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Home > Business/Finance > Financial Services > Fund Management
Fund supermarkets in Spain 2007
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| Published Date:
December 2007
Published By:
Datamonitor
Page Count:
32
Order Code:
R313-29420
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- OVERVIEW
- Catalyst
- Summary
- EXECUTIVE SUMMARY
- The fund supermarket sector in Spain continues to develop, with providers expanding their range of products and services for both B2C and B2B markets
- Spain's bank-dominated mutual funds industry is registering a declining growth rate
- Recent Spanish legislation supports the development and marketing of collective investments
- Fund supermarkets are offering an expanded range of services
- Fund supermarket distribution provides an expansionary forum for smaller fund managers, in particular, and a platform for the supermarkets themselves to explore broader business areas
- Table of Contents
- Table of figures
- MARKET BACKGROUND
- Spain's bank-dominated mutual funds industry is registering a declining growth rate
- The mutual fund industry in Spain is worth EUR321 billion
- In 2006, growth in mutual funds under management declined as a result of new legislation and shifting investor demand
- DISTRIBUTION DYNAMICS
- Spanish banks dominate the mutual fund sector
- Banks account for more than half of mutual fund distribution, according to two separate sources
- Fund supermarket clients are young and technologically savvy
- REGULATION
- Recent Spanish legislation supports the development and marketing of collective investments
- Legislation has been aimed at improving the flexibility and efficiency of the collective investments sector, while enhancing investor protection
- Fund supermarkets can offer access to new fund structures
- The new law also created new opportunities for fund distribution
- New regulations on prospectuses are intended to facilitate fund marketing
- The revised income tax law increased competition from savings deposits
- New EU legislation (UCITS directive and MiFID) will facilitate market development and enhance consumer protection
- MiFID allows fund managers and distributors improved flexibility, but also introduces new obligations
- DISTRIBUTOR PROFILES
- Fund supermarkets are offering an expanded range of services
- Tressis offers the broadest selection of mutual funds
- Pricing and investment stipulations are less competitive than those of other providers
- Retail investors account for a minority of business
- Inversis focuses on the intermediary market
- Inversis maintains pricing parity
- Just 25% of business is attributed to individual investors
- Uno-e is a smaller player, marketing to individual investors
- Pricing is more competitive than some larger platforms, but in line with the general industry trend
- Uno-e is a retail-based provider
- FondoTop focuses on investment funds for the retail market
- Pricing is competitive
- FondoTop's primary market comprises individual customers
- Spanish investors pay minimal fees for fund supermarket services
- DISTRIBUTION STRATEGIES
- Fund supermarket distribution provides an expansionary forum for smaller fund managers, in particular, and a platform for the supermarkets themselves to explore broader business areas
- Fund platforms rely on advanced technical capability for efficient processing and the flexibility to respond to market demand for new funds
- Supermarkets are sustaining their growth by offering access to new fund structures and providing complementary services
- For retail-focused supermarkets, pricing and branding are key; intermediary-based platforms emphasize operational support
- Fund supermarkets support fund managers' expansion initiatives; however fund managers also have their part to play
- Direct distribution and value-added services will shape the future development of the fund supermarket sector
- 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 Spanish 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: Mutual fund subscriptions segmented by financial group, EURm, 2006 Q1-Q4
- Table 6: Mutual fund redemptions segmented by financial group, EURm, 2006 Q1-Q4
- Table 7: Total mutual fund assets segmented by distribution channel, Dec 2006
- List of Figures
- Figure 1: Retail mutual funds represent just over two-thirds of total mutual funds under management
- Figure 2: Retail mutual funds accounted for 18% of total household savings and investment portfolios in 2006
- Figure 3: Investors hold roughly one third of their fund assets in balanced funds or bond/money market funds
- Figure 4: More than 60% of mutual fund subscriptions are channeled through banks
- Figure 5: Banks and savings banks together account for more than 90% of fund redemptions
- Figure 6: Fund supermarkets account for a miniscule proportion of fund assets today
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