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Home > Business/Finance > Financial Services > Fund Management
Mutual Funds - US
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Introduction and Abbreviations
Introduction
Other relevant reports
Scope of the report
Abbreviations and terms
Abbreviations
Terms
Executive Summary
Maturing, but still the elephant in the room
Some mutual fund segments are growing
Alternative investments - are they a threat?
Competition in the mutual fund marketplace
What does the consumer think?
What now?
Market Drivers
Mutual Funds: A maturing marketplace?
Figure 1: Total number of mutual funds, excluding money market funds, 1999-2004
Growth in assets of mutual funds
Figure 2: Total assets and growth in mutual funds excluding money market funds, 1999-2004
Figure 3: Total assets and growth in equity mutual funds vs. S&P 500, 1999-2004
Figure 4: Total net new cash flows in equity mutual funds, 1999-2004
Impact of market declines
Figure 5: Assets of load & no-load mutual funds (equity, hybrid, and bond funds) 1999-2004
Figure 6: Index mutual funds, percentage of all mutual funds and percentage of no-load funds, 1999-2004
One growth segment—lifecycle funds
Figure 7: Growth in total assets in life cycle funds and fund of funds, and percentage of all mutual funds, 1999-2004
Socially responsible funds
Figure 8: Socially responsible fund products, total assets and percentage of all mutual funds, 1999-2004
Growth in alternative investments
Figure 9: Assets in mutual funds (excluding money market funds), ETFs, SMAs and hedge funds, 2003 and 2005
ETFs—are they taking share from mutual funds?
Figure 10: ETF assets and compound average growth rate versus mutual funds, 1999-2004
Figure 11: Net cash Inflows to mutual funds & ETFs, 1999 through 2004
SMA Growth: Not much of a challenge yet
Figure 12: SMA and mutual fund assets, 1999-2004
Impact of Hedge Funds and similar alternatives
Figure 13: Hedge Fund Growth, 1999-2004
Hedge Funds and Pension Plans
Structured notes
Intermediaries and institutional accounts
Competition to lure advisors
Mutual funds in the retirement marketplace
Figure 14: Mutual fund assets in IRAs and defined contribution plans, and percentage of total assets, 1999-2004
Defined contribution plans growing
Retirement plan investors seek advice
Managed accounts within 401(k) plans
401(k)s: Competition from annuities
Figure 15: Mutual funds and annuities as a percentage of total U.S. retirement market assets, 1999-2004
Educational and health savings accounts
Figure 16: Mutual fund assets in health savings and educational savings accounts, 1999-2004
Pressure on 529 fees
New on the Market: Health Savings Accounts (HSAs)
HSAs in the Marketplace
New SEC rules for mutual funds
Market Size and Segmentation
Total size of the mutual fund market
Figure 17: Total U.S. mutual fund holdings, 1999-2004
Figure 18: Graph: Growth in mutual fund assets: 1990-2004, current dollars
Figure 19: U.S. Mutual fund assets, accounts, & average account balances, 1999-2004
Figure 20: Average mutual fund account balances, 1999-2004
Mutual fund market segmentation
Mutual funds in retirement accounts
Figure 21: U.S. non-retirement and retirement mutual fund holdings, 1999-2004
Figure 22: U.S. Non-retirement and retirement mutual fund holdings annual % increases, 1999-2004
Figure 23: U.S. Mutual fund assets by fund category, 1999-2004
Figure 24: U.S. mutual fund assets by fund category as % of total assets, 1999-2004
The retirement segment
Figure 25: Retirement mutual fund holdings, 1999 - 2004
Figure 26: Retirement mutual fund holdings by retirement plan, 1999 - 2004
Figure 27: Retirement mutual fund holdings by retirement plan as a % of total retirement holdings, 1999 - 2004
Figure 28: Retirement mutual fund assets by fund category, 1999-2004
The non-retirement segment
Figure 29: U.S. non-retirement mutual fund assets and CAGR, 1999 - 2004
Figure 30: Non-retirement mutual fund assets by fund category, 1999 - 2004
Figure 31: Non-retirement mutual fund assets by fund category, 1999-2004
Figure 32: Non-retirement mutual fund assets by fund category annual % increase, 1999-2004
Mutual fund companies and ETFs
Figure 33: Mutual fund company issued ETFs, 2005
Competitive Landscape
Mutual fund providers
The largest mutual fund groups
Figure 34: The 10 largest mutual fund groups, by assets, 2001-05
Company profiles
The Vanguard Group, Inc.
American Funds
Fidelity Investments
Franklin Templeton Investments
PIMCO Funds
T. Rowe Price Investment Service
Barclays Global Investors
Oppenheimer Funds Inc
Putnam Investments
Dodge & Cox
Mutual fund distribution channels
Figure 35: Principal features of mutual fund distribution channels
Primary purchase channel
Figure 36: Mutual fund ownership, by purchase channel, 2001 and 2004
Figure 37: Channels used to purchase mutual funds, 2001 and 2004
Major participants in distribution channels
Retirement assets
Figure 38: Retirement assets by major distributors, 2004
Non-retirement assets
Figure 39: Non-retirement assets by major distributors, 2004
Alternative investments
Major players in the ETF market
Figure 40: Major issuers of ETFs, November, 2005
Largest SMA providers are still the wire houses
Figure 41: Top separate account program managers, assets and market share, 2004
Advertising and Promotion
Direct mail advertising by mutual funds
Mail volume, by mailer
Figure 42: Mutual fund direct mail volume*, top ten mailers, January 2004-September 2005
Mail volume, by mailer and by type
Figure 43: Mutual fund direct mail volume, by mail type, January 2004-September 2005
Figure 44: Mutual fund direct mail volume, top ten mailers, by mail type, January 2004-September 2005
Direct mail campaigns
Figure 45: Number of direct mail mutual fund campaigns, top ten mailers, by mail type, January 2004-September 2005
Other advertising
Performance-based advertising
Travel-based advertising
Other promotions and incentives
A boomer icon signs with Fidelity
The Consumer
Introduction
Types of accounts in which mutual funds are owned
Figure 46: Mutual funds purchased by types of account, December 2005
Figure 47: Mutual funds purchased by types of account, by age, December 2005
Figure 48: Mutual funds purchased by types of account, by income, December 2005
Types of mutual funds in retirement accounts vs. non-retirement accounts
Mutual fund retirement accounts
Figure 49: Types of mutual funds in consumer retirement accounts, by age, December 2005
Figure 50: Types of mutual funds in consumer retirement accounts, by household income, December 2005
Mutual fund non-retirement accounts
Figure 51: Types of mutual funds in consumer non-retirement/retail accounts, by age, December 2005
Figure 52: Types of mutual funds in consumer non-retirement/retail accounts, by household income, December 2005
Attributes and features important to determining mutual fund choice
Overview
Figure 53: Mutual fund features and attributes, ranked by importance, December 2005
Past performance
Figure 54: mutual fund past performance, ranked by importance, by age and income, December 2005
Reputation
Figure 55: Importance of mutual fund company reputation, by age and income, December 2005
Figure 56: Importance of mutual fund reputation, by age and income, December 2005
Sales charges
Third party advice
Internet website recommendation
Other investments currently held by mutual fund owners
Figure 57: Other investment activity of mutual fund holders, by age, December 2005
Figure 58: Other Investments owned by mutual fund holders, by income, December 2005
Other investments mutual fund owners would consider
Figure 59: Future investment considerations of mutual fund holders, by age, December 2005
Figure 60: Future investment considerations of mutual fund holders, by income, December 2005
The female mutual fund investor
Management of accounts
Figure 61: Management of financial accounts, by age, February 2005
Opinions on investing
Figure 62: Opinions on investing, by age, February 2005
Types of accounts held by mutual fund owners—overview
Figure 63: Mutual funds purchased by types of account, by gender, December 2005
Retirement accounts versus non-retirement accounts
Figure 64: Types of mutual funds in consumer retirement accounts, by gender, December 2005
Figure 65: Types of mutual funds in consumer non-retirement/retail accounts, by gender, December 2005
Important attributes when buying mutual funds
Figure 66: Mutual fund features and attributes, ranked by importance, by gender, December 2005
Other investments held by mutual fund holders
Figure 67: Other investment owned by mutual fund holders, by gender, December 2005
Other investments mutual fund holders would consider buying
Figure 68: Future investment considerations of mutual fund holders, by gender, December 2005
Summary
Future Trends
Mutual fund products -what’s coming?
Lifecycle fund expansion
“Hedge like” mutual funds
Pricing pressures
Intermediaries and institutional accounts
Pending legislation for 401(k) plans
529 savings plans
Advisor fees and compensation
Opportunities to encourage higher 401(k) contributions
Managed account advice for retirement plan participants
Retirement income solutions gap for baby boomers
Focus on developing retirement income management services
Some retirees not retiring permanently
Managed account advice for retirement plan participants
New retirement option: Roth 401(k)
Alternative products - will they be more competitive?
A variety of ETFs for retirement plan investors
ETF “customization” for different investor types
ETF managed accounts within the retirement plan
Unified accounts
Hedge funds for the mass market
The workplace as marketplace
Appendix: Trade Associations
Investment Company Institute
Employee Benefits Research Institute
The Profit Sharing 401(k) Council for America
Society of Professional Administrators and Recordkeepers (SPARK)
Money Management Institute
National Association of Securities Dealers
Appendix: Mailing pieces and print ads
T. Rowe Price
Janus
Legg Mason
Fidelity
Bank One
American Express
Fidelity
BancOne Securities
Janus
Fidelity
Wachovia
Smith Barney
Fidelity
Bank of America
Appendix: Research Methodology
Consumer Research
Datascension, Inc. and Harris Interactive Service Bureau
Greenfield Online
ICR Surveys EXCEL
Simmons National Consumer Surveys
Technometrica TechnoExpresssm
Trade Research
Informal trade research
Formal trade research
Desk & Internet Research
Sources
Definitions
Forecasts
Appendix: What is Mintel?
Mintel Group
Mintel Reports
Mintel Premier
Mintel GNPD
Mintel Menu Insights
Mintel Comperemedia
Mintel Custom Solutions |
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