GLOBAL MARKETS How to Succeed Internationally.

Transcription

1 GLOBAL MARKETS 2017 How to Succeed Internationally Overview & Methodology In its sixteenth year, this annual report analyzes the key manufacturing and distribution trends shaping the 21 main asset management markets that make up Cerulli s global universe. This report includes the Global Markets Rating System (GMRS), Cerulli s proprietary evaluation of the attractiveness of markets around the globe. Countries covered in this report include: Australia, Brazil, Canada, Chile, China, France, Germany, Hong Kong, India, Italy, Japan, Korea, Mexico, The Netherlands, Singapore, Spain, Sweden, Switzerland, Taiwan, the United Kingdom, and the United States. An analysis of AUM, revenue, product development, distribution, and regulatory trends for retail and institutional markets is provided for each country. Benefits: y Analyze qualitative insights to interpret global trends y Use Cerulli s proprietary addressability ranking, GMRS, to create country-specific actionable business plans y Examine the scale of the global fund industry y Understand key trends affecting the global landscape Questions Answered: y What are managers doing to protect revenue growth? y How are distribution models evolving in selected markets? y Which strategies are attracting investor interest in selected markets? y How are the top-10 asset managers performing? SUBSCRIPTION DETAILS $30,000 PURCHASE INCLUDES ANNUAL 520 PAGES 360 EXHIBITS y Digital copy and hardcopy in color y Online access to 21 related reports y Unlimited online firm-wide access y Exhibits in Excel y Key findings y Analyst support y Interactive Report Dashboards NEW y Executive Summary Video NEW RESEARCH INCLUDED WITH SUBSCRIPTION y Fifteen years of The Cerulli Report - Global Markets y Global Sovereign Wealth Funds 2010 y Shariah Investing: Market Sizing & Analysis 2008 y Asset Management in the Middle East 2008 y Eastern Europe 2006 y European Distribution Dynamics 2005 y European Advisor Distribution 2004 For more information, contact us: ``info@cerulli.com Cerulli Interactive Report Dashboards NEW Experience Cerulli s digital analytics platform and explore interactive data from this report We are pleased to include these interactive report dashboards with your subscription: 1. Global Overview by Market: Examine global AUM, marketshare by investment objective, and AUM by market type in 26 currencies. 2. Country Profile: Compare country-specific data side-by-side for 20 countries, including mutual fund AUM and NNFs and retirement AUM by a range of breakdowns. 3. Cerulli GMRS: Use Cerulli s proprietary global market ratings system to evaluate the attractiveness of 20 different markets. CERULLI ASSOCIATES info@cerulli.com

2 What are Interactive Report Dashboards? As part of your Cerulli report subscription, we are pleased to provide you with Interactive Report Dashboards that allow you to interact with report data in unique ways: ACCESS Access consolidated data from multiple report exhibits in a single comparative view. FILTER DATA Apply filters to Cerulli report analyses including assets under management, net new flows, product type, channel, year, marketplace, and currency. EXPORT Easily build and export custom charts. Export options include; Excel, PDF, or image file. My Account: Joe Q. Sample How to Access Interactive Report Dashboards This service is complimentary and is accessible through our website. Use your unqiue Cerulli website login credentials, and you will find a View Interactive Report Dashboards link to this platform under My Reports. Interact View Dashboard You can also jump to related Interactive Report Dashboards in the report PDF by clicking on the Interact button shown on the left for reference. USER LOGIN To obtain online access, please visit or contact our account management team at: ``info@cerulli.com ` ` CERULLI ASSOCIATES info@cerulli.com

3 Chapter 5 Germany Exhibit 5.07 German Mutual Fund Assets Under Management by Foreign Exposure, Sources: Broadridge, Cerulli Associates Analyst Note: Foreign exposure AUM excludes European bonds. 1 All foreign-objective AUM excluding European regional exposure. 2 Calculated using total foreign exposure AUM % % % % 74.8% 74.9% % 70% % % World ex-europe foreign-objective AUM ( bn) 1 European foreign-objective AUM ( bn) % of mutual fund AUM 2 The proportion of foreign-objective AUM invested outside of Europe in 2016 held steady from 2015 at 67.1%. This figure has increased 4.8 percentage points since Key Implication: German investors are willing to source alternative investment opportunities, such as real estate and real estate debt, outside of Germany. These investors are becoming increasingly open to non-german fund structures, such as Luxembourg s new RAIF structure. 168 The Cerulli Report Global Markets 2017

4 Table of Contents: Expanded Key Questions Answered What factors are currently shaping markets around the world? Which strategies are being embraced most enthusiastically and which are out of favor? Which distribution channels are managers best options in the various regions? How dominant were the top managers in selected markets during 2016? Are global revenues set to rise and how can asset managers protect their revenue growth?...32 Exchange Rates Collective Schemes Chapter 1: Global Overview Exhibit 1.01 Global Asset Management Industry Assets Under Management by Region, E Exhibit 1.02 Global Mutual Fund Assets Under Management by Country, E...37 Exhibit 1.03 Global Mutual Fund Assets Under Management by Investment Objective and Region, E Exhibit 1.04 Mutual Fund Assets Under Management by Foreign Exposure for Selected Countries, Exhibit 1.05 Share of Foreign-Domiciled Mutual Fund Assets Under Management for Selected Countries, Exhibit 1.06 Global Mutual Fund Assets Under Management as Percentage of Household Financial Assets, Exhibit 1.07 Global Mutual Fund Industry Growth by Source for Selected Countries, Exhibit 1.08 Global Mutual Fund Industry Growth by Source, Exhibit 1.09 Global Mutual Fund Net New Inflows by Country and Selected Asset Class, Exhibit 1.10 Global Retirement Fund Assets Under Management by Country, E Exhibit 1.11 Global Retirement Fund Assets Under Management by Investment Objective, E...51 Exhibit 1.12 Global Exchange-Traded Fund Assets Under Management and Net New Flows by Region, Exhibit 1.13 Global Hedge Fund Assets Under Management, Exhibit 1.14 Largest 50 Asset Managers by Global Assets Under Management, December Exhibit 1.15 Global Mutual Fund Industry Net Revenue for Selected Countries, E Exhibit 1.16 Global Mutual Fund Industry Net Revenue by Investment Objective, E Exhibit 1.17 Cerulli Combined Retail and Institutional Global Market Ratings by Country, Exhibit 1.18 Cerulli Retail Global Market Ratings by Country, Exhibit 1.19 Cerulli Institutional Global Market Ratings by Country, The Cerulli Report Global Markets 2017

5 Chapter 2: United States Exhibit 2.01 U.S. Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 2.02 U.S. Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 2.03 U.S. Mutual Fund Assets Under Management by Fund Type, Exhibit 2.04 U.S. Mutual Fund Net New Flows by Investment Objective, Exhibit 2.05 U.S. Mutual Fund Assets Under Management by Key Asset Class, Exhibit 2.06 U.S. Mutual Fund Net New Flows by Key Asset Class, Exhibit 2.07 U.S. Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 2.08 U.S. Advisor Headcount Marketshare and Projections by Channel, E...75 Exhibit 2.09 U.S. Assets by Channel, Exhibit 2.10 U.S. Long-Term Mutual Fund Assets by Share Class, Exhibit 2.11 U.S. Retail Variable Annuity Industry Assets and Growth, Exhibit 2.12 U.S. Retail Variable Annuity Total Flows by Distribution Channel, Exhibit 2.13 U.S. Retirement Market Assets, E...80 Exhibit 2.14 U.S. Defined Benefit Retirement Plan Assets by Investment Objective, 3Q Q Exhibit 2.15 U.S. 401(k) Asset Allocation, Exhibit 2.16 U.S. 401(k) Providers by Recordkept Assets, Exhibit 2.17 U.S. 401(k) Assets by Investment Vehicle, Exhibit 2.18 U.S. Individual Retirement Account Mutual Fund Asset Allocation, Exhibit 2.19 Breakdown of Retail Variable Annuity Subaccount Assets by Structure, Exhibit 2.20 Top 20 U.S. Mutual Fund Managers by Asset Class: Asset Class Allocation Breakdown, Exhibit 2.21 Top-Selling U.S. Mutual Fund Managers: Net Flows by Asset Class, Exhibit 2.22 Largest 20 US Tax-Exempt Institutional Managers by Assets Under Management, Exhibit 2.23 Cerulli Global Market Rating for U.S. Retail Marketplace, December Exhibit 2.24 Cerulli Global Market Rating for U.S. Institutional Marketplace, December Exhibit 2.25 U.S. Retail Fund Marketplace Year-End 2016 Databank...97 Exhibit 2.26 U.S. Retirement Fund Marketplace Year-End 2016 Databank...99 Chapter 3: United Kingdom Exhibit 3.01 U.K. Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 3.02 U.K. Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 3.03 U.K. Mutual Fund Assets Under Management by Investment Objective, Exhibit 3.04 U.K. Mutual Fund Net New Flows by Investment Objective, Exhibit 3.05 U.K.Mutual Fund Assets Under Management by Key Asset Class, The Cerulli Report Global Markets

6 Exhibit 3.06 U.K. Mutual Fund Net New Flows by Key Asset Class, Exhibit 3.07 U.K. Mutual Fund Assets by Foreign Exposure, Exhibit 3.08 U.K. Fund-of-Funds Assets Under Management, Exhibit 3.09 U.K. Fund-of-Funds Net New Flows, Exhibit 3.10 U.K. Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 3.11 U.K. Mutual Fund Net New Flows by Investor Type, Exhibit 3.12 U.K. Mutual Fund Assets Under Management and Net New Flows by Tax Wrapper, Exhibit 3.13 Largest 10 U.K. Mutual Fund Managers by Assets Under Management, Exhibit 3.14 Largest 10 U.K. Mutual Fund Managers by Net New Flows, Exhibit 3.15 Total UK Retirement Fund Assets Under Management, Exhibit 3.16 U.K. Self-Administered Pension Fund Assets Under Management by Asset Class, Exhibit 3.17 Total U.K. Insurance Assets Under Management, Exhibit 3.18 Cerulli Global Market Rating for U.K. Retail Marketplace, December Exhibit 3.19 Cerulli Global Market Rating for U.K. Institutional Marketplace, December Exhibit 3.20 U.K. Retail Fund Marketplace Year-End 2016 Databank Exhibit 3.21 U.K. Retirement Fund Marketplace Year-End 2016 Databank Chapter 4: France Exhibit 4.01 French Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 4.02 French Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 4.03 French Mutual Fund Assets Under Management by Investment Objective, Exhibit 4.04 French Mutual Fund Net New Flows by Investment Objective, Exhibit 4.05 French Mutual Fund Assets Under Management by Key Asset Class, Exhibit 4.06 French Mutual Fund Net New Flows by Key Asset Class, Exhibit 4.07 French Mutual Fund Assets Under Management by Foreign Exposure, Exhibit 4.08 French Fund-of-Funds Assets Under Management, Exhibit 4.09 French Fund-of-Funds Net New Flows, Exhibit 4.10 French Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 4.11 Largest 10 French Mutual Fund Managers by Assets Under Management, Exhibit 4.12 Largest 10 French Mutual Fund Managers by Net New Flows, Exhibit 4.13 French Pension Fund Assets Under Management, E Exhibit 4.14 French Occupational and Personal Pension Fund Assets Under Management by Plan, Exhibit 4.15 French Insurance Assets Under Management, The Cerulli Report Global Markets 2017

7 Exhibit 4.16 Cerulli Global Market Rating for French Retail Marketplace, December Exhibit 4.17 Cerulli Global Market Rating for French Institutional Marketplace, December Exhibit 4.18 French Retail Fund Marketplace Year-End 2016 Databank Exhibit 4.19 French Retirement Fund Marketplace Year-End 2016 Databank Chapter 5: Germany Exhibit 5.01 German Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 5.02 German Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 5.03 German Mutual Fund Assets Under Management by Investment Objective, Exhibit 5.04 German Mutual Fund Net New Flows by Investment Objective, Exhibit 5.05 German Mutual Fund Assets Under Management by Key Asset Class, Exhibit 5.06 German Mutual Fund Net New Flows by Key Asset Class, Exhibit 5.07 German Mutual Fund Assets Under Management by Foreign Exposure, Exhibit 5.08 German Fund-of-Funds Assets Under Management, Exhibit 5.09 German Fund-of-Funds Net New Flows, Exhibit 5.10 German Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 5.11 Largest 10 German Mutual Fund Managers by Assets Under Management, Exhibit 5.12 Largest 10 German Mutual Fund Managers by Net New Flows, Exhibit 5.13 German Spezialfond Assets Under Management, Exhibit 5.14 German Retirement Assets Under Management, Q Exhibit 5.15 German Insurance Assets Under Management, E Exhibit 5.16 Cerulli Global Market Rating for German Retail Marketplace, December Exhibit 5.17 Cerulli Global Market Rating for German Institutional Marketplace, December Exhibit 5.18 German Retail Fund Marketplace Year-End 2016 Databank Exhibit 5.19 German Retirement Fund Marketplace Year-End 2016 Databank Chapter 6: Italy Exhibit 6.01 Italian Mutual Fund Assets Under Management, Exhibit 6.02 Italian Mutual Fund Net New Flows, Exhibit 6.03 Italian Mutual Fund Assets Under Management by Investment Objective, Exhibit 6.04 Italian Mutual Fund Net New Flows by Investment Objective, Exhibit 6.05 Italian Mutual Fund Assets Under Management by Key Asset Class, Exhibit 6.06 Italian Mutual Fund Net New Flows by Key Asset Class, Table of Contents The Cerulli Report Global Markets

8 Exhibit 6.07 Italian Mutual Fund Assets Under Management by Foreign Exposure, Exhibit 6.08 Italian Fund-of-Funds Assets Under Management, Exhibit 6.09 Italian Fund-of-Funds Net New Flows, Exhibit 6.10 Italian Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 6.11 Largest 10 Italian Mutual Fund Managers, Exhibit 6.12 Largest 10 Italian Mutual Fund Managers by Net New Flows, Exhibit 6.13 Italian Retirement Fund Assets Under Management by Plan Type, Q Exhibit 6.14 Italian Open Pension Fund Assets Under Management by Investment Objective, E Exhibit 6.15 Italian Insurance Assets Under Management by Plan Type, Exhibit 6.16 Cerulli Global Market Rating for Italian Retail Marketplace, December Exhibit 6.17 Cerulli Global Market Rating for Italian Institutional Marketplace, December Exhibit 6.18 Italian Retail Fund Marketplace Year-End 2016 Databank Exhibit 6.19 Italian Retirement Fund Marketplace Year-End 2016 Databank Chapter 7: Switzerland Exhibit 7.01 Swiss Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 7.02 Swiss Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 7.03 Swiss Mutual Fund Assets Under Management by Investment Objective, Exhibit 7.04 Swiss Mutual Fund Net New Flows by Investment Objective, Exhibit 7.05 Swiss Mutual Fund Assets Under Management by Key Asset Class, Exhibit 7.06 Swiss Mutual Fund Net New Flows by Key Asset Class, Exhibit 7.07 Swiss Mutual Fund Assets Under Management by Foreign Exposure, Exhibit 7.08 Swiss Fund-of-Funds Assets Under Management, Exhibit 7.09 Swiss Fund-of-Funds Net New Flows, Exhibit 7.10 Swiss Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 7.11 Largest 10 Swiss Mutual Fund Managers, Exhibit 7.12 Largest 10 Swiss Mutual Fund Managers by Net New Flows, Exhibit 7.13 Swiss Occupational Retirement Fund Assets Under Management, E Exhibit 7.14 Swiss Occupational Retirement Fund Assets Under Management by Investment Objective, E Exhibit 7.15 Swiss Insurance Assets Under Management, Exhibit 7.16 Cerulli Global Market Rating for Swiss Retail Marketplace, December Exhibit 7.17 Cerulli Global Market Rating for Swiss Institutional Marketplace, December Exhibit 7.18 Swiss Retail Fund Marketplace Year-End 2016 Databank Exhibit 7.19 Swiss Retirement Fund Marketplace Year-End 2016 Databank The Cerulli Report Global Markets 2017

9 Chapter 8: Spain Exhibit 8.01 Spanish Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 8.02 Spanish Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 8.03 Spanish Mutual Fund Assets Under Management by Investment Objective, Exhibit 8.04 Spanish Mutual Fund Net New Flows by Investment Objective, Exhibit 8.05 Spanish Mutual Fund Assets Under Management by Key Asset Class, Exhibit 8.06 Spanish Mutual Fund Net New Flows by Key Asset Class, Exhibit 8.07 Spanish Mutual Fund Assets Under Management by Foreign Exposure, Exhibit 8.08 Spanish Fund-of-Funds Assets Under Management, Exhibit 8.09 Spanish Fund-of-Funds Net New Flows, Exhibit 8.10 Spanish Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 8.11 Largest 10 Spanish Mutual Fund Managers by Assets Under Management, Exhibit 8.12 Largest 10 Spanish Mutual Fund Managers by Net New Flows, Exhibit 8.13 Spanish Retirement Fund Assets Under Management by Plan Type, Exhibit 8.14 Largest 10 Spanish Pension Fund Managers, 2014 September Exhibit 8.15 Spanish Insurance Assets Under Management, E Exhibit 8.16 Cerulli Global Market Rating for Spanish Retail Marketplace, December Exhibit 8.17 Cerulli Global Market Rating for Spanish Institutional Marketplace, December Exhibit 8.18 Spanish Retail Fund Marketplace Year-End 2016 Databank Exhibit 8.19 Spanish Retirement Fund Marketplace Year-End 2016 Databank Chapter 9: Sweden Exhibit 9.01 Swedish Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit 9.02 Swedish Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit 9.03 Swedish Mutual Fund Assets Under Management by Investment Objective, Exhibit 9.04 Swedish Mutual Fund Net New Flows by Investment Objective, Exhibit 9.05 Swedish Mutual Fund Assets Under Management by Key Asset Class, Exhibit 9.06 Swedish Mutual Fund Net New Flows by Key Asset Class, Exhibit 9.07 Swedish Mutual Fund Assets by Foreign Exposure, Exhibit 9.08 Swedish Fund-of-Funds Assets Under Management, Exhibit 9.09 Swedish Fund-of-Funds Net New Flows, Exhibit 9.10 Swedish Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit 9.11 Largest 10 Swedish Mutual Fund Managers by Assets Under Management, Exhibit 9.12 Largest 10 Swedish Mutual Fund Managers by Net New Flows, The Cerulli Report Global Markets

10 Exhibit 9.13 Swedish Premium Pension Saving Net Assets, Exhibit 9.14 Swedish Premium Pension Saving Net Assets by Investment Objective, Exhibit 9.15 Swedish Pension Fund Assets Under Management by Type, Exhibit 9.16 Swedish AP1 to AP4 Funds Assets Under Management by Management Style, Exhibit 9.17 Swedish Insurance Assets Under Management, Q Exhibit 9.18 Cerulli Global Market Rating for Swedish Retail Marketplace, December Exhibit 9.19 Cerulli Global Market Rating for Swedish Institutional Marketplace, December Exhibit 9.20 Swedish Retail Fund Marketplace Year-End 2016 Databank Exhibit 9.21 Swedish Retirement Fund Marketplace Year-End 2016 Databank Chapter 10: Japan Exhibit Japanese Mutual Fund and Exchange-Traded Fund Assets Under Management by Domicile, Exhibit Japanese Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Japanese Mutual Fund Assets Under Management by Investment Objective, Exhibit Japanese Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, Exhibit Japanese Cross-Border Mutual Fund Assets Under Management by Investment Objective, Exhibit Japanese Locally Domiciled Mutual Fund Net New Flows by Investment Objective, Exhibit Japanese Mutual Fund Assets Under Management by Key Asset Class, Exhibit Japanese Locally Domiciled Mutual Fund Assets Under Management by Foreign Exposure, Exhibit Japanese Household Financial Assets, Exhibit Japanese Locally Domiciled Private Placement Mutual Fund Assets Under Management and Net New Flows, Exhibit Largest 10 Japanese Investment Trust Management Companies, Exhibit Largest 20 Cross-Border Fund Vendors by Japanese Client Assets Under Management, Exhibit Japanese Corporate Pension Assets Under Management, March 2012 March Exhibit Japanese Corporate Pension Assets Under Management by Investment Objective, March 2012 March Exhibit Japanese Defined Benefit Plan Assets Under Management by Vendor Type, March 2012 March Exhibit Largest 20 Japanese Investment Advisory Companies by Pension Assets Under Management, December 2015 and December Exhibit Japanese Government Pension Investment Fund External Managers, March Exhibit Selected Japanese Bank and Brokerage Variable Annuity Distribution Agreements, February Exhibit Largest Japanese Trust Banks by Corporate Pension Assets Under Management, September 2015 September Exhibit Largest 10 Japanese Life Insurers by Corporate Pension Assets Under Management, September 2015 September Exhibit Cerulli Global Market Rating for Japanese Retail Marketplace, December The Cerulli Report Global Markets 2017

11 Exhibit Cerulli Global Market Rating for Japanese Institutional Marketplace, December Exhibit Japanese Retail Fund Marketplace Year-End 2016 Databank Exhibit Japanese Retirement Fund Marketplace Year-End 2016 Databank Chapter 11: China Exhibit Chinese Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Chinese Open-End Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Chinese Household Financial Assets, Exhibit Chinese Open-End Mutual Fund Assets Under Management by Investment Objective, Exhibit Chinese Open-End Mutual Fund Net New Flows by Investment Objective, Exhibit Chinese Open-End Mutual Fund Assets Under Management by Foreign Exposure, Exhibit Chinese IPO Volume by Investment Objective, Exhibit Chinese Fully Operational Joint Venture Assets Under Management, 2015 and Exhibit Largest 20 Mutual Fund Managers in China, Exhibit Chinese National Social Security Fund Assets Under Management, Exhibit Cerulli Global Market Rating for Chinese Retail Marketplace, December Exhibit Cerulli Global Market Rating for Chinese Institutional Marketplace, December Exhibit Chinese Retail Fund Marketplace Year-End 2016 Databank Exhibit Chinese Retirement Fund Marketplace Year-End 2016 Databank Chapter 12: Taiwan Exhibit Taiwanese Mutual Fund and Exchange-Traded Fund Assets Under Management by Domicile, Exhibit Taiwanese Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Taiwanese Household Financial Assets, Exhibit Taiwanese Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, Exhibit Taiwanese Cross-Border Mutual Fund Assets Under Management by Investment Objective, Exhibit Taiwanese Locally Domiciled Mutual Fund Net New Flows by Investment Objective, Exhibit Taiwanese Cross-Border Mutual Fund Net New Flows by Investment Objective, Exhibit Taiwanese Locally Domiciled Fund-of-Funds Assets Under Management, Exhibit Taiwanese Locally Domiciled Mutual Fund Assets Under Management by Key Asset Class, Exhibit Taiwanese Locally Domiciled Mutual Fund Net New Flows by Key Asset Class, Exhibit Largest 10 SITE Managers, Exhibit Taiwanese Investable Retirement Assets, Exhibit Taiwanese Public Service Pension Fund Assets Under Management by Investment Objective, Exhibit Taiwanese Labor Pension Fund Investable Assets by Investment Objective, Exhibit Taiwanese National Pension Insurance Fund Investable Assets by Investment Objective, Table of Contents The Cerulli Report Global Markets

12 Exhibit Taiwanese Labor Insurance Fund Investable Assets by Investment Objective, Exhibit Cerulli Global Market Rating for Taiwanese Retail Marketplace, December Exhibit Cerulli Global Market Rating for Taiwanese Institutional Marketplace, December Exhibit Taiwanese Retail Fund Marketplace Year-End 2016 Databank Exhibit Taiwanese Retirement Fund Marketplace Year-End 2016 Databank Chapter 13: Hong Kong Exhibit Hong Kong Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Hong Kong Mutual Fund Net New Inflows Attributable to Residents by Investment Objective, Exhibit Hong Kong SFC-Authorized Retail Fund Assets Under Management by Fund Type, Exhibit Hong Kong SFC-Authorized Funds and Assets Under Management by Domicile, March 2012 March Exhibit Hong Kong Asset Management Industry Assets Under Management by Client Domicile, Exhibit Hong Kong Retirement Fund Assets Under Management, Exhibit Hong Kong Mandatory Provident Fund Authority Assets Under Management, Exhibit Hong Kong Mandatory Provident Fund Authority Assets Under Management by Investment Objective, Exhibit Cerulli Global Market Rating for Hong Kong Retail Marketplace, December Exhibit Cerulli Global Market Rating for Hong Kong Institutional Marketplace, December Exhibit Hong Kong Retail Fund Marketplace Year-End 2016 Databank Exhibit Hong Kong Retirement Fund Marketplace Year-End 2016 Databank Chapter 14: Singapore Exhibit Singaporean Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Singaporean Mutual Fund Assets Under Management by Domicile, Exhibit Singaporean Locally Domiciled Mutual Fund Assets Under Management Marketshare by Investment Objective, 2012E 2016E Exhibit Singaporean Locally Domiciled Mutual Fund Net New Inflows by Investment Objective, Exhibit Singaporean Locally Domiciled Mutual Fund Assets Under Management by Geographic Allocation, Exhibit Singapore Central Provident Fund Assets, Exhibit Singapore Central Provident Fund Investment Scheme Assets, Exhibit Singapore Supplementary Retirement Scheme Assets, Exhibit Singapore Supplementary Retirement Scheme Assets by Security Type, Exhibit Cerulli Global Market Rating for Singapore Retail Marketplace, December Exhibit Cerulli Global Market Rating for Singapore Institutional Marketplace, December Exhibit Singaporean Retail Fund Marketplace Year-End 2016 Databank Exhibit Singaporean Central Provident Fund Year-End 2016 Databank The Cerulli Report Global Markets 2017

13 Chapter 15: Korea Exhibit Korean Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Korean Mutual Fund Assets Under Management by Domicile, Exhibit Korean Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Korean Household Financial Assets, Exhibit Korean Locally Domiciled Mutual Fund Assets by Foreign Exposure, Exhibit Korean Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, Exhibit Korean Locally Domiciled Mutual Fund Net New Flows by Investment Objective, Exhibit Korean Locally Domiciled Fund-of-Funds Assets Under Management, Exhibit Korean Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit Largest 10 Korean Onshore Mutual Fund Managers, Exhibit Largest 10 Korean Mutual Fund Managers for Overseas Investment Trust Funds, Exhibit Korean Investable Retirement Assets, Exhibit Korean National Pension System Assets Under Management Marketshare by Investment Type, Exhibit Korea Teachers Pension Fund Investable Assets by Investment Objective, Exhibit Korean Employee Retirement Security Act Investable Assets, Exhibit Cerulli Global Market Rating for Korean Retail Marketplace, December Exhibit Cerulli Global Market Rating for Korean Institutional Marketplace, December Exhibit Korean Retail Fund Marketplace Year-End 2016 Databank Exhibit Korean Retirement Fund Marketplace Year-End 2016 Databank Chapter 16: India Exhibit Indian Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Indian Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Indian Mutual Fund Assets Under Management by Investment Objective, Exhibit Indian Mutual Fund Net New Flows by Investment Objective, Exhibit Largest 10 Indian Mutual Fund Managers, Exhibit Foreign-Owned Indian Fund Managers Assets Under Management, Exhibit Foreign-Owned Indian Fund Managers, Exhibit Indian Mutual Fund Assets Under Management by Selected Fund Types, Exhibit Cerulli Global Market Rating for Indian Retail Marketplace, December Exhibit Cerulli Global Market Rating for Indian Institutional Marketplace, December Exhibit Indian Retail Fund Marketplace Year-End 2016 Databank The Cerulli Report Global Markets

14 Chapter 17: Australia Exhibit Australian Retail-Offer Fund and Exchange-Traded Fund Assets Under Management, Exhibit Australian Retail-Offer Fund and Exchange-Traded Fund Net New Flows, Exhibit Australian Retail-Offer Fund Assets Under Management by Legal Type, ) Exhibit Australian Retail-Offer Fund Assets Under Management by Investment Objective, Exhibit Australian Retail-Offer Fund Net New Flows by Investment Objective, Exhibit Australian Retail-Offer Fund Assets by Key Asset Class, Exhibit Australian Retail-Offer Fund Net New Flows by Key Asset Class, Exhibit Australian Retail-Offer Fund Net New Flows by Foreign Exposure, Exhibit Australian Superannuation Fund Assets Under Management, Exhibit Australian Superannuation Industry Statistics, Exhibit Australian Superannuation Fund Assets Under Management by Investment Objective, Exhibit Australian Retirement Fund Assets Under Management by Foreign Exposure, Exhibit Cerulli Global Market Rating for Australian Retail Marketplace, December Exhibit Cerulli Global Market Rating for Australian Institutional Marketplace, December Exhibit Australian Retail Fund Marketplace Year-End 2016 Databank Exhibit Australian Retirement Fund Marketplace Year-End 2016 Databank Chapter 18: Canada Exhibit Canadian Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Canadian Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Canadian Mutual Fund Assets Under Management by Investment Objective, Exhibit Canadian Mutual Fund Net New Flows by Investment Objective, Exhibit Canadian Mutual Fund Assets Under Management by Key Asset Class, Exhibit Canadian Mutual Fund Net New Flows by Key Asset Class, Exhibit Canadian Fund-of-Funds Assets Under Management, Exhibit Canandian Fund-of-Funds Net New Flows, Exhibit Canadian Mutual Fund Sponsors Growth Metrics, Exhibit Canadian Registered Pension Assets, E Exhibit Canadian Registered Pension Assets by Investment Objective, E Exhibit Largest 10 Canadian Pension Fund Managers by Assets Under Management, Exhibit Canadian Insurance Assets Under Management by Type, Q Exhibit Cerulli Global Market Rating for Canadian Retail Marketplace, December The Cerulli Report Global Markets 2017

15 Exhibit Cerulli Global Market Rating for Canadian Institutional Marketplace, December Exhibit Canadian Retail Fund Marketplace Year-End 2016 Databank Exhibit Canadian Retirement Fund Marketplace Year-End 2016 Databank Chapter 19: Mexico Exhibit Mexican Locally Domiciled Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Mexican Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Mexican Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, Exhibit Mexican Locally Domiciled Mutual Fund Net New Flows by Investment Objective, Exhibit International Exposure of Mexican Locally Domiciled Mutual Funds, Exhibit Mexican Locally Domiciled Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit Largest 10 Mexican Mutual Fund Managers, Exhibit Mexican Pension Fund Assets Under Management, Exhibit Mexican Afore Metrics, Exhibit International Exposure of Mexican Pension Funds, Exhibit Cerulli Global Market Rating for Mexican Retail Marketplace, December Exhibit Cerulli Global Market Rating for Mexican Institutional Marketplace, December Exhibit Mexican Retail Fund Marketplace Year-End 2016 Databank Exhibit Mexican Pension Fund Marketplace Year-End 2016 Databank Chapter 20: Chile Exhibit Chilean Locally Domiciled Mutual Fund and Exchange-Traded Fund Assets Under Management, Exhibit Chilean Locally Domiciled Mutual Fund and Exchange-Traded Fund Net New Flows, Exhibit Chilean Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, Exhibit Chilean Locally Domiciled Mutual Fund Net New Flows by Investment Objective, Exhibit Largest 10 Chilean Local Mutual Fund Managers, Exhibit International Exposure Among Chilean Locally Domiciled Mutual Funds, Exhibit Chilean Locally Domiciled Alternative Fund Assets Under Management by Asset Type, Exhibit Chilean Pension Fund Assets Under Management, Exhibit Chilean AFP Assets Under Management by Investment Objective, Exhibit International Exposure Among Chilean Pension Funds, Exhibit Chilean AFP Multifund Metrics, Exhibit Cerulli Global Market Rating for Chilean Retail Marketplace, December Table of Contents The Cerulli Report Global Markets

16 Exhibit Cerulli Global Market Rating for Chilean Institutional Marketplace, December Exhibit Chilean Retail Fund Marketplace Year-End 2016 Databank Exhibit Chilean Pension Marketplace Year-End 2016 Databank Chapter 21: Brazil Exhibit Brazilian Locally Domiciled Mutual Fund Assets Under Management, Exhibit Brazilian Locally Domiciled Mutual Fund Net New Flows, Exhibit Brazilian Locally Domiciled Mutual Fund Assets Under Management by Investment Objective, Exhibit Brazilian Locally Domiciled Net New Flows by Investment Objective, Exhibit Brazilian Locally Domiciled Alternative Mutual Fund Assets Under Management by Asset Type, Exhibit Largest 10 Managers of Brazilian Mutual Funds, Exhibit Brazilian Pension Fund Assets Under Management and Net New Flows, Exhibit Brazilian Pension Fund Assets Under Management by Vehicle, Exhibit Cerulli Global Market Rating for Brazilian Retail Marketplace, December Exhibit Cerulli Global Market Rating for Brazilian Institutional Marketplace, December Exhibit Brazilian Retail Fund Marketplace Year-End 2016 Databank Exhibit Brazilian Pension Fund Marketplace Year-End 2016 Databank Appendix Exhibit A.01 Cerulli Global Market Rating for the Dutch Institutional Marketplace, December Glossary Index of Companies The Cerulli Report Global Markets 2017

17 Index of Companies Kiwoom Bank Länsförsäkringar Legal & General Lime Asset Management Lion Global Investors Lloyds Lyxor Mackenzie Macquarie Mahindra Mutual Fund Manulife Martin Maurel Master Trust Bank of Japan Mebuki Mediolanum Mercer... 83, 269, 399 Mesitis Capital Mirae Asset Global Investments...384, 427, 436, 437 Miss Kaya Mitsubishi UFJ Mizuho...297, 298, 310, 317 Morgan Stanley , 524 Munich Re Musashino Bank National Australia Bank/MLC Natixis...133, 144, 448 Neuberger Berman... 43, 356, 359 Nikko Asset Management Nomura...312, 375, 459 Northern Trust...357, 373, 374, 375 OCBC Bank Old Mutual , 282 Osmosis Investment Management Peerless Mutual Fund Pensions & Investments...92 Petros The Cerulli Report Global Markets 2017

18 Index of Companies Phillip Capital Management Phillip Securities Phillips, Hager & North PIMCO...88, 312, 560, 562 PineBridge Investments , 375 Pioneer Investments...131, 145, 201, 207, 518, 524 Postalis Poste Italiane Previ Principal Financial Group Profuturo GNP Prudential... 56, 371 Putnam Investments... 83, 312 Quarterback Investment Reliance Mutual Fund Religare Enterprises , 461 Robeco Rothschild Russell Investments Samsung Asset Management...384, 427, 436 Santander , 242, 243, 255, 260, 518, 524, 526, 531, 545 Saxo Capital Markets SBI Mutual...452, 456, 462 Schroders...228, 356, 371, 391 Schwab... 53, 85 Scotiabank...518, 524, 526 SEB Shinko Asset Management...297, 310, 317 Shinyoung Asset Management SinoPac SMBC Nikko Securities Standard Chartered , 391 Standard Life State Street...209, 357, 470, 471, 516, 532 Sumitomo Mitsui , 298 Sun Life Hong Kong The Cerulli Report Global Markets

19 Index of Companies Swedbank , 283 Syz Asset Management Taiping Fund Management Taishin Tata Mutual Fund , 459 TCW Group TD Asset Management , 506 The Blackstone Group...83 Tianhong Asset Management , 347 Transamerica...83 Trust & Custody Services Bank UBI Banca UBS , 216, 228, 229, 233, 392, 519 UniCredit...131, 145, 201, 207 Union Bank of India Unipol Sai UOB Asset Management...356, 357, 359 UTI Mutual...452, 456, 462 Value Partners... 53, 386 Vanguard...53, 63, 88, 90, 92, 216, 236, 348, 373, 374, 375, 386 Volksbanken Raiffeisenbanken , 173 Vontobel WeInvest Western Asset , 562 Willis Towers Watson , 399 Woodford Xact Yes Bank Yokohama Bank Yuanta Securities Investment Trust Yunfeng Financial The Cerulli Report Global Markets 2017