi-asset and institutional business spaces Business direction To grow Fixed Income and Multi-asset products in the retail segment Further to grow the institutional business To enhance online client service capability to seek cost efficiency 11 11

12 GRAZIE MILLE! Please enjoy the Omotenashi culture of Japan during your stay! 12

13 Appendix 13