[Report] Germany Fund Supermarkets Market Research, Trends, Analysis TOC

OVERVIEW
- Catalyst
- Summary
EXECUTIVE SUMMARY
- Germany' s fund supermarket sector continues to expand to meet the demands of a growing potential customer base
  - Germany' s retail mutual fund market reflects strong growth
  - Recent legislation on collective investments supports product innovation and enhances investor protection
  - Direct banks are among the leading fund supermarkets
  - Fund supermarkets are expanding beyond their traditional business activity
Table of Contents
Table of figures
Table of tables
MARKET BACKGROUND
- Germany' s retail mutual fund market reflects strong growth
  - Germany' s mutual fund industry is worth EUR1,263 billion
DISTRIBUTION DYNAMICS
- Retail banks dominate the distribution of mutual funds
  - Close to half of all mutual fund assets under management is attributed to retail banks
    - Fund supermarket clients demand control and accessibility
REGULATION
- Recent legislation on collective investments supports product innovation and enhances investor protection
  - Asset management companies may establish unit classes within funds
  - Upcoming EU legislation (UCITS directive and MiFID) facilitates market development and enhances consumer protection
    - MiFID allows fund managers and distributors improved flexibility, but also introduces new obligations
  - The planned revision of the Investment Act will relax regulatory restrictions
DISTRIBUTOR PROFILES
- Direct banks are among the leading fund supermarkets
  - Comdirect offers one of the broadest fund ranges
    - Pricing keeps pace with the competition and helps build customer relationships
    - Comdirect serves both B2C and B2B markets
    - Services extend to banking and advice
  - DAB bank focuses on the retail market
    - Despite its retail emphasis, DAB also facilitates intermediary trading
    - DAB also delivers banking and adivce
  - Cortal Consors markets to individual investors
    - Investors have access to banking products and services
  - FondsDISCOUNT.de serves the needs of experienced private investors
    - FondsDISCOUNT competes strongly on price
    - The product range extends beyond investment funds
  - Competition is reducing fees for investors
DISTRIBUTION STRATEGIES
- Fund supermarkets are expanding beyond their traditional business activity
  - Branding is as important to fund supermarkets as it is to end investors
  - Fund supermarkets are pursuing growth by offering banking services and investing in bricks and mortar
    - Intermediaries will require dedicated services and enhanced platform capability
  - Marketing aimed at both individual investors and intermediaries should emphasize the concept of partnering for growth
    - Leading supermarkets are helping intermediaries to grow their businesses
  - Fund managers will continue to rely on direct sales, although supermarkets represent a key element of heir distribution strategies
  - Demographic shifts, alternative investment structures and cost-driven technological advances will impact fund supermarkets' growth
    - Population shifts and a more engaged investment market will help sustain growth
    - Structured products offer fund supermarkets opportunities for further diversification
    - Investment in technology can boost both revenue and profit
APPENDIX
- Data
- Definitions
  - Asset manager / Asset management company
  - Bank
  - Collective Investment Scheme
  - Exchange-Traded Fund
  - Fund of funds
  - Fund supermarket
  - Hedge fund
  - Non-retail market
  - Retail market
  - Structured products
  - UCITS
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Tables
  - Table 1: Comparative overview of selected German fund supermarkets
  - Table 2: Total mutual funds under management segmented by investor, EURm, 2002-2006
  - Table 3: Retail savings & investment asset balances, EURm, 2002-2006
  - Table 4: Retail mutual funds under management segmented by type of fund, EURm, 2002-2006
  - Table 5: Total mutual fund assets segmented by distribution channel, Dec 2006
- List of Figures
  - Figure 1: Retail investors account for an increasing proportion of mutual funds in Germany
  - Figure 2: Mutual funds represent one-fifth of household portfolios
  - Figure 3: Balanced funds and bond funds together account for over half of household mutual fund portfolios
  - Figure 4: Retail banks dominated Germany' s mutual fund sector in 2006

Fund Supermarkets in Germany 2007

Table of Contents