Fund Distribution In The Nordics 2016 Focus Report

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1 AVAILABLE NOW Price: EUR Includes: PDF, Hard Copy & Debriefing Call Enquiries: Isabel Candela on WHO SHOULD PURCHASE THE REPORT? Local, European & Global Heads of Sales Market Intelligence Product Development Senior Management Fund Distribution In The Nordics 2016 Content Samples - April 2016

2 Editor s Note Dear Reader, The Nordic fund buyer landscape is large in terms of number of large players and also well balanced between institutional (predominantly pension) and wholesale investors. In terms of AuM institutional fund buyers outweigh Nordic wholesale. The level of sophistication in fund and fund manager selection is very high. Openness to foreign fund managers is also very high, especially within the institutional space. In spite of these great attributes above, the Nordic fund distribution market is not short of challenges, which are well addressed within this report. Bringing four, well actually with Iceland five fund markets and to each other distinctive fund distribution landscapes into one report is challenging. We could have easily reached 300+ pages dimensions. However, focusing on practice-relevance in terms of the different fund buyer channels, trends, entry points, opportunities and challenges we have managed to keep the report below 100 pages, which is still comprehensive. Many of our report readers are senior and very busy people. For this reason we apply a lot of colored bold fonts throughout the report. This enables the fast reader to captured the most relevant points rapidly. I trust you enjoy the report and that it provides real value to you. All the best Philip Kalus managing partner accelerando associates 2

3 Table of Contents Disclaimer Page 2 Editor s Note Page 4 Executive Summary Page 5 European Fund Distribution Landscape Page 9 - Snapshot Page 10 - Introduction Page 11 - Best Selling Markets in 2015 Page 13 - Best Selling Asset Classes in 2015 Page 14 - Best- & Worst Selling Sub-Categories in 2015 Page 15 - Best- & Worst Selling Asset Classes by Countries Page 16 - Best Selling Funds / Promoters in 2015 Page 17 - Best Selling New Fund Launches in 2015 Page 18 - Fund Selectors Most Used Fund Groups Page 19 - ETFs in Europe Page 21 - Mergers and Acquisitions Page 23 - Changing Fund Buyer Landscape Page 24 - Price Pressure Everywhere? Page 25 - The Impact of MiFID II & Co. Page 26 - The Impact of Solvency II Page 27 - accelerando Senior Sales Survey 2016 Page 28 Nordic Fund Landscape Page 30 - Introduction Page 32 - Nordic Asset Manager Leaderboard Page 34 - Nordic Fund Leaderboards Page 35 - Sweden Overview Page 37 - Denmark Overview Page 39 - Norway Overview Page 41 - Finland Overview Page 43 - Iceland Overview Page 44 - Hedge Funds Page 45 - The Closet Tracker Case Page 46 Nordic Fund Buyers Page 47 - Snapshot Page 49 - Fund Selector Awards 2015 (Tell Media) Page 50 - Banks Page 51 - Fund of Funds Page 53 - Fund of Funds - Nordea s Multi Manager Portfolio Page 54 - Fund of Funds L Leaderboards Page 55 - Fund Platforms Page 56 - Investment Consultants Page 57 - Insurance Page 58 - Pension Funds Page 59 - Pension Funds Leaderboards Page 61 - Independent Wealth Managers Page 62 - Family Offices Page 63 - Family Offices - Nordic Rich Lists Page 64 - Independent Financial Advisors Page 65 Brand, Conferences & Media Page 66 - Brand Page 67 - Brand - The Impact on Fund Selectors Page 69 - Conferences Page 70 - Media Page 70 - Ratings & Rankings Page 71 Fund Distribution in the Nordics Page 72 - Distribution Models Overview Page 73 - Distribution Models - Client Service Model Requierements Page 74 - Distribution Opportunities - At A Glance Page 75 - Distribution Challenges - At A Glance Page 76 A Bonus Round Recommendations from accelerando Page 77 Appendices Page 80 - Country Snapshots Page 81 - Useful Links Page 83 About & Imprint Page 84 - About Page 85 - Imprint Page 86 3

4 Executive Summary With a market size totalling at least EUR 1.2 trillion AUM (accelerando estimate), and EUR 790 billion in investment funds alone, the Nordic region represents an attractive and lucrative geographical location for both foreign and domestic asset managers. Denmark and Sweden have the largest UCITS AuM in the region with EUR 224 bn and EUR 239 bn respectively. Norway has UCITS AuM of EUR 103 bn and EUR 83 bn are invested in Finland The level of sophistication in fund and fund manager selection, monitoring and portfolio construction in the Nordics is very high. Openness to foreign fund managers, in particular in comparison to other European jurisdictions is outstanding, especially within the institutional space, which is in most other countries dominated by local asset managers. Not so in the Nordics The institutional investor sector of the Nordics contains the home to very large sovereign wealth investors such as AP Fonden, the Swedish state pension funds, and Government Pension Fund in Norway. We find comfortability with SRI, alternatives, and real investments within Nordic institutional investors. In particular SRI / ESG has a significantly stronger footprint in the Nordics than in other parts of Continental Europe... Denmark meanwhile is predominantly an institutional market, however also with significant bank distribution. Norway is also predominantly institutional and Finland well balanced between wholesale and institutional... The report dives deep into each fund buyer segment. There is much debate in the Nordics about a full ban inducements in wholesale and retail fund distribution. Once the takes of Nordic regulators on the potential ban retrocessions become final, the overall direction for the market potential of foreign fund houses will be clearer. Many players fear however, that the ban could impede fund sales for foreign asset managers in the region, leading banks to sell only products from their own fund units. On the other hand it may well provide very substantial sub-advisory opportunities as addressed throughout this focus report. European regulator have increasing pressure on asset managers selling so-called closet tracker funds with active fund fees. Without doubt the pressure is the highest or most outspoken in Scandinavia. Foreign fund houses marketing in the region should be prepared to demonstrate active share figures in relation to fund fees The Nordics are home to a pension fund market of very substantial size and also high investment sophistication. Some of the Nordic flagship pension funds serve regularly as case studies for pension peers in other European countries. Openness to foreign fund managers reaches a level of which fund marketers in countries like Germany or even Switzerland can only dream of. Nordic pension funds have been early movers with respect to many asset classes and investment product types, in particular with respect to alternative investments. In addition Nordic pension players are advanced in the implementation of ESG and in demanding respective solutions by their external fund managers The Nordic wealth management landscape is heavily concentrated and vertically integrated within large banks and asset management companies. However, there are still substantial independent wealth manager boutiques in the Nordics Transparency and information flow requirements in the Nordics are high. Excellence in client services, speed and depth of information flow as well as profound information accessibility can well mark the critical difference in fund selector s decision making processes. Excellence, beyond product excellence, in all aspects of the value chain, are expected in such a competitive and sophisticated market like the Nordics 4

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6 Imprint All rights accelerando associates international SL 2016 Editorial Team Philip Kalus (responsible) Isabel Candela Charles Velie No part of this report may be reproduced or transmitted in any form or by any means without the written permission of accelerando associates international SL. accelerando associates international SL Avenida San Lorenzo 187, AP B El Vedat de Torrent (Valencia) Spain info@accelerando-associates.com 6