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Institutional Asset Management in Asia 2020

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Institutional Asset Management in Asia 2020 PRODUCT DETAILS Included with Purchase y Institutional Asset Management in Asia 2020 y Digital report in PDF format Key findings Setting the Stage for a New Era y Unlimited online firm-wide access y Analyst support y Exhibits in Excel y Interactive Report Dashboards OVERVIEW & METHODOLOGY This report takes a comprehensive examination of the Asia-Pacific region’s institutional Interactive Report landscape and outsourcing opportunities for external asset managers. It builds on our Dashboards previous research on Asian pensions, sovereign wealth funds, insurers, and other institutions, Interact and explore select and complements all our other Asian publications. The report focuses on market sizing and report data with Cerulli’s addressability, institutions’ investment behavior, strategies and allocation plans, outsourcing visualization tool. practices, manager selection, use of consultants, and other trends in Asia’s institutional asset management industry. The report explores three region-wide themes—the evolution of institutional sales, demand for alternative strategies, and de-risking and liquidity management among institutions. It y Regional Overview: Compare institutional market sizing in the also assesses the opportunities and challenges in the Australia and New Zealand institutional Asia-Pacific region, which includes investable assets by market, markets. This is followed by in-depth analysis of the institutional markets of China, Hong Kong, year, and institution type, as well as forecasted investable and Japan, Korea, Singapore, and Taiwan. addressable assets. y Institutional Type Analysis: Evaluate and compare the USE THIS REPORT TO retirement, insurance, and sovereign wealth fund markets in Asia ex-Japan, with interactive data covering investable and addressable y Analyze insourcing and fintech adoption trends among Asian institutions and how managers assets segmented by year, investment objective, and asset class. are evolving their business strategies and offerings to cope with the changes y Institutional Sales and Strategies: y Pinpoint opportunities within the alternatives segment, in terms of strategy preferences, strategic partnerships, and outsourcing requirements y Gain an understanding of asset managers’ views on considerations that gatekeepers have for manager evaluation, y Identify key trends among institutions in terms of investment behavior and preferred factors that increase the chances of winning mandates, views strategies to navigate through the pandemic on the effectiveness of digital solutions in maintaining and y Gain insight into the expansion of market coverage in Japan, Australia, and New Zealand in acquiring new institutional mandates, strategies clients are terms of market sizing, addressability, opportunities, and challenges for managers likely to seek in the near term, the impact of COVID-19, and the role of alternatives. QUESTIONS ANSWERED y Analyze asset owners’ sentiments on insourcing challenges, y What are the key concerns brought about by COVID-19 and its impact on managers and key outsourcing considerations, factors taken into account institutions? when making investment decisions and selecting managers, effectiveness of digital solutions in the investment process y Where do managers see growth potential and outsourcing opportunities among the various and methods of adoption, major hurdles faced during digital institutional types and across markets? adoption, changes as a result of COVID-19, and the role of y How are managers adapting their methods of engagement and evolving their portfolio alternatives in investment portfolios. management services to suit the needs of their institutional clients? y What are the areas of interest and considerations that institutions have for their alternative investments? y Which other types of strategies are institutions looking out for to help de-risk portfolios and navigate through the pandemic? y Where are the opportunities for managers in Australia and New Zealand, and what kind of challenges lie ahead of them? Cerulli Associates | [email protected] | www.cerulli.com Chapter 3 De-Risking Strategies to Navigate the New Normal Exhibit 3.05 Asia ex-Japan Managers’ Views on Fee Pressure Changes Across Strategies in the Next 1–3 Years, 2020 Source: Cerulli Associates Analyst Note: Regional managers with businesses in multiple countries in the region were surveyed. Results are shown as a percentage of the respondents. Decrease No change Increase Low-cost/passive solutions (e.g., ETFs and smart beta) 22.2% 22.2% 55.6% Structured (non-agency) securities (RMBS, CMBS, CLO, etc.) 50.0% 50.0% Global investment-grade fixed income 20.0% 30.0% 50.0% Global equity 25.0% 25.0% 50.0% Domestic non-investment-grade (high-yield) fixed income 11.1% 44.4% 44.4% Liquid investments (cash and short-duration securities) 55.6% 44.4% Global non-investment-grade (high-yield) fixed income 60.0% 40.0% Global balanced/multi-asset 30.0% 30.0% 40.0% Domestic balanced/multi-asset 20.0% 40.0% 40.0% Bank loan/leveraged loan (floating rate) 62.5% 37.5% Hedge funds 25.0% 37.5% 37.5% Real estate (direct, equity, and debt) 11.1% 55.6% 33.3% Domestic investment-grade fixed income 11.1% 55.6% 33.3% Domestic equity 66.7% 33.3% Infrastructure (direct, equity, and debt) 11.1% 66.7% 22.2% Private equity 12.5% 75.0% 12.5% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 54 The Cerulli Report | Institutional Asset Management in Asia 2020 Table of Contents Click for Interactive Report Dashboard Table of Contents: Expanded of indicated exibit Key Questions Answered . 20 1. How are managers adapting their services to meet the needs of their institutional clients? ..................................20 2. Within alternatives, where do managers see opportunities from asset owners? . 21 3. What investment strategies are asset owners looking for to navigate through the pandemic? ................................22 4. What are the opportunities and challenges for managers in Australia and New Zealand? ....................................23 Exchange Rates . 24 Chapter 1: Institutional Sales Evolve in the Pandemic Era . 25 Investment outsourcing still essential.......................................................................................25 Exhibit 1.01. Asian Sovereign Wealth Funds’ Plans for Insourcing or Outsourcing Over the Next Three Years, 2020 ................26 Exhibit 1.02. Asia ex-Japan Asset Owners’ Views on Challenges Faced During Insourcing, 2020 . .27 Exhibit 1.03. Asia ex-Japan Asset Managers’ Views on Factors Increasing the Chances of Winning Mandates, 2020 ................28 Institutions’ requirements when outsourcing ................................................................................28 Exhibit 1.04. Asia ex-Japan Asset Owners’ Views on Whether Digital Solutions Are Effective in Investment Processes and Their Method of Adoption, 2020.................................................................................29 Exhibit 1.05. Asia ex-Japan Asset Owners’ Key Considerations in Making Investment Decisions and Selecting Managers, 2020 ......31 Exhibit 1.06. Asia ex-Japan Asset Managers’ Views on the Challenges Faced When Dealing With Asset Owners, 2020 . 32 Adapting services to suit evolving needs.....................................................................................32 Exhibit 1.07. Asia ex-Japan Asset Managers’ Views on the Effectiveness of Digital Solutions in Maintaining and Acquiring New Institutional Mandates, 2020 . 33 Exhibit 1.08. Selected Managers’ Digital Platforms, 2020 . 34 Exhibit 1.09. Asia ex-Japan Asset Managers’ Views on the Key Challenges to Promote OCIO and Multimanager Services to Asset Owners, 2020 ......................................................................................36 Exhibit 1.10. Asia ex-Japan Asset Owners’ Areas of Engagement With Consultants, 2020 .......................................37 Exhibit 1.11. Selected Managers’ and Consultants’ Outsourced Chief Investment Officer (OCIO) Services, 2019 . .38 Staying agile in the new norm .............................................................................................38 Chapter 2: Pursuing Alternative Assets for Yield . 39 Exhibit 2.01. Asia ex-Japan Asset Owners’ and Managers’ Views on the Roles Alternatives Play in Investment Portfolios, 2020.......39 Exhibit 2.02. Asia-Pacific Asset Owners’ Views on Changes They Have Experienced as a Result of COVID-19, 2020 .................40 Obstacles triggered by COVID-19 . 40 The Cerulli Report | Institutional Asset Management in Asia 2020 9 Table of Contents Greater interest from pension funds and SWFs ..............................................................................41 Life insurers adopt more cautious stance ...................................................................................41 Exhibit 2.03. Asia-Pacific Asset Owners’ Outsourcing Plans to Managers by Fund Strategy Over the Next 12–18 Months, 2020 .........42 Re-assessing strategies following COVID-19..................................................................................43 Exhibit 2.04. Major Hurdles Faced by Asia-Pacific Asset Owners During Digital Adoption in Their Investment Approaches, 2020.....44 Building in-house resources . 44 Exhibit 2.05. Various Partnerships in Alternatives Among Institutional Investors and Asset Managers, 2019–September 2020 . 45 Exhibit 2.06. Asia ex-Japan Asset Managers’ Key Challenges Faced When Discussing Alternatives’ Terms and Conditions, 2020......46 Key considerations in engaging asset owners ................................................................................46
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