The Italian Asset Management market

Transcription

1 key figures 15th Presentation to the Board of Director

2 summary statistics Focus on open-end funds A medium term perspective 2. The European nvestment Fund ndustry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Wealth: key statistics, distribution, financial portfolio, int l comp.

3 summary statistics Focus on open-end funds A medium term perspective 2. The European nvestment Fund ndustry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Wealth: key statistics, distribution, financial portfolio, int l comp.

4 2011 at a glance 1, Mand Funds 24.0 V 40.8 MMFs: % Perf. EMTX taly 3 5Y: 3.3% MSC Wrld: 4.5% % % % AuM dec 10 AuM dec 11 AuM, net flows & performance 2011Q1:Q4. bn. Source: Assogestioni. 4

5 Product breakdown % V % V Open-end Funds % 5% Closed-end Funds Retail Mandates % % +5.6 nstitutional Mandates Net Flows 2011 Asset growth rate % 3.8 V % 3.0 V 5

6 Open-end funds: domicile breakdown Dec Dec 2008 Dec % 34% 20 53% 24% 36% 40% V Domestic Round Trip Foreign AuM & net flows 2009:2011 & quarterly data for bn. Source: Assogestioni. 6

7 Captive vs. non-captive ManCo Dec % % Dec V Dec % 41% 59% Banks Others AuM & net flows 2009:2011 & quarterly data for bn. Source: Assogestioni. 7

8 A medium term perspective +12.4% , Funds 10.2 Mand. 2.8% Perf Perf. 842 Mand Funds +7.3 Funds Mand % % AuMdec AuMdec AuMdec 11 AuM, net flows & performance 2009:2011. bn. Source: Assogestioni. 8

9 summary statistics Focus on open-end funds A medium term perspective 2. The European nvestment Fund ndustry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Wealth: key statistics, distribution, financial portfolio, int l comp.

10 Net Assets by fund domicile 2,059 6% +19% 6% 7, % 1,369 2% 2% 1,114 1% +11% 1,008 +5% +29% Ucits Non Ucits 10% % 71% 11E Growth rate 34% MMFs 93% Spezialf % n.a % 7% France 18% Germany 15% UK 9% Switzerland 3% taly 3% Luxembourg 27% reland 13% Europe 100% 48% 40% Nov bn. Source: Efama, AFG, BV. 10

11 Net Assets by fund group domicile 7,667 2,032 60% 1,554 3% +1% 1,491 3% +10% 1,300 8% +29% Domestic Funds Ucits Domestic Funds Non Ucits % Luxembourg Funds 2% rish Funds n.a. 9% 11E Growth rate % France 11% Germany 26% UK 43% Switzerland 55% taly 44% Luxembourg reland Europe 2011Q3. bn. Foreign share in %. Source: est. on Efama, Assogestioni, ALF & FA data. 11

12 Net sales by fund domicile taly bn France Germany M V % % 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% M10 11 V UK Luxembourg Europe % % 5% +11% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% Net sales as a % of AuM. Yearly data in bn. Source: Efama, BV. 12

13 Net sales: fund domicile vs. fund group domicile taly France Germany M V % 22% 17% 11% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% 09 5% 3% 1% +1% +3% +5% UK Luxembourg Europe M10 11 V % % 5% +11% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% Net sales as a % of AuM, based on fund domicile (blue) & fund group domicile (red). Source: est. on Efama, Assogestioni, ALF, FA & BV data. 13

14 Net sales by fund domicile & asset class taly France Germany 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% 5% 3% 1% +1% +3% +5% 14% 9% 12% 8% UK V 5% 3% 1% +1% +3% +5% Luxembourg 5% 3% 1% +1% +3% +5% 09 Europe 09 5% 3% 1% +1% +3% +5% V 3% 3% 2% % 3% 2% 3% 4% Equity+Balanced Bonds+MM Others+Non Ucits 4% Net sales as a % of AuM. Source: Efama, Assogestioni, BV. 14

15 summary statistics Focus on open-end funds A medium term perspective 2. The European nvestment Fund ndustry Net assets & sales by fund / fund group domicile 3. Savings & Wealth Household saving rate: trend & int l comparison Wealth: key statistics, distribution, financial portfolio, int l comp.

16 talian household saving rate Saving rate is the result of the interaction between growth rate of income and consumption. t fell during the crisis: consumption fell less than income. Disposable income. % growth rate (l.) Smoothing effects on households h wellbeing. Consumption. % growth rate (l.) Saving rate (gross). % (r.) Seasonally adjusted. Source: STAT. 16

17 Household saving rates in Europe 25 Falling since Now in line with European average, but still declining (see 2010 data) taly Germany France Avg EU United Kingdom Spain Countries more hit by the crisis (e.g. UK) showed an increase in saving rates from historically low levels, l mainly as a result of consumption fall. Gross household saving rates. Source: Eurostat. 17

18 From flows to stock: talian household wealth Net wealth 8,600bn i.e. 8.2x disposable income ( 1,050bn). 350k/hh (24m). Real assets (dwellings) prevail (>60%). Low level of debt (0.8x). Real assets Dwellings Financial assets Net wealth Financial liabilities bn, current prices. Source: Bank of taly. 18

19 Household wealth in G7 countries Highest level of the ratio of net wealth to disposable % 58% 66% 54% 62% income. 4 36% 48% Lowest level of debt (but see 2 public debt) 0 Big share of real assets (>60%) 2 4 USA Canada Giappone Japan Germany Germania* * Francia France United Regno Kingdom Unito talia taly Fin. liabilities Fin. assets Real Assets Net wealth Net wealth/disposable income ratio. Real estate share (%) (*: 2008). Source: Bank of taly. 19

20 Wealth distribution Wealth is concentrated: top 10% of households have 45% Gini conc. index (right) Gini index: 100% = the top guy has all the wealth. Top 10% (left) Real wealth is less concentrated (G=60%) than financial w. (70%) Wealth more concentrated than income (G=35%) Household net wealth distribution. Source: Bank of taly. 20

21 Wealth distribution in G20 countries Adults with a stock of wealth : > $ < $ Compared to G20 % Rank % Rank countries, talian hh AUSTRALA 58,2% 1 10,2% 17 wealth is less TALY 55,5% 2 3,0% 19 concentrated in JAPAN 51,1% 3 6,2% 18 the hands of few CANADA 48,7% 4 20,3% 13 GREAT BRTAN 46,6% 5 12,5% 15 people. FRANCE 39,7% 6 10,8% 16 GERMANY 41,9% 7 27,7% 11 taly is top-ranked USA 36,2% 8 27,3% 12 based on the share SOUTH KOREA 17,9% 9 17,5% 14 of population SAUD ARABA 4,4% 4% 10 49,4% 4% 10 TURKEY 3,9% 11 52,4% 9 having >100k$... MEXCO 3,9% 12 60,3% 8 CHNA 1,8% 13 66,4% 5... and bottom- BRASL 3,7% 14 62,1% 7 ranked on the base ARGENTNA 2,2% 15 65,5% 6 SOUTH AFRCA 3,6% 16 66,8% 4 of % of people RUSSA 1,1% 17 75,4% 3 having less than NDONESA 2,0% 18 77,8% 2 NDA 0,4% 19 92,9% 1 10k$ Percentage of adults with a wealth > 100k $, < 10k $ and ranking by country. Source: Credit Suisse Research nstitute Global Wealth Report 2011 [web link, agg.to]. 9

22 talian household financial portfolio High level of direct investment (~ 40%) 2011* Financial assets ( bn) 3,525 3,656 3,004 1,756 Currency & deposits 31.5% 25.0% 23.2% 39.1% Short term bonds 0.8% 1.2% 1.7% 9.4% M/long term bonds 20.2% 18.6% 15.1% 13.8% issued by banks 10.7% 7.5% 6.6% 2.1% gov. Bonds 5.2% 6.3% 4.9% 9.7% Stocks 19.0% 25.7% 29.8% 19.7% listed stocks 1.7% 2.5% 5.5% 2.9% Pension funds & life pr 18.0% 14.9% 10.1% 9.0% nvestment funds 6.3% 10.7% 16.0% 3.9% Significant amounts of bank issued bonds (10%) Negligible ibl level l of listed shares. High level of unlisted ones. Funds: rise until 2000 then fall (hump shaped t) t.) Pensions/life product: up but still too modest. * Sept. Source: Bank of taly. 22

23 Managed products in household portfolios nvestment funds Pension funds & life products 20% 18% 16% 14% 12% 10% 8% abnormally high? 6% too low? 4% 2% 0% 60% 50% 40% 30% 20% 10% 0% talia Germania Francia Regno Unito Stati Uniti taly Germany France United Kingdom USA Source: Eurostat, OECD (US). 23

24 key figures 15th Presentation to the Board of Director