IMA Survey Summary 2011:Layout 1 25/07/2011 11:27 Page A

Asset Management in the UK 2010 – 2011 A Summary of the IMA Annual Survey

IMA Survey Summary 2011:Layout 1 25/07/2011 11:27 Page B

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July 2011

© Investment Management Association (2011 ). All rights reserved. No reproduction without permission of IMA. IMA Survey Summary 2011:Layout 1 25/07/2011 11:27 Page 1

A Summary of the IMA Annual Survey

Asset Management in the UK 2010 – 2011 A Summary of the IMA Annual Survey

Contents

Key Interview Findings 2-3

An industry in good shape... 4-5

... but facing challenges 6

How to respond? 7 Richard Saunders Chief Executive, IMA International competitiveness 8 The IMA’s annual survey is the most comprehensive Regulation 9 account of the UK investment management industry. Our ninth annual survey’s findings are based upon Conclusion 10 questionnaire responses from 76 IMA member firms (between them managing £3.3 trn in the UK) and in- Appendix One – Key Statistics 11 depth interviews with 30 senior figures from 23 IMA member firms. Appendix Two – Firm Rankings 12 This document is a summary of the key findings from the survey. It highlights the strength of the industry and the main challenges it faces.

The 23 firms interviewed were: This document is a summary of ‘Asset Management in the UK 2010 – 2011’ by Richard AllianceBernstein Saunders, the IMA’s Chief Executive. Allianz Global Investors Aviva Investors It summarises some of the key data and findings Baillie Gifford & Co from the IMA’s research on the UK asset Barclays Global Investors management industry. In particular, it sets out how BlackRock Investment Management investors and the industry have responded to the Capital International financial crisis, how the UK’s position as a global F&C Asset Management financial centre has been affected as a result, and Fidelity International identifies a number of longer term industry trends. Insight Investment Management Invesco Perpetual Quotations in the ‘industry view’ blue boxes are Investec Asset Management from the interviews conducted with senior figures, Invista Real Estate Investment Management primarily CEOs, CIOs and Chairmen, from 23 firms JP Morgan Asset Management conducted as part of the research for the Survey. Lazard Asset Management The Summary includes a number of charts and M&G Investments tables from the full version of the Survey, which for Newton Investment Management clarity have retained their original numbering. Odey Asset Management Schroder Investment Management The full version of the survey, can be found on the Standard Life Investments IMA’s website, www.investmentuk.org. Scottish Widows Investment Partnership Threadneedle Asset Management Vanguard Asset Management

1 IMA SurveySummary2011:Layout125/07/201111:27Page2 Investment Management Association Management Investment 1 2 industryview Key InterviewFindings (see p.36-37offullsurvey) way todeliverspecificoutcomes both adiversificationdeliverymechanismand Increasing interest inmulti-assetapproaches as (see p.23-25offullsurvey) significant focusintheUK management expanding;DClikelytobeanarea of asset managementservices.LDIassetsunder emphasis onsolutionsandmore client-centric Specialisation reaching limits withgrowing (see p.21-22offullsurvey) increase attheexpenseof domesticexposure particularly emergingmarkets,continuingto Client interest inglobalinvestment opportunities, “ input. sometimes withatacticalassetallocation hedging, sometimeswithariskoverlay, revisiting multi-asset,sometimeswithtail-risk in 2007-08,diversificationiskey. Peopleare strategic assetallocationmodelwasblownup becoming lessspecialist globalised; product focus Investment increasingly People recognisethat,althoughtheold ”

industryview 2 (see p.28offullsurvey) risk managementseenasapositivedevelopment Greater clientscrutinyofoperationalprocess and evolves (seep.27offullsurvey) toensureConcerns transparency asproduct set p. 26-28and37offullsurvey) both theretail andinstitutional environment (see Changes neededinclient-managerconversation (see p.26offullsurvey) its businessmodelfrom other financialservices Industry shouldbebetteratdifferentiating itselfand must beaddressed (seep. 26offullsurvey) General recognition thatclient trustisanissuethat name thoseownedbyinvestmentbanks. they’d struggle,andeventhenprobably person tonamefiveinvestmentmanagers the consumer?Ifyouaskedanordinary makers thatconfusethis,sowhatchancehas and retailbanking.We haveseniorpolicy- investment management,banking distinguish properlybetweentheroleof “ role andobjectives better communicatetheindustry’s A needtoimprove trustand Even themostsophisticatedinvestorcan’t ” IMA SurveySummary2011:Layout125/07/201111:27Page3

industryview 3 full survey) this isseenasacompetitiveadvantage(seep.74of regulatory response tothecredit crisis,butforsome Operating costsare risingasaresult ofthe survey) Disbelief overtheKeydataepisode(seep.76offull p. 74-76offullsurvey) recognition thatregulation willinevitablytighten(see of newUKandEuropean regulation, amid But widespreadaboutthepotentialimpact concern (see p.73offullsurvey) industry andclients;UCITSseenasakeysuccess Acknowledgement thatregulation canbenefitboth ““ implications. but toaskforgreaterconsiderationofthe saying thatyoudon’tneedtoimprovethings, managers andpensionfunds.We arenot been proposed,itwouldbeadisasterforasset implemented inthewaythatithadoriginally centralisation ofderivativesclearingweretobe and it’s difficulttomakeheadway. very If on theagendahasnotbeenthroughenough penalising everybody. Someofwhatiscurrently those thathavecreatedproblems,youendup There isadangerthatinsteadofpenalising clients the detrimentofindustry’s Regulation shouldnotworkto The regulatory challengeworriesmealot. The regulatory ”

industryview 4 (see p.88offullsurvey) signal unequivocallythatitis‘openforbusiness’ In achangingglobalenvironment, theUKneedsto p. 89offullsurvey) existing personnel,fundsandcorporateentities(see going elsewhere thanofthe imminentrelocation of Firms pointmore tothedanger ofnewcapacity (see p.88offullsurvey) eroding thenaturaladvantages enjoyedbytheUK Evolution oftechnologyandtheglobaleconomy full survey) management andfinancialcentre (seep.86-89of asset competitive edgeasaninternational Continuing worriesthattheUKmaybelosingits a realproblemonpoliticallevel. replacement. Butitdoesn’tseemtobeseenas over time,you’llseeattritionherebutno other perspectives.Thereisadefinitiveriskthat and attractive placefromthetax,regulatory new peoplecomeineither. TheUKisaless feet yetbutit’s notaboutthat;you haven’tseen changing globaleconomy asset managementindustryina operating environment forthe attractiveness oftheUKasan Ongoing uneaseaboutthe Not thatmanypeoplehavevotedwiththeir A Summary of the IMA Annual Survey Annual IMA the of Summary A ” 3 IMA Survey Summary 2011:Layout 1 25/07/2011 11:27 Page 4

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An industry in good shape . . . Total assets under management in the UK and in UK-authorised funds (2005 – 2010) Some two years after the deepest phase of the credit [Chart 2 in the full survey] crisis, it is clear that the industry has come through relatively unscathed. Assets under management are at £bn a record £3.9 trillion (see Chapter One), while industry 4,000

revenues have recovered, and are now exceeding pre- 3,500 crisis levels. 3,000

Since our first survey in 2002, assets under 2,500 management have doubled, notwithstanding subdued investment returns. The FTSE 100 index rose only 27 2,000 per cent over that period for example. The growth is 1,500 therefore primarily the result of inflows from clients, a 1,000 third of whom are outside the UK. 500

0 2005 2006 2007 2008 2009 2010 Total UK Assets Under Management UK-Authorised Funds

At the same time, the industry has continued to evolve: in ownership terms it is increasingly independent of banking and insurance, while retaining its unconcentrated and competitive overall structure.

Ownership of asset management firms by UK assets under management (2003 – 2010) [Chart 53 in the full survey]

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2003 2004 2005 2006 2007 2008 2009 2010

■ Asset/Fund Manager 12.0% 17.6% 22.7% 26.5% 27.4% 27.0% 34.7% 39.1% ■ Other (incl. Custodian Bank) 06.0% 08.2% 08.8% 08.8% 09.6% 10.3% 14.0% 13.6% ■ Pension Fund Manager 05.7% 05.9% 04.8% 04.8% 04.9% 03.8% 03.2% 02.5% ■ Insurance Company 39.4% 32.7% 31.4% 29.7% 29.4% 28.3% 29.8% 28.7% ■ Investment Bank 18.8% 17.8% 14.6% 13.6% 13.3% 12.9% 12.3% 10.7% ■ Retail Bank 18.1% 17.9% 17.8% 16.6% 15.4% 17.6% 05.7% 05.4%

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A Summary of the IMA Annual Survey

The UK retail funds industry had another strong year in authorised funds experienced retail inflows of £60 2010, with net inflows at their second highest level on billion over these two years and saw total funds under record, following 2009, and many retail investors management increase by 60% to a total of £579 billion. displaying an increasingly global outlook. Overall, UK- (See p. 41-42 of full survey).

Net retail sales vs sales as percentage of gross household disposable income (1960 – 2010) [Chart 27 in the full survey]

£bn

35 7%

30 6%

25 5%

20 4%

15 3%

10 2%

5 1%

0 0% 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 ■ Net Retail Sales (LH) Net Retail Sales as % of Gross Household Disposable Income (RH)

Source: IMA, ONS

Note: in terms of household income investors saved a greater proportion into funds in 2009 and 2010 than ever before. Net retail investment into funds represented around 3% of household disposable income in 2009 and 2010, compared to an average 1.7% in the 2000s.

5 IMA SurveySummary2011:Layout125/07/201111:27Page6 Investment Management Association Management Investment and p.51-52offullsurvey)inparticular. single-asset mandatesstillpredominate (seep.36-37 asset strategies,althoughasChapterTwo shows, growing interest from institutional investorsinmulti- absolute returnfunds.Andourinterviewsrevealed market, wehaveseenstrong inflowsintomanagedand and distrustfuloffinancialmarkets.Intheretail funds the Westernworldhaveleftsomeinvestorsnervous volatile stockmarketreturnsandahugecredit crisisin Many ofourintervieweesbelievethattenyearshighly [Chart 32inthefullsurvey] investment type(2003–2010) Net retail salesoftracker fundsbyindex (See p.50and77offullsurvey). implications forindustrybusinessmodelsinthefuture. intermediaries. Bothdevelopmentscouldhave well asthegrowing importance ofplatform increasingly intheformof exchange-traded funds,as of thegrowing appetitefor index-trackingfunds, buoyant, manyofthoseweinterviewedare conscious industry faceschallenges.Althoughrevenues are Despite thispositivecommercial performance,the ...but facingchallenges 6 1,000 1,500 2,000 -500 500 £m 0 2003 2004 2005 ■ UKEquityEuropean Equity■NorthAmerican Other International/Global Equity■Bond ■ OtherInternational/Global 06 07 08 09 2010 2009 2008 2007 2006

industryview “ “ The appealofmulti-asset to setupaninvestmentsub-committee. consultant oritmightbethattheclientdecided might beafundmanager, itmightbea things betterandwhocanhelpthemdoit.It reaching outandaskinghowtheycanmake years wasquitemechanical,andclientsare three you’d reviewyourequitymanagerevery they needhelp.Theoldwayofdoingitwhere last fewyearshavemadeclientsrealisethat hasmatured. the industry engaged. Thereisn’tawholesalechange,but in amorethoughtfulwayandtheclientis All thethingsthathavehappenedover The newmulti-assetofferingsarepresented ” ” IMA SurveySummary2011:Layout125/07/201111:27Page7

industryview doing. believe there ismore thattheindustryitselfshouldbe decline intrustamongtheindustry’s clients.Butfirms problems inthebankingsector hascontributedtoa managers wespoketobelievethatassociationwith investor trustandconfidence.Themajorityof Against thisbackground, firms are seekingtofoster How torespond? “ “ they expected? Are clientsgettingtheexperience for assetmanagers. an incomestream?Therewillbeadifferentrole with this?Howwillyouconvertthepensioninto closer toretirement,howareyougoingdeal our peergroup!’.So,ifyou’re64yearsoldand we’ve out-performeditandaretopquartilein much morethansaying:‘Here’s theindex, something wewanttobuildon.It’s goingtobe trustworthy custodiansofpeople’s moneyis enough aboutwhattheclientreallyneeds. poorly, butIdoquestionwhetherithasthought behaved industrialised? Idon’tthinktheindustry positioned properlybytheseller, hasitbeentoo product offerings,havetheynotbeen Why? Isitthattheyhaven’tunderstoodthe expected? Somedidbutalotofthemdidn’t. prosperity gettheexperiencethatthey fortheirlong-termsavingsand industry have investedinthemarketsandusedour 2007-08 dislocationwas‘didtheclientsthat I dothinkthatourreputationasbeing One ofmyquestionscomingoutthe ” ” beginnings ofarenewed relationship withendclients. needs, manyintervieweesfeltthiscouldmarkthe allocation andanapproach baseduponspecificclient Through agreater emphasisonareas suchasasset highlighting three suchthemes: p. 23-25and36-37offullsurvey).Itisworth strategies (seeChaptersOneandTwo, inparticular towards more outcome-orientedproducts and focus onmeetingspecificclientneedsbymoving This iswhymanymanagersare activelyseekingto absolute returnproducts. risk forclients,particularlyretail investors,suchas Funds whichaimtoprovide constrainedlevelsof which evolveovertime. asset allocationstrategiesforschememembers pension schemes,whichaimtoprovide appropriate Default fundstrategieswithindefinedcontribution strongly. liability-driven mandateare continuingtogrow pension fundsandotherclients.Assetssubjecttoa Liability matchingstrategiesfordefinedbenefit A Summary of the IMA Annual Survey Annual IMA the of Summary A 7 IMA Survey Summary 2011:Layout 1 25/07/2011 11:27 Page 8

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International competitiveness on talent globally, a lack of certainty about the stability of the fiscal, regulatory and immigration regimes could undermine the UK’s position relative to other Over the last few years we have tracked growing jurisdictions. concern that the many advantages enjoyed by the UK as a location for an investment management business Nobody expects this to result in an exodus of may be eroding. We heard this even more strongly this established firms from London. But several members year (see Chapter Five). suggested that we could see more marginal decisions about incremental investment go against the UK in Several of those we interviewed said that massive future. Just as mutual fund domiciles have migrated to improvements in communications and a shifting Dublin and Luxembourg, so we may see other such balance of global economic power were making the moves over time. This is something to which the UK case for a global “cluster” for asset management less Government needs to be alert. compelling. And, importantly for an industry drawing

2006 – 2007 IMA Survey 2010 – 2011 IMA Survey

General degree of satisfaction, but Rising unease, diminished confidence worries about rising costs about long-term outlook

We like London. It’s almost our head office. It has got worse at three levels: regulation, “We see an amazing pool of resources in the UK. political“ attitudes and tax. The UK is now less It’s deeper and broader than in other places. attractive and less competitive in consequence. London is still the natural place. We do have This is an international business that now has to increasing costs and retention issues, but that’s deal with domestic issues. Ten years ago, London more to do with the direction of the industry than was setting the pace in the internationalisation of London per se. workforce. Hong Kong and Singapore say ‘we’re Major international” firm (overseas HQ) open for business’. The UK says ‘we’re open for businesses’, but it’s not a welcoming climate.” London really is the financial capital of the I think you’ll lose the new investment. And it’s “world. It’s a very natural place to run global not“ about the high-paid fund managers. There are equities products, emerging markets products. I thousands of people in this building and down the really cannot see any weakening of the presence road in support functions; that’s a lot of jobs that here from the fund management perspective. aren’t going to be in London or even in the UK. Major international firm (overseas HQ) ” ”

London is winning as a financial centre, so From an investment management perspective, “there’s major pressure on costs and infrastructure. the“ outlook is positive. But as a domicile, we’re You can go and work at a boutique tomorrow at not getting any clear indication from the UK significantly more than you can earn here. There’s government that keeping UK or global funds a huge demand for talent. domiciled here is a priority for them. I still feel that, Major UK firm ” at the moment, the Government still hasn’t quite decided to support our industry; they feel it’s sort of a dirty word. But we’re a UK-based organisation, and we’d probably withstand a lot of pressure before we moved.”

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A Summary of the IMA Annual Survey

Regulation from Europe... member firms at the end of 2010 were three times those of the global hedge fund industry.

Regulation has risen significantly up the list of industry The impact of the first wave of EU legislation, the last preoccupations. This is recognised as inevitable in the decade’s “Financial Services Action Plan”, has been wake of the credit crisis, and indeed to some extent decidedly mixed. For example, the Markets in Financial welcome. But concerns are growing about the volume Instruments Directive was intended, among other things, and appropriateness of new regulation that is affecting to improve competitiveness in equity trading markets. the industry, much of it originating from the EU (see But the majority of members reported that in practice the Chapter Four, and in particular p. 75-77 of full survey). result has been a decrease in post-trade transparency and no reduction in trading costs (see Chapter Six). Frequently cited is the Alternative Investment Fund Managers Directive, which sought to tackle the regulation When we conducted our interviews for this survey, the of hedge funds and private equity funds. Not only was industry was facing the prospect of some 20 different their role in the credit crisis marginal, but the directive legislative measures from Europe over the coming two also brought a wide variety of other fund structures within to three years. This will have significant impact on its scope. Indeed, the importance of hedge funds is firms’ operating environment and costs are likely to filter frequently overstated – the assets managed by IMA down to consumers.

Current regulatory environment is a key concern

There is unanimity that it is near impossible for 3. Lack of adequate international coordination. regulation to prevent future financial crises and a While strong and credible regulation can be a source strong majority (70%) of those we interviewed of comparative advantage for individual jurisdictions, identified the current regulatory environment as a in an international environment characterised by key area of concern for them. different political pressures and economic competition between financial centres, any lack of coordination, The concern finds expression in four ways: whether on substance or timing, can result in regulatory arbitrage and poor outcomes. 1. Regulatory initiatives perceived to be disproportionate or wrongly targeted, However, where European harmonisation is taking notably: place, interviewees strongly felt that legislation should be carefully considered and driven not by politics but The original proposals for the Alternative by single market considerations that will ultimately Investment Fund Managers Directive (AIFMD). benefit industry and consumer.

The remuneration code. 4. The way in which regulatory oversight is exercised. The UK retail funds industry has been hit Changing capital requirements for asset heavily by compensation levies as a result of the management firms. default of Keydata Investment Services Ltd.1 This followed earlier compensation payouts to investors 2. Risks of unintended consequences. Rapid relating to the defaults of Pacific Continental Securities regulatory change always risked unintended and Square Mile Securities. The retail firms we consequences. The example cited by several of those interviewed cited Keydata as a source of major we interviewed was centralised clearing. While irritation with respect to the quality of regulatory broadly supportive of the direction of travel, several oversight. Equally, there is some recognition of the feared that the way in which proposals were being fine balance between the kind of scrutiny that can implemented could result in considerable cost for end avoid such failures and what might be perceived as a clients. regulatory ‘heavy hand’.

1 Keydata is an investment firm that had sold life insurance-linked investment products from Luxembourg companies SLS and Lifemark. It was declared insolvent and closed down by the FSA in 2009. Owing to the structure of the UK Financial Services Compensation Scheme, UK retail fund managers were required on short notice to contribute £233m to subsidise the obligation of another class of firms to finance compensation payments to investors.

9 IMA SurveySummary2011:Layout125/07/201111:27Page10 Investment Management Association Management Investment full survey). difficult toaccessadvicein thefuture (seep.77-79of middle andlowerincomegroups wouldfinditmore life insurers. Andthere waswidespread agreement that industry mightbeputatacompetitivedisadvantageto outcome. Somefeared that thefundmanagement aboutwhetherthiswouldindeedbethe concerns and consumer-friendly market,butourindustry has support theReview’s objectivesofamore transparent regulation affecting theindustry. Investmentmanagers Review isthemaincurrent proposal forUK-originated The FinancialServiceAuthority’s RetailDistribution ...and from theUK 10 industryview “ “ guidance? a needforregulated adviceor now. effectively many casesisdonesovery that canbeprovidedofftheinternetandin personIthinkyouneedguidanceand ordinary investing moneyoverthelong-termasan kinds ofadviceaboutthat.Butifyou’re example whenyou’reahighearner, you needall need advice.Ifyourfinancesarecomplex,for and havecontrolovertheirfuture. people tobeablebuilddifferentportfolios you alsowantchoiceanddiversity, youwant good becauseit’s simplertounderstand but simple offerings.Andthat’s good andbad.It’s will havemuchlesschoiceandthey’llvery People choice isremovedfromtheindustry? vanillaoffering,so you goingtogetavery knowledge youhavebeforeinvest.Orare but italsoraisesthequestionofhowmuch certain directions.It’s simplerfor theinvestor put yourprofilesin,andyou’llbepushedin will bemechanical.You goontoaplatform,you offering trueadvice.Itwillbeguidedadvice,it disappearing ormerging,andalotofthemnot I thinkthemajorityofpeopleactuallydon’t We’ll findalotofthesmallerIFAs either ” ” Conclusion driving greater consolidation. barriers toentrythaninthepast,ultimatelyperhaps requirements couldstarttoprovide more significant interviewees suggestedthattheincreasing regulatory than tofinancialfirmslikebanks.Butsome more akintonon-financial service sectorbusinesses of capital,investmentmanagersare inessencemuch barriers toentry:withnorequirement forlargeamounts Investment managementhasalwayshadrelatively low the regulatory agendaissmaller specialistfirms. One group thatmaybedisproportionately affected by regulators undergoafundamental change. result infurtherdisruption as relationships with Prudential RegulationAuthority. Thiswillinevitably new regulators, theFinancial ConductAuthorityandthe expected laterthisyeartoreplace theFSAwithtwo A furtherchallengewillbetheimpactoflegislation to grasppotentialopportunities. challenges, whichtheywillhavetofaceupinorder combining topresent firmswithnewstrategic changing regulation atbothUKandEUlevelsare preferences, adifficult marketenvironment and long termprospect fortheindustry. Butevolvingclient retirement provision continuestocreate anattractive need forindividualstotakeresponsibility fortheirown mood amongfirmsisgenerallyreflective. Thegrowing well, itfindsitselfatastrategiccrossroads andthe While theindustryhasriddenthrough thefinancialcrisis IMA Survey Summary 2011:Layout 1 25/07/2011 11:27 Page 11

A Summary of the IMA Annual Survey

Appendix One Key Statistics

£3.9trn £617bn [£3.4trn in 2009] [£503bn in 2009] Total assets managed in the UK by IMA UK-managed funds member firms as at December 2010 domiciled offshore

£1.3trn 38% [£1.1trn in 2009] [40% in 2009] Assets managed in the UK on behalf of UK domestic market capitalisation overseas clients accounted for by IMA members’ UK equity holdings

£579bn £11bn [£481bn in 2009] [£8.7bn in 2009] Managed in UK-authorised funds Revenue earned by UK-based asset (OEICs and unit trusts) management firms in 2010

£2.2trn [n/a] Assets managed worldwide on behalf of UK institutional clients

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Appendix Two Firm Rankings

Top ten firms by UK and global assets under management [Chart 1 in the full survey]

2,302 BlackRock Investment Management 530

354 Legal & General Investment Management 342

1,284 State Street Global Advisors 193

198 M&G Investments 188

838 JP Morgan Asset Management 161

260 Aviva Investors 142

146 Scottish Widows Investment Partnership 141

157 Standard Life Investments 132

197 Schroder Investment Management 128

108 Insight Investment 108

05001,000 1,500 2,000 2,500 £bn ■ UK Assets Under Management ■ Global Assets Under Management

Top ten UK fund companies by total funds under management (2009 – 2010) [Chart 41 in the full survey]

38.0 Invesco Fund Managers 34.4

30.0 M & G Securities 22.9

28.8 FIL Investment Management 27.1

27.8 Legal & General (Unit Trust) Managers 25.2

23.6 Schroder Unit Trusts 19.9

23.5 HBOS Investment Fund Managers 19.2

22.7 BlackRock Investment Management 17.0

22.5 BNY Mellon Fund Managers 16.9

22.3 SLTM 22.8

21.8 Threadneedle Investment Services 19.1

0510 15 20 25 30 35 40 £bn

■ 2009 ■ 2010

12