May, 19th UCITS IV to UCITS V

Transcription

1 London, 19 May 2011

2 May, 19th 2011 UCITS IV to UCITS V

3 London roadshow 2011 Panel discussion moderated by: UCITS IV to UCITS V Thomas Seale, CEO, European Fund Administration, and Vice Chairman, ALFI Panelists: Julie Patterson, Director Authorised Funds & Taxation, IMA Freddy Brausch, Partner, Linklaters LLP Michael Ferguson, Partner, Asset Management Leader, Ernst & Young Bill Scrimgeour, Global Head of Regulatory and Industry Affairs, HSBC Securities Services

4 The Luxembourg Fund Investment Sector Net assets of Luxembourg domiciled UCIs + 19% nr. of funds / units millions growth rate for the net assets Dec Source: ALFI as at funds units net assets 4

5 Worldwide Mutual/UCITS Fund Industry In billion 10,000 8,000 Luxembourg is the World s 2 nd largest fund centre (after the USA) 86% of Luxembourg funds are UCITS The overall Luxembourg market represents 2.2 trillion 6,000 4,000 8,846 1,881 2,000 4,033 2,296 - USA Europe Asia & Pacific Source: EFAMA & ICI Q

6 UCITS in Europe Country Net Assets (million EUR) Market share 2010/2009 growth Luxembourg % 18.1% France % -3.4% Ireland % 27.0% UK % 24.9% Germany % 13.1% Other (EU 21) % 9.48% Total % 12.7% Source : EFAMA Quarterly Statistical Release no.44 (4 th quarter 2010) 6

7 UCITS : Luxembourg Market Share Luxembourg market share of foreign cross-border funds registered for sale Sweden 75% France 72% Germany 70% Switzerland 73% Bahrain 81% Peru 68% South Korea 100% Japan 62% Taiwan 76% Hong Kong 78% Singapore 74% Chile 79% Source : Lipper Hindsight and PwC analysis, December 31,

8 Top 50 cross-border fund groups Rank Promoter Domicile Countries of Sale 1 FRANKLIN TEMPLETON LU 49 2 HSBC HOLDINGS LU 42 3 BLACKROCK LU 39 4 BNP PARIBAS LU 36 5 FIL LIMITED LU 32 6 SCHRODERS LU 31 7 AMUNDI GROUP LU 30 7 UBS LU 30 7 DEUTSCHE BANK LU JP MORGAN LU ALLIANZ GROUP LU PIMCO IE INVESCO LU PIONEER INVESTMENTS LU ABERDEEN ASSET MANAGEMENT LU ING GROEP LU BNY MELLON / WESTLB MELLON IE GARTMORE GROUP LU ROYAL BANK OF SCOTLAND LU LEGG MASON IE PINEBRIDGE INVESTMENTS IE INVESTEC LU CREDIT SUISSE LU ALLIANCEBERNSTEIN MANAGEMENT LU HENDERSON GROUP LU 22 Source PwC analysis, December 31, 2010 (Global Fund Distribution Survey) Rank Promoter Domicile Countries of Sale 24 MORGAN STANLEY LU PICTET & CIE LU AXA IE GOLDMAN SACHS LU LLOYDS TSB GROUP JE GLG PARTNERS LU MASSACHUSETTS FINANCIAL SERVICES COMPANY LU NORDEA LU GAM IE MASSACHUSETTS MUTUAL LIFE INSURANCE IE SKANDIA GROUP IE STATE STREET CORPORATION FR SKANDINAVISKA ENSKILDA BANKEN LU AVIVA LU IGNIS ASSET MANAGEMENT IE DEXIA GROUP LU RABOBANK GROUP LU GROUPE BPCE LU THREADNEEDLE UK BANK SARASIN LU SWISS & GLOBAL ASSET MANAGEMENT LU T ROWE PRICE GROUP LU VONTOBEL HOLDING LU CAPITAL GROUP LU PRUDENTIAL CORPORATION UK 17 8

9 Top 25 Most Successful Net Sales in 2010 Top 25 funds with the highest Net Sales in 2010 grouped by domicile, % assets Ireland 18% Total top 25 net sales: billion France 16% Luxembourg 59% UK 7% Source : Lipper European Fund Market Review 2010 & EFA Analysis 9

10 The Hedge Fund like UCITS Number of hedge fund-like UCITS * Source: Lipper LIM and PwC Analysis Luxembourg Spain France Other Ireland UK 10

11 The regulatory tsunami Target 2 Securities Bank capital rules Consumer protection Banking MiFID II Depositaries 2012 AIFMD Credit rating agencies PRIPS IMD II Insurance Source : PwC Luxembourg Solvency II IFRS 4 Phase II Corporate governance & executive remuneration UCITS V Asset management UCITS IV 11

12 UCITS IV Increase Investor Protection Reduce Administrative Burden Increase Market Efficiency Fund Mergers Notification Procedure Key Investor Information Master-Feeder ManCo Passport REGULATOR COORDINATION Date of Implementation : July 1st,

13 UCITS V Depositary liability Remuneration Other?

14 UCITS IV A missed opportunity? July 1 st priorities Master feeder / mergers ManCo passport EU transposition KIID 14

15 UCITS V: certain topics Depositary liability Remuneration 15

16 UCITS V: likely topics Sanctioning Complex vs. non-complex Tidying up Timing 16

17 UCITS: Other Topics Happy ending? UCITS 6? Self-managed SICAVs? ESMA vs. CESR? Competing products? Breaking news from Luxembourg? 17

18 London, 19 May 2011 Thank you Listening to investors

19 London, 19 May 2011 Coffee is served in the rooms near the entrance Listening to investors kindly leave the voting pad on your seat Thank you

20 London, 19 May 2011