Table of Contents
- EXECUTIVE SUMMARY
- Introduction
- Sizing the UCITS market
- Implementation: European overview
- Competitor dynamics
- Key conclusions
- The future decoded
- CHAPTER 1 INTRODUCTION
- What is this report about?
- Who is the target reader?
- How to use this report
- CHAPTER 2 SIZING THE UCITS MARKET
- Introduction
- Key findings
- By the end of 2005 there were 30,831 UCITS funds in Europe, collectively
worth just over EUR5tn
- France and Luxembourg are the dominant markets for UCITS
- Italian UCITS have the highest average value
- UCITS funds account for 70% of all funds in Europe and 79% of all assets
held in funds
- Germany is the only European market in which UCITS funds are less
popular than non-UCITS
- Several European fund markets are completely dominated by UCITS
- Equity funds are the most popular form of UCITS in terms of net assets
- Equity funds are the driving force behind UCITS sales while money market
funds continue to perform poorly
- Data tables
- CHAPTER 3 IMPLEMENTATION: EUROPEAN OVERVIEW
- Introduction
- Key findings
- Individual states' UCITS III implementation underpins European hopes for
a standardized financial market
- Registration obligations continue to prove onerous and expensive in some
states
- Tax discrimination is dying out under pressure from European authorities
- Positive action has been taken to eradicate tax discrimination
- Discrimination remains in some states
- CHAPTER 4 COMPETITIVE DYNAMICS
- Introduction
- Key findings
- Increasing investment possibilities have transformed the UCITS market
- UCITS III has had a mixed reception in terms of product development so
far
- OEICs, bonds and unit trusts are the main focus of UCITS conversions and
launches
- Bond funds offer the possibility of UCITS compliant retail absolute
return funds
- Despite being less popular, fund of funds UCITS take advantage of active
asset allocation provisions
- REITs are expected to be an important feature in future UCITS
- UCITS III remains an unsatisfactory option for some due to its
requirements and limitations
- NURS threatens the success of UCITS funds in the UK
- CHAPTER 5 KEY CONCLUSIONS
- Introduction
- Key findings
- Derivatives used to create absolute returns and increasing complexity
will be the key directions in product development
- Coordinated pan-European fund management will become an important
feature of the market
- UCITS III presents significant opportunities for fund managers in Europe
- As the markets enter a period of uncertainty, absolute returns will
become attractive to retail investors
- A "level playing field" among fund managers in Europe is being
created by UCITS III
- The popularity of diversification will reward creative fund managers
- Fund managers face several challenges in their bid to launch successful
pan-European funds
- Regulatory issues must be resolved or overcome by fund managers
- The expense of running UCITS must be effectively absorbed
- Retail investors need to be made ready for UCITS across Europe
- Across Europe investors have different investment cultures, preferences
and needs
- Institutional specialists must learn how to effectively target retail
investors
- CHAPTER 6 THE FUTURE DECODED
- Introduction
- Key findings
- The UCITS market is forecast to grow significantly between 2005 and 2010
- The non-UCITS market will have mixed fortunes over the next five years
- The Belgian, French, Luxembourg and UK markets will see strong growth in
UCITS between 2005 and 2010
- The Belgian market will experience very strong overall growth
- UCITS will become even more dominant in the French market
- The Luxembourg market will strengthen its position as the largest UCITS
market in Europe
- In the UK further development of the Directives is likely to create an
important UCITS hub
- The Austrian, Spanish and German markets will see lower growth in the
UCITS market between 2005 and 2010
- Austrian market conditions are not overly restrictive but UCITS only
comprises two thirds of the mutual funds market
- The Spanish market is already almost UCITS-only
- The nature of the German market means that foreign-domiciled UCITS will
remain an important part of the market
- Data tables
- APPENDIX
- Definitions
- Europe
- Trillion
- UCITS
- Further reading
- Savings and Investments SPP
- Interactive Databases
- Reports
- Briefs
- Related Global Wealth Service SPP Reports
- Interactive Databases
- Market Reports
- Strategic Insight Reports
- Wealth Management Competitor Tracker
- Datamonitor Asia Pacific Wealth Management SPP
- SPP writing team
- List of Tables
- Table 1: Number of UCITS funds investing in transferable securities
and money market instruments in Europe
- Table 2: Net assets of UCITS funds investing in transferable
securities and money market instruments in Europe
- Table 3: Total funds and net assets held in the European fund industry,
- Table 4: Forecast growth of UCITS assets 2005-2010
- Table 5: Forecast growth of non-UCITS assets 2005-2010
- Table 6: Forecast share of total mutual funds market 2005-2010
- List of Figures
- Figure 1: France and Luxembourg together account for almost half of
all UCITS funds in Europe
- Figure 2: Luxembourg and France dominate net funds assets invested in
UCITS in Europe
- Figure 3: On average UCITS funds hold more assets than non-UCITS, as
well as dominating the European market
- Figure 4: Equity funds account for over a third of the European UCITS
market
- Figure 5: The UCITS markets in Belgium and Luxembourg are forecast to
double in size between 2005 and 2010
- Figure 6: The German non-UCITS market is forecast to grow
significantly while others will see falls in value
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