UK Collective Investments 2007: Industry Research Report

UK Collective Investments 2007

Published Date: September 2007

Published By: Datamonitor

Page Count: 49

Order Code: R313-25969

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Overview: Catalyst; Summary
EXECUTIVE SUMMARY: Collective Investments have taken the market share of other products but are only the 3rd largest product group in the UK retail savings & investments market; OEICs are the dominant product within the open-ended segment and most of them lie outside an ISA or PEP wrapper; Despite holding a low proportion of the collective investment market, investment trusts have also seen strong growth in the last 5 years; Fundamental regulatory change in the shape of the UCITS Directive is aiming to realize the ""European passport"" idea for collective investments; However, UCITS seems to be missing its most basic objectives; Table of Contents; Table of figures; Table of tables; Collective investment overview; Datamonitor forecasts do not see big gains for mutual funds; Collective investments are only the 3rd largest product group; Collective investments have taken market share of other S&I products; The dominance of open-ended structures remains unchanged; Collective investments are forecast to lose market share; Fundamental regulatory change is taking place in the UK; The UCITS Directive is meant to realize the ""European passport"" idea for collective investments; UCITS has been unable to keep pace with a rapidly changing mutual funds market; So far, UCITS is missing its most basic objectives; The challenges for fund regulation continue; The limitations of UCITS led to the regulation of NURS in the UK; A preliminary assessment hints at critical adjustments to UCITS III; MiFID is causing considerable costs to the industry; Key objectives and measures centre around increased competition while protecting consumers; The implementation of MiFID is accompanied by major regulatory change in the UK; Under current cost estimates, MiFID would only benefit the industry after 10 years; The FSA may be easing restrictions on alternative investments for retail customers; The FSA's Retail Distribution Review could lead to substantial changes in distribution; The FSA has identified market failures in the distribution of retail investment products; Depolarisation as a shake-up in the intermediary sector...; ... is causing confusion for consumers and advisors alike; The FSA's Retail Distribution Review proposes radical change to the financial advice sector; Industry expectations for indirect online fund distribution are high; Data; Unit trusts and OEICs; UK retail investors are not ready for more widespread fund holdings; Net inflows into retail funds have finally increased in 2006; Net inflows reveal how long the biggest chunk of the market, retail funds, suffers from a market downturn; OEICs are the dominating products in the open-ended segment; ISAs are not growing their share of the market; OEICs have become increasingly popular; Equity funds continue to be the preferred type of fund; Distribution has changed following the market downturn and depolarization; Intermediaries are now accounting for 81% of gross retail sales of unit trusts and OEICs; Almost 50% of the market is in the hands of just 10% of the players; Market concentration has increased since 2001; Only a small proportion of UK households has invested in unit trust or OEICs; 5% of UK households invest in unit trusts; Men are more likely to invest in mutual funds than women; Data; investment trusts; Investment Trusts have seen strong growth over the last five years, primarily driven by the retail sector; However, they constitute a very minor segment of the overall UK retail savings & investments market; Property funds have experienced particularly high growth over the last 5 years, but it is global growth funds that remain the largest investment sector by total assets; And investor interest in property may see investment trusts switch from UK to EU property; JP Morgan heads the list of the top investment trust managers by assets under management; Investment trust companies celebrate VAT ruling; Data
APPENDIX: Definitions; Independent Financial Advisors (IFAs); Gross Retail Sales; Net Sales; Share repurchases; Deposits; Investment trusts; ISA; OEICs; Unit trusts; Personal Equity Plan; UCITS - Undertakings for Collective Investment in Transferable Securities; Non-UCITS Retail Scheme; MiFID - Markets in Financial Instruments Directive; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Tables: Table 1: Total value of UK retail savings & investments market by broad product line, GBPbn, 2002-2006; Table 2: Total forecast value of UK retail savings & investments market by broad product line, GBPbn, 2006-2011; Table 3: Total unit trust/OEIC funds under management segmented by investor, GBPbn, 2002-2006; Table 4: Breakdown of UK retail sales, segmented into repurchases and net inflows, GBPbn, 2002-2006; Table 5: Unit trust & OEIC funds under management by type, GBPbn, 2002-2006; Table 6: TypeTableTitleHere; Table 7: Total number of open-ended funds, of which OEICs, GBPbn, 2002-2006; Table 8: Gross retail sales of unit trusts and OEICs in the UK by distribution channel, %, 2002-2006; Table 9: Top 30 managers by total assets under management, including OEICs, PEPs & ISAs, %, 2001 & 2005; Table 10: Proportion of households in each weekly income bracket with unit trusts, %, 2002-2006; Table 11: Proportion of households throughout the UK with unit trusts, segmented by region, %, 2002-2006; Table 12: Proportion of males and females in each age band with unit trusts, %, 2005; Table 13: Total investment trusts under management, segmented by investor, GBPbn, 2002-2006; Table 14: Total value of UK retail savings & investments market by broad product line; Table 15: Top 6 conventional investment trust sectors by total assets, 2002-2006, GBPm; Table 16: Top investment trust providers by funds under management and market share, 2002-2006; Table 17: Top 30 investment trust providers by assets under management, 2002-2006, GBPm; Table 18: Market share of top 30 investment trust companies by assets under management
List of Figures: Figure 1: Mutual funds assets are still dwarfed by the huge amount of deposits, 2002-6; Figure 2: Investment trusts have remained a niche, 2006; Figure 3: Mutual funds will grow slower than other S&I products, 2006-2011f; Figure 4: Datamonitor forecasts assets held in collective investments to amount to GBP438bn in 2011; Figure 5: Retail unit trusts and OEICS totaled GBP365bn in 2006; Figure 6: Retail net inflows have only truly picked up again in 2006, 2002-6; Figure 7: ISA funds have not grown their share of unit-trust/OEIC funds under management, 2002-6; Figure 8: OEICs are now holding 62% of funds under management within open-ended structures, 2002-6; Figure 9: OEICs now represent 64% of open-ended funds, 2002-6; Figure 10: Equity funds continue to dominate 75% of the market, 2006; Figure 11: Intermediaries have strengthened their position as key distribution channel, 2002-6; Figure 12: Market concentration for the Top 10 fund managers has increased by 4 percentage points, 2002-5; Figure 13: Fidelity continues ahead of the competition, 2005; Figure 14: There is a clear positive link between fund investment and household income, 2002-6; Figure 15: Fund investment is more frequent in wealthier parts of the UK, 2002-6; Figure 16: More men invest in mutual funds than women, 2005/6; Figure 17: The retail sector is catching up with the institutional side, 2002-6; Figure 18: JP Morgan and F&C both have the largest investment trust market share

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