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The future of the private client market for hedge funds in EuropeProduct Type: Market Research ReportPublished by: Datamonitor Published: February 2004 Product Code: R313-6512 Description IntroductionStrong hedge fund performance during the equity bear market of 2000-2003 has captured investors’ imaginations. This report analyses the major factors that will shape the European hedge fund market for the next five years with a particular emphasis on the effect of regulation. It sizes the European private client hedge fund market and forecasts it forward. Scope Covers the big five European countries, France, Germany, Italy, Spain, UK. Covers the following issues affecting the private client hedge fund market: regulation, performance, fees, valuation, disclosure, distribution. Forecast the private client hedge fund marker to 2007. Report Highlights 39% of European wealth managers see regulatory difficulties as the major barrier to hedge fund investment in the European market. However the increasing popularity of hedge fund investments has forced regulators to review this situation and legislative changes are occurring in many European territories. Some wealth managers believe that should a period of sustained equity growth reoccur, the hedge fund market would decline. However hedge fund investment has wider motivations. 70% of wealth managers see increasing diversification or the ability to gain an absolute return as the primary reason for investing in hedge funds. Datamonitor estimates that the total size of the European HNW hedge fund investment market at around EUR60bn in 2003, representing around 75% of European hedge funds. Datamonitor believes that regulatory changes allowing wider distribution and creating greater clarity will help to drive growth of more than 20% per annum in the HNW market to 2007. Reasons to Purchase Understand how regulation of the hedge fund market will change your market going forward assess the problems with offering hedge funds to HNW customers and how these can be dealt with forecast the growth of the market and the opportunities it creates Table of Contents TABLE OF CONTENTSABOUT DATAMONITOR 2 MARKET CONTEXT- ISSUES AFFECTING THE FUTURE GROWTH OF THE PRIVATE CLIENT HEDGE FUND MARKET IN EUROPE 8 Introduction 8 Changing regulation in Europe’s private client hedge fund market 10 Pan-European regulation 10 UK 12 France 13 Germany 15 Italy 16 Spain 17 Other European Countries 18 US- a comparative example 18 Conclusion: The impact of regulatory changes on the growth of the HNW hedge fund market 20 Pricing and performance issues 20 Performance 20 Impact of equity markets 21 Fee structures 23 Conclusion: Performance and pricing issues 24 Compliance and clarity issues 25 Valuation 25 Disclosure 26 Internal compliance 27 Conclusion: Compliance and clarity issues 27 Distribution factors 28 Conclusion: Distribution factors 29 MARKET SIZING AND FORECASTS - THE HNW HEDGE FUND INVESTMENT MARKET IN EUROPE 30 Estimated size of the market for European HNW investment in hedge funds in 2002 30 Estimated size of the European HNW hedge fund market forecast 2002e to 2007f 32 APPENDIX 34 Supplementary data 34 Definitions 35 Research methodology 36 Estimated size of the market for European HNW investment in hedge funds in 2002 36 Estimated size of the private client hedge fund market in Europe forecast 2003e- 2007f 39 Further reading 41 Datamonitor Global Wealth Service: Reports 41 Datamonitor Global Wealth Service: Insight Reports 41 Datamonitor Global Wealth Service: Competitor Tracking 42 Related Savings & Investments SPP Reports 42 Datamonitor’s Global Wealth Model 43 Datamonitor Financial Services Consulting 44 SPP writing team 45 |
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