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ASSET MANAGEMENT in the UNITED KINGDOM 2016 a Guide to Retail and Institutional Market Opportunities

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ASSET MANAGEMENT in the UNITED KINGDOM 2016 a Guide to Retail and Institutional Market Opportunities ASSET MANAGEMENT IN THE UNITED KINGDOM 2016 A Guide to Retail and Institutional Market Opportunities Overview & Methodology This new report provides detailed analysis of the United Kingdom retail and SUBSCRIPTION institutional asset management industries. In addition to mapping the UK THE CERULLI REPORT DETAILS distribution landscape by channels and client groups, the report looks at the addressability of assets, the competitive landscape, fund selection, marketing $17,000 and sales dynamics, fund structures, and product features. Asset Management in the United Kingdom 2016 A Guide to Retail and Institutional Market Opportunities , m Restricted and confidential. Not to be duplicated or distributed. Reproduction in whole or part, in any media Data from this report comes from 12 proprietary surveys of retail and including electronic media, prohibited except by permission. © 2016 Cerulli Associates, Inc. www.cerulli.co • 144 PAGES institutional asset managers, retail investors, B2B platforms, insurance • 90 EXHIBITS companies, fund managers, pension funds, and independent financial advisors. Qualitative insight is derived from interviews with more than 100 fund managers, end investors, and distributors over the past 12 months. PURCHASE INCLUDES Benefits y Digital copy and hardcopy in color y Understand product needs based on investor preference y Unlimited online firm-wide access y Examine segmentation of the retail investor universe by provider channel, y Exhibits in Excel age, and wealth tier y Key findings y Identify growth opportunities within the digital advice market y Analyst support y Ascertain strategies for winning outsourced business from UK insurance y Interactive Data Supplement (NEW) companies and pension funds Questions Answered y Which distribution channels offer the best opportunities in the UK? y In which areas are the lines between retail and institutional blurring? y How should managers shape their business strategy for the UK market? y To what extent is it necessary to offer UK investors an open-ended investment company (OEIC)? y Which types of investments are UK insurance companies and pension funds considering outsourcing to third-party managers? For more purchase information please contact account management at: ` [email protected] // +1 617-437-0084 Interactive Data Supplement Experience Cerulli’s digital platform and interact with analyses from this report today With this report subscription, we’re pleased to include these interactive dashboards: 1. UK IFA and DFM Dynamics: Examine key metrics, distribution, and selection criteria for independent financial advisors (IFAs) and discretionary fund managers (DFMs). 2. UK Market Entry Strategies: Explore the top UK players by fund vehicle, B2B platforms, D2C platforms, fund of funds, insurance, and pensions with specific market entry breakdowns. CERULLI ASSOCIATES, 699 Boylston Street, Boston, MA 02116 // +1 617-437-0084 // [email protected] // www.cerulli.com INTERACTIVE DATA SUPPLEMENT Interact with select Cerulli report analyses today What are Interactive Data Supplements? We are pleased to offer an interactive experience with select data contained in all Cerulli reports. Our Interactive Data Supplement (IDS), allows you to customize exhibits in unique ways: ACCESS FILTER DATA EXPORT Access consolidated data from Apply filters to Cerulli report analyses Easily build and multiple report exhibits in a including assets under management, export custom charts. single comparative view. net new flows, product type, channel, year, marketplace, and currency. Cerulli Lodestar Subscriptions Data Supplements View granular data LODESTAR SUBSCRIPTION > MANAGED ACCOUNTS including specific program names, etc. Explore filters including currency, year, channel, firm name, etc. Export exhibits in Excel, PDF, or as an image How to Access IDS This service is complimentary and is accessible via Cerulli Client Login. Simply access USER LOGIN your firm’s online Cerulli research with your unique login credentials and select the To obtain online access, please “View Interactive Data Supplement” link to this platform in ‘My Reports.’ visit www.cerulli.com or contact our account management team at: You can also jump to related IDS charts in the report by clicking on the “View ` [email protected] Interactive Chart” button in the report PDF. ` +1 617-437-0084 CERULLI ASSOCIATES, 699 Boylston Street, Boston, MA 02116 // +1 617-437-0084 // [email protected] // www.cerulli.com Chapter 7 D2C EXHIBIT 7.12 Breakdown of UK Retail Investors’ Holdings by Asset Type and Tax-Free Accounts, 2015 Source: Cerulli Associates Analyst Note: Retail investors were asked, “Please indicate the percentage breakdown of your investable assets” and “On average, what percentage of your investable assets is invested via tax-free accounts (e.g., ISAs)?” Breakdown of Investable Assets Investable Assets Invested via Tax-Free Accounts Exchange-traded funds (ETFs), 5.1% Alternative funds (real estate, Other, private equity, hedge funds), 6.1% 8.0% Mutual funds, 29.2% Share of investable assets invested via tax-free accounts Bonds (not through (e.g., ISAs), investment funds), 37.4% 10.1% Other, 62.6% Equities (not through investment funds), Cash/deposit accounts, 18.0% 23.5% Cerulli’s European sample, which includes France, Germany, Italy, Spain, and the UK, shows that UK investors have the highest exposure to mutual funds, at 29.2% of their portfolios. This is partly linked to the fact that the UK government has instituted and is encouraging the use of tax-free accounts linked to investments—the use of these accounts has become widespread. This approach is contrary to those in place in Continental markets. According to figures from the Investment Association, mutual funds sold via Individual Savings Account wrappers, which are tax-free, accounted for 16.1% at the beginning of 2015. That figure has risen from 9.2% within two years. Key Implication: At 23.5% the proportion of money that sits in deposits in the UK is also one of the highest in Europe. British investors are no strangers to risk, but they also need security. An independent advisor described them to Cerulli as “cautiously greedy.” 112 The Cerulli Report • Asset Management in the United Kingdom 2016 Expanded Table of Contents TaBLE OF CONTENTS - EXPANDED Key Questions Answered ..................................................................................................................15 1. What are the constituent parts of the UK retail landscape today?.................................................................................. 15 2. How important do UK retail investors consider investing outside their home country? .................................................. 16 3. Which asset managers do IFAs consider the strongest in specific areas?..................................................................... 17 4. To what extent are DFMs investing in passive funds and how is this likely to change over the next 12–24 months? ... 18 5. What factors do UK pensions consider when hiring external asset managers? ............................................................ 19 6. Which asset classes are UK pensions considering investing in over the next 12–24 months? ..................................... 20 Chapter 1: Mapping the Landscape .................................................................................................22 Exhibit 1.01: Mutual Funds Sold in the UK by Distribution Channel, 2016 ......................................................................... 23 Exhibit 1.02: Client Segments that Cross-Border Managers Focus on in the UK, 2016 .................................................... 24 Exhibit 1.03: Number of Financial Advisors in the UK, 2011–2014 .................................................................................... 25 Exhibit 1.04: Most Trusted Fund Managers in the UK, 2015 .............................................................................................. 27 Exhibit 1.05: UK Wealth Management Industry Assets, 2Q 2013–4Q 2015 ....................................................................... 29 Exhibit 1.06: Distribution Channels for Defined Contribution Decumulation Investment Products in the UK Over the Next Three to Five Years, 2015 ..................................................................................................................... 32 Exhibit 1.07: Mapping the UK Retail Landscape, 2016 ...................................................................................................... 33 Exhibit 1.08: Mapping the UK Institutional Landscape, 2016 ............................................................................................. 34 Chapter 2: Strategies to Compete ....................................................................................................35 Exhibit 2.01: UK Retail Investors’ Top Factors and Biggest Concerns When Choosing a Mutual Fund Provider, 2015 .... 36 Exhibit 2.02: European Mutual Fund and UK ETF Total Expense Ratio and Statistical Data, 2016 .................................. 37 Exhibit 2.03: Asset Managers’ Expectations of Smart Beta Product Sales to European Institutions Over the Next 12–24 Months, 2015 ...................................................................................................................................... 38 Exhibit 2.04: Expected Demand for Smart Beta Products from European Institutions by Client Segment, 2015 .............. 39 Exhibit 2.05: Fund Strategies that Cross-Border Managers Will
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