The Cerulli Report European Fund Selector 2015

Transcription

1 The Cerulli Report European Fund Selector 2015 Securing a Place on the Buy List NEW Interactive Data Supplement Overview & Methodology This annual report examines the fund selection process across the major European markets: France, Germany, Italy, Spain, Switzerland, and the United Kingdom. The report maps out points of access for key influencers in the selection chain. Data in this report comes from two proprietary surveys of more than 100 European fund selectors and 35 cross-border asset managers, and interviews with more than 80 fund selectors. Benefits - Analyze fund buyers selection and de-selection criteria - Examine key relationships in the selection process - Highlight where selectors want to see developments in product innovation Questions Answered - What are the most important criteria for fund selection? - How many funds and managers are on fund selectors shelves in each country? - Which fund sectors have the most competitive products, according to fund selectors? - Who are the key influencers in securing selection? - Which channels are European asset managers focusing on? NEW Interactive Data Supplement Experience Cerulli s digital platform and interact with analyses from this report today With this report subscription, we re pleased to include these interactive charts: LOOK INSIDE THIS REPORT 182 Pages, 135 Exhibits Subscription Information $17,000 Annual - Hardcopy - Digital copy in color - Unlimited online firm-wide access - Exhibits in Excel - Key findings - Online access to 2 related reports - Analyst support - NEW Interactive Data Supplement Research Included A subscription to this report remains active until the next iteration of this report releases and includes online access to the following related Cerulli research: Two years of The Cerulli Report: European Fund Selector To Purchase CALL info@cerulli.com VISIT 1. Fund Selection and De-Selection Criteria: Review fund selectors and asset managers views on fund selection, including fees, fund performance, and investment philosophy, in side-by-side comparison. 2. European Fund Selectors Buy Lists: Evaluate the number of funds and managers on European fund selectors buy list by type and country. 3. European Product Trends: Explore European product trends and challenges by product type, country, and asset class.

2 New Cerulli interactive Data SupplemeNt Interact with select Cerulli Report analyses today What are Interactive Data Supplements? We are pleased to offer an interactive experience with select data contained in 2015 Cerulli Reports. This Interactive Data Supplement (IDS), allows you to interact with select exhibits in unique ways: NEW Interactive Data Supplement Access consolidated data from multiple report exhibits in a single comparative view Home in on specific data elements Build custom charts that are easily exported for presentations and other materials Apply customizable filters to Cerulli Report analyses including assets under management, net new flows, product type, channel, year, marketplace, and currency $120,000M $100,000M $80,000M EXPLORE FIRM: Select Firm YEAR: Q 2013 PROGRAM TYPE: Customize elements including currency, year, channel, etc. $60,000M $40,000M $20,000M $0M Q Q Q Q Q Q Q Q Q Q 2013 $140,000M $120,000M $100,000M $80,000M $60,000M $40,000M $20,000M 10% 5% 0% -5% (All) Mutual Fund Advisory Separate Accounts Rep as Portfolio Manager PROGRAM NAME: (All) Manager Select Model Wealth Portfolio Optimum Market Portfolio Personal Wealth Portfolio SAM (non-securities) SAM (securities) UVEST - CAA UVEST - NATCO UVEST - Vista Mgr Direct UVEST - Vista Wrap Rep as Portfolio Manager Separate Accounts Mutual Fund Advisory Assets Growth Rate View granular data Export exhibits the way you want them to look in Excel, PDF, or as an image $0M Q Q Q Q Q Q Q Q Q Q 2013 Source: Cerulli Associates Remember my changes How to Access IDS This new service is complimentary and is accessible via Cerulli Client Login. Simply access your firm s online Cerulli research with your unique login credentials and you will find the View Interactive Data Supplement link to this platform in My Reports. VIEW INTERACTIVE CHART You can also jump to the related IDS chart in the report by clicking on the View Interactive Chart button throughout the PDF. To obtain online access: Visit or contact our account management team: info@cerulli.com

3 France Chapter 4 exhibit 4.03 Number of Funds on a French Fund Selector s Buy list, Source: Cerulli Associates Analyst Note: French fund selectors were asked to identify the number of funds on their buy list. VIEW INTERACTIVE CHART 40% 33% 30% 20% 18% 18% 17% 17% 18% 13% 10% 9% 9% 9% 9% 9% 8% 4% 4% 4% 0% < > A total of 33% of fund selectors surveyed by Cerulli reported a buy list of funds. Boutique firms, however, generally have smaller lists of between 40 and 80 funds. The size of the buy list usually reflects the firm s style; bigger buy lists allow a tailored approach to the client, while smaller ones usually comprise more exclusive products. Key Implication: Asset managers increasingly focus on well-known funds and prefer to work with fewer products, which gives them more control of their buy list and the ability to conduct a thorough in-house due diligence of selected funds. the Cerulli Report European Fund Selector C A

4 Expanded table of Contents table of CoNteNtS - Expanded Key Questions Answered How much space is there on a fund selector s shelf? What is the divergence between fund selectors top selection criteria and the importance attached to those criteria by asset managers? What are the most important factors that hamper a seller s progress with a buyer? What can managers do to encourage inflows in the short to medium term? What sectors hold opportunities for managers pitching to German selectors? Are managers welcome to make unsolicited calls on fund buyers in Italy?...18 Chapter 1: Players...19 Exhibit Largest 20 Managers by Mutual Fund and Fund-of-Funds Assets Under Management in Europe, Exhibit Global Private Banks Ranked by Assets Under Management, Exhibit Number of Advisors in Financial Advisor Firms in the United Kingdom, Exhibit Percentage of Assets Under Discretionary Management, Exhibit Top 20 European Pension Funds by Investable Assets Under Management, Exhibit Largest 20 UK Long-term Insurance Companies by Gross Written Premiums, Exhibit Importance of Key Attributes for Winning Mandates Direct from European Insurance Companies, Exhibit Importance Placed by European Pensions on Fund Attributes in Terms of Alternative Fund Selection Criteria, Exhibit Asset Managers Views on Profit Margins Over the Next Months by Institution Type, Chapter 2: Process...32 Exhibit European Fund Selectors Listed by Difficulty of Getting On or Staying On the Buying List, Exhibit Factors That Play a Pivotal Role in the Selection of a Fund, Exhibit Most Influential Factors in Removing a Fund from a Buy List, Exhibit Number of Funds on a European Fund Selector s Buy List by Channel, Exhibit Number of Managers on a European Fund Selector s Buy List by Channel, Exhibit Roles With the Biggest Impact During the Fund Selection Process, Exhibit Asset Managers Greatest Challenges in Fund Promotion, Exhibit Previous Experience of Product Specialist Staff, Chapter 3: Products...45 Exhibit Asset Classes That Are Going to Attract the Most Inflows in the Next 12 and 36 Months, Exhibit Fund Sectors in Which Private Banks Are Going to Increase Clients Exposure In the Next Months, Exhibit Asset Managers Expectations of Smart Beta Product Sales to European Institutions Over the Next Months, Exhibit European Multi-Asset Mutual Fund Net New Flows and Fund Launches, Exhibit European Institutional Investors Expected Changes in Investment in Alternatives Over the Next 12 to 24 Months and Three to Five Years, the Cerulli Report European Fund Selector C A

5 table of Contents Expanded Exhibit Marketshare of Sustainable and Responsible Investment Retail Funds for Selected Countries, June Exhibit Passively Managed Assets as a Percentage of Total Portfolio Size, Exhibit Popular Fund Sectors Among Passively Managed Funds, Exhibit European Equity Funds with Low Active Share, November Chapter 4: France...59 Exhibit French Mutual Funds Assets Under Management and Net New Flows, Exhibit Global Selection Teams vs. Independent Selection Teams, France, Exhibit Number of Funds on a French Fund Selector s Buy List, Exhibit Number of Managers on a French Fund Selector s Buy List, Exhibit Buy List Turnover in France, Exhibit Preferred Partnerships in France, Exhibit Outsourced Fund Selection Process in France, Exhibit Databases Used by French Selectors, Exhibit Top 5 Most Used Fund Ratings in France, Exhibit French Fund Selectors Selection Criteria, Exhibit French Fund Selectors De-Selection Criteria, Exhibit French Fund Sectors With No Unique Products, Exhibit French Fund Selectors Views on the Most Useful Events, Exhibit Frequency of Unsolicited Manager Meetings in France, Exhibit Fund Manager Turnover by Domicile, Chapter 5: Germany...76 Exhibit German Mutual Funds Assets Under Management and Net New Flows, Exhibit Global Selection Teams vs. Independent Selection Teams, Germany, Exhibit Number of Funds on a German Fund Selector s Buy List, Exhibit German Buy List Turnover, Exhibit Preferred Partnerships in Germany, Exhibit Databases Used by German Fund Selectors, Exhibit Top 5 Most Used Fund Ratings in Germany, Exhibit German Fund Selectors Selection Criteria, Exhibit German Fund Selectors De-Selection Criteria, Exhibit German Fund Sectors With No Unique Products, Exhibit Prominent Brand Names in Germany, Exhibit Most Useful Events for German Fund Selectors, Exhibit Frequency of Unsolicited Manager Meetings in Germany, Exhibit Fund Manager Turnover by Domicile, Chapter 6: Italy...92 Exhibit Italian Mutual Funds Assets Under Management and Net New Flows, Exhibit Global Selection Teams vs. Independent Selection Teams, Italy, Exhibit Number of Managers on an Italian Fund Selector s Buy List, C A 8 the Cerulli Report European Fund Selector 2015

6 Expanded table of Contents Exhibit Number of Funds on an Italian Fund Selector s Buy List, Exhibit Buy List Turnover in Italy, Exhibit Preferred Partnerships in Italy, Exhibit Outsourced Fund Selection Process in Italy, Exhibit Databases Used by Italian Fund Selectors, Exhibit Top 5 Most Used Fund Ratings in Italy, Exhibit Italian Fund Selectors Selection Criteria, Exhibit Italian Fund Selectors De-Selection Criteria, Exhibit Italian Fund Sectors With No Unique Products, Exhibit Most Useful Events for Italian Fund Selectors, Exhibit Frequency of Unsolicited Manager Meetings in Italy, Exhibit Fund Manager Turnover by Domicile, Chapter 7: Spain Exhibit Spanish Mutual Fund Assets Under Management and Net New Flows, Exhibit Global Selection Teams vs. Independent Selection Teams in Spain, Exhibit Number of Managers on a Spanish Fund Selector s Buy List, Exhibit Number of Funds on a Spanish Fund Selector s Buy List, Exhibit Buy List Turnover in Spain, Exhibit Preferred Partnerships in Spain, Exhibit Outsourced Fund Selection Process in Spain, Exhibit Databases Used by Spanish Fund Selectors, Exhibit Top 5 Most Used Fund Ratings in Spain, Exhibit Spanish Fund Selectors Selection Criteria, Exhibit Spanish Fund Selectors De-Selection Criteria, Exhibit Spanish Fund Sectors With No Unique Products, Exhibit Most Useful Events for Spanish Fund Selectors, Exhibit Frequency of Unsolicited Manager Meetings in Spain, Exhibit Fund Manager Turnover by Domicile, Chapter 8: Switzerland Exhibit Swiss Mutual Funds Assets Under Management and Net New Flows, Exhibit Global Selection Teams vs. Independent Selection Teams in Switzerland, Exhibit Number of Funds on a Swiss Fund Selector s Buy List, Exhibit Buy List Turnover in Switzerland, Exhibit Preferred Partnerships in Switzerland, Exhibit Outsourced Fund Selection Process in Switzerland, Exhibit Databases Used by Swiss Fund Selectors, Exhibit Top 5 Most Used Fund Ratings in Switzerland, Exhibit Swiss Fund Selectors Selection Criteria, Exhibit Swiss Fund Selectors De-Selection Criteria, Exhibit Swiss Fund Sectors With No Unique Products, Exhibit Most Useful Events for Swiss Fund Selectors, the Cerulli Report European Fund Selector C A

7 table of Contents Expanded Exhibit Frequency of Unsolicited Manager Meetings in Switzerland, Exhibit Fund Manager Turnover by Domicile, Chapter 9: United Kingdom Exhibit UK Mutual Fund Assets Under Management and Net New Flows, Exhibit Global Selection Teams vs. Independent Selection Teams in the United Kingdom, Exhibit Number of Managers on a UK Fund Selector s Buy List, Exhibit Number of Funds on a UK Fund Selector s Buy List, Exhibit Buy List Turnover in the United Kingdom, Exhibit Preferred Partnerships in the United Kingdom, Exhibit Outsourced Fund Selection Process in the United Kingdom, Exhibit Databases Used by UK Fund Selectors, Exhibit Top 5 Most Used Fund Ratings in the United Kingdom, Exhibit UK Fund Selectors Selection Criteria, Exhibit UK Fund Selectors De-Selection Criteria, Exhibit UK Fund Sectors With No Unique Products, Exhibit Prominent Brand Names in the United Kingdom, Exhibit Most Useful Events in the United Kingdom, Exhibit Frequency of Unsolicited Manager Meetings in the United Kingdom, Exhibit Fund Manager Turnover by Domicile, Appendix Exhibit A.01. Largest 20 Fund-of-Funds Managers by Assets Under Management in Europe, Exhibit A.02. Relationship Between Asset Managers and Private Banks, Exhibit A.03. Business-to-Business and Direct-to-Consumer Platform Assets in Selected Markets, Exhibit A.04. European Fund Selectors De-Selection Criteria, Exhibit A.05. Asset Managers Views on Factors Affecting De-Selection, Exhibit A.06. European Fund Selectors Selection Criteria, Exhibit A.07. Asset Managers Views on Factors Affecting Selection, Exhibit A.08. European Buy List Turnover, Exhibit A.09. Databases Used by European Fund Selectors, Exhibit A.10. Asset Managers Main Areas of Focus for Exhibit A.11. Largest 20 Managers by Mutual Fund and Fund-of-Funds Assets Under Management in Germany, Exhibit A.12. Largest 20 Managers by Mutual Fund and Fund-of-Funds Assets Under Management in Italy, Exhibit A.13. Largest 20 Managers by Mutual Fund and Fund-of-Funds Assets Under Management in Spain, Exhibit A.14. Largest 20 Managers by Mutual Fund and Fund-of-fund Assets Under Management in Switzerland, Exhibit A.15. Largest 20 Managers by Mutual Fund and Fund-of-fund Assets Under Management in United Kingdom, Exhibit A.16. Largest 20 Managers by Mutual Fund and Fund-of-fund Assets Under Management in France, Exhibit A.17. Growth Predictions for Third-Party Assets Size, Exhibit A.18. Asset Managers Views on Most Important Attributes for Consultants Selecting a Manager for a European Insurance Company, Exhibit A.19. Passively Managed Assets as a Percentage of the Total Portfolio Size Within the Next 12 and 24 Months, Exhibit A.20. Fund Manager Turnover by Domicile, C A 10 the Cerulli Report European Fund Selector 2015

8 Company Index CoMPANY INDeX 4AlphaDrivers...79, 91 Abante Asesores Allfunds...12, 33, 110, 111, 113, 117, 118, 121, 122, 124, 127 Allianz Global Investors...28, 81, 84, 86, 88 Artemis Fund Managers...54 ATP Group...28 Aviva...54 AXA...28, 54 Banif Financial Group Bank Berenberg...54 Banque Degroof...54 BBVA...110, 117 Bestinver...111, 121 BlackRock Bloomberg...68, 102, 119, 135, 152 BNP Paribas BNP Wealth Management...54 Borsa Italiana...98 Citywire...68, 83, 118, 119, 124, 135, 136 Commerzbank...80 Consultants Kommalpha...78 Copenhagen Infrastructure Partners...31 Credit Suisse...127, 128, 129 Deutsche Bank...88 Dimensional Fund Advisors...143, 157 FE Analytics Fidelity Worldwide Investment...21, 121 Flossbach von Storch...83 FRR...44 Global Impact Investing Network...54 HSBC ING Investment Management...31 Insight Investments...31 Inversis Banco J.P. Morgan Asset Management...31, 54 the Cerulli Report European Fund Selector C A

9 Company Index Jupiter Asset Management...54 L&G Group...54 Lipper FMI Lloyds Bank Morningstar...11, 68, 83, 84, 119, 120, 135, 136, 152, 153 Old Mutual PensionDanmark...31 PFZW...44 Pictet PIMCO...84, 86, 91 S&P Financial Services...69 Santander...110, 117, 121 SCM Direct...57 SEB...80 Source...54 Standard Life...28 State Street Global Advisors...54 Swisscanto...128, 129 Talanx...86 UBS...110, 127, 128, 129 Vanguard...143, 157 Zurich Insurance...54 C A 182 the Cerulli Report European Fund Selector 2015