The Italian Asset Management market
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1 key figures Research Department
2 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
3 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
4 The Italian AM market (Jan 2016: August 2017) % M7+M8 +0.6% Perf. 2, % 1, II I 1, % 1,833 Mand Perf. 51% % 50% 1,022 Funds 898 Dec 2015 Dec 2016 Aug
5 Net flows (monthly data) bn Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Monthly data. Source: Assogestioni. 5
6 Product breakdown M7+M M7+M IV 2017 I 2016 III Open end Funds Retail Mandates (discretionary portfolios) II M7+M % 4% % 3% % III IV I II Closed end Funds Institutional Mandates II II M7+M III 0.5 IV 2017 I III +1.3 IV 2017 I 6
7 Long term trend bn, yearly data. Source: Assogestioni. 7
8 Top 15 Groups AuM (August 2017) Net flows 2017 :M % 3% 6% 9% 12% 15% 0% 2% 4% 6% 8% 10% GENERALI % EURIZON % FIDEURAM 4% AMUNDI POSTE ITALIANE 4% % ANIMA HOLDING 60% BLACKROCK UBI BANCA 3% n.a. n.a. 12% ALLIANZ MEDIOLANUM 2% AZIMUT 74% BNP PARIBAS AXA BANCO BPM ARCA JPMORGAN AM 82% 14% bn Funds Mand. x%: Mkt share + Net sales as % AuM 8
9 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
10 Dec % 28% Open-end funds: domicile breakdown Dec Aug % 26% 31% 42% :M8 Domestic Round Trip True Cross Border I II M7+M8 AuM & net flows, bn. 10
11 Long term trend: open-end funds Pioneer previously Round-Trip 9% bn, yearly data. Source: Assogestioni. 11
12 Top 15 Groups (open-end funds only) AuM (August 2017) Net flows 2017 :M % 3% 6% 9% 12% 15% 0% 4% 8% 12% 16% EURIZON % FIDEURAM AMUNDI 4% 12% +7.5 GENERALI BLACKROCK 7% 8% n.a n.a. ANIMA HOLDING MEDIOLANUM 5% 6% 53% AZIMUT 3% JPMORGAN AM UBI BANCA ARCA 70% INVESCO 2% PICTET AM FIDELITY SCHRODERS n.a. Q1 n.a. DEUTSCHE BANK 81% bn Domestic Round Trip True Cross Border x%: Mkt share Net sales as % AuM 12
13 Asset Class breakdown TOTAL 21% 9% 3% 42% 23% DOMESTIC 8% 9% 2% 39% 41% 248 bn 26% ROUND TRIP 17% 7% 5% 47% 24% 295 bn 31% TRUE CROSS BORDER 35% 11% 41% 10% 402 bn 43% 0% 20% 40% 60% 80% 100% Equity Balanced Money Market Bond Flexible Hedge June
14 Equity & balanced funds AuM (June 2017) Net flows 2017 II % 5% 10% 15% 20% 0% 3% 6% 9% 12% ITALY EURO AREA 5% 5% EUROPE 21% AMERICA 13% PACIFIC AREA 5% EMERGING MKTS 9% SPECIAL. COUNTRY 4% GLOBAL 24% SPECIAL. SECTOR 10% OTHER 4% BALANCED bn Domestic Round Trip True Cross Border x%: Mkt share + Net sales as % AuM 14
15 Money mkt, Bond, Flex & Hedge funds AuM (June 2017) Net flows 2017 II % 5% 10% 15% 20% 25% 0% 6% 12% 18% 24% MM FUNDS ITALY 1% EURO GOV. SHORT T. 5% EURO GOV. M/L TERM 8% EURO CORPORATE / HY 10% DOLLAR AREA 3% GLOBAL 7% EM 7% MIXED 21% SPECIALIZED 18% FLEX (BOND) 21% FLEX HEDGE bn Domestic Round Trip True Cross Border x%: Mkt share Net sales as % AuM 15
16 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
17 The Italian fund market is retail-oriented Open-end funds 3 rd party funds Direct distribution DPM Unit Linked Institutional Retail investors End of 2015 data. 17
18 Banks dominate the retail fund distribution landscape (1) 145 bn 347 bn Financial Advisors Bank branches Top 5 groups Top 10 groups Total Top 5 groups Top 10 groups Total AuM of funds distributed to Italian retail clients (direct investment). End of 2015 data. 18
19 Banks dominate the retail fund distribution landscape (2) Italian ManGroups 80 bn 243 bn Financial advisors captive 93% Banks Foreign ManGroups 65 bn 103 bn 3 rd party 80% AuM of funds distributed to Italian retail clients (direct investment). End of 2015 data. 19
20 Banks: no more dependent on funding from retail investors Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Retail Bank Bonds Domestic and Round Trip Funds Foreign Funds Quarterly flows, bn. Source: Assogestioni, Bank of Italy. 20
21 25... and urged to sustain profitability through non interest-based sources of revenues Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Funds flows,captive Man.Cos. (l.) Net interest margin (r.) bn. Source: Assogestioni, bank balance sheets (Top 5 groups). 21
22 Distribution of 3 rd party funds: FAs more open than Banks... Banks FAs Distributors - Open Architecture level (3rd party fund incidence) 28% aver. 42% aver. ( bn) End of 2015 data. 22
23 The more open the distributor the higher the proportion of foreign ManGroups funds Italian ManGroups Foreign ManGroups Distributors - Open Architecture level (3rd party fund incidence) ( bn) End of 2015 data. 23
24 Regional breakdown (channels) FAs Banks End of 2015 data. 24
25 Distinction by type of retail investors (1) 138 bn 354 bn HNWI Mass-Affluent AuM of funds distributed to Italian retail clients (direct investment). End of 2015 data. 25
26 Distinction by type of retail investor (2) Italian ManGroups 57 bn 234 bn HNWI Mass-Affluent Foreign ManGroups 74 bn HNWI 81 bn Mass-Affluent AuM of funds distributed to italian retail clients (direct investment). End of 2015 data. 26
27 3 rd party funds: private segment more open than Mass Affluent Mass/A. Private Distributors - Open Architecture level (3rd party fund incidence) 24% aver. 54% aver. ( bn) End of 2015 data. 27
28 Regional breakdown (clients) End of 2015 data. 28
29 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
30 Mandates: AuM & Net Sales trends AuM (June 2017) Net flows 2017 II % 2% 4% 6% 8% 0% 3% 6% 9% 12% DISCRETIONARY MANDATES (GPF) 4% DISCRETIONARY MANDATES (GPM) 10% PENSION PLANS 9% INSURANCE PRODUCTS (TRADITIONAL) % INSURANCE PRODUCTS (UNIT & INDEX L ED) 8% 13% OTHER 8% bn Foreign Co. Domestic Co. x%: Mkt share Net sales as % AuM 30
31 Top 15 Groups (mandates only) AuM (August 2017) Net flows 2017 :M % 2% 4% 6% 8% 0% 3% 6% 9% 12% 15% GENERALI % EURIZON FIDEURAM 5% % +5.5 AMUNDI 8% POSTE ITALIANE ALLIANZ AXA 3% 4% 8% 79% UBI BANCA BNP PARIBAS 2% +24% BANCO BPM ANIMA HOLDING 1% 89% CREDITO EMILIANO BLACKROCK CREDIT SUISSE n.a. +21% n.a. 31% BANCA ESPERIA AZIMUT 94% +26% bn Retail Instit. x%: Mkt share Net sales as % AuM 31
32 Insurance Mandates & Captive/Affiliated Insurers GENERALI INVESTMENTS GENERALI ASSICURAZIONI (Gr.) EURIZON CAPITAL / FIDEURAM INTESA SANPAOLO VITA (Gr.) POSTE ITALIANE POSTE VITA Italian Market: 35% PIONEER INVESTMENTS UCB (JV AVIVA / ALLIANZ / CNP) ALLIANZ ALLIANZ ASS. (Gr.) Italian insurance market (Dec 2016) AXA AXA ASS. (Gr.) AMUNDI CREDIT AGRICOLE VITA BANCO POPOLARE BP (JV AVIPOP / POPOLARE VITA) % UBI BANCA UBI BANCA (JV AVIVA / LOMBARDA VITA) BNP PARIBAS BNPP CARDIF VITA bn Mandates Technical Res. bn, December Source: Assogestioni, balance sheets. 32
33 Dec Max Unit&Index l. Life Insurance Market: long-term trend June % Funds 27% Bonds 66% Dec Dec bn, yearly data. Source: Ania, Ivass. 33
34 Top 10 Life Insurance Groups Technical Reserves (Dec 2016) Flows GENERALI INTESA SANPAOLO Generali Ass./Generali Italia/Alleanza Ass./BG Vita Intesa Sanpaolo Vita/Fideuram Vita POSTE ITALIANE 55% ALLIANZ UNIPOLSAI AVIVA Allianz/Creditras Vita Unipolsai/Popolare Vita/Bim Vita/Arca Vita 70% BNP PARIBAS AXA MEDIOLANUM CATTOLICA 85% bn Class III (unit/index) x%: Mkt share Class I & Other + Net flows Premiums 34
35 Top 10 Unit&Index Linked Groups Technical Reserves (Dec 2016) Flows INTESA SANPAOLO Intesa Sanpaolo Vita/Fideuram Vita ALLIANZ MEDIOLANUM GENERALI OLD MUTUAL POSTE ITALIANE Allianz/Creditras Vita Generali Ass./Generali Italia/Alleanza/BG Vita 54% 71% CNP ASSURANCES AVIVA UNIPOLSAI AXA 90% bn x%: Mkt share + Net flows Premiums 35
36 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
37 Net Assets by fund domicile 3,944 +7% +6% +5% +6% 14,894 1,968 +4% +9% 1,873 +5% +6% 1,536 +5% 1% 2,231 +7% +10% 62% Ucits AIF 93% Spezialf. 36% MM % +7% % +6% 38% 17Q2 16 Growth rate Germany 13% France 13% UK 10% Switzerland 4% Italy 2% Luxembourg 26% Ireland 15% Europe 100% 2017Q2 bn. Source: Efama, AFG, BVI. 42% 41% 37
38 Net sales by fund domicile Italy 8% 6% 4% 2% +0% +2% +4% +6% +8% France 8% 6% 4% 2% +0% +2% +4% +6% +8% Germany 8% 6% 4% 2% +0% +2% +4% +6% +8% 14% II IV I III I II IV III II I % UK 8% 6% 4% 2% +0% +2% +4% +6% +8% Luxembourg 8% 6% 4% 2% +0% +2% +4% +6% +8% Europe 8% 6% 4% 2% +0% +2% +4% +6% +8% II II III IV I IV I III I II Net sales as a % of AuM. Yearly data in bn. Source: Efama, BVI. 38
39 Net Assets by fund domicile Long-term growth Ireland Luxembourg UK France Germany 100 Italy Q2 Index values. Source: Efama. 39
40 Net Assets by fund group domicile 3,944 +7% +6% +5% +6% 14,894 2,588 +4% +8% Exp 10% 2,206 +4% +7% 2,891 +4% +4% Exp > 90% 60% 2,231 +7% +10% 62% Domestic Funds Ucits Domestic Funds AIF 1,119 +7% +5% % +7% 36% 38% Luxembourg Funds Irish Funds 17 Q2 Growth rate 16 Germany 24% France 15% UK 47% Switzerland 50% Italy 51% Luxembourg Ireland Europe 2017Q2. bn. Foreign (Round-trip) share in %. Est. on Efama, Assogestioni, ALFI & IFIA data. 40
41 Net sales: fund domicile vs. fund group domicile Italy 8% 6% 4% 2% +0% +2% +4% +6% +8% France 8% 6% 4% 2% +0% +2% +4% +6% +8% Germany 8% 6% 4% 2% +0% +2% +4% +6% +8% +14% +15% IV III 2017 III 2016 I II IV III 2015 II I UK % 6% 4% 2% +0% +2% +4% +6% +8% Luxembourg 8% 6% 4% 2% +0% +2% +4% +6% +8% Europe 8% 6% 4% 2% +0% +2% +4% +6% +8% I II I II I III IV II III IV Net sales as a % of AuM. Fund domicile (blue), fund group domicile (black). Est. on Efama, Assogestioni, ALFI, IFIA & BVI data. 41
42 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Household financial portfolio & private pension plans
43 Household saving rates in Europe 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% Q1 0% EU avg Italy Germany France UK Gross household saving rates. Source: Eurostat. 43
44 Household financial portfolio breakdown Total Issued by banks Total Listed Italy bn % % % % % % % , % 22.5% 1.9% 19.2% 2.8% 5.8% 9.3% , % 16.5% 6.3% 29.3% 5.4% 16.9% 10.5% , % 18.9% 7.0% 28.0% 2.4% 10.9% 14.8% , % 19.6% 10.0% 19.8% 1.9% 7.8% 18.1% , % 12.7% 6.1% 22.9% 1.6% 9.7% 19.8% , % 8.7% 3.3% 22.0% 1.3% 11.5% 21.9% 2017 Q1 4, % 8.4% 2.9% 21.8% 1.3% 12.0% 22.6% 2017 Q1 Total Asset Currency & deposits Bonds Stocks Investment funds Pension funds & life pr France 5, % 1.2% n.a. 21.1% 4.7% 5.5% 36.8% Germany 5, % 2.7% n.a. 10.8% 5.5% 10.4% 30.7% UK 7, % 1.7% n.a. 8.4% 2.6% 2.0% 60.3% USA 72, % 5.6% n.a. 35.8% n.a. 11.0% 32.5% %. Source: Eurostat, OECD, BCE, Deutsche Bundesbank. High level of direct investment (~ 30%) Decreasing amounts of bank issued bonds (3.3%) Negligible level of listed shares. High level of unlisted ones. Funds: rise until 1999 (18%) then down, then again up. Pensions/life product: up but still too modest. 44
45 Managed products in household portfolios Investment funds Pension funds & life products 20% 18% 16% 14% 12% 10% 8% abnormally high? 70% 60% 50% 40% 30% 6% 4% 2% 0% too low? Q Q1 20% 10% 0% Italy France Germany United Kingdom USA Source: Eurostat, OECD, BCE, Deutsche Bundesbank. 45
46 Private pension plans at a glance (2nd & 3rd pillar) (,000) Member breakdown 7,787 22, % 21.0% 2008 Employees 5,788 17, % 21.7% Self employed 1,999 5, % 19.0% (,000) % '16 % '08 % ( m) % GDP Vehicle breakdown 7, % +8% +60% 151, % 2016 Working pop. (est.) Membership rate Contractual p.f. 2,597 33% +7% +27% 45,931 Open p.f. 1,259 16% +19% +58% 17,092 Ind. Insurance Plans (PIP) 3,281 42% +8% +138% 30,642 Ante 1993 p.f. ('pre existing') 654 8% +1% 5% 57,538 Membership rate 2016 Members Assets Source: Covip, Istat, RGS. 46
47 key figures Research Department
The Italian Asset Management market
key figures Research Department 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets
The Italian Asset Management market
key figures Research Department 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets
The Italian Asset Management market
key figures Research Department 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets
The Italian Asset Management market
key figures Research Department 1. Overview Open-end funds: AuM, flows & Asset classes Open-end funds: Distribution Mandates and the insurance market 2. The European Investment Fund Industry Net assets
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The Italian Asset Management market
key figures Research Department 1. Summary statistics Open-end funds Mandates A snapshot of the insurance market The recovery, some tentative explanations 2. The European Investment Fund Industry Net assets
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