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Asset Management in Southeast Asia 2019

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Asset Management in Southeast Asia 2019 Asset Management in Southeast Asia 2019 The Welcome Mat Unfurls Further PRODUCT DETAILS OVERVIEW & METHODOLOGY In its 13th iteration, this report covers both retail and institutional segments in Included with Purchase Southeast Asia, including Malaysia, Thailand, Indonesia, the Philippines, and Vietnam. y Digital copy and hardcopy in color In the retail space, we size the mutual fund markets and discuss distribution, product, y Online access to eight related reports regulatory, and competitive developments, among other topics. In the institutional y Unlimited online firm-wide access space, we look at market sizing, both in terms of investable and addressable assets, y Exhibits in Excel and identify which institution types and markets provide the best outsourcing potential y Key findings for managers. y Analyst support The region holds strong growth opportunities. With a rising middle class and emerging y Interactive Report Dashboards affluent, as well as increasing needs to diversify overseas, managers generally have strong conviction that the demand for foreign investments will continue to rise. Interactive Report Dashboards What investment strategies can global and regional fund houses offer, and what Experience Cerulli’s digital analytics platform and are the different entry routes they can use to meet the desire to tap the Southeast explore interactive data from this report Asian markets? 1. SEA Market Overview: Get an overview of the retail and institutional markets for Data included in this report is sourced from industry associations, proprietary surveys, six key markets in Southeast Asia. This and research meetings. Survey data includes almost 70% of the mutual fund (MF) assets includes historical and projected MF assets in Thailand, Malaysia, Indonesia, and the Philippines. In addition, over 50 research calls under management (AUM), growth rates, and meetings were conducted with asset managers, distributors, fund associations, and breakdown by asset classes, and net new regulators across all five markets covered in the report. inflows. 2. Retail Country Overview: Review MF AUM USE THIS REPORT TO by distribution channel, marketshare and net new inflows by investment objective, as well y Explore the rising demand for foreign investments and how managers are tapping as asset managers’ perspectives on product into these markets; partner selection, and their planned usage of y Understand revenue and fee concerns in Southeast Asia, including revenue different distribution channels. estimates, fee pressure, breakeven targets, and which areas asset managers are 3. Institutional Market Overview: Assess the expecting cost to increase further; institutional market landscape, including investable assets by institution type, y Evaluate the opportunities in sovereign wealth, and explore the capabilities required percentage of retirement assets outsourced, to access this pool of assets; and insights on securing mandates, and leading y Review the proliferation of fintech solutions, and their impact on investment strategies among institutions. distribution channels. 4. Institutional Investment Strategies: Compare asset managers’ views on various QUESTIONS ANSWERED institutional client investment strategies by country. y How large are the Southeast Asian retail mutual fund and institutional markets? 5. Perspectives on Digitalization: Understand y What are the institutional asset management opportunities in Southeast Asia? the state of the digital landscape in Southeast Asia, including insights into each market’s y What are the different entry routes asset managers can use to meet the desire to expenses, plans, and challenges. tap the double-digit growth offered by Southeast Asian markets? y What investment strategies can global and regional fund houses offer? y What are the revenue and cost concerns for managers operating in the region? Cerulli Associates | [email protected] | www.cerulli.com Regional Chapter 5 Exhibit 5.1.10 Southeast Asia ex-Singapore Asset Managers’ Views on Which Distribution Channels to Increase Usage of by 2022 Source: Cerulli Associates Analyst Note: Data includes responses from Malaysian, Thai, Indonesian, and Philippine managers. 1Ranked highly by managers in Thailand and the Philippines. Direct online sales 6.7 Direct/tied agents 6.5 Securities companies/brokerages1 6.0 Local banks (non-affiliated) 5.6 Affiliated banks 5.5 Foreign banks (non-affiliated) 5.4 Independent financial advisors or third-party platforms 5.3 Insurance firms (wrapped with investment-linked products) 5.0 Private banks (non-affiliated) 4.8 123456789 Least Greatest intention intention • While third-party platforms distribute less than 5% of the industry’s total AUM, managers are generally optimistic about their potential. In Malaysia, some fund houses are hopeful that the launch of e-MIS by the EPF will gradually transform investors’ behavior and reduce the industry’s reliance on tied agents in the long run. In Indonesia, managers are hoping that collaborations between e-commerce platforms and MMFs will create more awareness for long-term savings. • Despite not being ranked in the top three, affiliated banks will continue to dominate the distribution landscape in Thailand and the Philippines. Distribution via securities companies and brokerages is also growing rapidly, albeit from a low base, in those two markets. Key Implication: Going direct is always preferred as it generates better margins without the need to pay trailer fees to intermediaries. Some bank- backed asset managers told Cerulli that despite more banking transactions being conducted online, the volume of new mutual fund subscriptions conducted through online banking platforms remains low. The human touch is still important in gaining initial trust. These bank-backed managers want to develop online platforms independently from their parents, help investors conduct their ongoing subscriptions, lower the costs of servicing small-ticket investors, and more importantly, broaden the underlying user base to include investors that do not hold accounts with their parent banks. Also, direct online platforms can better cater to investors’ needs by providing basic market commentaries, asset allocation strategies, real-time updates on portfolio movement, and other services. The Cerulli Report | Asset Management in Southeast Asia 2019 73 Table of Contents Table of Contents: Expanded Key Questions Answered . 17 1. How are foreign fund houses tapping opportunities in Southeast Asia? . .17 2. What are the revenue and fee concerns for asset managers operating in the region? .......................................18 3. What is addressable to external asset managers from sovereign wealth funds in the region? . 19 4. How are asset managers in Southeast Asia keeping up with the digital game? .............................................20 Exchange Rates . 21 Chapter 1: Pushing Boundaries in Southeast Asia . 22 Exhibit 1.01 Southeast Asia ex-Singapore Mutual Fund Foreign Exposure, 2015–2018 . 22 Exhibit 1.02 Southeast Asian High-Net-Worth Wealth, 2010–2017 ..........................................................23 Exhibit 1.03 Selected Local and Foreign Partnerships in Southeast Asia, 2014–1Q 2019........................................24 Exhibit 1.04 Locally Domiciled Fund Managers’ Participation in the ASEAN-Collective Investment Scheme, March 2019 ............25 Exhibit 1.05 Mutual Funds Approved Under the ASEAN Collective Investment Scheme, April 2019 ..............................26 Exhibit 1.06 Malaysian Feeder Fund Asset Breakdown by Investment Strategies, 2015–2018 ...................................27 Exhibit 1.07 Top 10 Malaysian Managers by Feeder Fund Assets under Management, 2018 ....................................28 Exhibit 1.08 Thai Feeder Fund Asset Breakdown by Investment Strategy, 2015–2018..........................................29 Exhibit 1.09 Top 10 Thai Managers by Feeder Fund Assets Under Management, 2018 .........................................30 Exhibit 1.10 Average Fees External Managers Receive in a Master-Feeder Fund Arrangement, 2019 .............................31 Exhibit 1.11 New Foreign Entrants to Southeast Asia, 2017–1Q 2019 ........................................................32 Chapter 2: Coping With Fee Pressures . 33 Exhibit 2.01 Southeast Asia ex-Singapore Mutual Fund Industry Estimated Gross Revenues by Country, 2016E–2018E.............34 Exhibit 2.02 Southeast Asia ex-Singapore Mutual Fund Trailer Fees, 2019....................................................35 Exhibit 2.03 Southeast Asia ex-Singapore Asset Managers’ Views on Average Breakeven Assets Under Management, 2019.........35 Exhibit 2.04 Southeast Asia ex-Singapore Institutional Fee Range, 2019 .....................................................36 Exhibit 2.05 Southeast Asia ex-Singapore Mutual Fund Industry Concentration Ratio, 2017–2018 ...............................37 Exhibit 2.06 Southeast Asia ex-Singapore Asset Managers’ Views on Changes to Their Firms’ Cost Structure, 2019 ................38 ℹℹ Exhibit 2.07 Southeast Asia ex-Singapore Asset Managers’ Operating Expenses Attributed to Digitalization Efforts, 2019...........38 8 The Cerulli Report | Asset Management in Southeast Asia 2019 Table of Contents Exhibit 2.08 Malaysian Mutual Fund Managers’ Average Revenue Yield and Profit Margin, 2015–2017 . .39 Exhibit 2.09 Selected Malaysian Unit Trust Management Companies’ Profitability, 2015–2017 . 40 Chapter 3: Sovereign Wealth Funds . 41 Exhibit 3.01 GIC’s Investable Assets by Investment
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