Benchmark your Global Fund Distribution 215 Asset Management
Evolution of cross-border distribution Number of cross-border funds and registrations 1, 9, 9,436 11% 9,869 5% 1,43 6% 11, 1, Number of cross-border registrations 8, 7, 6, 5, 4, 3, 4,529 4,875 8% 5,17 6% 5,97 14% 6,525 1% 7,366 13% 7,441 1% 7,97 6% 8,511 8% 9, 8, 7, 6, 5, 4, Number of cross-border funds Funds Domicile: United Kingdom Other Number of true cross-border funds 2, 3, 1, 2, 23 24 25 26 27 28 29 21 211 212 213 214 1, Average registrations per true cross-border fund 5.7 5.8 7 7.3 7.6 7.7 7.9 7.9 7.7 7.7 7.8 8 Sources: Lipper LIM and PwC analysis, 31 December 214. Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile. Domicile share of authorisations for cross-border distribution 67% Sources: Lipper LIM and PwC analysis, 31 December 214. Note: Only true cross-border funds were taken into account - i.e. funds distributed in at least three countries, including their domicile. Number of cross-border funds 1,43 Compound annual growth rate over 1 years 7.9% 2% 4% 2% 2% 5% Funds Domicile: United Kingdom Other Number of true cross-border funds Number of cross-border registrations 83,55 Compound annual growth rate over 1 years 11.4% Top 5 destinations of leading fund domiciles: Registrations in: Germany 4,74 Switzerland 4,98 Austria 4,67 3,47 United Kingdom 3,258 Registrations in: United Kingdom 1,88 Germany 1,78 Switzerland 1,371 1,343 Netherlands 1,275 Benchmark your Global Fund Distribution Asset Management - March 215
Distribution footprint* 34% (3 to 4 markets) 29% (5 to 9 markets) 7% (2+ markets) 1% (15 to 19 markets) * Of true cross-border funds. Source: Lipper LIM and PwC analysis, 31 December 214. 2% (1 to 14 markets) Origin of top 5 Man Co 2 1 2 2 5 5 6 9 Country of origin of cross-border Management Groups United States United Kingdom Other Europe Switzerland Germany South Africa Japan Source: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215
Evolution of UCITS net sales and AuM Mutual funds* net sales UCITS Assets - Top European domiciles EUR bn 1 9 8 7 World Europe 73 84 834** EUR bn 3, 2,5 2,198 AuM growth (29-214) 2,643 +151 6 5 464 2, 1,592 1,881 1,76 2,2 4 3 2 1-1 197 155162 114 11 97 91 73 62-24 -9 229 153 56 228 112 1,5 1,274 1,253 1,21 1,116 1,68 1,111 1,146 1, 968 1,44 82 759 995 863 597 747 5 639 631 56 25 29 21 211 212 213 214 +677-17 +489-2 21 211 212 213 214 World Europe United Kingdom Source: ICI. Source: EFAMA, ICI * Home domiciled mutual funds. ** Q3 214 year to date. Note: In Europe, to measure the equivalent of the American mutual funds, ICI collects UCITS fund data from EFAMA. Benchmarking cross-border distribution Asset classes Breakdown of the number of registrations by investment strategy (top 15 strategies) Change in number of cross-border funds vs number of funds last year (top 15 strategies) Number of registrations 12, 1, 8, 6, 4, 2, 214 213 1 8 6 4 2 Total number of funds as of 31 December 214 957 138 684 59 936 621 573 324 548 335 177 35 157 217 77 Change in number of funds from 213 to 214 calendar year Equity Europe Bond Europe Sources: Lipper LIM and PwC analysis, 31 December 214. Equity Global Equity Specific Sector Equity Emerging Markets Equity Asia Pacific Equity US Bond Global Bond Emerging Markets Mixed Asset Europe Bond US Alternative Equity Japan Absolute Return Equity China Equity Global Equity Europe Mixed Asset Europe Bond Global Bond Europe Equity Emerging Markets Sources: Lipper LIM and PwC analysis, 31 December 214. Equity US Bond Emerging Markets Equity Asia Pacific Alternative Commodity Bond US Mixed Asset US Equity Japan Bond Convertibles Global Benchmark your Global Fund Distribution Asset Management - March 215
Target markets for distribution Key fund domiciles and their distribution markets Distribution Markets Fund Domiciles United Kingdom Belgium Other Total number of registrations as at Dec. 214 Number of new registrations during 214 % growth 213 214 Trend over 5 years EUROPE Andorra 12 - - - - - - 12 1 9.9% Austria 4,67 1,124 237 2 113 87 269 5,899 517 9.61% Belgium 2,45 312 153 12 57-1 2,589 112 4.52% Bulgaria 112 - - - - - 1 122-8 -6.15% Cyprus 446 14 - - 2-1 463 47 11.3% Czech Republic 515 12 - - - 63 69 659-2 -.3% Denmark 1,47 459 26 161 81-8 2,142 21 1.87% Estonia 376 15 - - - - 23 414-19 -4.39% Faroe Islands 3 - - - - - - 3 2 2.% Finland 2,333 687 28 158 64 1 78 3,358 331 1.93% 3,47 1,343-315 168 13 118 5,517 256 4.87% Germany 4,74 1,78 564 358 176 1 257 7,867 464 6.27% Gibraltar 283 33-6 - - 7 329 9 2.81% Greece 884 6 1-2 - 1 948 1 1.7% Greenland 9 - - - - - - 9 -.% Guernsey 28 84-12 86 - - 462 141 43.93% Hungary 55 5 - - - 5 12 527 41 8.44% Iceland 322 4 - - 1-1 337 27 8.71% 1,384-53 123 122-47 1,729 261 17.78% Isle of Man 32 3-9 4 - - 75 9 13.64% Italy 3,26 933 371 248 79 29 67 4,753 521 12.31% 568 79 - - 85-11 743 218 41.52% Latvia 327 1 - - - - 18 346-2 -.57% Liechtenstein 74 5 - - - - 44 834 157 23.19% Lithuania 272 1 - - - - 27 3 2.67% - 1,181 192 11 113 125 1,712 14 6.47% Malta 236 15-6 2-1 26 12 4.84% Monaco 1 1 - - - - 1 3-1 -25.% Netherlands 3,252 1,275 318 56 18 38 145 5,192 26 4.13% Norway 1,983 538 2 31 3-77 2,661 399 17.64% Poland 433 8 - - - - 2 461 2 4.54% Portugal 1,83 299 2 71 5-7 1,512 15 1.% Romania 1 - - - - - 2 12 -.% Slovakia 425 16 - - 1 55 53 55-33 -5.66% Slovenia 32 - - - 2-22 56-3 -5.8% Spain 3,183 956 37 112 91 32 56 4,737 44 1.24% Sweden 2,87 1,43 73 114 57 15 98 4,27 579 15.96% Top Market Switzerland 4,98 1,371 395-138 25 268 6,295 66 1.65% United Kingdom 3,258 1,88 39 82-1 76 5,66 462 8.98% Total number of registrations - EUROPE 48,923 15,537 3,31 1,876 1,62 676 2,38 73,71 6,111 9.4% Benchmark your Global Fund Distribution Asset Management - March 215
Distribution Markets Fund Domiciles United Kingdom Belgium Other Total number of registrations as at Dec. 214 Number of new registrations during 214 % growth 213 214 Trend over 5 years ASIA PACIFIC Australia 8 11-1 1-22 43 6 16.22% Brunei Darussalam 4 - - - - - - 4 4 New Hong Kong 862 23 - - 38-64 1,194 39 3.38% Japan 54 4-21 - - 14 93 3 3.33% Korea 344 19 - - - - 1 364 37 11.31% Macau 64 165 - - 6-87 862-13 -1.49% New Zealand 1 1 - - - - - 2-1 -33.33% Top Market Singapore 1,878 499 68 19 49-227 2,74 322 13.32% Taiwan 641 147 9-2 - 31 83 12 1.47% Total number of registrations - ASIA PACIFIC 4,396 1,76 77 41 96-446 6,132 49 7.15% MIDDLE EAST Bahrain 435 47-6 1-5 539 15 24.19% Jordan 21 - - - - - - 21 19 95.% Kuwait 4 - - - - - - 4 1 33.33% Lebanon 84 - - - - - - 84 15 21.74% Oman 117 - - - - - - 117 115 575.% Top Market Qatar 125 - - - - - - 125 119 1983.33% Saudi Arabia 1 - - - - - - 1 1 New Turkey 11 1 - - - - - 12 -.% United Arab Emirates 4 15-7 - - - 62 29 87.88% Total number of registrations - MIDDLE EAST 838 63-13 1-5 965 44 72.1% AMERICAS Bahamas - 1 - - - - - 1 -.% Canada 23 3 - - - - 9 35-1 -2.78% Cayman Islands 2 - - 1 - - 4 7-2 -22.22% Chile 917 54 96-69 - 39 1,445-21 -1.43% Colombia 5 5 - - - - - 1 9 9.% Dominican Republic - 1 - - - - - 1 1 New El Salvador 1 - - - - - - 1 1 New Mexico - 1 3 - - - 3 7 -.% Top Market Panama 41 4 - - - - - 45 43 215.% Peru 356 86 11-2 - 296 769 2.26% Saint Martin 1 - - - - - - 1 -.% Trinidad & Tobago 5 - - 1 - - - 51-1 -1.92% United States 2 2 - - - - 1 5 -.% Total number of registrations - AMERICAS 1,398 157 11 2 89 622 2,378 31 1.32% AFRICA Botswana 28 - - - - - - 28 7 33.33% Top Market Mauritius 92 - - - - - - 92 37 67.27% South Africa 112 71-2 5-1 29 12 6.9% Total number of registrations - AFRICA 232 71-2 5-1 329 56 2.51% TOTAL 55,787 16,94 3,218 1,952 1,811 676 3,157 83,55 7,11 9.17% Benchmark your Global Fund Distribution Asset Management - March 215
Top 5 cross-border management groups Explanation Ranking according to the total number of countries of distribution. Ranking Management company Total # of countries of distribution at group level (including domicile) MAIN FUND DOMICILES AND NUMBER OF COUNTRIES OF DISTRIBUTION First domicile and # of countries of distribution Second domicile and # of countries of distribution Third domicile and # of countries of distribution AMERICAS ASIA PACIFIC MIDDLE EAST AFRICA Bermuda British Virgin Islands Canada Cayman Islands Chile Colombia Curacao Mexico Panama Peru Saint Martin Trinidad and Tobago United States Australia Brunei Darussalam Cook Islands Hong Kong India Japan Korea Macau Singapore Taiwan Bahrain Jordan Kuwait Lebanon Oman Qatar Saudi Arabia Turkey United Arab Emirates Botswana Egypt Mauritius South Africa 1 FRANKLIN TEMPLETON 49 LU 48 - - - - 2 HSBC 45 LU 4 IE 18 GG 5 3 BLACKROCK 44 LU 36 IE 25 DE 13 4 FIDELITY WORLDWIDE INVESTMENTS 39 LU 38 UK 11 IE 11 5 BNP PARIBAS 35 LU 34 FR 12 - - 6 ALLIANZ GROUP 33 LU 32 IE 12 DE 7 7 GAM (INCLUDING SWISS AND GLOBAL) 32 LU 26 IE 23 UK 4 8 JP MORGAN 31 LU 31 HK 6 - - 8 PIONEER INVESTMENTS 31 LU 3 AT 4 - - 1 SCHRODERS 3 LU 29 UK 13 HK 4 1 UBS 3 LU 29 IE 15 FR 4 12 INVESCO 29 LU 27 IE 25 KY 2 12 AMUNDI GROUP 29 LU 28 FR 13 IE 5 14 ABERDEEN ASSET MANAGEMENT 28 LU 27 UK 6 IE 3 15 ROYAL BANK OF SCOTLAND 27 LU 26 - - - - 16 DEUTSCHE BANK 26 LU 22 IE 16 DE 12 16 HENDERSON GROUP 26 LU 25 UK 12 - - 16 BNY MELLON 26 IE 24 LU 14 UK 11 16 LEGG MASON 26 IE 22 LU 1 - - 16 PIMCO 26 IE 25 - - - - 16 CAPITAL GROUP 26 LU 25 - - - - 22 ALLIANCEBERNSTEIN MANAGEMENT 25 LU 24 22 ING INVESTMENT MANAGEMENT 25 LU 24 - - - - 22 PINEBRIDGE 25 IE 24 - - - - 25 CREDIT SUISSE GROUP 24 LU 22 IE 1 LI 3 25 INVESTEC 24 LU 22 GG 7 UK 4 25 PICTET & CIE 24 LU 23 CH 2 - - 28 BARCLAYS 23 LU 18 IE 17 JE 8 28 LYXOR 23 LU 17 FR 14 IE 11 28 MAN GROUP 23 IE 16 BM 4 LU 2 28 T-ROWE PRICE 23 LU 22 - - - - 32 THREADNEEDLE 22 UK 19 LU 18 - - 32 GOLDMAN SACHS 22 LU 2 IE 13 - - 32 KBC 22 LU 21 BE 8 IE 3 32 MORGAN STANLEY 22 LU 21 IE 9 - - 32 PRUDENTIAL 22 UK 15 LU 13 - - 32 STATE STREET 22 IE 16 FR 14 LU 13 32 AXA 22 LU 18 IE 18 FR 6 32 BLUEBAY 22 LU 21 - - - - 32 OLD MUTUAL 22 IE 21 UK 4 - - 41 NORDEA 21 LU 2 FI 4 42 MFS 2 LU 19 - - - - 42 MUZINICH & CO 2 IE 19 - - - - 42 MASSACHUSETTS MUT LIFE 2 IE 19 UK 13 LU 8 42 ROBECO 2 LU 19 NL 1 - - 42 JANUS GROUP 2 IE 19 - - - - 42 EAST CAPITAL 2 LU 16 SE 1 - - 42 UBP 2 LU 17 FR 9 - - 49 GROUPE BPCE 19 LU 17 FR 12 IE 1 49 NOMURA 19 IE 18 - - - - TOTAL 1 1 1 4 44 3 1 3 1 4 2 2 3 3 2 1 38 1 15 23 27 5 39 16 2 1 3 3 5 1 3 9 1 1 2 4 Sources: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215
Top 5 cross-border management groups Explanation Ranking according to the total number of countries of distribution. Ranking Management company Total # of countries of distribution at group level (including domicile) MAIN FUND DOMICILES AND NUMBER OF COUNTRIES OF DISTRIBUTION First domicile and # of countries of distribution Second domicile and # of countries of distribution Third domicile and # of countries of distribution EUROPE Andorra Austria Belgium Bulgaria Cyprus CzechRepublic Denmark Estonia Finland Germany Gibraltar Greece Guernsey Hungary Iceland Isle of Man Italy Latvia Liechtenstein Lithuania Malta Monaco Netherlands Norway Poland Portugal Romania Slovakia Slovenia Spain Sweden Switzerland United Kingdom 1 FRANKLIN TEMPLETON 49 LU 48 - - - - 2 HSBC 45 LU 4 IE 18 GG 5 3 BLACKROCK 44 LU 36 IE 25 DE 13 4 FIDELITY WORLDWIDE INVESTMENTS 39 LU 38 UK 11 IE 11 5 BNP PARIBAS 35 LU 34 FR 12 - - 6 ALLIANZ GROUP 33 LU 32 IE 12 DE 7 7 GAM (INCLUDING SWISS AND GLOBAL) 32 LU 26 IE 23 UK 4 8 JP MORGAN 31 LU 31 HK 6 - - 8 PIONEER INVESTMENTS 31 LU 3 AT 4 - - 1 SCHRODERS 3 LU 29 UK 13 HK 4 1 UBS 3 LU 29 IE 15 FR 4 12 INVESCO 29 LU 27 IE 25 KY 2 12 AMUNDI GROUP 29 LU 28 FR 13 IE 5 14 ABERDEEN ASSET MANAGEMENT 28 LU 27 UK 6 IE 3 15 ROYAL BANK OF SCOTLAND 27 LU 26 - - - - 16 DEUTSCHE BANK 26 LU 22 IE 16 DE 12 16 HENDERSON GROUP 26 LU 25 UK 12 - - 16 BNY MELLON 26 IE 24 LU 14 UK 11 16 LEGG MASON 26 IE 22 LU 1 - - 16 PIMCO 26 IE 25 - - - - 16 CAPITAL GROUP 26 LU 25 - - - - 22 ALLIANCEBERNSTEIN MANAGEMENT 25 LU 24 22 ING INVESTMENT MANAGEMENT 25 LU 24 - - - - - 22 PINEBRIDGE 25 IE 24 - - - - 25 CREDIT SUISSE GROUP 24 LU 22 IE 1 LI 3 25 INVESTEC 24 LU 22 GG 7 UK 4 25 PICTET & CIE 24 LU 23 CH 2 - - 28 BARCLAYS 23 LU 18 IE 17 JE 8 28 LYXOR 23 LU 17 FR 14 IE 11 28 MAN GROUP 23 IE 16 BM 4 LU 2 28 T-ROWE PRICE 23 LU 22 - - - - 32 THREADNEEDLE 22 UK 19 LU 18 - - 32 GOLDMAN SACHS 22 LU 2 IE 13 - - 32 KBC 22 LU 21 BE 8 IE 3 32 MORGAN STANLEY 22 LU 21 IE 9 - - 32 PRUDENTIAL 22 UK 15 LU 13 - - 32 STATE STREET 22 IE 16 FR 14 LU 13 32 AXA 22 LU 18 IE 18 FR 6 32 BLUEBAY 22 LU 21 - - - - 32 OLD MUTUAL 22 IE 21 UK 4 - - 41 NORDEA 21 LU 2 FI 4 42 MFS 2 LU 19 - - - - 42 MUZINICH & CO 2 IE 19 - - - - 42 MASSACHUSETTS MUT LIFE 2 IE 19 UK 13 LU 8 42 ROBECO 2 LU 19 NL 1 - - 42 JANUS GROUP 2 IE 19 - - - - 42 EAST CAPITAL 2 LU 16 SE 1 - - 42 UBP 2 LU 17 FR 9 - - 49 GROUPE BPCE 19 LU 17 FR 12 IE 1 49 NOMURA 19 IE 18 - - - - TOTAL 2 5 47 3 9 11 43 9 5 5 5 8 22 12 15 9 45 8 49 14 6 1 6 48 1 2 49 47 13 37 3 9 4 5 48 5 5 Sources: Lipper LIM and PwC analysis, 31 December 214. Benchmark your Global Fund Distribution Asset Management - March 215
For more detailed and regular updates on cross-border distribution, please visit Assisting in Global Fund Distribution We can assist you in international fund distribution. If you need help to create a distribution strategy, obtain quick and efficient market entry or to ensure your funds remain in compliance with all regulations - our dedicated cross-border fund distribution team is experienced in delivering effective solutions in more than 4 jurisdictions across the globe. The GFD client solutions include: Development of an effective distribution strategy, including detailed market, product and investor analysis Product structuring and development Market entry for UCITS and AIFs Local private placement rules Advice on local and EU rules to ensure compliance with cross-border requirements Compliance with reporting related to distribution Distributor due diligence and benchmarking Advice on distribution set-up Market Intelligence Publication requirements Your contacts José-Benjamin Longrée Partner, Global Fund Distribution Leader +352 49 48 48-233 jose-benjamin.longree@lu.pwc.com Steven Libby Partner, Asset Management Leader +352 49 48 48-2116 steven.libby@lu.pwc.com Christophe Saint-Mard Partner, Global Fund Distribution +352 49 48 48-2134 christophe.saint-mard@lu.pwc.com John Parkhouse Partner, European Asset Management Leader +352 49 48 48-2133 john.m.parkhouse@lu.pwc.com Dariush Yazdani Partner, Market Research Centre Leader +352 49 48 48-2191 dariush.yazdani@lu.pwc.com Follow us on social media PwC Plug into PwC @PwC_3W @PwC_ 215 PricewaterhouseCoopers, Société coopérative. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers, Société coopérative () which is a member firm of PricewaterhouseCoopers International Limited ( PwC IL ), each member firm of which is a separate and independent legal entity. PwC IL cannot be held liable in any way for the acts or omissions of its member firms.