Table of Contents
- Overview
- Executive Summary
- Market Context
- Customer Focus
- Table of Contents
- Table of figures
- Table of tables
- MARKET CONTEXT
- Introduction
- Key findings
- Demand for capital protected products is on the increase
- Wealthy European clients are demanding alternative investments because
they are keen to diversify
- Demand for capital protected and structured products is likely to remain
strong and steady
- Institutional demand is likely to increase by around 5-10% per year
- Lack of understanding and insufficient promotion are the major
barriers to future take-up of capital protected and structured products by
institutional investors
- High net worth interest in capital protected & structured products
is predicted to grow by up to 0-10% per year
- A lack of understanding and product expense are the main barriers to
high net worth take-up of capital protected & structured products
- Mass market demand for capital protected & structured products is
likely to increase over the next 3 years
- Lack of client understanding and concern over product expense will be
the likely barriers to mass market take-up of capital protected &
structured products
- ADI, AXA and Credit Agricole are perceived as the leading competitors
for capital protected and structured products in France
- Deutsche Bank has the best reputation in Germany
- Credit Suisse is perceived as the top player in Italy
- Allianz Dresdner is perceived as the market leader for capital protected
& structured products in Spain
- Barclays, Goldman Sachs & HSBC have the best reputation in the UK
market
- ADI is a specialist alternative asset management company
- Deutsche Bank Asset Management has been active for more than 30 years in
Germany and more than 50 years in the UK
- Deutsche Bank has recently launched a client structured product portal
- Credit Suisse is in the top ten global financial institutions in terms
of assets under management
- Allianz Dresdner has more than 100 years of asset management experience
to its name
- Data
- CUSTOMER FOCUS
- Introduction
- Key findings
- The high net worth segment is the biggest customer group in Europe for
capital protected funds, while institutional clients are the largest for
structured products
- The main customer group for capital protected products varies widely
between European countries
- In France & Germany the high net worth segment shows the most
demand for structured products
- Institutional investors are likely to be the biggest customer base for
these products in the future
- UK asset managers have the strongest belief that the institutional
market will remain the biggest customer group for capital protected
products
- Institutional clients will be the main customer group for structured
products in all countries apart from Germany, where the mass market is
expected to dominate
- The mass market is likely to see the biggest increase in demand for
capital protected & structured products
- The retail banking channel is the most successful method of distributing
capital protected and structured products to the mass market in Europe
- The mass market for capital protected and structured products in the
UK is dominated by independent advisors
- High net worth investors prefer retail banks as a distribution channel
- Italian high net worth customers prefer to purchase capital protected
& structured products via a private bank wealth manager, while in the
UK independent advisors are preferred
- Institutional investors across Europe tend to purchase capital protected
and structured products directly
- Direct sales are the most popular channel in all countries but France
& Italy
- APPENDIX
- Definitions
- Alternative investment
- Capital protected product
- High net worth (HNW)
- Liquid assets
- Mass affluent
- Private client
- Structured product
- Traditional investment
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
- Table 1: In your opinion, what is the most important reason why wealthy
clients are demanding alternative investments?
- Table 2: What type of alternative investment fund is most in demand by
your wealthy clients or the wealth managers who offer your funds to their
clients?
- Table 3: Thinking of the next 3 years, how do you think demand for the
following alternative investments will change among institutional investors?
- Table 4: Thinking of institutional investors, what do you think will be
the major barriers to wider take-up of the following alternative investments
in the next three years?
- Table 5: Thinking of the next 3 years, how do you think demand for the
following alternative investments will change among high net worth investors?
- Table 6: Thinking of high net worth customers, what do you think will be
the major barriers to wider take-up of the following alternative investments
in the next three years?
- Table 7: Thinking of the next three years, how do you think demand for
the following alternative investments will change among mass market
investors?
- Table 8: Thinking of mass market customers, what do you think will be
the major barriers to wider take-up of the following alternative investments
in the next three years?
- Table 9: In France, who are the 3 best asset managers at building
capital protected and structured products?
- Table 10: In Germany, who are the 3 best asset managers at building
capital protected and structured products?
- Table 11: In Italy, who are the 3 best asset managers at building
capital protected and structured products?
- Table 12: In Spain, who are the 3 best asset managers at building
capital protected and structured products?
- Table 13: In the UK, who are the 3 best asset managers at building
capital protected and structured products?
- Table 14: Number of capital protected funds between 2002-2006 for 5
European countries
- Table 15: Net assets of capital protected funds between 2002-2006 for 5
European countries, EUR
- Table 16: Which is your biggest customer group for the following
products?
- Table 17: In 3 years, which will be your biggest customer group for the
following products?
- Table 18: For the following investments, from which customer base will
the most increase in demand come in 3 year' s time?
- Table 19: What do you think is the best way for the following
alternative investments to be distributed to mass market investors?
- Table 20: What do you think is the best way for the following
alternative investments to be distributed to high net worth investors?
- Table 21: What do you think is the best way for the following
alternative investments to be distributed to institutional investors?
- List of Figures
- Figure 1: In spite of France' s minor blip, the number of
capital-protected funds have shown steady growth throughout Europe
- Figure 2: Net assets of capital-protected funds have been growing
particularly strongly in France and Luxembourg
- Figure 3: In your opinion, what is the most important reason why wealthy
clients are demanding alternative investments?
- Figure 4: There is no general consensus as to the main customer group
for capital protected products between countries in Europe
- Figure 5: Institutions are the main client group for structured products
across Europe but demand from high net worths is stronger in Germany
- Figure 6: Institutions are expected to be the biggest customer group for
capital protected products in 3 years' time, apart from Germany and Italy
- Figure 7: Institutions will be the biggest group for structured products
in 3 years' time across Europe, apart from Germany, where it is expected to
be the mass market
- Figure 8: What do you think is the best way for capital protected
products to be distributed to mass market investors?
- Figure 9: What do you think is the best way for structured products to
be distributed to mass market investors?
- Figure 10: What do you think is the best way for capital protected
products to be distributed to high net worth investors?
- Figure 11: What do you think is the best way for structured products to
be distributed to high net worth investors?
- Figure 12: What do you think is the best way for capital protected
products to be distributed to institutional investors?
- Figure 13: What do you think is the best way for structured products to
be distributed to institutional investors?
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