Asset and Wealth Management Research Digest
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1 Asset and Wealth Management Research Digest What s the buzz - latest rumblings on product and fee developments in the Asia- Pacific asset and wealth management space The first half of 2018 has been jam-packed with monumental events. On the political front, the world watched with bated breath as the North Korea US Summit took place in Singapore. Meanwhile, in the sporting arena, Croatia surprised the world by sealing a place in the FIFA World Cup finals alongside France, and treated spectators to a grappling final the highest scoring showdown in over five decades. As with these events, developments in asset and wealth management are hard to predict, and the marketplace has become more challenging to navigate for both managers and investors alike. In spite of the heavy pressure, we ve witnessed with delight new developments from product innovations to the introduction of cutting-edge technology. In this edition, we ll do a round-up of these trends and cover them in detail in the upcoming iterations of our monthly digest.
2 Product Trends Short duration, hedge against rising rates sought after Market conditions today are volatile, and investors are seeking more assurance in their investments. In the fixed income space, innovations centred on short duration, interest hedging instruments have proven to be successful for first-movers. Case in point: A Swiss asset manager launched a threeyear fixed maturity bond fund in 2016, and netted billions in a matter of months from high net worth investors in Singapore. Its fortuitous timing hot on the heels of the Fed s first rate hike in a decade paired with attractive spreads were key to its success, and very few who launched similar products came close in terms of fund subscriptions. In addition to having a short duration, having an interest hedge can also make a fixed income product extremely attractive to investors. New debt products ranging from senior loan funds to fund-linked notes have drawn significant net new money from private investors in , and will likely continue to generate interest in this rising rate environment. What s checking the boxes? Short term (<5 years) 01 Steady returns 02 Hedge against rising rates Liquid alternatives In Asia, the lines between alternative and retail fund products were blurred when liquid alternatives Europe s answer to 40 Act funds were offered to retail clients. Liquid alternatives, as its name suggests, provides investors with more liquidity compared to hedge funds. They were introduced circa 2016 in the region to entice high net worth investors who wanted to capture risk premiums, but were hesitant to place their vote of confidence with hedge fund managers. Following the success of fundraising from high net worth clients, a US-headquartered asset manager then introduced the first retail liquid alternative in Singapore, giving retail investors the opportunity to dip their toes in these investments for as little as SGD 1,000 (~USD 750). Since then, a handful of asset managers have jumped on the bandwagon to introduce alternative products from liquid alternatives to PE-backed bonds for retail subscription, and the warm reception suggests that investors can expect more retail alternatives in the near future. 03 PwC 2
3 Rise of factor investing Factor investing refers to the process of portfolio construction based on factors to achieve aims including higher returns and/or lower risk. While hundreds of factors have been unearthed by academicians, strategies such as value, momentum, quality, size and minimum volatility have been proven to be consistent in delivering excess returns, and are commonly used by managers. Factors simplified Value Investing in undervalued securities Quality Investing in securities based on quality factors such as earnings stability, growth, and financial well-being Momentum Size Investing in securities which have performed well in the past Investing in small firms with growth potential Factor investing came into the limelight when the Norwegian Government Pension Fund commissioned a study into their lacklustre returns during the 08 global financial crisis. The study proved the existence of excess returns from the use of factors in the investment process, and has become a frequently coined endorsement of factor investing. Closer to home, factor investing strategies have also gained traction among institutional investors. In fact, some of the biggest superannuation funds in Australia and New Zealand have awarded mandates to managers skilled in factor investing. Factor investing application: Smart Beta Factor investing has long been at the fingertips of hedge fund managers, but is seeing an uptake by traditional managers. In traditional asset management, we ve seen the implementation of factor investing through both active (mutual funds) and passive portfolios. An example of passive implementation is Smart Beta Exchange Traded Funds ( ETFs ), which has gained traction in North Asian countries including Japan, Korea and Taiwan. Smart Beta ETFs, unlike traditional ETFs, are constructed using an alternative index. These indices can be based on factors such as low volatility or high dividend, but can also be focused on themes such as Environmental, Social, and Governance ( ESG ). As Smart Beta ETFs do not passively track market-cap weighted indices, portfolio rebalancing a process often used by active managers, and hence why these products are smart is required. These products have made their way into the portfolios of selected institutional players and private investors in the region, while others have remained sceptical. Sceptics are wary due to reasons ranging from the absence of long track records to a lack of scale in some of these ETFs, and heavy investor education will certainly be pertinent for Smart Beta ETFs to grow. While challenges exist, providers also face the prospect of uncharted territories from factor investing in new markets to application on new asset classes, and our eyes remain peeled on the developments to come. Volatility $ Investing in securities with low volatility PwC 3
4 Thematic funds According to distributors, thematic funds appeal to investors because they allow manufacturers to tell their stories. An old age fund capitalises on the ageing population phenomenon, a luxury goods fund allows investors to tap on growing consumption, and an ESG fund allows investors to take part in the drive towards a socially responsible society. Today, themes such as technology, healthcare, and ESG have gained traction in Asia. In Japan, six out of the top 20 most subscribed onshore funds in 2017 were focused on technology, and Thai investors flocked towards healthcare funds in We ve noticed that these investments often gain traction quickly with investors, but also bleed heavily when investors pull the plug and we will further dissect these themes to understand what makes investors tick. Retirement - not just about accumulation Pension reforms spread across Asia have resulted in a pickup of new pension solutions, including target date products which have gained popularity in Korea, Taiwan, and Japan. With pension reforms underway in China, target date funds are also expected to debut in the country. What are target date funds? Target date funds are long-term funds that continuously rebalance their portfolios over the lifespan of the fund. To help investors achieve their life-stage goals, these products invest in a more aggressive basket of securities to achieve growth in the early years, and tweak their allocation in the later years to preserve capital. Besides accumulating assets, pensioners also face the potential problem of outliving their savings today. As we examine retirement solutions in the region, we will also delve further into decumulation planning, which has grown in importance with increasing life expectancy. In particular, we will zoom in on private and public annuity schemes which have been introduced to ensure sufficient funds for retirement. Listed investment trusts and actively managed certificates Listed mutual funds and actively managed certificates are products which were covered in the June edition of our research digest. Found in Australia, listed mutual funds are a hybrid of mutual funds and ETFs they are actively managed but trade like ETFs, hence allowing them to be offered to investors at a lower cost compared to traditional funds. Actively managed certificates ( AMCs ), on the other hand, are structured products which have gained huge success in Switzerland and made some headway in Asia-Pacific. AMCs allow users to implement desired strategies in a much shorter time compared to traditional funds, and were reportedly preferred by a Swiss bank over fund managers for timely portfolio construction. Fee Trends Will active managers in Asia hit back? The performance of active managers has been put under the microscope, and the pressure on them is certainly not unwarranted. S&P Dow Jones, which has been studying the performance of active funds against S&P s benchmarks, revealed that as of end 2017, a mere 15.8% of US large-cap funds outperformed the S&P 500 over a five-year period. European equity funds fared slightly better with 26.7% of funds outperforming the S&P Europe 350 over the same time period. In the midst of heavy criticisms of poor performance and high management fees, active managers have retorted with the introduction of new fee models to justify their fees. Instead of charging fixed investment fees, some of the biggest names in asset management have introduced a fulcrum or performance-based fee model in the UK and US, where retail investors are charged lower fees relative to a fixed management fee when funds underperform, and pay a premium when they exceed a stipulated benchmark. PwC 4
5 An example of the performance-based fee model Management fees Management fees are capped at the fund s fee ceiling, and investors will not be charged extra fees for further outperformance. Benchmark returns The maximum fees under a fulcrum fee structure tends to exceed that of a fixed fee model. Performance-based fees Fixed fee When a fund performs below its benchmark, it receives an ETF-like fee. This fee is lower than what active managers tend to charge. Management fees rise as the fund outperforms its benchmark. Excess returns relative to benchmark Underperformance Outperformance *Fee model can vary between firms. Managers can also charge a fixed management fee in addition to the performance-based fee as seen above. While active funds face immense pressure from passive funds in the US and Europe, penetration of ETFs in Asia remains low as distributors are often more incentivised to sell mutual funds over ETFs. Hence, the pressure to revamp management fee in the retail space is relatively mild compared to other regions. However, in the institutional space, managers serving the Government Pension Investment Fund ( GPIF ) in Japan are starting to feel the heat. GPIF is one of the largest pensions in the region, and has taken the lead to slash base rate fee, and scrapped its ceiling for a performance fee. Under the new scheme, managers with sub-par performance can expect a dramatic fall in their revenues, while monetary rewards of superior performers will only be limited by their investment showing. With GPIF taking the lead, managers serving Asian institutions should definitely be prepared for their clients to initiate new discussions on fee structures. Digitalisation To tackle these challenges, we ve seen the recent application of blockchain on end-to-end transactions by a French-based manager to streamline its operations, and expect to see further use of the technology to enhance both internal and external processes by others. In addition to blockchain technology, we ve also observed the proliferation of aggregation platforms, which will likely help to centralize processes such as contract negotiation and trailer fee collection. Conclusion While developments in asset and wealth management span the gamut, one thing remains consistent change is apace, and players need to innovate. Whether you re considering entering a new market, or sizing up your competition, look out for our upcoming digests as we bring you more insights on the marketplace. Cutting through complexity The advent of Undertakings for Collective Investment in Transferable Securities ( UCITS ) has been immensely empowering for asset managers, who have since been able to offer their products across markets in Europe and Asia. While this opens new doors for asset managers, it also increases the complexity of their operations it is not unusual for a single UCITS fund to be sold across over ten countries, where partners in each jurisdiction are unique. As a result of operating in a complex and fragmented network, managers often have to contend with huge operational inefficiencies, ranging from unnecessary overlaps to costly transaction errors. $ $ PwC 5
6 Look out for our next monthly edition of AWM Market Research digest to be released end-august Subscribe to our future research digests at our website here Contact Armin Choksey Partner, Asian Investment Fund Centre & Market Research Centre Leader PwC Singapore armin.p.choksey@sg.pwc.com Ivy Pan Manager, Market Research Centre PwC Singapore ivy.j.pan@sg.pwc.com 2018 PricewaterhouseCoopers LLP. All rights reserved. PricewaterhouseCoopers and PwC refer to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as an agent of PwCIL or any other member firm.
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