The future of fund supermarkets 2007: Industry Research Report

The future of fund supermarkets 2007

Published Date: December 2007

Published By: Datamonitor

Page Count: 32

Order Code: R313-29387

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Executive Summary: The global asset market is dominated by the US; The Australian market tends to have a more focused range of fund options; The UK and US markets are dominated by a few large players; In mainland Europe most competitors are retail banks; Fund supermarkets will continue to be an important distribution channel for managed funds in the future; Technological advances are driven by the requirements of advisers; Intermediaries will require dedicated services and enhanced platform capability; Marketing of products ranges will become more crucial as platforms need to differentiate their offerings; Platforms must take steps to address the potential disadvantages of fund supermarkets; The future of supermarkets is bright; The evolution of fund supermarkets into Wraps; Table of Contents; Table of figures; Table of tables; Market Background; The global asset market is dominated by the US; The US dominates the global market for mutual funds; Germany's mutual fund industry is worth USD3,817billion; The mutual fund industry in Spain is worth EUR321 billion; Superannuation funds dominate the Australian market; Distribution dynamics; The Distribution landscape varies dramatically across the markets assessed in this study; US multiple distribution channels have increased competition; 65% of the funds in Spain are distributed through retail banks; In Germany half of all mutual fund assets under management is attributed to retail banks; Australia's biggest banks also dominate the fund supermarket space; The target customer base for fund supermarkets varies across different countries; In the US and Australia fund supermarkets are targeted at an older customer base; The average US fund supermarket customer is middle-aged with an above-average income; The average Australian fund supermarket customer is middle-aged and investing for retirement; In mainland Europe fund supermarkets are targeted at a younger customer base; Spanish fund supermarket clients are at the opposite end of the spectrum; young and technologically savvy; Fund supermarket clients demand control and accessibility; REgulation; In Australia, regulations regarding superannuation are crucial to market development; Australians have benefited from the recent superannuation changes; Individuals aged 60 and over can access their superannuation benefit tax-free; Limitations on concessionally taxed superannuation contributions have changed; Post- tax superannuation contributions are limited to AUD150,000 per annum; The transitional AUD1 million contribution limit served to boost fund inflows; Pan-European regulations have an impact on the development of all distribution channels; Upcoming EU legislation (UCITS directive and MiFID) facilitates market development and enhances consumer protection; MiFID allows fund managers and distributors improved flexibility, but also introduces new obligations; Competitor Focus; The Australian market tends to have a more focused range of fund options; There is a similar range of funds available in all other geographies; The UK and US markets are dominated by a few large players; Then a few small niche players in the UK who either white-label the larger supermarkets or offer their own funds; In mainland Europe most competitors are retail banks; Distribution Dynamics; The main driver of demand for fund supermarkets will continue to be the preferences of advisors; Fund supermarkets will continue to be an important distribution channel for managed funds in the future; The features of the fund supermarkets will evolve to meet advisor needs; Technological advances are driven by the requirements of advisers; The success of fund supermarkets is dependent on the efficiency of this technology; Intermediaries will require dedicated services and enhanced platform capability; Fund ranges through supermarkets will become more complex and diverse; Supermarkets are sustaining their growth by offering access to new fund structures and providing complementary services; Volatility in the markets will result in an increased customer demand for structured and alternative investments; Interest in alternative asset classes is growing; Fund supermarkets are pursuing growth by offering banking services and investing in bricks and mortar; Strategies for choosing funds will continue to grow in sophistication; The cost of funds have fallen across all markets and this trend will continue; Marketing of products ranges will become more crucial as platforms need to differentiate their offerings; Relationships should be built with advisers and other distribution channels; Leading supermarkets in Germany are helping intermediaries to grow their businesses; White labeling of fund supermarkets through third parties is a key way of targeting new customer segments; Direct distribution and value-added services will shape the future development of the fund supermarket sector; Fund managers will continue to rely on direct sales, although supermarkets represent a key element of heir distribution strategies; Platforms must take steps to address the potential disadvantages of fund supermarkets; The future of supermarkets is bright; The evolution of fund supermarkets into Wraps
APPENDIX: Definitions; UCITS; MiFID; 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: Total retail assets under management, 2002-2006, USDm; Table 2: Total retail mutual fund assets under management, 2002-2006, USDm; Table 3: Number of funds and number of suppliers hosted by platforms surveyed in all geographies, 2007
List of Figures: Figure 1: The US dominates global retail asset markets; Figure 2: The US mutual funds amounted to USD 9billion in 2006; Figure 3: Fund supermarkets account for a very small proportion of fund assets in Spain today; Figure 4: Retail banks dominated Germany's mutual fund sector in 2006

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