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Wealth Management in 2003: new market realitiesProduct Type: Market Research ReportPublished by: Datamonitor Published: January 2004 Product Code: R313-6443 Description IntroductionAlthough in many ways 2003 was more positive than the previous year, several of the developments and trends still reflect the difficulties experienced by wealth managers since 2000. This brief reviews the global wealth management industry in 2003, highlighting the major trends during 2003 and how these will shape the wealth management industry for 2004. Scope Covers the global wealth management market, with specific focus on emerging markets and offshore centers Primary interviews with leading wealth managers from various different geographies Predictions for 2004 formulated from the opinions of Datamonitor's dedicated Wealth Team and primary interviews Reasons to Purchase Understand the most important developments in the wealth management market in 2004 and their impact on competitors Identify what your competitors have been up to over the past year and their plans for 2004 Foresee potential obstacles and opportunities through 2004 market predictions Report Highlights While Datamonitor has reservations regarding the effectiveness of the multi manager approach for private clients, it will be an important trend for 2004. However, investors will need to see the benefits and advantages of the approach in terms of performance versus cost. Asia and particularly China are set to see continued growth and increasing competition over the next year. However, going into the region in the same way as wealth managers have in other markets simply won’t work. In 2004, the popularity of wrap services will continue to increase but the speed with which the market develops will be dependent on the implementation of new regulations. The full development of the UK market will therefore happen over a longer period of around 10 years. Table of Contents ABOUT DATAMONITOR 2INTRODUCTION 6 Economic background 6 Investor sentiment 8 FINANCIAL, STRUCTURAL AND BUSINESS ISSUES 9 Results 9 Consolidation and restructuring 12 Opportunities for recruitment 14 Mergers, acquisitions and partnerships 15 Acquisitions 15 Partnerships 16 MARKET DEVELOPMENTS 19 Emerging market opportunities 19 Asia 19 Middle East 22 Central and Eastern Europe 24 UK expansion 25 Offshore 27 Regulation 27 Amnesties 28 Consolidation within offshore territories 29 PRODUCTS AND SERVICES 33 Alternative investments 33 Regulation 34 Open architecture and multi-manager 37 Online services 39 Wrap accounts/services 41 Family Offices 42 CLIENT FOCUS 44 Threshold changes 44 New target client groups 45 PROMOTION 47 Advertising 47 PRICING 49 Pressure on fees 49 APPENDIX 51 Research methodology 51 Further reading 51 Datamonitor Reports 51 Datamonitor Global Wealth Service: Insight Reports 51 Datamonitor Global Wealth Service: Competitor Tracking 52 Datamonitor Financial Services Consulting 53 SPP writing team 54 LIST OF FIGURES Figure 1: Slowing GDP growth since 2000 left a legacy for 2003 7 Figure 2: The major stock market indices have seen some improvement but have yet to return to 2000 levels 8 |
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